Bombardier Announces Preliminary Full-Year 2022 Financial Results

MONTRÉAL, Jan. 17, 2023 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) today unveiled preliminary 2022 financial results, highlighting areas for which it expects to exceed full-year guidance. The company will release its fourth quarter and full-year 2022 results as scheduled on February 9, 2023, and will also hold a live webcast and conference call for investors at 8:00 a.m. EST that same day. The webcast and relevant financial charts will be available at ir.bombardier.com.

Preliminary full-year 2022 results(1)

Continuing operations onlyExpected Results for 12-month period ended
December 31, 2022
Updated 2022 Full-Year Guidance(2)
Aircraft deliveries
(in units)
123>120
Revenues~ $6.9 billion> $6.5 billion
Adjusted EBITDA(3)~ $930 million> $825 million
Adjusted EBIT(3)~ $510 million> $375 million
EBIT~ $535 millionn/a
Free cash flow(3)~ $735 million> $515 million
Cash flows from operating activities~ $1,070 millionn/a
Net additions to PP&E
and intangible assets
~ $335 millionn/a


Preliminary full year results on non-guided metrics include a full-year 2022 unit book-to-bill(4) of ~ 1.4, year-over-year order backlog growth to ~ $14.8 billion, and adjusted liquidity(3) of ~ $1.7 billion. Adjusted liquidity at year-end includes cash and cash equivalents of ~ $1.3 billion plus certain restricted cash supporting various bank guarantees of ~ $0.4 billion. Adjusted liquidity excludes the secured revolver facility previously announced in November 2022, which remains undrawn.

(1) See the forward-looking statements disclaimer hereinafter.
(2) An update to 2022 full-year Guidance was announced in Bombardier’s second quarter 2022 financial results press release dated August 4, 2022.
(3) Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting
framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer
to the Caution regarding Non-GAAP financial measures section hereinafter for definitions of these metrics and reconciliations to the most comparable IFRS measures.
(4) Defined as net new aircraft orders in units over aircraft deliveries in units.

The selected preliminary and unaudited full-year 2022 financial results included in this press release are an estimate and are based on information available as of January 16, 2023, and management’s initial review of operating results for the year ended December 31, 2022. These preliminary results are subject to further changes upon completion of Bombardier’s standard year-end closing procedures. The preliminary information herein is subject to revision as the company prepares its annual financial statements, and as Bombardier’s independent auditors conduct their year-end audit thereof. This update should not be viewed as a substitute for Bombardier’s full audited annual results and does not present all necessary information for an understanding of Bombardier’s financial condition as of the date of this release, or its results of operations for the year ended December 31, 2022. As Bombardier completes its year-end financial close process and finalizes its financial statements for the year ended December 31, 2022, it is possible that Bombardier may identify items that require it to make adjustments to the preliminary financial results set forth herein above and those changes could be material. The preliminary expected financial information set forth herein above constitutes forward-looking statements, upon which you should not place undue reliance because they may prove to be materially inaccurate. Bombardier does not intend to update such financial information prior to release of its final fourth quarter and full-year 2022 results scheduled for February 9, 2023.

About Bombardier

Bombardier (BBD-B.TO) is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in government and military special-mission roles leveraging Bombardier Defense’s proven expertise.  

Headquartered in Greater Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network services the Learjet, Challenger and Global families of aircraft, and includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and Australia.  

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, as well as the company’s plans to cover all its flight operations with Sustainable Aviation Fuel (SAF) utilizing the Book and Claim system visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com. Follow us on Twitter @Bombardier.   

Bombardier, Learjet, Challenger and Global are registered or unregistered trademarks of Bombardier Inc. or its subsidiaries.

Statement from Éric Martel, President and Chief Executive Officer, Bombardier

MONTRÉAL, Dec. 21, 2022 (GLOBE NEWSWIRE) — Today’s geopolitical landscape is complex, and countries around the world are developing technologies to defend their borders and sovereignty in the face of emerging threats. In Canada, we can be proud that our aerospace clusters and industries have developed products and tools that not only compete on the world defense stage, they shine thanks to our talented workforce. A key example, one I would hope all Canadians know about, are the made-in-Canada Global series aircraft currently flying government missions on behalf of allied nations.

This year alone, Bombardier has sold and delivered Global series aircraft to multiple governments, armed forces and special mission integrators for a variety of surveillance and other missions. Over the last decade, Global series aircraft have been evaluated and chosen in the U.S., U.K. Germany, Sweden, and many more countries—having established an excellent track record.

As President and CEO of Bombardier, I want to publicly share my concern that Canada, which is facing an important choice about the airborne surveillance of its vast borders, may be considering awarding a sole-source contract directly to Boeing.

With special mission equipment getting smaller and smaller as technology progresses, we at Bombardier firmly believe that the Global 6500 aircraft will be the right-sized solution and will respond to Canada’s needs, thanks to its:

  • Longer range offering, endurance and proven reliability.
  • Next-generation engines and a leading aerodynamic profile that contributes to excellent operating costs and, more importantly, a lower carbon footprint.

A Canadian Multi-Mission Aircraft (CMMA) tender, open to diverse proposals, would be an opportunity for Canada to re-think its surveillance capabilities. A Canadian-built option should, and must, be considered on equal footing with those of foreign companies who have, in the past, directly, attacked our home-grown aircraft programs.

Canada has the skills, the industrial footprint and the technological capabilities to succeed in this sphere and become more than an exporter of technology. This is the ultimate opportunity for Canadians to look to the skies and proudly trust a Canadian-built aircraft to defend our borders and support our allies.

On behalf of its more than 10,000 talented employees in Ontario and Quebec, Bombardier and its growing Defense team, along with its skilled partners, would be proud to put forward a made-in-Canada solution to compete in a Canadian Multi-Mission Aircraft (CMMA) tender, should Canada give us the opportunity to do so. 

About Bombardier

Bombardier is a global leader in aviation, focused on designing, manufacturing and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.

Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China, and Australia.

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com

Bombardier Breaks Ground on Abu Dhabi Service Centre, Expands Aftermarket Footprint in United Arab Emirates (UAE)

  • Located at Abu Dhabi International Airport, this service facility will be an important hub for Bombardier business aircraft customers in the Middle East
  • Close to 100,000 sq. ft. MRO facility will provide quick and efficient maintenance, repair, and overhaul (MRO) capabilities for all Bombardier business aircraft
  • Abu Dhabi Service Centre will be part of Bombardier’s comprehensive infrastructure expansion, more than doubling its aftermarket footprint around the world to close to one million sq. ft.

ABU DHABI, United Arab Emirates, Dec. 06, 2022 (GLOBE NEWSWIRE) — Bombardier today announced the official groundbreaking of its new service centre at Abu Dhabi International Airport (AUH) in Abu Dhabi, United Arab Emirates (UAE). The new facility is Bombardier’s first full-service facility in the UAE and builds on its long-term commitment to our customers in this critical market. At full capacity, the new OEM-operated service facility will also add more than 100 aerospace jobs in the community, cementing Bombardier’s presence in this key financial hub. The new facility is targeted to open in 2025 and once fully operational, should help Bombardier continue to expand and grow its aftermarket revenues beyond 2025.

Bombardier’s new Abu Dhabi Service Centre will feature a large hangar, comprehensive parts depot and a complete suite of maintenance services including scheduled and unscheduled heavy maintenance, aircraft modifications, paint modification, aircraft on ground (AOG) capabilities, and aircraft parking services.

The new facility will also have the capacity to fit up to four Global 7500 aircraft – and will be able to service the Bombardier flagship of a new era, the Global 8000, when it enters into service in 2025. It will provide the ultimate maintenance solution for our in region and worldwide customers of Bombardier’s LearjetChallenger and Global aircraft families.

“The Middle East is an important market for Bombardier with more than 150 aircraft, and we are pleased to be establishing a highly efficient facility in the UAE for our customers in the market – and for those visiting from around the world,” said Éric Martel, President and CEO, Bombardier. “Abu Dhabi is a dynamic financial hub for business and commerce in the UAE, and this service facility will provide significant benefits, quick aircraft turnarounds, and OEM peace of mind to our growing customer base. We are also thrilled to be providing new, high-paying aerospace jobs in the community.”

Jamal Salem Al Dhaheri, Managing Director and Chief Executive Officer, Abu Dhabi Airports, added: “Abu Dhabi Airports is pleased to welcome Bombardier to Abu Dhabi and the UAE, home to its first full-service facility in the UAE. Located at Abu Dhabi International Airport, one of the fastest growing airports in the world, we have no doubt that Bombardier’s global aviation leadership, experience, and expertise will be a catalyst for invaluable service delivery and excellence, upon the facility’s official unveiling. We look forward to supporting Bombardier in the years ahead to witness the company’s contributions to business travel in the UAE and the region as well as the aviation sector and economy. The presence of Bombardier underlines Abu Dhabi Airports commitment to general aviation, and is a major step forward to make Abu Dhabi the hub for general aviation in the region.”

The establishment of the new Abu Dhabi Service Centre aptly illustrates Bombardier’s comprehensive commitment to provide the best customer service experience in business aviation today. With its recent service centre expansion and enhancement projects in Singapore; Miami, Florida; Melbourne, Australia; and London, UK, Bombardier has added close to one million sq. ft. of new service capacity to its worldwide aftermarket network.

About Bombardier
Bombardier is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.

Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China, and Australia.

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com. Follow us on Twitter @Bombardier.

Bombardier Inaugurates Expanded London Biggin Hill Service Centre, the Largest Business Jet Maintenance Repair and Overhaul (MRO) Facility in the UK

  • Enhancement brings a suite of new amenities to the facility, including heavy maintenance and modification capabilities, wheel and battery shops and on-site interiors
  • Expansion has more than doubled Bombardier’s London Biggin Hill Service Centre footprint to nearly 250,000 square feet
  • Spacious new hangar features 22 service bays, capable of accommodating up to 14 Global 7500 aircraft at the same time

LONDON, Nov. 30, 2022 (GLOBE NEWSWIRE) — Bombardier today announced the inauguration of its expanded London Biggin Hill Service Centre, the latest addition to the company’s extensive and growing worldwide customer service network. Located at the bustling London Biggin Hill Airport, the newly enhanced London Biggin Hill Service Centre has grown to nearly 250,000 square feet (approximately 23,225 square metres), adding a suite of new maintenance and modification capabilities and full-service interior finishing capacity for its family of LearjetChallenger and Global aircraft.

With its new, sought-after service capabilities and additional hangar space, Bombardier’s gleaming service centre – the largest business jet MRO facility in the UK – is the perfect oasis for customers of the OEM’s growing fleet of business jets. Bombardier’s London Biggin Hill Service Centre is the largest tenant at the London Biggin Hill Airport, providing customers with complete heavy maintenance capabilities, wheel and battery shops, a component paint shop and much more. The new hangar has transformed from eight to 22 service bays, increasing on-site capacity to accommodate a wide array of aircraft, including up to 14 Global 7500 aircraft at one time – as well as Bombardier’s newly launched Global 8000 business jet when it enters into service in 2025.

“With the expansion of the London Biggin Hill Service Centre, we are taking another step in showcasing our unwavering commitment to our European customers with industry-leading services on a global scale – OEM expertise that customers demand and expect from Bombardier,” said Jean-Christophe Gallagher, Executive Vice President, Services and Support, and Corporate Strategy. “The European market is a very important one for Bombardier and this expansion perfectly underscores our ongoing commitment to the region, allowing us to be closer to our customers and offering them even more world-class services and support.”

Originally inaugurated in 2017, the London Biggin Hill Service Centre, provides a shining example of how Bombardier is enhancing the accessibility of its OEM expertise for customers worldwide and redefining its position as a leader in aftermarket services. This expansion will bring the facility’s workforce to more than 250 employees, with the expectation to grow this number given increasing demand for support.

And as one of the busiest business aviation airports in the UK in terms of aircraft movements, London Biggin Hill Airport is home to more than 70 aerospace companies and boasts more than 1,300 jobs. Over the past number of years, Bombardier has developed a successful collaboration with the airport, which has helped boost local employment and increase supply chain activities.

“London Biggin Hill Airport is in a strategic location for business aviation operators – and we are thrilled that Bombardier is committed to its long-term relationship here,” said Robert Walters, Commercial Director of Biggin Hill Airport. “Bombardier has been a tremendous collaborator and we will continue to work closely together as a leading centre for aviation technology and innovation and as a catalyst for business aviation growth in the region.”

Bombardier’s focus on an environmentally respectful approach to its design and project development is also an essential part of the newly transformed service facility. Key projects include the installation of solar panels and electrical charging stations on site, building on Bombardier’s commitment to reduce its environmental footprint.

Bombardier is also pleased to announce JETEX as its preferred FBO provider at the London Biggin Hill Service Centre. JETEX will offer customers concierge services onsite, extending Bombardier’s customer service offerings.

Creating a solid aerospace pipeline in the region to foster the development of highly skilled technicians at the site is also paramount in the creation of this project. Bombardier has a deep history with apprenticeship programs and has worked with UK training leader Marshall Centre in the development of its thorough, 36-month program, providing an important conduit for impactful, high-paying aerospace jobs in the region.

The expansion of the London Biggin Hill Service Centre – in concert with new facilities in Miami, Florida and Melbourne, Australia and the expansion of its service centre in Singapore – continues to underscore Bombardier’s comprehensive global commitment in providing the best customer service experience in business aviation today.

About Bombardier
Bombardier is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s LearjetChallenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.

Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and Australia.

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com. Follow us on Twitter @Bombardier.

Bombardier, Learjet, Challenger, Global, Global 7500 and Global 8000 are registered or unregistered trademarks of Bombardier Inc. or its subsidiaries.

NetJets Becomes Fleet Launch Customer for Bombardier’s Global 8000 Jet with Firm Order for Four Aircraft and Conversion of Eight Existing Orders

  • New firm order for four Global 8000 aircraft valued at $312 million dollars based on 2022 list prices
  • NetJets will operate a fleet of 24 Global 8000 aircraft, which includes the new firm order for four Global 8000 jets; eight conversions of Bombardier aircraft previously ordered; and aircraft already on order or in service
  • Bombardier’s new Global 8000 aircraft stands alone as the world’s fastest and longest-range purpose-built business jet, crafted with the industry’s smoothest ride, largest cabin, lowest cabin altitude and a top speed of Mach 0.94
netjet

Bombardier announced today that NetJets, its long-time valued customer and a world leader in private aviation, will become the fleet launch customer for the Global 8000 aircraft. Adding to its already massive global fleet of more than 850 aircraft (and still growing), NetJets has placed a new firm order for four Global 8000 aircraft, valued at $312 million dollars and converted eight existing orders for Bombardier products. This transaction adds to Global 7500 aircraft already on order and in service. NetJets will build a 24-strong fleet of the performance leading Global 8000 aircraft, as they will also be working with Bombardier to upgrade the entire in-service Global 7500 fleet to Global 8000 jets when they begin taking delivery of its new flagship aircraft. NetJets could subsequently grow its fleet—the world’s largest, most diverse fleet in private aircraft—through a series of options that could be exercised progressively over the coming years.

Introduced earlier this year at EBACE in Geneva, Bombardier’s flagship for a new era features an industry-leading range of 8,000 nautical miles and an unbeaten top speed of Mach 0.94. This ultimate all-in-one business aircraft will offer NetJets Owners a unique blend of outstanding performance, the smoothest ride, and an exceptional passenger experience focused on uncompromising safety and service standards that only NetJets can provide.

“The new Global 8000 aircraft is the ultimate solution for NetJets’ discerning Owners, offering a truly seamless private aviation experience,” said Eric Martel, President and CEO, Bombardier. “NetJets’ experience and expertise make them the ideal partner to unlock the full potential of this revolutionary Mach 0.94 business jet in a large fleet context. Our valued relationship continues to grow stronger, and we are proud to share this historic milestone together.”

“The new Global 8000 will help us to continue offering our Owners, specifically our international travelers, the pinnacle in unforgettably personalized experiences aboard the finest ultra-long-range aircraft available,” said Patrick Gallagher, NetJets’ President of Sales, Marketing, and Service. “With inventory sold out through 2023 in the U.S., we are continuing to invest in further expansion for prospective Owners in North America and across the globe. In fact, by the end of 2023, we are proud to share that our worldwide fleet will be approximately 30% larger than it was in the beginning of 2022.”

The discerning Global 8000 business jet features the most generous cabin size in the industry, with the lowest cabin altitude in its class of 2,900 feet when flying at 41,000 ft. It is also equipped with Bombardier Pũr Air and advanced HEPA filter technology for the fastest fresh air replacement.

The Global 8000 aircraft delivers when it comes to in-flight experience. The cabin incorporates the revolutionary features introduced on the Global 7500 aircraft that dramatically improve passenger comfort. The aircraft also features the innovative Nuage seat, with the first-ever zero gravity position in a business jet, allowing NetJets Owners to arrive at their destinations revitalized and refreshed.

An exemplary commitment to detail is assured on the new Global 8000 aircraft, including an available Principal Suite with a full-size bed. Revolutionary cabin entertainment control and connectivity, the intuitive nice Touch CMS and OLED touch dial, Bombardier’s l’Opéra directional audio sound system and available 4K monitor, also ensure passengers will receive an unrivalled cabin experience.

Performance-wise, the new Global 8000 aircraft can efficiently transport NetJets Owners to a wide variety of destinations both faster and farther than ever before. With its exceptional class-leading range and short-field performance, even more exclusive city pairs are now achievable, including Dubai-Houston, Singapore-Los Angeles, London-Perth, and many others.

About Bombardier

Bombardier is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.

Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and Australia.

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com. Follow us on Twitter @Bombardier.

About NetJets Inc.

Originally incorporated in 1964 as Executive Jet Airways, NetJets Inc. has been setting—and exceeding—industry standards for nearly 60 years. Today, NetJets Inc. is proud to be a Berkshire Hathaway company known for its unwavering commitment to safety and service. It encompasses NetJets, Executive Jet Management, QS Partners, and QS Security and offers a variety of travel solutions customized to fit each Owner’s needs. These include shared ownership, lease and jet card options, aircraft management, private jet chartering, brokerage and acquisition services, and specialized security services. This is why so many of the world’s most discerning travelers choose NetJets Inc. generation after generation. It is also because NetJets has the largest, most diverse private jet fleet in the world, which grants anytime access to even the most remote destinations across the globe. To learn more about the leader in private aviation, visit netjets.com today.

Bombardier, Global, Global 7500, Global 8000, Bombardier’s l’Opéra, Nuage and Bombardier Pũr Air are registered or unregistered trademarks of Bombardier Inc. or its subsidiaries.

Bombardier Reports Strong Third Quarter 2022 Results with Solid Fundamentals, Grows Liquidity with Secured Revolver Facility, and Continues Accelerated Deleveraging with $100 Million Debt Paydown

  • Solid third quarter revenues of $1.5 billion include a 20% year-over-year aftermarket increase to $372 million; full-year deliveries on track for more than 120 aircraft(1).
  • Adjusted EBITDA(2) for the third quarter rose to $210 million, a 48% year-over-year improvement. Adjusted EBITDA margin(3) rose 460 bps year-over-year to 14.4%. Reported EBITfrom continuing operations for the third quarter was $145 million.
  • Positive free cash flow(2) generation of $52 million from continuing operations for the third quarter of 2022, in line with raised cash flow guidance announced in August 2022(1). Reported cash flow from operating activities for the quarter was $122 million and net additions to PP&E and intangible assets for the quarter were $70 million.
  • Backlog has grown by $300 million to $15 billion since the end of second quarter; the third quarter unit book-to-bill(4) of 1.3 reflects strong order activity.
  • Further successful debt reduction of $100 million(5) through cash on balance sheet brings year-to-date debt repayment to $873 million(5); adjusted liquidity(2) stands strong at approximately $1.7 billion with cash and cash equivalents of $1.3 billion as at September 30, 2022.
     
  • Further strengthened the liquidity position through a 5-year committed secured revolving credit facility of $300 million subsequent to the quarter end.

3 November 2022 – Bombardier (TSX: BBD.B) announced today its financial results for the third quarter of 2022, marked by solid revenues, a significant improvement in adjusted EBITDA(2), continued positive free cash flow(2) generation and a growing backlog that reflects strong order activity. The company also continued to reduce debt, with a further $100 million(5) reduction through cash on balance sheet. Order activity continued to be strong, marked with an increase in backlog and a unit book-to-bill(4) of 1.3. 

“Our performance in the third quarter of 2022 demonstrated that our fundamentals are very strong, especially when it comes to profitability, free cash flow(2), liquidity, as well as continued and steady debt reduction from our balance sheet. We are progressing steadily and confidently toward our long-term objectives,” said Éric Martel, President and Chief Executive Officer of Bombardier.

Solid Financial Performance from Operations in Third Quarter of 2022 

Revenues were at $1.5 billion in the third quarter of 2022, with full-year deliveries on track for more than 120 aircraft(1). These include a 20% year-over-year increase in aftermarket revenues, which rose to $372 million, thanks to increase in flight hours, but also to the expansion of Bombardier’s service centres in strategic locations around the world.  

“Our most recent service centre inauguration in Florida strongly emphasizes the important contribution of the growing aftermarket business to our bottom line,” said Martel. “With the addition and expansions this year of our service centres and one more inauguration event to come in the United Kingdom this month, we have increased our service centre footprint by no less than 1 million square feet.” 

The company has also seen an impressive margin expansion over the quarter, with adjusted EBITDA(2) rising to $210 million, which represents a 48% year-over-year improvement. Adjusted EBITDA margins(3) rose 460 bps year-over-year, from 9.8% to 14.4%. The main drivers behind this are the margin expansion of the Global 7500, as well as continued progress on cost structure.

Backlog rose to $15 billion in the third quarter of 2022, an increase by $300 million since the end of the second quarter 2022.

“While our team has certainly been opportunistic and made the most of the market momentum this quarter, we continue to focus on things we can control, which keeps us well equipped to face any market conditions that may be ahead of us,” said Martel.

Continued Liquidity Improvement 

Free cash flow(2) was at $52 million in the third quarter of 2022, on track to meet the revised guidance(1) of greater than $515 million for the year announced in the previous quarter.  

The company also announced a new 5-year committed secured revolving credit facility of $300 million subsequent to the quarter end. “This syndicated revolver is another significant step we have made to continue strengthening our balance sheet,” said Bart Demosky, Executive Vice President and Chief Financial Officer of Bombardier. “The incremental liquidity will further enhance our financial position and increase our operating flexibility.” 

Accelerated Deleveraging and Lowered Cost of Debt 

Bombardier also continued to pay off debt with cash from balance sheet, delivering on another important and continued strategic priority for the company, which brings year-to-date debt repayment to $873 million(5). Bombardier has now reduced more than $290 million of annualized interest cost for long-term debt compared to the annualized interest cost as at December 31, 2020, exceeding its 2025 targeted interest cost reduction announced on the Investor Day on March 4, 2021 of more than $250 million.

(1) Refer to the Corporation’s financial report for the second quarter ended June 30, 2022 for more details on the updated guidance for 2022, and see the forward-looking statements disclaimer of this press release.

(2) Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section of the Management Discussion and Analysis (MD&A) of the Corporation’s financial report for the quarter ended September 30, 2022 for definitions of these metrics and reconciliations to the most comparable IFRS measures.

(3) Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section of the MD&A of the Corporation’s financial report for the quarter ended September 30, 2022 for definitions of these metrics and reconciliations to the most comparable IFRS measures.

(4) Defined as net new aircraft orders in units over aircraft deliveries in units.

(5) Includes $8 million repaid in October 2022.

bps: basis points

SELECTED RESULTS 

Results of the quarter (PDF)

About Bombardier    

Bombardier is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their  cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.  

Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China, and Australia.

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com

Bombardier Inaugurates State-of-the-Art Miami Service Centre, Quadrupling Current Hangar Space in Florida, Enhances Services Footprint

  • Located at the Miami-Opa Locka Executive Airport in Miami-Dade County, new service centre is an important hub for Bombardier business aircraft customers in U.S and Latin American markets
  • Dynamic 300,000 sq. ft. service facility provides quick and efficient maintenance, repair, and overhaul (MRO) capabilities for all Bombardier business aircraft
  • Bombardier currently hiring maintenance technicians across its service network to support significant worldwide expansion

MIAMI-OPA LOCKA, Fla., Oct. 31, 2022 (GLOBE NEWSWIRE) — Bombardier today announced the official inauguration of its new Miami-Opa Locka Service Centre at the Miami-Opa Locka Executive Airport (OPF) in Miami-Dade County, Florida. The new facility is a testament to Bombardier’s commitment to the U.S. and nearby Latin American markets and it establishes a key building block in its growing global customer support network. At full capacity, the new OEM-operated Miami-Opa Locka Service Centre plans to add close to 300 aerospace jobs in the community, including more than 225 highly skilled technicians.

Once fully ramped up, the 300,000 square foot facility will more than quadruple Bombardier’s current maintenance footprint in Florida and allow the company to transfer its service centre operations from Fort Lauderdale to the new one-of-a-kind customer service centre at Miami-Opa Locka Executive Airport (OPF), located close to Miami’s bustling business district.

“The U.S. is an important market for Bombardier with close to 3,000 aircraft in our fleet, and this highly-efficient facility provides a key focal point for customers based in the area, and those who will visit from as far as Latin America,” said Éric Martel, President and CEO, Bombardier. “Bombardier began this year by naming Wichita as our new headquarters in the U.S, and I am delighted to highlight this inauguration that significantly grows our footprint and employment base in Florida. The city of Miami is a vibrant, international hub of business and commerce and we can’t wait to welcome our customers to our new facility and see our employees continue to thrive and grow.”

“Congratulations to Bombardier on the successful completion of its newest service centre, which has brought hundreds of new jobs and millions of dollars in private investment to Miami-Opa Locka Executive Airport and Miami-Dade County,” said Ralph Cutié, Miami-Dade Aviation Department Director and CEO. “We are extremely proud to now be home to one of Bombardier’s service centres worldwide and a hub for its customers in the U.S. and Latin America.”

The new facility is fully equipped to perform extensive and complete full-service scheduled and unscheduled heavy maintenance, paint enhancement services, aircraft modifications, avionics installations, and Aircraft on Ground Support (AOG) for Bombardier’s business aircraft fleet of LearjetChallenger, and Global aircraft. The expanded hangar at the service centre is also capable of holding an impressive 18 of Bombardier’s Global 7500 aircraft under one roof.

Bombardier is also currently hiring additional maintenance technicians both in Florida and across its entire service network to support its recent expansions. Technicians will receive Bombardier’s Type Training Course for Mechanical and Avionics certification to provide maintenance services at all 10 Bombardier’s service centres worldwide, including its newly expanded facilities in London Biggin Hill and Singapore, as well as its new facility in Melbourne, Australia. Bombardier’s Service Centre Network currently has openings for a variety of technical and professional roles.

“The new Miami-Opa Locka Service Centre brings essential, specialized services for our customers, enabling us to continue to deliver the service excellence they have come to expect from Bombardier,” said Jean-Christophe Gallagher, Executive Vice President, Services and Support, and Corporate Strategy, Bombardier. “Our new facility provides significant benefits, including quick aircraft turnarounds, greater convenience and OEM peace of mind to Bombardier’s growing customer base in the U.S and around the world.”

This new service facility also aptly illustrates Bombardier’s comprehensive global customer service commitment to provide the best customer service experience in business aviation today. With its recent service centre expansion projects, Bombardier has added close to one million sq. ft. of new service capacity to its worldwide aftermarket network.

About Bombardier
Bombardier is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.

Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China, and Australia.

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com. Follow us on Twitter @Bombardier.

Bombardier, Learjet, Challenger, Global and Global 7500 are registered or unregistered trademarks of Bombardier Inc. or its subsidiaries.

Bombardier to Inaugurate State-of-the-Art Miami-Opa Locka Service Centre on Oct. 31, Latest Jewel in Worldwide Services and Support Expansion

  • Located at the Miami-Opa Locka Executive Airport in Miami-Dade County, new service centre an important hub for Bombardier business aircraft customers in U.S. and Latin America
  • Dynamic 300,000 sq. ft. service facility provides quick and efficient maintenance, repair, and overhaul (MRO) capabilities for all Bombardier business aircraft
  • Bombardier currently hiring maintenance technicians across its service network to support significant worldwide expansion

MONTRÉAL, Oct. 18, 2022 (GLOBE NEWSWIRE) — Bombardier is pleased to announce that it will officially inaugurate its newest, state-of-the-art service centre in the U.S., located at the Miami-Opa Locka Executive Airport (OPF) in Miami-Dade County, Florida. Bombardier’s Leadership team, customers, VIP guests and members of the media will be invited to attend the ceremony on Oct. 31, 2022, in Miami.

Once fully operational, the new 300,000 square foot facility will more than quadruple Bombardier’s current maintenance footprint in Florida and allow the company to transfer its service centre operations from Fort Lauderdale to the new one-of-a-kind customer service centre at Miami-Opa Locka Executive Airport (OPF), located close to Miami’s bustling business district.

The new facility will be fully equipped to perform extensive and complete full-service scheduled and unscheduled heavy maintenance, including paint enhancement services, to help reduce aircraft downtime. It will be fully equipped to perform scheduled and unscheduled maintenance, aircraft modifications, avionics installations, and Aircraft on Ground Support (AOG) for Bombardier’s business aircraft fleet of LearjetChallenger, and Global aircraft.

“The Miami Opa-Locka Service Centre brings essential, specialized services for our customers, enabling us to continue to deliver the service excellence they have come to expect from Bombardier,” said Jean-Christophe Gallagher, Executive Vice President, Services and Support, and Corporate Strategy, Bombardier. “Our new facility in Miami will serve as an important gateway for our U.S. based and Latin American customers and will provide significant benefits, including improved aircraft turnarounds, greater convenience and OEM peace of mind to Bombardier’s growing customer base here.”

Bombardier is also currently hiring additional maintenance technicians across its entire service network to support its recent expansions. Technicians will receive Bombardier’s Type Training Course for Mechanical and Avionics certification to provide maintenance services at all 10 Bombardier’s service centres worldwide, including its newly expanded facilities in London Biggin Hill and Singapore, as well as its new facility in Melbourne, Australia. Bombardier’s Service Centre Network currently has openings for a variety of technical and professional roles. For more information and to apply, visit careers.bombardier.com.

The new Miami-Opa Locka Service Centre aptly illustrates Bombardier’s comprehensive global customer service commitment to provide the best customer service experience in business aviation today. With its recent service centre expansions in Singapore, London Biggin Hill, and new facilities both in Miami and in Melbourne, Australia, Bombardier has added close to one million sq. ft. of new service capacity to its worldwide aftermarket network.

About Bombardier
Bombardier is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.

Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China, and an Australian facility opening in 2022.

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com

Bombardier Covers the Totality of its Flight Operations with SAF through a Landmark Agreement with Signature Aviation

  • The initiative will reduce the annual greenhouse gas emissions associated with fuel use in Bombardier’s flight operations by approximately 25%, a significant gain.
  • Signature Aviation’s Book & Claim solution ensures rigorous accounting of greenhouse gas emission reductions, while optimizing logistics.
  • The agreement reinforces both companies’ commitments towards the industry’s environmental objectives and sends a positive message to stakeholders.

ORLANDO, Fla., Oct. 17, 2022 (GLOBE NEWSWIRE) — Bombardier and Signature Aviation announced today they have reached a multi-year agreement for the purchase of sustainable aviation fuel (SAF) quantities, utilizing the Book and Claim system, covering all of Bombardier’s flight operations starting in January 2023. The agreement is the first of this scope for a business aviation original equipment manufacturer (OEM). The initiative reinforces both companies’ leadership role in the promotion, adoption and widespread use of SAF.

“Bombardier already has a unique environmental advantage as our production facilities in Quebec are powered by cleaner hydroelectricity. We will drive our environmental stewardship even further by covering all our production flights with SAF through the new agreement with Signature Aviation,” said Jean-Christophe Gallagher, Executive Vice President Services and Support, and Corporate Strategy. “More of our customers are using SAF and so must Bombardier – we must all share in the responsibility for a sustainable future. We believe that taking action today allows us to have maximum impact on the sector as a whole and on the production of SAF.”

“Signature Renew’s Book & Claim program is business aviation’s most pragmatic approach to making the lowest overall carbon intensity SAF quickly and easily accessible,” explained Tony Lefebvre, Chief Executive Officer for Signature Aviation. “Over the last two years, Signature has grown our SAF supply points to 17 global airports, or around 10% of our total network of private aviation terminals. But until we reach the milestone of SAF at every one of our terminals’ fuel farms, Book & Claim gives critical coverage to gaps in supply while immediately taking greenhouse gasses out of the atmosphere. Bombardier’s implementation of its ambitious sustainability plans demonstrates how any fleet operator, big or small, can tackle the challenge of their aircraft’s emissions through bulk carbon reductions, created right here in business aviation.”

As part of its regular activities, Bombardier carries out several flight operations. This includes production testing and certification flights in Canada, notably from Montreal. Flights between Toronto and Montreal are made with Global aircraft to perform the completion stages. Customer demonstration flights are conducted by a team based in Hartford, Connecticut. New aircraft platforms are certified from the Bombardier Flight Test Center in Wichita, Kansas. Finally, after-service check flights are conducted at all Bombardier service centres, including, for example, Fort Lauderdale, Florida, Berlin, Germany, and Singapore.

Bombardier’s decision will reduce annual greenhouse gas (GHG) emissions from fuel use in its flight operations by approximately 25%. This is a major annual gain in the near term, supporting Bombardier’s previously announced objective of reducing GHG emissions from all its operations by 25% by 2025, compared to 2019 levels. Bombardier’s 2025 objective is a step in line with the business aviation industry’s goal of achieving a net carbon neutral footprint by 2050.

Sustainable aviation fuels are a blend, in defined proportions, of conventional fuel and fuel derived from approved sustainable sources. The ratio most commonly available is 30% pure sustainable fuel and 70% conventional fuel. Approved sources to produce sustainable fuels are feedstocks such as used cooking oils, forestry residues and agricultural residues. These cannot come from lands with high biodiversity or carbon stocks, cannot compete with the food chain, and must provide a societal benefit through the development of this new activity. The reduction of GHG emissions associated with sustainable aviation fuels is achieved throughout their life cycle, not just at the time of in-flight consumption.

In the current supply context, all SAF is evaluated for its average lifecycle Carbon Intensity, which considers all GHG emissions, from obtaining the feedstock through the process of bringing it to market. Bombardier has flight operations in many locations around the world where SAF is not produced nearby. Therefore, the most effective method at this time is to use the proven Book and Claim system to limit the negative impact of transporting these fuels over long distances.

Under the Book and Claim system, a user located near a SAF production site uses SAF in their flights. The GHG reductions associated with this use are claimed, in exchange for the additional cost of SAF, by another user located at a site where SAF is not available.

“To generate the environmental benefits associated with SAF now and to contribute to its widespread use, we will initially use the Book and Claim system, which ensures rigorous accounting of greenhouse gas emission reductions while optimizing the logistics”, said Gallagher.

Bombardier and Signature Aviation are building on an established business relationship. In October 2021, the two companies signed an agreement to develop diverse suite of services for an enhanced customer experience.

About Signature Aviation

Signature Aviation is one of the world’s preeminent global aviation companies offering exceptional experiences and essential support services to business and private aviation customers. The company’s large-scale infrastructure footprint enables travel and is a critical global economic driver. Signature operates an industry-leading network of private aviation terminals, with over 200 locations covering key destinations in 27 countries across five continents. The United States is the company’s largest market with operations at 38 of the top 50 busiest airports. The company also offers over 12 million square feet of multi-use office and hangar real estate, providing unique network-wide benefits and advantages to customers who base their aircraft at a Signature location. For more information, please visit www.signatureaviation.com

About Bombardier
Bombardier is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.

Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China, and an Australian facility opening in 2022.

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com.

Bombardier Introduces Executive Cabin, Industry’s Most Spacious Three-Workspace Interior for Global 7500 and Global 8000 Aircraft

  • New Executive cabin’s impressive three-suite configuration offers spacious, open-office design, an ideal workspace to enhance corporate collaboration and meeting productivity
  • Executive cabin also debuts latest addition to Nuage seating collection, Nuage Cube, a versatile interior furnishing
  • Executive cabin, combined with the unbeatable performance of the Global 7500 and Global 8000 aircraft, creates ultimate business solution in the sky

ORLANDO, Fla., Oct. 17, 2022 (GLOBE NEWSWIRE) — Bombardier today unveiled its new Executive cabin for the Global 7500 and Global 8000 aircraft, featuring its unique open office concept and spacious three workspace interior designed to maximize corporate collaboration, productivity and networking with fellow passengers. With three workspaces, each 12 feet in length, the Executive cabin offers the unprecedented flow and leg room, enabling teams to creatively utilize space to remain productive in flight and rested on arrival for meetings or events.

The new Executive cabin also introduces novel configuration and seating options, including the innovative Nuage Cube, a versatile piece of furnishing that during flight can be moved about the cabin and used as a seat, stool, or small table.

©Bombardier Inc.

The Executive cabin adds to the already class-defining and uncompromising features of the Global 7500 and Global 8000 aircraft, such as the industry’s smoothest ride, cutting-edge cabin innovations, top speed and best runway performance. Potential customers of the Global 7500 and Global 8000 aircraft can also opt to configure their aircraft with four living spaces if preferred.

“With the introduction of the new Executive cabin, Bombardier once again is showcasing that our team is second to none when it comes to continuously improving cabin design on its world-renowned and record-setting aircraft, further solidifying its position as the leader in business aviation today,” said Éric Martel, Bombardier’s President and Chief Executive Officer. “The new Executive cabin provides Global 7500 and Global 8000 customers with the productivity configuration they need to transform their aircraft into the ultimate business tool – the most impressive corporate purpose-built business jets in the skies today.”

Comfort and connectivity are essential elements of the Executive cabin’s innovative design and the three workspaces offer their own unique attributes. The Executive cabin’s Office Suite is equipped with four (4) industry-defining Nuage seats and features the most leg room in its class – and each seat boasts its own large side table for a highly efficient workspace. The Executive cabin’s Conference Suite is designed to maximize productivity with its efficient, elegant conference grouping, opposite an ultra-large credenza with an integrated flip up monitor – the perfect videoconference or presentation option. And finally, to facilitate confidential conversations and for added privacy and tranquility, the C-Suite provides an ideal location to review a presentation, host a private conversation or take a moment to relax and freshen up following a long journey.

Both three- and four-suite configurations will also incorporate the revolutionary features that set it apart in terms of passenger experience: the Soleil circadian-based cabin lighting system to help combat jet lag; revolutionary cabin entertainment control and connectivity via the intuitive nice Touch CMS and OLED touch dial; Bombardier’s l’Opéra directional audio sound system and available 4K monitor.

Bombardier’s Global 7500 has set the standard as the industry’s most immaculate business jet and with the Global 8000 aircraft, Bombardier has introduced a flagship for a new era. Introduced earlier this year at EBACE in May, the Global 8000 aircraft is the world’s fastest and longest-range purpose-built business jet, innovatively crafted with the industry’s healthiest cabin for safety, comfort and performance beyond compromise.

With an industry-leading range of 8,000 nautical miles, lowest cabin altitude and an unbeatable top speed of Mach 0.94, the Global 8000 aircraft is the ultimate all-in-one business aircraft, offering customers a unique blend of outstanding performance married with the smoothest ride and an uncompromising passenger experience – the absolute leader in the long-range class. Expected to enter service in 2025, the Global 8000 aircraft development is ongoing, and the program is progressing to plan.

Investment costs for the development of the Executive cabin were included in the launch cost of the aircraft earlier this year.

A vignette showcasing a glimpse of the Executive cabin will be on display at NBAA-BACE 2022 in Orlando, Florida, Oct. 18-20.

Visuals of the new Executive cabin are available here.

About Bombardier
Bombardier is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their innovative innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.

Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China, and an Australian facility opening in 2022

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com