Spirit AeroSystems Reports Third Quarter 2023 Results
- Spirit's revenue increased by 13% in Q3 2023 compared to the same period in 2022.
- The company reported an operating loss of $134 million in Q3 2023, compared to operating income of $5 million in Q3 2022.
- Spirit's net loss in Q3 2023 was $204 million, a 60% increase compared to Q3 2022.
- Cash used in operations was $111 million in Q3 2023, reflecting higher negative impacts to working capital.
- Spirit's backlog at the end of Q3 2023 was approximately $42.2 billion, including work packages on all commercial platforms in the Airbus and Boeing backlog.
- Spirit's adjusted EPS in Q3 2023 was $(1.42), compared to $(0.15) in Q3 2022.
- The company's operating loss as a percentage of revenues was -9.3% in Q3 2023, a decrease of 970 basis points compared to Q3 2022.
- Spirit's net loss as a percentage of revenues was 14.2% in Q3 2023, an increase of 420 basis points compared to Q3 2022.
- Free cash flow usage was $136 million in Q3 2023, compared to $73 million in Q3 2022.
- Cash used in operations for the nine months ended September 2023 was $340 million, an 8% decrease compared to the same period in 2022.
Third Quarter 2023
- Revenues of
$1.4 billion - EPS of
$(1.94) $(1.42) - Cash used in operations of
$111 million $136 million
Recent Events
- Appointed Pat Shanahan as interim President and CEO
- Executed a memorandum of agreement with Boeing; impacts to be reflected in fourth quarter financial results
Spirit AeroSystems Holdings, Inc. (NYSE: SPR) ("Spirit," "Spirit AeroSystems" or the "Company") reported third quarter 2023 financial results.
Table 1. Summary Financial Results (unaudited) | ||||||
3rd Quarter | Nine Months | |||||
($ in millions, except per share data) | 2023 | 2022 | Change | 2023 | 2022 | Change |
Revenues | 13 % | 14 % | ||||
Operating (Loss) Income | ( | ** | ( | ( | ** | |
Operating (Loss) Income as a % of Revenues | (9.3 %) | 0.4 % | (970) BPS | (8.2 %) | (3.8 %) | (440) BPS |
Net Loss | ( | ( | (60 %) | ( | ( | ** |
Net Loss as a % of Revenues | (14.2 %) | (10.0 %) | (420) BPS | (16.3 %) | (8.2 %) | (810) BPS |
Loss Per Share (Fully Diluted) | ( | ( | (59 %) | ( | ( | ** |
Adjusted Loss Per Share (Fully Diluted)* | ( | ( | ** | ( | ( | ** |
Fully Diluted Weighted Avg Share Count | 105.2 | 104.7 | 105.1 | 104.6 | ||
** Represents an amount in excess of | ||||||
"Our priority is to strengthen Spirit financially. The signing of the memorandum of agreement with Boeing was an important step forward. In parallel, the Spirit team is focused on meeting our customer commitments, improving operational performance and commercial conversations with Airbus," said Pat Shanahan, President and Chief Executive Officer, Spirit AeroSystems.
Revenue
Spirit's revenue in the third quarter of 2023 was
Overall deliveries increased to 332 shipsets during the third quarter of 2023 compared to 316 shipsets in the same period of 2022. This includes Boeing 737 deliveries of 83 shipsets compared to 69 shipsets in the same period of the prior year. Spirit's backlog at the end of the third quarter of 2023 was approximately
Earnings
Operating loss for the third quarter of 2023 was
Changes in estimates in the third quarter of 2023 included net forward loss charges of
Other income for the third quarter of 2023 was
Third quarter 2023 EPS was
Cash
Cash used in operations in the third quarter of 2023 was
Free cash flow* in the third quarter of 2023 was a usage of
The cash balance at the end of the third quarter of 2023 was
Table 2. Cash Flow, Cash and Total Debt (unaudited) | ||||||
3rd Quarter | Nine Months | |||||
($ in millions) | 2023 | 2022 | Change | 2023 | 2022 | Change |
Cash used in Operations | ( | ( | ** | ( | ( | 8 % |
Purchases of Property, Plant & Equipment | ( | ( | 33 % | ( | ( | 7 % |
Free Cash Flow* | ( | ( | (85 %) | ( | ( | 8 % |
September 28, | December 31, | |||||
Cash and Total Debt | 2023 | 2022 | ||||
Cash | ||||||
Total Debt | ||||||
** Represents an amount in excess of | ||||||
Financial Outlook
Full-year 2023 cash used in operations is expected to be between
Please refer to our Cautionary Statement Regarding Forward-Looking Statements below and 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.
Subsequent Event
On October 12, 2023, Spirit AeroSystems, Inc. and Boeing executed a Memorandum of Agreement (the "MOA"). As a result of the MOA, the Company expects to reverse liabilities, including previously recorded forward losses and material right obligation on the Boeing 787 program of approximately
Segment Results
Commercial
Commercial segment revenue in the third quarter of 2023 increased 10 percent from the same period of the prior year to
Defense & Space
Defense & Space segment revenue in the third quarter of 2023 increased 27 percent from the same period of the prior year to
Aftermarket
Aftermarket segment revenue in the third quarter of 2023 increased by 21 percent compared to the same period of 2022 to
Table 4. Segment Reporting (unaudited) | ||||||
3rd Quarter | Nine Months | |||||
($ in millions) | 2023 | 2022 | Change | 2023 | 2022 | Change |
Segment Revenues | ||||||
Commercial | 9.8 % | 12.1 % | ||||
Defense & Space | 205.7 | 161.7 | 27.2 % | 583.7 | 466.6 | 25.1 % |
Aftermarket | 96.8 | 80.3 | 20.5 % | 283.4 | 238.5 | 18.8 % |
Total Segment Revenues | 12.7 % | 14.2 % | ||||
Segment (Loss) Earnings from Operations | ||||||
Commercial | ( | ** | ( | ( | ** | |
Defense & Space | 9.8 | 18.4 | (46.7 %) | 41.0 | 52.1 | (21.3 %) |
Aftermarket | 17.9 | 19.5 | (8.2 %) | 61.4 | 49.3 | 24.5 % |
Total Segment Operating (Loss) Earnings | ( | ** | ( | ** | ||
Segment Operating (Loss) Earnings as % of Revenues | ||||||
Commercial | (7.2 %) | 4.3 % | ** | (6.0 %) | (0.1 %) | (590) BPS |
Defense & Space | 4.8 % | 11.4 % | (660) BPS | 7.0 % | 11.2 % | (420) BPS |
Aftermarket | 18.5 % | 24.3 % | (580) BPS | 21.7 % | 20.7 % | 100 BPS |
Total Segment Operating (Loss) Earnings as % of Revenues | (3.8 %) | 6.5 % | ** | (2.3 %) | 2.6 % | (490) BPS |
Unallocated Expense | ||||||
SG&A | ( | ( | (0.1 %) | ( | ( | (6.6 %) |
Research & Development | (10.1) | (9.3) | (8.6 %) | (33.9) | (36.5) | 7.1 % |
Total (Loss) Earnings from Operations | ( | ** | ( | ( | ** | |
Total Operating (Loss) Earnings as % of Revenues | (9.3 %) | 0.4 % | (970) BPS | (8.2 %) | (3.8 %) | (440) BPS |
** Represents an amount in excess of | ||||||
* Non-GAAP financial measure, see Appendix for definition and reconciliation
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" that 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," "forecast," "goal," "intend," "may," "might," "objective," "plan," "predict," "project," "should," "target," "will," "would," and other similar words, or phrases, or the negative thereof, unless the context requires otherwise. These statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown, including, but not limited to, those described in the "Risk Factors" section of the 2022 Form 10-K. 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:
- the continued fragility of the global aerospace supply chain including our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components, including increases in energy, freight, and other raw material costs as a result of inflation or continued global inflationary pressures;
- our ability and our suppliers' ability to meet stringent delivery (including quality and timeliness) standards and accommodate changes in the build rates or model mix of aircraft, including the ability to staff appropriately for current production volumes and anticipated production volume increases;
- the ability to maintain continuing, uninterrupted production at our manufacturing facilities and our suppliers' facilities;
- our ability, and our suppliers' ability, to attract and retain the skilled work force necessary for production and development in an extremely competitive market;
- the effect of economic conditions, including increases in interest rates and inflation, on the demand for our and our customers' products and services, on the industries and markets in which we operate in the
U.S. and globally, and on the global aerospace supply chain; - the general effect of geopolitical conditions, including
Russia's invasion ofUkraine and the resultant sanctions being imposed in response to the conflict, including any trade and transport restrictions; - the recent outbreak of war in
Israel and theGaza Strip and the potential for expansion of the conflict in the surrounding region, which may impact certain suppliers' ability to continue production or make timely deliveries of supplies required to produce our products, and may result in sanctions being imposed in response to the conflict, including any trade and transport restrictions; - our relationships with the unions representing many of our employees, including our ability to successfully negotiate new agreements, and avoid labor disputes and work stoppages with respect to our union employees;
- the impact of significant health events, such as pandemics, contagions or other public health emergencies (including the COVID-19 pandemic) or fear of such events, on the demand for our and our customers' products and services, the industries and markets in which we operate in the
U.S. and globally; - the timing and conditions surrounding the full worldwide return to service (including receiving the remaining regulatory approvals) of the B737 MAX, future demand for the aircraft, and any residual impacts of the B737 MAX grounding on production rates for the aircraft;
- our reliance on The Boeing Company ("Boeing") and Airbus Group SE and its affiliates (collectively, "Airbus") for a significant portion of our revenues;
- the business condition and liquidity of our customers and their ability to satisfy their contractual obligations to the Company;
- the certainty of our backlog, including the ability of customers to cancel or delay orders prior to shipment on short notice, and the potential impact of regulatory approvals of existing and derivative models;
- our ability to accurately estimate and manage performance, cost, margins, and revenue under our contracts, and the potential for additional forward losses on new and maturing programs;
- our accounting estimates for revenue and costs for our contracts and potential changes to those estimates;
- our ability to continue to grow and diversify our business, execute our growth strategy, and secure replacement programs, including our ability to enter into profitable supply arrangements with additional customers;
- the outcome of product warranty or defective product claims and the impact settlement of such claims may have on our accounting assumptions;
- competitive conditions in the markets in which we operate, including in-sourcing by commercial aerospace original equipment manufacturers;
- our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing, Airbus and other customers;
- the possibility that our cash flows may not be adequate for our additional capital needs;
- any reduction in our credit ratings;
- our ability to access the capital or credit markets to fund our liquidity needs, and the costs and terms of any additional financing;
- our ability to avoid or recover from cyber or other security attacks and other operations disruptions;
- legislative or regulatory actions, both domestic and foreign, impacting our operations, including the effect of changes in tax laws and rates and our ability to accurately calculate and estimate the effect of such changes;
- spending by the
U.S. and other governments on defense; - pension plan assumptions and future contributions;
- the effectiveness of our internal control over financial reporting;
- the outcome or impact of ongoing or future litigation, arbitration, claims, and regulatory actions or investigations, including our exposure to potential product liability and warranty claims;
- adequacy of our insurance coverage;
- our ability to continue selling certain receivables through supplier financing programs; and
- our ability to effectively integrate recent acquisitions, along with other acquisitions we pursue, and generate synergies and other cost savings therefrom, while avoiding unexpected costs, charges, expenses, and adverse changes to business relationships and business disruptions;
- the risks of doing business internationally, including fluctuations in foreign currency exchange rates, impositions of tariffs or embargoes, trade restrictions, compliance with foreign laws, and domestic and foreign government policies.
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) | |||||||
3rd Quarter | Nine Months | ||||||
2023 | 2022 | 2023 | 2022 | ||||
B737 | 83 | 69 | 252 | 200 | |||
B747 | - | - | - | 1 | |||
B767 | 7 | 7 | 24 | 23 | |||
B777 | 9 | 8 | 23 | 19 | |||
B787 | 9 | 6 | 25 | 13 | |||
Total Boeing | 108 | 90 | 324 | 256 | |||
A220 | 16 | 12 | 43 | 46 | |||
A320 Family | 129 | 145 | 423 | 447 | |||
A330 | 8 | 8 | 26 | 20 | |||
A350 | 12 | 11 | 37 | 37 | |||
Total Airbus | 165 | 176 | 529 | 550 | |||
Business/Regional Jet | 59 | 50 | 167 | 149 | |||
Total | 332 | 316 | 1,020 | 955 | |||
Spirit AeroSystems Holdings, Inc. | |||||||||
Condensed Consolidated Statements of Operations | |||||||||
(unaudited) | |||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||
September 28, 2023 | September 29, 2022 | September 28, 2023 | September 29, 2022 | ||||||
($ in millions, except per share data) | |||||||||
Net revenues | |||||||||
Operating costs and expenses: | |||||||||
Cost of sales | 1,492.5 | 1,194.0 | 4,320.2 | 3,611.4 | |||||
Selling, general and administrative | 69.2 | 69.1 | 217.2 | 203.8 | |||||
Restructuring costs | - | - | 7.2 | 0.2 | |||||
Research and development | 10.1 | 9.3 | 33.9 | 36.5 | |||||
Other operating expense | 0.8 | - | 5.7 | - | |||||
Total operating costs and expenses | 1,572.6 | 1,272.4 | 4,584.2 | 3,851.9 | |||||
Operating (loss) income | (133.7) | 4.5 | (349.2) | (142.4) | |||||
Interest expense and financing fee amortization | (75.1) | (56.8) | (221.1) | (170.8) | |||||
Other income (expense), net | 7.3 | (42.1) | (120.0) | 30.2 | |||||
Loss before income taxes and equity in net loss of affiliates | (201.5) | (94.4) | (690.3) | (283.0) | |||||
Income tax provision | (2.4) | (32.9) | (1.1) | (18.4) | |||||
Loss before equity in net loss of affiliates | (203.9) | (127.3) | (691.4) | (301.4) | |||||
Equity in net loss of affiliates | - | (0.3) | (0.2) | (1.2) | |||||
Net loss | (203.9) | (127.6) | (691.6) | (302.6) | |||||
Less noncontrolling interest in earnings of subsidiary | (0.2) | - | - | - | |||||
Net loss attributable to common shareholders | ( | ( | ( | ( | |||||
Loss per share | |||||||||
Basic | $ (1.94) | ( | $ (6.58) | ( | |||||
Shares | 105.2 | 104.7 | 105.1 | 104.6 | |||||
Diluted | $ (1.94) | ( | $ (6.58) | ( | |||||
Shares | 105.2 | 104.7 | 105.1 | 104.6 | |||||
Dividends declared per common share | |||||||||
Spirit AeroSystems Holdings, Inc. | ||||
Condensed Consolidated Balance Sheets | ||||
(unaudited) | ||||
September 28, 2023 | December 31, 2022 | |||
($ in millions) | ||||
Assets | ||||
Cash and cash equivalents | ||||
Restricted cash | 0.2 | 0.2 | ||
Accounts receivable, net | 610.3 | 489.5 | ||
Contract assets, short-term | 596.0 | 501.0 | ||
Inventory, net | 1,690.0 | 1,470.7 | ||
Other current assets | 50.6 | 38.3 | ||
Total current assets | 3,321.2 | 3,158.3 | ||
Property, plant and equipment, net | 2,084.1 | 2,205.9 | ||
Intangible assets, net | 200.0 | 211.4 | ||
Goodwill | 631.1 | 630.5 | ||
Right of use assets | 93.5 | 94.3 | ||
Contract assets, long-term | 20.9 | 1.2 | ||
Pension assets | 28.3 | 196.9 | ||
Restricted plan assets | 61.4 | 71.1 | ||
Deferred income taxes | 0.1 | 4.8 | ||
Other assets | 97.5 | 91.8 | ||
Total assets | ||||
Liabilities | ||||
Accounts payable | ||||
Accrued expenses | 479.5 | 411.7 | ||
Profit sharing | 18.1 | 40.5 | ||
Current portion of long-term debt | 64.2 | 53.7 | ||
Operating lease liabilities, short-term | 8.4 | 8.3 | ||
Advance payments, short-term | 36.5 | 24.9 | ||
Contract liabilities, short-term | 157.2 | 111.1 | ||
Forward loss provision, short-term | 335.3 | 305.9 | ||
Deferred revenue and other deferred credits, short-term | 48.4 | 21.7 | ||
Other current liabilities | 172.1 | 54.9 | ||
Total current liabilities | 2,350.0 | 1,952.5 | ||
Long-term debt | 3,811.0 | 3,814.9 | ||
Operating lease liabilities, long-term | 84.9 | 85.4 | ||
Advance payments, long-term | 276.9 | 199.9 | ||
Pension/OPEB obligation | 22.2 | 25.2 | ||
Contract liabilities, long-term | 195.6 | 245.3 | ||
Forward loss provision, long-term | 289.4 | 369.2 | ||
Deferred revenue and other deferred credits, long-term | 87.2 | 49.0 | ||
Deferred grant income liability - non-current | 25.4 | 25.7 | ||
Deferred income taxes | 8.2 | 1.3 | ||
Other non-current liabilities | 243.0 | 141.6 | ||
Stockholders' Equity | ||||
Common stock, Class A par value | 1.1 | 1.1 | ||
Additional paid-in capital | 1,205.3 | 1,179.5 | ||
Accumulated other comprehensive loss | (150.0) | (203.9) | ||
Retained earnings | 540.9 | 1,232.5 | ||
Treasury stock, at cost (41,587,480 shares each period) | (2,456.7) | (2,456.7) | ||
Total stockholders' equity | (859.4) | (247.5) | ||
Noncontrolling interest | 3.7 | 3.7 | ||
Total equity | (855.7) | (243.8) | ||
Total liabilities and equity | ||||
Spirit AeroSystems Holdings, Inc. | ||||
Condensed Consolidated Statements of Cash Flows | ||||
(unaudited) | ||||
For the Nine Months Ended | ||||
September 28, 2023 | September 29, 2022 | |||
($ in millions) | ||||
Operating activities | ||||
Net loss | ( | ( | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Depreciation and amortization expense | 236.9 | 253.2 | ||
Amortization of deferred financing fees | 5.2 | 5.6 | ||
Accretion of customer supply agreement | 1.8 | 1.6 | ||
Employee stock compensation expense | 29.3 | 28.7 | ||
(Gain) loss from derivative instruments | (1.7) | 10.5 | ||
Gain from foreign currency transactions | (4.0) | (36.9) | ||
Loss on disposition of assets | 0.9 | 0.8 | ||
Deferred taxes | (3.8) | 15.7 | ||
Pension and other post-retirement plans expense | 61.8 | 17.2 | ||
Grant liability amortization | (0.9) | (1.1) | ||
Equity in net loss of affiliates | 0.2 | 1.2 | ||
Forward loss provision | (50.7) | (115.3) | ||
Gain on settlement of financial instrument | (1.4) | (21.4) | ||
Change in fair value of acquisition consideration and settlement | (2.4) | - | ||
Changes in assets and liabilities | ||||
Accounts receivable, net | (127.0) | (89.0) | ||
Contract assets | (114.5) | (112.5) | ||
Inventory, net | (227.0) | (47.9) | ||
Accounts payable and accrued liabilities | 222.2 | 210.6 | ||
Profit sharing/deferred compensation | (22.5) | (47.6) | ||
Advance payments | 87.4 | (99.3) | ||
Income taxes receivable/payable | 1.1 | 17.8 | ||
Contract liabilities | (3.9) | (25.1) | ||
Pension plans employer contributions | 178.0 | 19.1 | ||
Deferred revenue and other deferred credits | 67.4 | (44.4) | ||
Other | 19.7 | (6.3) | ||
Net cash used in operating activities | ( | ( | ||
Investing activities | ||||
Purchase of property, plant and equipment | (76.5) | (82.7) | ||
Other | - | (6.1) | ||
Net cash used in investing activities | ( | ( | ||
Financing activities | ||||
Proceeds from issuance of debt | 12.7 | - | ||
Borrowings under revolving credit facility | 1.6 | - | ||
Payment of principal - settlement of financial instrument | - | (289.5) | ||
Customer financing | 180.0 | - | ||
Principal payments of debt | (47.2) | (33.7) | ||
Payments on term loan | (3.0) | (3.0) | ||
Payment of acquisition consideration | (6.0) | - | ||
Taxes paid related to net share settlement awards | (6.1) | (7.0) | ||
Proceeds from issuance of ESPP stock | 2.6 | 1.9 | ||
Debt issuance and financing costs | (0.5) | - | ||
Dividends paid | - | (3.2) | ||
Net cash provided by (used in) financing activities | ( | |||
Effect of exchange rate changes on cash and cash equivalents | - | (17.5) | ||
Net decrease in cash, cash equivalents and restricted cash for the period | ( | ( | ||
Cash, cash equivalents, and restricted cash, beginning of the period | 678.4 | 1,498.4 | ||
Cash, cash equivalents, and restricted cash, end of the period | ||||
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | September 28, 2023 | September 29, 2022 | ||
Cash and cash equivalents, beginning of the period | ||||
Restricted cash, short-term, beginning of the period | 0.2 | 0.3 | ||
Restricted cash, long-term, beginning of the period | 19.6 | 19.5 | ||
Cash, cash equivalents, and restricted cash, beginning of the period | ||||
Cash and cash equivalents, end of the period | ||||
Restricted cash, short-term, end of the period | 0.2 | 0.2 | ||
Restricted cash, long-term, end of the period | 22.2 | 19.5 | ||
Cash, cash equivalents, and restricted cash, end of the period | ||||
Appendix
In addition to reporting our financial information using
Adjusted Diluted (Loss) Earnings Per Share. To provide additional transparency, we have disclosed non-GAAP adjusted diluted (loss) earnings 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 | Nine months ended | ||||||||
September 28, 2023 | September 29, 2022 | September 28, 2023 | September 29, 2022 | ||||||
GAAP Diluted Loss Per Share | ( | ( | ( | ( | |||||
Deferred Tax Asset Valuation Allowance | 0.52 | a | 0.58 | a | 1.52 | a | 1.01 | a | |
Investment Agreement Settlement Gain | - | - | - | (0.14) | b | ||||
Losses related to Russia Sanctions | - | - | - | 0.19 | c | ||||
Pension Termination Charges | - | 0.49 | d | 0.47 | d | 0.48 | d | ||
Adjusted Diluted Loss Per Share | ( | ( | ( | ( | |||||
Diluted Shares (in millions) | 105.2 | 104.7 | 105.1 | 104.6 | |||||
a | Represents the deferred tax asset valuation allowance (included in Income tax provision) | ||||||||
b | Represents the settlement gain resulting from the settlement of the repayable investment agreement with the | ||||||||
c | Represents the impairment charges and reserve adjustments related to the suspension of all sales and service activities relating to sanctioned Russian business activities. These losses are directly attributable to the sanctions, incremental to similar costs (or income) incurred for reasons other than the sanctions and are not expected to recur, and therefore, are not indicative of Spirit's ongoing operational performance (primarily included in Cost of Sales) | ||||||||
d | Represents the non-cash charges related to the termination of the | ||||||||
Free Cash Flow | |||||||||
($ in millions) | |||||||||
Three months ended | Nine months ended | Outlook | |||||||
September 28, 2023 | September 29, 2022 | September 28, 2023 | September 29, 2022 | Full-Year 2023 | |||||
Cash Used in Operations | ( | ( | ( | ( | ( | ||||
Capital Expenditures | (25) | (38) | (77) | (83) | ~(125) | ||||
Free Cash Flow | ( | ( | ( | ( | ( | ||||
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SOURCE Spirit Aerosystems
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