Table 1. Summary Financial Results (unaudited) Spirit .
Spirit AeroSystems Holdings, Inc.3801 S. OliverWichita, KS 67210www.spiritaero.comSpirit AeroSystems Reports Third Quarter 2020 Results Mutually terminated 420 million acquisition of Asco in September 2020 Repaid 430 million of term loans in Q3 associated with the 2018 credit facility Raised 900 million of first lien senior secured debt and terminated 2018 credit facility onOctober 5, 2020 Closed acquisition of select assets of Bombardier aerostructures on October 30, 2020 forcash consideration to sellers of 275 million, down from 500 million Ended Q3 with a cash balance of 1.4 billion; Taking into account the 900 million capitalraise less the payment of 275 million for the Bombardier acquisition, our adjusted Q3 cashbalance would have been 2.0 billionWichita, Kan., November 3, 2020 - Spirit AeroSystems Holdings, Inc. [NYSE: SPR] (“Spirit”or the “Company”) reported third quarter 2020 financial results.Table 1. Summary Financial Results (unaudited)( in millions, except per share data)3rd Quarter20202019ChangeRevenuesOperating (Loss) Income 806( 177) 1,920 206(58%)**Operating (Loss) Income as a % of RevenuesNet (Loss) IncomeNet (Loss) Income as a % of Revenues(Loss) Earnings Per Share (Fully Diluted)Adjusted (Loss) Earnings Per Share (Fully Diluted)*Fully Diluted Weighted Avg Share Count(21.9%)( 156)(19.3%)( 1.50)( 1.34)103.910.7% 1316.8% 1.26 1.38104.6************Nine Months20202019Change 2,528( 711) 5,904 665(57%)**(28.1%)( 574)(22.7%)( 5.53)( 4.45)103.811.3% 4627.8% 4.41 4.76104.8**********Represents an amount equal to or in excess of 100% or not meaningful.“We have made substantial progress on stabilizing our liquidity position and driving costreduction actions to align with lower levels of production resulting from the MAX grounding andCOVID-19 pandemic,” said Tom Gentile, Spirit AeroSystems President and Chief ExecutiveOfficer. “Our recent capital raise of 900 million, the mutual termination of the Asco acquisitionand the significant purchase price reduction on the Bombardier acquisition improves our cashposition and enhances our ability to address future challenges. The Bombardier acquisition alsoaccelerates our strategic transformation by securing a significant amount of Airbus work,* Non-GAAP financial measure, see Appendix for reconciliation1
boosting our aftermarket business, and enhancing our competitiveness with the addition of lowcost operations in Morocco.”Bombardier AcquisitionOn October 30, 2020, the Company closed the acquisition of select Bombardier assets.Prior to the closing, on October 26, 2020, Spirit, Bombardier, Inc. and certain of their affiliatesentered into an amendment to the purchase agreement that reduced the net proceeds purchaseprice payable to the sellers from 500 million to 275 million. As of September 30, 2020, the netpension liabilities of the Shorts Brothers plc pension scheme assumed were approximately 300million, which is expected to be reduced after payment of a special contribution of 100 million(approximately 130 million) upon the one year anniversary of closing. Additionally, Spirit willassume liabilities under a repayable investment agreement with the Department for Business,Energy and Industrial Strategy of the Government of the United Kingdom of approximately 290million, measured as of September 30, 2020. The total enterprise valuation, including the cashpurchase price and assumed liabilities is 865 million, subject to any required purchaseaccounting adjustments. Prior to the amendment, the total enterprise valuation was 1,090million.RevenueSpirit’s third quarter of 2020 revenue was 806 million, down from the same period of2019, primarily due to the significantly lower 737 MAX production resulting from the grounding ofthe program and the impacts of COVID-19. Deliveries decreased to 206 shipsets during the thirdquarter of 2020 compared to 437 shipsets in the same period of 2019, including Boeing 737MAX deliveries of 15 shipsets compared to 154 shipsets in the same period of the prior year.Spirit’s backlog at the end of the third quarter of 2020 was approximately 40 billion, withwork packages on all commercial platforms in the Boeing and Airbus backlog.EarningsOperating loss for the third quarter of 2020 was (177) million, down compared tooperating income of 206 million in the same period of 2019. Included in the 2020 operating losswere excess capacity costs of 72.6 million, forward loss charges of (128.4) million, primarilydriven by the lower production rates announced by Boeing and Airbus on the 787 and A350programs, and restructuring expenses of 19.5 million for cost-alignment and headcountreductions. In comparison, during the third quarter of 2019, Spirit recorded (28.8) million of netforward loss charges.* Non-GAAP financial measure, see Appendix for reconciliation2
Third quarter EPS was (1.50), compared to 1.26 in the same period of 2019. Thirdquarter 2020 adjusted EPS* was (1.34), excluding the impacts from the Bombardier acquisitionand now-terminated Asco acquisition, restructuring costs and the voluntary retirement program(“VRP”) offered during the first quarter of 2020, compared to 1.38 in the same period of 2019,adjusted to exclude the impact of the Asco acquisition and the VRP offered during the secondquarter of 2019. (Table 1)CashCash from operations in the third quarter of 2020 was (53) million, down from 255million in the same quarter last year, primarily due to negative impacts of working capitalrequirements and significantly lower production deliveries, partially offset by favorable cash tax.Additionally, cash from operations in the third quarter of 2019 included a 123 million cashadvance received as part of the Memorandum of Agreement reached with Boeing in April 2019.Free cash flow* in the third quarter of 2020 was (72) million, down compared to 214 million inthe same period of 2019. Cash balance at the end of the quarter was 1.4 billion. (Table 2)Cash from operations in the third quarter of 2020 improved compared to (228) million inthe second quarter of 2020. Additionally, free cash flow* in the third quarter of 2020 improvedcompared to (249) million in the second quarter of 2020. These quarter-over-quarterimprovements were due to the benefits of the cost reduction actions taken throughout the year,decreases in working capital requirements, and favorable cash tax.On October 5, 2020 Spirit raised 900 million of first lien senior secured debt, including a 400 million senior secured term loan B credit facility and 500 million of 5.500% senior securedfirst lien notes due 2025. In connection with closing of the term loan and notes offering, Spiritterminated its existing 2018 credit facility, including the revolver. Spirit plans to use the netproceeds for general corporate purposes. The 900 million of senior secured debt is notincluded in the third quarter 2020 ending cash or debt balances because the funds were notreceived until after the quarter end date. Repayment of the term loans under the now-terminated2018 credit facility was completed prior to the end of the third quarter (however, the facility wasnot terminated until October 5, 2020).* Non-GAAP financial measure, see Appendix for reconciliation3
Table 2. Cash Flow and Liquidity (unaudited)3rd Quarter( in millions)20202019Cash from OperationsPurchases of Property, Plant & EquipmentFree Cash Flow*( 53)( 19)( 72) 255( 41) 214LiquidityCashTotal DebtChange**(53%)**Nine Months20202019( 613)( 70)( 683) 719( 119) 600October 1,2020December 31,2019 1,441 2,995 2,351 3,034Change**(41%)**** Represents an amount equal to or in excess of 100% or not meaningful.Segment ResultsFuselage SystemsFuselage Systems segment revenue in the third quarter of 2020 decreased 58 percentfrom the same period last year to 421 million, primarily due to lower production volumes on theBoeing 737, 787 and Airbus A350 programs. Operating margin for the third quarter of 2020decreased to (23.0) percent, compared to 10.5 percent during the same period of 2019. Thisdecrease was primarily due to forward losses recognized on the Boeing 787 and Airbus A350programs as well as lower profit recognized on the Boeing 737 program due to excess capacitycosts of 42.0 million with significantly less deliveries, and restructuring expenses of 6.6 millionfor cost-alignment and headcount reductions. In the third quarter of 2020, the segment recordedpretax 8.8 million of favorable cumulative catch-up adjustments and (92.0) million of netforward losses. In the third quarter of 2019, the segment recorded pretax (14.4) million ofunfavorable cumulative catch-up adjustments and (18.8) million of net forward losses.Propulsion SystemsPropulsion Systems segment revenue in the third quarter of 2020 decreased 67 percentfrom the same period last year to 171 million, primarily due to lower production volumes on theBoeing 737 program. Operating margin for the third quarter of 2020 decreased to (9.1) percent,compared to 21.4 percent during the same period of 2019, primarily due to lower marginrecognized on the Boeing 737 program due to excess capacity costs of 17.5 million withsignificantly less deliveries and restructuring expenses of 3.8 million for cost-alignment andheadcount reductions. In the third quarter of 2020, the segment recorded pretax (4.6) million ofunfavorable cumulative catch-up adjustments and (14.9) million of net forward losses. In thethird quarter of 2019, the segment recorded pretax 1.8 million of favorable cumulative catch-upadjustments and (4.0) million of net forward losses.* Non-GAAP financial measure, see Appendix for reconciliation4
Wing SystemsWing Systems segment revenue in the third quarter of 2020 decreased 57 percent fromthe same period last year to 168 million, primarily due to lower production volumes on theBoeing 737 and Airbus A320 and A350 programs. Operating margin for the third quarter of 2020decreased to (13.8) percent, compared to 13.8 percent during the same period of 2019,primarily due to forward losses recognized on the Boeing 787 and Airbus A350 programs as wellas lower margin recognized on the Boeing 737 program due to excess capacity costs of 13.1million with significantly less deliveries and restructuring expenses of 9.1 million for costalignment and headcount reductions. In the third quarter of 2020, the segment recorded pretax 0.4 million of favorable cumulative catch-up adjustments and (21.5) million of net forwardlosses. In the third quarter of 2019, the segment recorded pretax (0.4) million of unfavorablecumulative catch-up adjustments and (6.0) million of net forward losses.Table 4. Segment Reporting (unaudited)( in millions)Segment RevenuesFuselage SystemsPropulsion SystemsWing SystemsAll OtherTotal Segment Revenues20203rd Quarter2019Change 421.1 1,005.3170.8520.9168.3391.046.12.7 806.3 1,919.9Segment (Loss) Earnings from OperationsFuselage SystemsPropulsion SystemsWing SystemsAll OtherTotal Segment Operating (Loss) Earnings( 96.7)(15.6)(23.2)19.1( 116.4) 105.8111.753.91.3 272.7Unallocated ExpenseSG&AResearch & DevelopmentCost of SalesTotal (Loss) Earnings from Operations( 52.8)(7.5)(0.2)( 176.9)( 53.6)(12.6)(0.4) 206.1Segment Operating (Loss) Earnings as % of RevenuesFuselage SystemsPropulsion SystemsWing SystemsAll OtherTotal Segment Operating (Loss) Earnings as % of 13.8%48.1%14.2%Total Operating (Loss) Earnings as % of Revenues(21.9%)10.7%**2020(58.1%) 1,299.7(67.2%)565.6(57.0%)582.2**80.7(58.0%) 2,528.2Nine Months2019Change 3,171.71,525.51,197.49.2 *******( 434.6)(38.2)(52.1)28.9( 496.0) 380.5304.9177.12.5 865.01.5%40.5%50.0%**( 179.2)(28.1)(8.1)( 711.4)( 173.6)(36.0)9.7 2%)21.9%****Represents an amount equal to or in excess of 100% or not meaningful.Contact information:Investor Relations: Ryan Avey or Aaron Hunt (316) 523-7040Media: Molly Edwards (316) 523-2479On the web: http://www.spiritaero.com* Non-GAAP financial measure, see Appendix for reconciliation5
Cautionary Statement Regarding Forward-Looking StatementsThis press release contains “forward-looking statements” that may involve many risks and uncertainties. Forward-looking statements generallycan be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “goal,”“forecast,” “intend,” “may,” “might,” “objective,” “outlook,” “plan,” “predict,” “project,” “should,” “target,” “will,” “would,” and other similar words, orphrases, or the negative thereof, unless the context requires otherwise. These statements reflect management’s current views with respect tofuture events and are subject to risks and uncertainties, both known and unknown. Our actual results may vary materially from those anticipatedin 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 beconsidered in evaluating our outlook include, but are not limited to, the 7)18)19)20)21)22)23)24)25)26)27)28)29)the timing and conditions surrounding the return to service of the B737 MAX, future demand for the aircraft, and any residual impactsof the grounding on production rates for the aircraft;our reliance on Boeing for a significant portion of our revenues;our ability to continue to grow our business and execute our growth strategy including our ability to enter into profitable supplyarrangements with additional customers;the business condition and liquidity of Boeing, Airbus and other customers and their ability to satisfy their contractual obligations to theCompany;demand for our products and services and the effect of economic or geopolitical conditions, or other events, such as pandemics, in theindustries and markets in which we operate in the U.S. and globally;the impact of the COVID-19 pandemic on our business and operations, including on the demand for our and our customers’ productsand services, on trade and transport restrictions, on the global aerospace supply chain, on our ability to retain the skilled work forcenecessary for production and development and generally on our ability to effectively manage the impacts of the COVID-19 pandemicon our business operations;the certainty of our backlog, including the ability of customers to cancel or delay orders prior to shipment;our ability to accurately estimate and manage performance, cost, margins, and revenue under our contracts, and the potential foradditional forward losses on new and maturing programs;our ability and our suppliers’ ability to accommodate, and the cost of accommodating, changes in the build rates of certain aircraft;competitive conditions in the markets in which we operate, including in-sourcing by commercial aerospace original equipmentmanufacturers;our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing, Airbus and othercustomers;our ability to effectively assess, manage, and integrate the acquisition of select assets of Bombardier along with other acquisitions thatwe pursue, and generate synergies and other cost savings therefrom, while avoiding unexpected costs, charges, expenses, andadverse changes to business relationships and business disruptions;the possibility that our cash flows may not be adequate for our additional capital needs;our ability to avoid or recover from cyber-based or other security attacks and other operations disruptions;legislative or regulatory actions, both domestic and foreign, impacting our operations;the effect of changes in tax laws and rates including as a result of the 2020 U.S. presidential election and our ability to accuratelycalculate and estimate the effect of such changes;any reduction in our credit ratings;our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components;our ability to recruit and retain a critical mass of highly skilled employees;our relationships with the unions representing many of our employees, including our ability to avoid labor disputes and work stoppageswith respect to our union employees;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; and any difficulties or delays that could affect the Company’s ability toeffectively implement the remediation plan, in whole or in part, to address the material weakness identified in the Company’s internalcontrol over financial reporting, as described in Item 9A. “Controls and Procedures” of the Annual Report on Form 10-K for the yearended December 31, 2019;the outcome or impact of ongoing or future litigation, claims, and regulatory actions, including our exposure to potential product liabilityand warranty claims;our ability to continue selling certain receivables through our supplier financing programs;our ability to access the capital markets to fund our liquidity needs, and the costs and terms of any additional financing;any regulatory or legal action arising from the review of our accounting processes;potential impacts on the Company and the jurisdictions it operates relating to the 2020 U.S. presidential election, including potentialchanges to the Department of Defense budgets and spending; andthe risks of doing business internationally, including fluctuations in foreign currency exchange rates, impositions of tariffs or embargoes(including recent contemplated actions by the World Trade Organization and any retaliatory actions from other jurisdictions), traderestrictions, compliance with foreign laws, and domestic and foreign government policies.* Non-GAAP financial measure, see Appendix for reconciliation6
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 thosereflected in our forward-looking statements. These factors speak only as of the date hereof, and new factors may emerge or changes to theforegoing factors may occur that could impact our business. As with any projection or forecast, these statements are inherently susceptible touncertainty and changes in circumstances. Except to the extent required by law, we undertake no obligation to, and expressly disclaim anyobligation to, publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Youshould review carefully the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K and the Company’s QuarterlyReports 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)B737B747B767B777B787Total Boeing3rd Quarter202020191515412991415304069220Nine Months2020201952453452025304492124198651A220A320 FamilyA330A350A380Total 5Business/Regional Jet4172643Total2064376891,339* Non-GAAP financial measure, see Appendix for reconciliation7
Spirit AeroSystems Holdings, Inc.Condensed Consolidated Statements of Operations(unaudited)For the Three Months EndedSeptember 26, 2019October 1, 2020For the Nine Months EndedSeptember 26, 2019October 1, 2020( in millions, except per share data)RevenueOperating costs and expenses:Cost of salesSelling, general and administrativeRestructuring costsResearch and developmentLoss on disposal of assetsTotal operating costs and expensesOperating (loss) incomeInterest expense and financing fee amortizationOther (expense) income, net(Loss) income before income taxes andequity in net
Summary Financial Results (unaudited) ** Represents an amount equal to or in excess of 100% or not meaningful. * Non-GAAP financial measure, see Appendix for reconciliation 2 boosting our aftermarket business, an
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