Bombardier Inc. T.BBD.A

Everything looks good except backlog

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22 Aircraft delivered in Q1 and B2B is 0.9.

• Bombardier reports first quarter 2023 revenues of $1.5 billion, up 17% year-over-year, driven by improved delivery mix and continued strong aftermarket revenues of $424 million; aircraft deliveries on track towards full-year guidance⁽¹⁾ of greater than 138.
   
• Adjusted EBITDA⁽²⁾ rose to $212 million, up 27% year-over-year thanks to stronger aircraft margins and aftermarket growth, reported EBIT reached $140 million. Reported net income⁽⁴⁾ and adjusted net income⁽²⁾ surged to $302 million and $113 million respectively. First quarter 2023 adjusted Earnings per share (EPS)⁽³⁾ turns positive at $1.06 and diluted EPS⁽⁴⁾ of $2.98.
   
• Free cash flow usage⁽²⁾⁽⁴⁾ of $247 million driven by working capital build in inventories for 2023 deliveries and continued investments supporting completion of a new facility at Toronto Pearson International Airport. Available liquidity⁽²⁾ stands strong at $1.4 billion at quarter end. Reported cash flow usage from operating activities⁽⁴⁾ for the quarter was $162 million and net additions to PP&E and intangible assets⁽⁴⁾ for the quarter were $85 million. Cash and cash equivalents as at March 31, 2023 were $1.1 billion.
   
• First quarter of 2023 ended with stable backlog⁽⁵⁾ at $14.8 billion, reflecting steady demand profile and unit book-to-bill⁽⁶⁾ of 0.9.
   
• First quarter 2023 marked by continued strong progress on debt reduction with a repayment of approximately $400 million from cash on balance sheet; market confidence with Moody’s Investors Service upgrade of Bombardier’s corporate family and Senior unsecured notes rating to B2; outlook maintained as stable