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 only||Expected Results for 12-month period ended|
December 31, 2022
|Updated 2022 Full-Year Guidance(2)|
|Revenues||~ $6.9 billion||> $6.5 billion|
|Adjusted EBITDA(3)||~ $930 million||> $825 million|
|Adjusted EBIT(3)||~ $510 million||> $375 million|
|EBIT||~ $535 million||n/a|
|Free cash flow(3)||~ $735 million||> $515 million|
|Cash flows from operating activities||~ $1,070 million||n/a|
|Net additions to PP&E|
and intangible assets
|~ $335 million||n/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.
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.