– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Revenue of $1.2 billion, up 30% y/y
EPS of $(0.51); Adjusted EPS* of $0.03
Cash used in operations of $270 million; free cash flow* usage of $298 million, reflecting first quarter headwinds as well as the impacts of the Russia/Ukraine conflicts
WICHITA, Kan.--(BUSINESS WIRE)--Spirit AeroSystems Holdings, Inc. (NYSE: SPR) (“Spirit” or the “Company”) reported first quarter 2022 financial results.
| Table 1. Summary Financial Results (unaudited) | |||
| 1st Quarter | |||
| ($ in millions, except per share data) | 2022 |
2021 |
Change |
|
|
||
| Revenues | $1,175 |
$901 |
30% |
| Operating Loss | ($42) |
($126) |
66% |
| Operating Loss as a % of Revenues | (3.6%) |
(14.0%) |
** |
| Net Loss | ($53) |
($172) |
69% |
| Net Loss as a % of Revenues | (4.5%) |
(19.0%) |
** |
| Loss Per Share (Fully Diluted) | ($0.51) |
($1.65) |
69% |
| Adjusted Earnings (Loss) Per Share (Fully Diluted)* | $0.03 |
($1.22) |
** |
| Fully Diluted Weighted Avg Share Count | 104.4 |
104.1 |
|
| ** Represents an amount in excess of 100% or not meaningful. | |||
“Our recovery continues despite ongoing challenges from the COVID-19 pandemic, the Russia/Ukraine conflict, supply chain disruptions and inflation. Our factories continue to meet deliveries to our customers, but we have seen downward revisions in schedule to some programs. On the 737 MAX, our largest program, we have recently increased production to 31 shipsets per month and currently expect to hold at that rate for the remainder of the year,” said Tom Gentile, Spirit AeroSystems President and Chief Executive Officer.
“We continue to work with Boeing, Airbus and our other customers on production rate scenarios in this dynamic environment.”
Spirit’s revenue in the first quarter of 2022 was $1.2 billion, up 30 percent from the same period of 2021. This increase was primarily due to higher production deliveries on the Boeing 737, Airbus A220 and Airbus A320 programs as well as increased Aftermarket revenue, partially offset by lower production volume on the Boeing 787 program. Overall deliveries increased to 321 shipsets during the first quarter of 2022 compared to 262 shipsets in the same period of 2021. This includes Boeing 737 deliveries of 60 shipsets compared to 29 shipsets in the same period of the prior year and Boeing 787 deliveries of 3 shipsets compared to 15 shipsets in the first quarter of 2021.
Spirit’s backlog at the end of the first quarter of 2022 was approximately $36 billion, with work packages on all commercial platforms in the Airbus and Boeing backlog.
Operating loss for the first quarter of 2022 was $42.2 million, compared to operating loss of $125.9 million in the same period of 2021. The improvement in operating loss was primarily driven by higher production on the Boeing 737 program and lower costs associated with excess capacity and changes in estimates recorded during the first quarter of 2022, compared to the same period in the prior year. Additionally, the first quarter of 2022 included the impact of $32.6 million related to the Aviation Manufacturing Jobs Protection (AMJP) Program which was awarded during the third quarter of 2021 and is amortized as a reduction to cost of sales. First quarter 2022 earnings included $49.8 million of excess capacity costs, abnormal costs related to COVID-19 of $9.5 million, net forward loss charges of $23.8 million and unfavorable cumulative catch-up adjustments of $26.2 million. The forward losses in the first quarter relate primarily to the estimated impact of further production rate decreases and costs of rework on the Boeing 787 program, as well as increased costs of quality and production rate decreases on the Airbus A350 program. The unfavorable cumulative catch-up adjustments were primarily driven by increased estimates for supply chain, raw material, and other costs related to the Boeing 737 program. In comparison, during the first quarter of 2021, Spirit recorded excess capacity costs of $67.6 million, abnormal costs related to COVID-19 of $2.1 million, $72.4 million of net forward loss charges and unfavorable cumulative catch-up adjustments of $5.8 million.
Other income for the first quarter of 2022 was $37.7 million, compared to $12.8 million for the same period of 2021. The increase was primarily due to foreign currency exchange gains recognized during the current year.
First quarter 2022 EPS was $(0.51), compared to $(1.65) in the same period of 2021. First quarter 2022 adjusted EPS* was $0.03, excluding the incremental deferred tax asset valuation allowance. During the same period of 2021, adjusted EPS* was $(1.22), which excluded the impacts of acquisitions, restructuring costs and the incremental deferred tax asset valuation allowance. (Table 1)
Cash used in operations in the first quarter of 2022 was $270 million, up from $170 million of cash used in operations in the same quarter last year. This larger usage was primarily due to higher working capital resulting from increased production activities, as well as the quarterly cash repayment of $31 million related to the Boeing 737 advance received in 2019. The Boeing 737 advance of $123 million received in 2019 is being repaid with quarterly payments in 2022. Additionally, during the first quarter of 2022, Spirit received $14 million of the AMJP program grant awarded in 2021 and the remaining balance of $24 million is anticipated to be received during the remainder of 2022. Free cash flow* in the first quarter was a usage of $298 million, as compared to a free cash flow* usage of $198 million in the same period of 2021. The cash balance at the end of the first quarter of 2022 was $1.2 billion, down from $1.5 billion at December 31, 2021. (Table 2)
| Table 2. Cash Flow, Cash and Total Debt (unaudited) | |||
| 1st Quarter | |||
| ($ in millions) | 2022 |
2021 |
Change |
| Cash used in Operations | ($270) |
($170) |
59% |
| Purchases of Property, Plant & Equipment | ($28) |
($28) |
0% |
| Free Cash Flow* | ($298) |
($198) |
51% |
| March 31, | December 31, | ||
| Cash and Total Debt | 2022 |
2021 |
|
| Cash | $1,152 |
$1,479 |
|
| Total Debt | $3,783 |
$3,792 |
|
| ** Represents an amount in excess of 100% or not meaningful. | |||
Segment Results
Commercial segment revenue in the first quarter of 2022 increased 35 percent from the same period of the prior year to $938.4 million, primarily due to increased production volumes on the Boeing 737, Airbus A220 and A320 programs, partially offset by lower production volumes on the Boeing 787 program. Operating margin for the first quarter of 2022 increased to breakeven, compared to (12) percent during the same period of 2021. This increase was primarily due to higher volumes on the Boeing 737 program, lower costs related to excess capacity and changes in estimates compared to the same period of the prior year, as well as income related to the AMJP program of $28.4 million. The Commercial segment during the first quarter of 2022 includes excess capacity costs of $46.8 million and abnormal costs related to COVID-19 of $9.5 million, compared to excess capacity costs of $63.1 million and abnormal costs related to COVID-19 of $2.1 million during the same period in 2021. In the first quarter of 2022, the segment recorded $25.8 million of net forward losses and $26.4 million of unfavorable cumulative catch-up adjustments. In comparison, during the first quarter of 2021, the segment recognized $67.6 million of net forward losses and $7.6 million of unfavorable cumulative catch-up adjustments.
Defense & Space
Defense & Space segment revenue in the first quarter of 2022 increased 3 percent from the same period of the prior year to $158.5 million, primarily due to increased production volumes on the Boeing P-8 program. Operating margin for the first quarter of 2022 was 13 percent, compared to 8 percent during the same period of 2021. The improved operating margin was primarily driven by favorable changes in estimates recognized during the first quarter of 2022 and lower excess capacity costs compared to the prior year. The segment recorded excess capacity costs of $3.0 million and favorable net forward loss adjustments of $2.0 million in the first quarter of 2022, compared to excess capacity costs of $4.5 million and net forward losses of $4.8 million in the first quarter of 2021.
Aftermarket segment revenue in the first quarter of 2022 increased 52 percent from the same period of 2021 to $77.8 million, primarily due to higher spare part sales and maintenance, repair and overhaul (MRO) activity, compared to the same period in the prior year. Operating margin for the first quarter of 2022 increased to 23 percent, compared to 21 percent during the same period of 2021, primarily due to favorable product mix and $1.9 million of the AMJP program grant recognized during the current period.
| Table 4. Segment Reporting (unaudited) | ||||||
| 1st Quarter | ||||||
| ($ in millions) | 2022 |
2021 |
Change | |||
| Segment Revenues | ||||||
| Commercial | $938.4 |
|
$696.1 |
|
34.8 |
% |
| Defense & Space | 158.5 |
|
153.4 |
|
3.3 |
% |
| Aftermarket | 77.8 |
|
51.3 |
|
51.7 |
% |
| Total Segment Revenues | $1,174.7 |
|
$900.8 |
|
30.4 |
% |
| Segment Earnings (Loss) from Operations | ||||||
| Commercial | ($3.4 |
) |
($82.9 |
) |
95.9 |
% |
| Defense & Space | 20.0 |
|
12.0 |
|
66.7 |
% |
| Aftermarket | 18.0 |
|
10.8 |
|
66.7 |
% |
| Total Segment Operating Earnings (Loss) | $34.6 |
|
($60.1 |
) |
** | |
| Segment Operating Earnings (Loss) as % of Revenues | ||||||
| Commercial | (0.4 |
%) |
(11.9 |
%) |
** | |
| Defense & Space | 12.6 |
% | 7.8 |
% | 480 |
BPS |
| Aftermarket | 23.1 |
% |
21.1 |
% |
200 |
BPS |
| Total Segment Operating Earnings (Loss) as % of Revenues | 2.9 |
% |
(6.7 |
%) |
960 |
BPS |
| Unallocated Expense | ||||||
| SG&A | ($64.5 |
) |
($57.6 |
) |
(12.0 |
%) |
| Research & Development | (12.3 |
) |
(8.2 |
) |
(50.0 |
%) |
| Total (Loss) from Operations | ($42.2 |
) |
($125.9 |
) |
66.5 |
% |
| Total Operating (Loss) as % of Revenues | (3.6 |
%) |
(14.0 |
%) |
** | |
| ** Represents an amount in excess of 100% or not meaningful. | ||||||
* Non-GAAP financial measure, see Appendix for reconciliation
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” that may involve many risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “goal,” “forecast,” “intend,” “may,” “might,” “model,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and other similar words, or phrases, or the negative thereof, unless the context requires otherwise. These statements are based on circumstances as of the date on which the statements are made and they reflect management’s current views with respect to future events and are subject to risks and uncertainties, both known and unknown. Our actual results may vary materially from those anticipated in forward-looking statements. We caution investors not to place undue reliance on any forward-looking statements.
Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following:
These factors are not exhaustive and it is not possible for us to predict all factors that could cause actual results to differ materially from those reflected in our forward-looking statements. These factors speak only as of the date hereof, and new factors may emerge or changes to the foregoing factors may occur that could impact our business. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. Except to the extent required by law, we undertake no obligation to, and expressly disclaim any obligation to, publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should review carefully the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q for a more complete discussion of these and other factors that may affect our business.
| Spirit Shipset Deliveries | |||
| (one shipset equals one aircraft) | |||
|
|||
|
|||
|
1st Quarter | ||
|
2022 |
2021 |
|
B737 |
60 |
29 |
|
B747 |
1 |
1 |
|
B767 |
8 |
10 |
|
B777 |
5 |
5 |
|
B787 |
3 |
15 |
|
Total Boeing |
77 |
60 |
|
|
|||
A220 (1) |
18 |
12 |
|
A320 Family |
155 |
130 |
|
A330 |
6 |
5 |
|
A350 |
15 |
12 |
|
Total Airbus |
194 |
159 |
|
|
|||
Business/Regional Jet (2) |
50 |
43 |
|
|
|||
Total |
321 |
262 |
|
|
|||
(1) Beginning in 2022, A220 deliveries reflect the number of wing end item deliveries instead of pylon end item deliveries, as previously reported. First quarter 2021 A220 deliveries have been updated to reflect wing units. |
|||
|
|||
(2) First quarter 2021 Business/Regional Jet deliveries incorporate changes resulting from alignment of shipset reporting from acquired businesses. |
|||
| Spirit AeroSystems Holdings, Inc. | |||||||
| Condensed Consolidated Statements of Operations | |||||||
| (unaudited) | |||||||
| For the Three Months Ended | |||||||
| March 31, 2022 | April 1, 2021 | ||||||
| ($ in millions, except per share data) | |||||||
| Net revenues | $1,174.7 |
|
$900.8 |
|
|||
| Operating costs and expenses: | |||||||
| Cost of sales | 1,139.9 |
|
958.8 |
|
|||
| Selling, general and administrative | 64.5 |
|
57.6 |
|
|||
| Restructuring costs | 0.2 |
|
2.1 |
|
|||
| Research and development | 12.3 |
|
8.2 |
|
|||
| Total operating costs and expenses | 1,216.9 |
|
1,026.7 |
|
|||
| Operating loss | (42.2 |
) |
(125.9 |
) |
|||
| Interest expense and financing fee amortization | (58.9 |
) |
(59.8 |
) |
|||
| Other income, net | 37.7 |
|
12.8 |
|
|||
| Loss before income taxes and equity in net loss of affiliate | (63.4 |
) |
(172.9 |
) |
|||
| Income tax benefit | 11.0 |
|
1.7 |
|
|||
| Loss before equity in net loss of affiliate | (52.4 |
) |
(171.2 |
) |
|||
| Equity in net loss of affiliate | (0.4 |
) |
(0.4 |
) |
|||
| Net loss | ($52.8 |
) |
($171.6 |
) |
|||
| Loss per share | |||||||
| Basic | ($0.51 |
) |
($1.65 |
) |
|||
| Shares | 104.4 |
|
104.1 |
|
|||
| Diluted | ($0.51 |
) |
($1.65 |
) |
|||
| Shares | 104.4 |
|
104.1 |
|
|||
| Dividends declared per common share | $0.01 |
|
$0.01 |
|
|||
| Spirit AeroSystems Holdings, Inc. | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (unaudited) | ||||||
| March 31, 2022 | December 31, 2021 | |||||
| ($ in millions) | ||||||
| Assets | ||||||
| Cash and cash equivalents | $1,151.8 |
|
$1,478.6 |
|
||
| Restricted cash | 0.3 |
|
0.3 |
|
||
| Accounts receivable, net | 580.0 |
|
461.6 |
|
||
| Contract assets, short-term | 449.0 |
|
443.2 |
|
||
| Inventory, net | 1,387.8 |
|
1,382.6 |
|
||
| Other current assets | 41.1 |
|
39.7 |
|
||
| Total current assets | 3,610.0 |
|
3,806.0 |
|
||
| Property, plant and equipment, net | 2,327.9 |
|
2,385.5 |
|
||
| Intangible assets, net | 208.6 |
|
212.3 |
|
||
| Goodwill | 623.6 |
|
623.7 |
|
||
| Right of use assets | 83.6 |
|
85.3 |
|
||
| Contract assets, long-term | 4.2 |
|
- |
|
||
| Pension assets | 530.4 |
|
532.5 |
|
||
| Deferred income taxes | 7.9 |
|
0.4 |
|
||
| Other assets | 94.4 |
|
91.6 |
|
||
| Total assets | $7,490.6 |
|
$7,737.3 |
|
||
| Liabilities | ||||||
| Accounts payable | $762.9 |
|
$720.3 |
|
||
| Accrued expenses | 409.0 |
|
376.1 |
|
||
| Profit sharing | 19.7 |
|
63.7 |
|
||
| Current portion of long-term debt | 49.1 |
|
49.5 |
|
||
| Operating lease liabilities, short-term | 8.4 |
|
8.2 |
|
||
| Advance payments, short-term | 128.0 |
|
137.8 |
|
||
| Contract liabilities, short-term | 76.2 |
|
97.9 |
|
||
| Forward loss provision, short-term | 262.6 |
|
244.6 |
|
||
| Deferred revenue and other deferred credits, short-term | 21.6 |
|
72.7 |
|
||
| Other current liabilities | 87.4 |
|
105.2 |
|
||
| Total current liabilities | 1,824.9 |
|
1,876.0 |
|
||
| Long-term debt | 3,734.0 |
|
3,742.7 |
|
||
| Operating lease liabilities, long-term | 76.4 |
|
78.8 |
|
||
| Advance payments, long-term | 198.6 |
|
201.3 |
|
||
| Pension/OPEB obligation | 53.1 |
|
74.8 |
|
||
| Contract liabilities, long-term | 284.8 |
|
289.1 |
|
||
| Forward loss provision, long-term | 469.6 |
|
521.6 |
|
||
| Deferred revenue and other deferred credits, long-term | 30.3 |
|
32.1 |
|
||
| Deferred grant income liability - non-current | 25.5 |
|
26.4 |
|
||
| Deferred income taxes | 1.2 |
|
21.8 |
|
||
| Other non-current liabilities | 410.0 |
|
423.9 |
|
||
| Stockholders' Equity | ||||||
| Common stock, Class A par value $0.01, 200,000,000 shares authorized, 105,035,744 and 105,037,845 shares issued and outstanding, respectively | 1.1 |
|
1.1 |
|
||
| Additional paid-in capital | 1,151.1 |
|
1,146.2 |
|
||
| Accumulated other comprehensive loss | (41.3 |
) |
(23.7 |
) |
||
| Retained earnings | 1,727.5 |
|
1,781.4 |
|
||
| Treasury stock, at cost (41,587,480 and 41,523,470 shares, respectively) | (2,456.7 |
) |
(2,456.7 |
) |
||
| Total stockholders’ equity | 381.7 |
|
448.3 |
|
||
| Noncontrolling interest | 0.5 |
|
0.5 |
|
||
| Total equity | 382.2 |
|
448.8 |
|
||
| Total liabilities and equity | $7,490.6 |
|
$7,737.3 |
|
||
| Spirit AeroSystems Holdings, Inc. | ||||||
| Condensed Consolidated Statements of Cash Flows | ||||||
| (unaudited) | ||||||
| For the Three Months Ended | ||||||
| March 31, 2022 | April 1, 2021 | |||||
| ($ in millions) | ||||||
| Operating activities | ||||||
| Net loss | ($52.8 |
) |
($171.6 |
) |
||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||
| Depreciation and amortization expense | 85.2 |
|
80.3 |
|
||
| Amortization of deferred financing fees | 1.8 |
|
2.3 |
|
||
| Accretion of customer supply agreement | 0.7 |
|
0.6 |
|
||
| Employee stock compensation expense | 8.2 |
|
6.6 |
|
||
| Gain from derivative instruments | (0.7 |
) |
(0.1 |
) |
||
| (Gain) loss from foreign currency transactions | (16.8 |
) |
7.2 |
|
||
| Loss on disposition of assets | - |
|
0.3 |
|
||
| Deferred taxes | (27.2 |
) |
(0.9 |
) |
||
| Long term income tax payable | - |
|
(1.9 |
) |
||
| Pension and other post-retirement benefits, net | (22.3 |
) |
(15.2 |
) |
||
| Grant liability amortization | (0.4 |
) |
(0.4 |
) |
||
| Equity in net loss of affiliates | 0.4 |
|
0.4 |
|
||
| Forward loss provision | (33.7 |
) |
(3.5 |
) |
||
| Changes in assets and liabilities | ||||||
| Accounts receivable, net | (123.3 |
) |
(38.3 |
) |
||
| Contract assets | (11.3 |
) |
5.6 |
|
||
| Inventory, net | (14.3 |
) |
23.1 |
|
||
| Accounts payable and accrued liabilities | 80.1 |
|
(6.4 |
) |
||
| Profit sharing/deferred compensation | (43.7 |
) |
(42.6 |
) |
||
| Advance payments | (31.4 |
) |
(0.8 |
) |
||
| Income taxes receivable/payable | 14.7 |
|
3.6 |
|
||
| Contract liabilities | (26.0 |
) |
(1.7 |
) |
||
| Deferred revenue and other deferred credits | (35.4 |
) |
1.5 |
|
||
| Other | (22.0 |
) |
(18.3 |
) |
||
| Net cash used in operating activities | ($270.2 |
) |
($170.2 |
) |
||
| Investing activities | ||||||
| Purchase of property, plant and equipment | (27.7 |
) |
(27.6 |
) |
||
| Other | - |
|
1.2 |
|
||
| Net cash used in investing activities | ($27.7 |
) |
($26.4 |
) |
||
| Financing activities | ||||||
| Customer financing | - |
|
(2.5 |
) |
||
| Principal payments of debt | (11.1 |
) |
(9.8 |
) |
||
| Payments on term loan | (1.5 |
) |
(1.0 |
) |
||
| Payments on floating rate notes | - |
|
(300.0 |
) |
||
| Taxes paid related to net share settlement awards | (5.3 |
) |
(3.3 |
) |
||
| Proceeds from issuance of ESPP stock | 1.9 |
|
1.4 |
|
||
| Dividends paid | (1.1 |
) |
(1.1 |
) |
||
| Other | (11.0 |
) |
(0.1 |
) |
||
| Net cash used in financing activities | ($28.1 |
) |
($316.4 |
) |
||
| Effect of exchange rate changes on cash and cash equivalents | (0.8 |
) |
(1.0 |
) |
||
| Net decrease in cash, cash equivalents and restricted cash for the period | ($326.8 |
) |
($514.0 |
) |
||
| Cash, cash equivalents, and restricted cash, beginning of the period | 1,498.4 |
|
1,893.1 |
|
||
| Cash, cash equivalents, and restricted cash, end of the period | $1,171.6 |
|
$1,379.1 |
|
||
| Reconciliation of Cash and Cash Equivalents and Restricted Cash: | March 31, 2022 | April 1, 2021 | ||||
| Cash and cash equivalents, beginning of the period | $1,478.6 |
|
$1,873.3 |
|
||
| Restricted cash, short-term, beginning of the period | 0.3 |
|
0.3 |
|
||
| Restricted cash, long-term, beginning of the period | 19.5 |
|
19.5 |
|
||
| Cash, cash equivalents, and restricted cash, beginning of the period | $1,498.4 |
|
$1,893.1 |
|
||
| Cash and cash equivalents, end of the period | $1,151.8 |
|
$1,359.3 |
|
||
| Restricted cash, short-term, end of the period | $0.3 |
|
$0.3 |
|
||
| Restricted cash, long-term, end of the period | 19.5 |
|
19.5 |
|
||
| Cash, cash equivalents, and restricted cash, end of the period | $1,171.6 |
|
$1,379.1 |
|
||
In addition to reporting our financial information using U.S. Generally Accepted Accounting Principles (GAAP), management believes that certain non-GAAP measures (which are indicated by * in this report) provide investors with important perspectives into the company’s ongoing business performance. The non-GAAP measures we use in this report are (i) adjusted diluted earnings (loss) per share and (ii) free cash flow, which are described further below. The company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures. Other companies may define and calculate the measures differently than we do, limiting the usefulness of the measures for comparison with other companies.
Adjusted Diluted Earnings (Loss) Earnings Per Share. To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings (loss) per share (Adjusted EPS). This metric excludes various items that are not considered to be directly related to our operating performance. Management uses Adjusted EPS as a measure of business performance and we believe this information is useful in providing period-to-period comparisons of our results. The most comparable GAAP measure is diluted earnings (loss) per share.
Free Cash Flow. Free Cash Flow is defined as GAAP cash provided by (used in) operating activities (also referred to herein as “cash from operations”), less capital expenditures for property, plant and equipment. Management believes Free Cash Flow provides investors with an important perspective on the cash available for stockholders, debt repayments including capital leases, 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. The most comparable GAAP measure is cash provided by (used in) operating activities. Management uses Free Cash Flow as a measure to assess both business performance and overall liquidity.
The tables below provide reconciliations between the GAAP and non-GAAP measures.
| Adjusted EPS | |||||
| Three months ended | |||||
| March 31, 2022 | April 1, 2021 | ||||
| GAAP Diluted Loss Per Share | ($0.51) |
($1.65) |
|||
| Costs Related to Acquisitions | - |
0.01 |
a | ||
| Restructuring Costs | - |
0.01 |
b | ||
| Deferred Tax Asset Valuation Allowance | 0.54 |
c | 0.41 |
c | |
| Adjusted Diluted Earnings (Loss) Per Share | $0.03 |
($1.22) |
|||
| Diluted Shares (in millions) | 104.4 |
104.1 |
|||
a |
Represents the transaction costs (included in SG&A) | |
b |
Represents the restructuring expenses for cost-alignment and headcount reductions (included in Restructuring costs) | |
c |
Represents the deferred tax asset valuation allowance (included in Income tax benefit) |
| Free Cash Flow | |||
| ($ in millions) | |||
| Three months ended | |||
| March 31, 2022 | April 1, 2021 | ||
| Cash used in Operations | ($270) |
($170) |
|
| Capital Expenditures | (28) |
(28) |
|
| Free Cash Flow | ($298) |
($198) |
|
Выручка составила 1,2 миллиарда долларов, увеличившись на 30% в годовом исчислении
Прибыль на акцию составила $(0,51); Скорректированная прибыль на акцию* составила $0,03
Денежные средства, использованные в операциях, составили 270 миллионов долларов; свободный денежный поток* использование в размере 298 миллионов долларов, что отражает встречные ветры в первом квартале, а также последствия конфликтов между Россией и Украиной
УИЧИТО, Кан.--(BUSINESS WIRE)--Spirit AeroSystems Holdings, Inc. (NYSE: SPR) (“Spirit” или “Компания”) сообщила о финансовых результатах за первый квартал 2022 года.
| Table 1. Summary Financial Results (unaudited) | |||
| 1st Quarter | |||
| ($ in millions, except per share data) | 2022 |
2021 |
Change |
|
|
||
| Revenues | $1,175 |
$901 |
30% |
| Operating Loss | ($42) |
($126) |
66% |
| Operating Loss as a % of Revenues | (3.6%) |
(14.0%) |
** |
| Net Loss | ($53) |
($172) |
69% |
| Net Loss as a % of Revenues | (4.5%) |
(19.0%) |
** |
| Loss Per Share (Fully Diluted) | ($0.51) |
($1.65) |
69% |
| Adjusted Earnings (Loss) Per Share (Fully Diluted)* | $0.03 |
($1.22) |
** |
| Fully Diluted Weighted Avg Share Count | 104.4 |
104.1 |
|
| ** Represents an amount in excess of 100% or not meaningful. | |||
“Наше восстановление продолжается, несмотря на продолжающиеся проблемы, связанные с пандемией COVID-19, российско-украинским конфликтом, сбоями в цепочках поставок и инфляцией. Наши заводы продолжают выполнять поставки нашим клиентам, но мы стали свидетелями пересмотра графика некоторых программ в сторону понижения. Что касается 737 MAX, нашей крупнейшей программы, мы недавно увеличили производство до 31 комплекта в месяц и в настоящее время ожидаем сохранить этот показатель до конца года”, - сказал Том Джентиле, президент и главный исполнительный директор Spirit AeroSystems.
“Мы продолжаем работать с Boeing, Airbus и другими нашими клиентами над сценариями темпов производства в этой динамичной среде”.
Выручка Spirit в первом квартале 2022 года составила 1,2 миллиарда долларов, что на 30 процентов больше, чем за аналогичный период 2021 года. Это увеличение произошло в первую очередь за счет увеличения производственных поставок по программам Boeing 737, Airbus A220 и Airbus A320, а также увеличения выручки на вторичном рынке, что частично компенсировалось снижением объемов производства по программе Boeing 787. Общий объем поставок увеличился до 321 комплекта судов в первом квартале 2022 года по сравнению с 262 комплектами судов за аналогичный период 2021 года. Это включает поставки Boeing 737 в количестве 60 комплектов по сравнению с 29 комплектами за аналогичный период предыдущего года и поставки Boeing 787 в количестве 3 комплектов по сравнению с 15 комплектами в первом квартале 2021 года.
Отставание Spirit на конец первого квартала 2022 года составляло примерно 36 миллиардов долларов, при этом в отставании Airbus и Boeing были пакеты работ по всем коммерческим платформам.
Операционный убыток за первый квартал 2022 года составил 42,2 миллиона долларов по сравнению с операционным убытком в размере 125,9 миллиона долларов за аналогичный период 2021 года. Снижение операционных убытков было в основном обусловлено увеличением производства по программе Boeing 737 и снижением затрат, связанных с избыточными мощностями, а также изменениями в оценках, зафиксированных в первом квартале 2022 года, по сравнению с аналогичным периодом предыдущего года. Кроме того, первый квартал 2022 года включал в себя воздействие в размере 32,6 млн. долларов США, связанное с Программой защиты рабочих мест в авиационном производстве (AMJP), которая была присуждена в третьем квартале 2021 года и амортизирована как снижение себестоимости продаж. Прибыль за первый квартал 2022 года включала расходы на сверхнормативные мощности в размере 49,8 млн долларов, ненормальные расходы, связанные с COVID-19, в размере 9,5 млн долларов, расходы на чистый форвардный убыток в размере 23,8 млн долларов и неблагоприятные совокупные корректировки на покрытие убытков в размере 26,2 млн долларов. Форвардные убытки в первом квартале связаны в первую очередь с предполагаемым воздействием дальнейшего снижения темпов производства и затрат на переделку по программе Boeing 787, а также с увеличением затрат на качество и снижением темпов производства по программе Airbus A350. Неблагоприятные совокупные корректировки на догоняющий период были в первую очередь обусловлены увеличением оценок затрат на цепочку поставок, сырье и другие расходы, связанные с программой Boeing 737. Для сравнения, в течение первого квартала 2021 года Spirit зафиксировала расходы на избыточные мощности в размере 67,6 млн долларов, ненормальные расходы, связанные с COVID-19, в размере 2,1 млн долларов, расходы на чистые форвардные убытки в размере 72,4 млн долларов и неблагоприятные совокупные корректировки на покрытие убытков в размере 5,8 млн долларов.
Прочие доходы за первый квартал 2022 года составили 37,7 млн долларов по сравнению с 12,8 млн долларов за аналогичный период 2021 года. Увеличение произошло в основном за счет прибыли от курсовых разниц, признанной в течение текущего года.
Прибыль на акцию в первом квартале 2022 года составила $(0,51) по сравнению с $(1,65) за аналогичный период 2021 года. Скорректированная прибыль на акцию за первый квартал 2022 года* составила 0,03 доллара США без учета дополнительного резерва на оценку отложенных налоговых активов. За тот же период 2021 года скорректированная прибыль на акцию* составила $(1,22), что исключает влияние приобретений, затрат на реструктуризацию и дополнительного резерва на оценку отложенных налоговых активов. (Таблица 1)
Денежные средства, использованные в операциях в первом квартале 2022 года, составили 270 миллионов долларов, по сравнению со 170 миллионами долларов, использованных в операциях в том же квартале прошлого года. Такое увеличение использования было обусловлено главным образом увеличением оборотного капитала в результате увеличения производственной деятельности, а также ежеквартальным погашением денежных средств в размере 31 миллиона долларов, связанных с авансом за Boeing 737, полученным в 2019 году. Аванс за Boeing 737 в размере 123 миллионов долларов, полученный в 2019 году, погашается ежеквартальными платежами в 2022 году. Кроме того, в течение первого квартала 2022 года Spirit получил 14 миллионов долларов из гранта программы AMJP, предоставленного в 2021 году, а оставшаяся сумма в размере 24 миллионов долларов, как ожидается, будет получена в течение оставшейся части 2022 года. Свободный денежный поток* в первом квартале составил 298 миллионов долларов США по сравнению со свободным денежным потоком* в размере 198 миллионов долларов США за аналогичный период 2021 года. Остаток денежных средств на конец первого квартала 2022 года составил 1,2 миллиарда долларов по сравнению с 1,5 миллиардами долларов на 31 декабря 2021 года. (Таблица 2)
| Table 2. Cash Flow, Cash and Total Debt (unaudited) | |||
| 1st Quarter | |||
| ($ in millions) | 2022 |
2021 |
Change |
| Cash used in Operations | ($270) |
($170) |
59% |
| Purchases of Property, Plant & Equipment | ($28) |
($28) |
0% |
| Free Cash Flow* | ($298) |
($198) |
51% |
| March 31, | December 31, | ||
| Cash and Total Debt | 2022 |
2021 |
|
| Cash | $1,152 |
$1,479 |
|
| Total Debt | $3,783 |
$3,792 |
|
| ** Represents an amount in excess of 100% or not meaningful. | |||
Результаты сегмента
Выручка коммерческого сегмента в первом квартале 2022 года увеличилась на 35 процентов по сравнению с аналогичным периодом предыдущего года и составила 938,4 миллиона долларов, в основном за счет увеличения объемов производства по программам Boeing 737, Airbus A220 и A320, что частично компенсировалось снижением объемов производства по программе Boeing 787. Операционная маржа за первый квартал 2022 года увеличилась до уровня безубыточности по сравнению с (12) процентами за аналогичный период 2021 года. Это увеличение произошло в первую очередь за счет увеличения объемов по программе Boeing 737, снижения затрат, связанных с избыточными мощностями, и изменений в оценках по сравнению с аналогичным периодом предыдущего года, а также доходов, связанных с программой AMJP, в размере 28,4 млн. долл. Коммерческий сегмент в течение первого квартала 2022 года включает затраты на избыточные мощности в размере 46,8 млн долларов США и ненормальные затраты, связанные с COVID-19, в размере 9,5 млн долларов США, по сравнению с затратами на избыточные мощности в размере 63,1 млн долларов США и ненормальными затратами, связанными с COVID-19, в размере 2,1 млн долларов США за тот же период в 2021 году. В первом квартале 2022 года сегмент зафиксировал чистые форвардные убытки в размере 25,8 млн долларов США и неблагоприятные совокупные корректировки на догоняющую прибыль в размере 26,4 млн долларов США. Для сравнения, в течение первого квартала 2021 года сегмент признал чистые форвардные убытки в размере 67,6 млн долларов США и неблагоприятные кумулятивные корректировки на догоняющие убытки в размере 7,6 млн долларов США.
Оборона и космос
Выручка оборонно-космического сегмента в первом квартале 2022 года увеличилась на 3 процента по сравнению с аналогичным периодом предыдущего года и составила 158,5 миллиона долларов, в основном за счет увеличения объемов производства по программе Boeing P-8. Операционная маржа за первый квартал 2022 года составила 13 процентов по сравнению с 8 процентами за аналогичный период 2021 года. Повышение операционной рентабельности было обусловлено главным образом благоприятными изменениями в оценках, признанных в первом квартале 2022 года, и снижением затрат на избыточные мощности по сравнению с предыдущим годом. Сегмент зафиксировал затраты на избыточные мощности в размере 3,0 млн долларов США и благоприятные корректировки чистых форвардных убытков в размере 2,0 млн долларов США в первом квартале 2022 года по сравнению с затратами на избыточные мощности в размере 4,5 млн долларов США и чистыми форвардными убытками в размере 4,8 млн долларов США в первом квартале 2021 года.
Выручка сегмента вторичного рынка в первом квартале 2022 года увеличилась на 52% по сравнению с аналогичным периодом 2021 года до 77,8 млн долларов США, в основном за счет увеличения продаж запасных частей и деятельности по техническому обслуживанию, ремонту и капитальному ремонту (MRO) по сравнению с аналогичным периодом предыдущего года. Операционная маржа за первый квартал 2022 года увеличилась до 23 процентов по сравнению с 21 процентом за аналогичный период 2021 года, в основном благодаря благоприятному ассортименту продукции и гранту программы AMJP в размере 1,9 миллиона долларов, признанному в течение текущего периода.
| Table 4. Segment Reporting (unaudited) | ||||||
| 1st Quarter | ||||||
| ($ in millions) | 2022 |
2021 |
Change | |||
| Segment Revenues | ||||||
| Commercial | $938.4 |
|
$696.1 |
|
34.8 |
% |
| Defense & Space | 158.5 |
|
153.4 |
|
3.3 |
% |
| Aftermarket | 77.8 |
|
51.3 |
|
51.7 |
% |
| Total Segment Revenues | $1,174.7 |
|
$900.8 |
|
30.4 |
% |
| Segment Earnings (Loss) from Operations | ||||||
| Commercial | ($3.4 |
) |
($82.9 |
) |
95.9 |
% |
| Defense & Space | 20.0 |
|
12.0 |
|
66.7 |
% |
| Aftermarket | 18.0 |
|
10.8 |
|
66.7 |
% |
| Total Segment Operating Earnings (Loss) | $34.6 |
|
($60.1 |
) |
** | |
| Segment Operating Earnings (Loss) as % of Revenues | ||||||
| Commercial | (0.4 |
%) |
(11.9 |
%) |
** | |
| Defense & Space | 12.6 |
% | 7.8 |
% | 480 |
BPS |
| Aftermarket | 23.1 |
% |
21.1 |
% |
200 |
BPS |
| Total Segment Operating Earnings (Loss) as % of Revenues | 2.9 |
% |
(6.7 |
%) |
960 |
BPS |
| Unallocated Expense | ||||||
| SG&A | ($64.5 |
) |
($57.6 |
) |
(12.0 |
%) |
| Research & Development | (12.3 |
) |
(8.2 |
) |
(50.0 |
%) |
| Total (Loss) from Operations | ($42.2 |
) |
($125.9 |
) |
66.5 |
% |
| Total Operating (Loss) as % of Revenues | (3.6 |
%) |
(14.0 |
%) |
** | |
| ** Represents an amount in excess of 100% or not meaningful. | ||||||
* Финансовый показатель, не относящийся к GAAP, см. Приложение для сверки
Предостерегающее Заявление В Отношении Прогнозных Заявлений
Этот пресс-релиз содержит “прогнозные заявления”, которые могут быть сопряжены со многими рисками и неопределенностями. Прогнозные заявления обычно можно идентифицировать с помощью прогнозной терминологии, такой как “цель”, “ожидать”, “полагать”, “может”, “продолжать”, “оценивать”, “ожидать”, “цель”, “прогноз”, “намереваться”, “может, ”может”, “модель”, “цель”, “перспектива”, “план”, “потенциал”, “прогнозировать”, “проект”, “стремиться”, “должен”, “цель”, “будет”, “хотел бы” и другие подобные слова, или фразы или их отрицание, если контекст не требует иного. Эти заявления основаны на обстоятельствах на дату составления заявлений, и они отражают текущие взгляды руководства в отношении будущих событий и подвержены рискам и неопределенностям, как известным, так и неизвестным. Наши фактические результаты могут существенно отличаться от тех, которые ожидаются в прогнозных заявлениях. Мы предостерегаем инвесторов от чрезмерного доверия к каким-либо прогнозным заявлениям.
Важные факторы, которые могут привести к существенному отличию фактических результатов от результатов, отраженных в таких прогнозных заявлениях, и которые следует учитывать при оценке наших прогнозов, включают, но не ограничиваются следующим:
Эти факторы не являются исчерпывающими, и мы не можем предсказать все факторы, которые могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые отражены в наших прогнозных заявлениях. Эти факторы действуют только на дату настоящего Соглашения, и могут возникнуть новые факторы или могут произойти изменения в вышеуказанных факторах, которые могут повлиять на наш бизнес. Как и в случае любого прогноза или прогноза, эти заявления по своей сути подвержены неопределенности и изменениям обстоятельств. За исключением случаев, предусмотренных законом, мы не берем на себя никаких обязательств и прямо отказываемся от каких-либо обязательств публично обновлять или пересматривать любые прогнозные заявления, будь то в результате новой информации, будущих событий или иным образом. Вам следует внимательно ознакомиться с разделом “Факторы риска” в Годовом отчете Компании по Форме 10-K и Ежеквартальных отчетах Компании по форме 10-Q для более полного обсуждения этих и других факторов, которые могут повлиять на наш бизнес.
| Spirit Shipset Deliveries | |||
| (one shipset equals one aircraft) | |||
|
|||
|
|||
|
1st Quarter | ||
|
2022 |
2021 |
|
B737 |
60 |
29 |
|
B747 |
1 |
1 |
|
B767 |
8 |
10 |
|
B777 |
5 |
5 |
|
B787 |
3 |
15 |
|
Total Boeing |
77 |
60 |
|
|
|||
A220 (1) |
18 |
12 |
|
A320 Family |
155 |
130 |
|
A330 |
6 |
5 |
|
A350 |
15 |
12 |
|
Total Airbus |
194 |
159 |
|
|
|||
Business/Regional Jet (2) |
50 |
43 |
|
|
|||
Total |
321 |
262 |
|
|
|||
(1) Beginning in 2022, A220 deliveries reflect the number of wing end item deliveries instead of pylon end item deliveries, as previously reported. First quarter 2021 A220 deliveries have been updated to reflect wing units. |
|||
|
|||
(2) First quarter 2021 Business/Regional Jet deliveries incorporate changes resulting from alignment of shipset reporting from acquired businesses. |
|||
| Spirit AeroSystems Holdings, Inc. | |||||||
| Condensed Consolidated Statements of Operations | |||||||
| (unaudited) | |||||||
| For the Three Months Ended | |||||||
| March 31, 2022 | April 1, 2021 | ||||||
| ($ in millions, except per share data) | |||||||
| Net revenues | $1,174.7 |
|
$900.8 |
|
|||
| Operating costs and expenses: | |||||||
| Cost of sales | 1,139.9 |
|
958.8 |
|
|||
| Selling, general and administrative | 64.5 |
|
57.6 |
|
|||
| Restructuring costs | 0.2 |
|
2.1 |
|
|||
| Research and development | 12.3 |
|
8.2 |
|
|||
| Total operating costs and expenses | 1,216.9 |
|
1,026.7 |
|
|||
| Operating loss | (42.2 |
) |
(125.9 |
) |
|||
| Interest expense and financing fee amortization | (58.9 |
) |
(59.8 |
) |
|||
| Other income, net | 37.7 |
|
12.8 |
|
|||
| Loss before income taxes and equity in net loss of affiliate | (63.4 |
) |
(172.9 |
) |
|||
| Income tax benefit | 11.0 |
|
1.7 |
|
|||
| Loss before equity in net loss of affiliate | (52.4 |
) |
(171.2 |
) |
|||
| Equity in net loss of affiliate | (0.4 |
) |
(0.4 |
) |
|||
| Net loss | ($52.8 |
) |
($171.6 |
) |
|||
| Loss per share | |||||||
| Basic | ($0.51 |
) |
($1.65 |
) |
|||
| Shares | 104.4 |
|
104.1 |
|
|||
| Diluted | ($0.51 |
) |
($1.65 |
) |
|||
| Shares | 104.4 |
|
104.1 |
|
|||
| Dividends declared per common share | $0.01 |
|
$0.01 |
|
|||
| Spirit AeroSystems Holdings, Inc. | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (unaudited) | ||||||
| March 31, 2022 | December 31, 2021 | |||||
| ($ in millions) | ||||||
| Assets | ||||||
| Cash and cash equivalents | $1,151.8 |
|
$1,478.6 |
|
||
| Restricted cash | 0.3 |
|
0.3 |
|
||
| Accounts receivable, net | 580.0 |
|
461.6 |
|
||
| Contract assets, short-term | 449.0 |
|
443.2 |
|
||
| Inventory, net | 1,387.8 |
|
1,382.6 |
|
||
| Other current assets | 41.1 |
|
39.7 |
|
||
| Total current assets | 3,610.0 |
|
3,806.0 |
|
||
| Property, plant and equipment, net | 2,327.9 |
|
2,385.5 |
|
||
| Intangible assets, net | 208.6 |
|
212.3 |
|
||
| Goodwill | 623.6 |
|
623.7 |
|
||
| Right of use assets | 83.6 |
|
85.3 |
|
||
| Contract assets, long-term | 4.2 |
|
- |
|
||
| Pension assets | 530.4 |
|
532.5 |
|
||
| Deferred income taxes | 7.9 |
|
0.4 |
|
||
| Other assets | 94.4 |
|
91.6 |
|
||
| Total assets | $7,490.6 |
|
$7,737.3 |
|
||
| Liabilities | ||||||
| Accounts payable | $762.9 |
|
$720.3 |
|
||
| Accrued expenses | 409.0 |
|
376.1 |
|
||
| Profit sharing | 19.7 |
|
63.7 |
|
||
| Current portion of long-term debt | 49.1 |
|
49.5 |
|
||
| Operating lease liabilities, short-term | 8.4 |
|
8.2 |
|
||
| Advance payments, short-term | 128.0 |
|
137.8 |
|
||
| Contract liabilities, short-term | 76.2 |
|
97.9 |
|
||
| Forward loss provision, short-term | 262.6 |
|
244.6 |
|
||
| Deferred revenue and other deferred credits, short-term | 21.6 |
|
72.7 |
|
||
| Other current liabilities | 87.4 |
|
105.2 |
|
||
| Total current liabilities | 1,824.9 |
|
1,876.0 |
|
||
| Long-term debt | 3,734.0 |
|
3,742.7 |
|
||
| Operating lease liabilities, long-term | 76.4 |
|
78.8 |
|
||
| Advance payments, long-term | 198.6 |
|
201.3 |
|
||
| Pension/OPEB obligation | 53.1 |
|
74.8 |
|
||
| Contract liabilities, long-term | 284.8 |
|
289.1 |
|
||
| Forward loss provision, long-term | 469.6 |
|
521.6 |
|
||
| Deferred revenue and other deferred credits, long-term | 30.3 |
|
32.1 |
|
||
| Deferred grant income liability - non-current | 25.5 |
|
26.4 |
|
||
| Deferred income taxes | 1.2 |
|
21.8 |
|
||
| Other non-current liabilities | 410.0 |
|
423.9 |
|
||
| Stockholders' Equity | ||||||
| Common stock, Class A par value $0.01, 200,000,000 shares authorized, 105,035,744 and 105,037,845 shares issued and outstanding, respectively | 1.1 |
|
1.1 |
|
||
| Additional paid-in capital | 1,151.1 |
|
1,146.2 |
|
||
| Accumulated other comprehensive loss | (41.3 |
) |
(23.7 |
) |
||
| Retained earnings | 1,727.5 |
|
1,781.4 |
|
||
| Treasury stock, at cost (41,587,480 and 41,523,470 shares, respectively) | (2,456.7 |
) |
(2,456.7 |
) |
||
| Total stockholders’ equity | 381.7 |
|
448.3 |
|
||
| Noncontrolling interest | 0.5 |
|
0.5 |
|
||
| Total equity | 382.2 |
|
448.8 |
|
||
| Total liabilities and equity | $7,490.6 |
|
$7,737.3 |
|
||
| Spirit AeroSystems Holdings, Inc. | ||||||
| Condensed Consolidated Statements of Cash Flows | ||||||
| (unaudited) | ||||||
| For the Three Months Ended | ||||||
| March 31, 2022 | April 1, 2021 | |||||
| ($ in millions) | ||||||
| Operating activities | ||||||
| Net loss | ($52.8 |
) |
($171.6 |
) |
||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||
| Depreciation and amortization expense | 85.2 |
|
80.3 |
|
||
| Amortization of deferred financing fees | 1.8 |
|
2.3 |
|
||
| Accretion of customer supply agreement | 0.7 |
|
0.6 |
|
||
| Employee stock compensation expense | 8.2 |
|
6.6 |
|
||
| Gain from derivative instruments | (0.7 |
) |
(0.1 |
) |
||
| (Gain) loss from foreign currency transactions | (16.8 |
) |
7.2 |
|
||
| Loss on disposition of assets | - |
|
0.3 |
|
||
| Deferred taxes | (27.2 |
) |
(0.9 |
) |
||
| Long term income tax payable | - |
|
(1.9 |
) |
||
| Pension and other post-retirement benefits, net | (22.3 |
) |
(15.2 |
) |
||
| Grant liability amortization | (0.4 |
) |
(0.4 |
) |
||
| Equity in net loss of affiliates | 0.4 |
|
0.4 |
|
||
| Forward loss provision | (33.7 |
) |
(3.5 |
) |
||
| Changes in assets and liabilities | ||||||
| Accounts receivable, net | (123.3 |
) |
(38.3 |
) |
||
| Contract assets | (11.3 |
) |
5.6 |
|
||
| Inventory, net | (14.3 |
) |
23.1 |
|
||
| Accounts payable and accrued liabilities | 80.1 |
|
(6.4 |
) |
||
| Profit sharing/deferred compensation | (43.7 |
) |
(42.6 |
) |
||
| Advance payments | (31.4 |
) |
(0.8 |
) |
||
| Income taxes receivable/payable | 14.7 |
|
3.6 |
|
||
| Contract liabilities | (26.0 |
) |
(1.7 |
) |
||
| Deferred revenue and other deferred credits | (35.4 |
) |
1.5 |
|
||
| Other | (22.0 |
) |
(18.3 |
) |
||
| Net cash used in operating activities | ($270.2 |
) |
($170.2 |
) |
||
| Investing activities | ||||||
| Purchase of property, plant and equipment | (27.7 |
) |
(27.6 |
) |
||
| Other | - |
|
1.2 |
|
||
| Net cash used in investing activities | ($27.7 |
) |
($26.4 |
) |
||
| Financing activities | ||||||
| Customer financing | - |
|
(2.5 |
) |
||
| Principal payments of debt | (11.1 |
) |
(9.8 |
) |
||
| Payments on term loan | (1.5 |
) |
(1.0 |
) |
||
| Payments on floating rate notes | - |
|
(300.0 |
) |
||
| Taxes paid related to net share settlement awards | (5.3 |
) |
(3.3 |
) |
||
| Proceeds from issuance of ESPP stock | 1.9 |
|
1.4 |
|
||
| Dividends paid | (1.1 |
) |
(1.1 |
) |
||
| Other | (11.0 |
) |
(0.1 |
) |
||
| Net cash used in financing activities | ($28.1 |
) |
($316.4 |
) |
||
| Effect of exchange rate changes on cash and cash equivalents | (0.8 |
) |
(1.0 |
) |
||
| Net decrease in cash, cash equivalents and restricted cash for the period | ($326.8 |
) |
($514.0 |
) |
||
| Cash, cash equivalents, and restricted cash, beginning of the period | 1,498.4 |
|
1,893.1 |
|
||
| Cash, cash equivalents, and restricted cash, end of the period | $1,171.6 |
|
$1,379.1 |
|
||
| Reconciliation of Cash and Cash Equivalents and Restricted Cash: | March 31, 2022 | April 1, 2021 | ||||
| Cash and cash equivalents, beginning of the period | $1,478.6 |
|
$1,873.3 |
|
||
| Restricted cash, short-term, beginning of the period | 0.3 |
|
0.3 |
|
||
| Restricted cash, long-term, beginning of the period | 19.5 |
|
19.5 |
|
||
| Cash, cash equivalents, and restricted cash, beginning of the period | $1,498.4 |
|
$1,893.1 |
|
||
| Cash and cash equivalents, end of the period | $1,151.8 |
|
$1,359.3 |
|
||
| Restricted cash, short-term, end of the period | $0.3 |
|
$0.3 |
|
||
| Restricted cash, long-term, end of the period | 19.5 |
|
19.5 |
|
||
| Cash, cash equivalents, and restricted cash, end of the period | $1,171.6 |
|
$1,379.1 |
|
||
В дополнение к представлению нашей финансовой информации с использованием общепринятых принципов бухгалтерского учета США (GAAP), руководство считает, что некоторые показатели, не относящиеся к GAAP (которые указаны * в этом отчете), предоставляют инвесторам важные перспективы для текущей деятельности компании. Показатели, не относящиеся к GAAP, которые мы используем в этом отчете, - это (i) скорректированная разводненная прибыль (убыток) на акцию и (ii) свободный денежный поток, которые описаны далее ниже. Компания не намерена рассматривать эту информацию изолированно или в качестве замены соответствующих показателей GAAP. Другие компании могут определять и рассчитывать показатели иначе, чем мы, что ограничивает полезность показателей для сравнения с другими компаниями.
Скорректированная Разводненная Прибыль (Убыток) Прибыль На Акцию. Для обеспечения дополнительной прозрачности мы раскрыли скорректированную разводненную прибыль (убыток) на акцию без учета GAAP (Скорректированная прибыль на акцию). Этот показатель исключает различные статьи, которые, как считается, не имеют прямого отношения к нашим операционным показателям. Руководство использует скорректированную прибыль на акцию в качестве показателя эффективности бизнеса, и мы считаем, что эта информация полезна для сравнения наших результатов от периода к периоду. Наиболее сопоставимым показателем GAAP является разводненная прибыль (убыток) на акцию.
Свободный Денежный Поток. Свободный денежный поток определяется как денежные средства по ОПБУ, полученные от (использованные в) операционной деятельности (также именуемые здесь “денежные средства от операций”), за вычетом капитальных затрат на основные средства. Руководство считает, что Свободный денежный поток дает инвесторам важную информацию о денежных средствах, доступных акционерам, погашении долгов, включая капитальную аренду, и приобретениях после осуществления капитальных вложений, необходимых для поддержки текущих бизнес-операций и создания долгосрочной стоимости. Свободный денежный поток не представляет собой остаточный денежный поток, доступный для дискреционных расходов, поскольку он исключает определенные обязательные расходы. Наиболее сопоставимым показателем GAAP являются денежные средства, полученные в результате (использованные в) операционной деятельности. Руководство использует Свободный денежный поток в качестве показателя для оценки как эффективности бизнеса, так и общей ликвидности.
В нижеприведенных таблицах представлены сверки между показателями GAAP и показателями, не относящимися к GAAP.
| Adjusted EPS | |||||
| Three months ended | |||||
| March 31, 2022 | April 1, 2021 | ||||
| GAAP Diluted Loss Per Share | ($0.51) |
($1.65) |
|||
| Costs Related to Acquisitions | - |
0.01 |
a | ||
| Restructuring Costs | - |
0.01 |
b | ||
| Deferred Tax Asset Valuation Allowance | 0.54 |
c | 0.41 |
c | |
| Adjusted Diluted Earnings (Loss) Per Share | $0.03 |
($1.22) |
|||
| Diluted Shares (in millions) | 104.4 |
104.1 |
|||
a |
Represents the transaction costs (included in SG&A) | |
b |
Represents the restructuring expenses for cost-alignment and headcount reductions (included in Restructuring costs) | |
c |
Represents the deferred tax asset valuation allowance (included in Income tax benefit) |
| Free Cash Flow | |||
| ($ in millions) | |||
| Three months ended | |||
| March 31, 2022 | April 1, 2021 | ||
| Cash used in Operations | ($270) |
($170) |
|
| Capital Expenditures | (28) |
(28) |
|
| Free Cash Flow | ($298) |
($198) |
|
