2007'02.11.Sun
Spirit AeroSystems Holdings, Inc. Reports Fourth Quarter and Full-Year 2006 Results After Successful IPO and Provides 2007 Guidance
February 08, 2007
- Full-year 2006 revenues $3.2 billion. Full-year
2007 revenues expected
to be between $4.0 - $4.1 billion
- Full-year 2007 fully diluted EPS expected to be
between $1.80 - $1.90
per share
- 2007 Operating Cash Flow expected to be +/- $280
million
- 4th quarter and full-year 2006 operating results and
net income
impacted by IPO costs and release of tax valuation
allowances
WICHITA, Kan., Feb. 8 /Xinhua-PRNewswire / -- Spirit
AeroSystems Holdings, Inc. (NYSE: SPR) reported fourth
quarter revenues of $852 million, up 53 percent from the
same period last year. Full-year 2006 revenues were $3.2
billion, reflecting the continued strong demand for
commercial aircraft and included nine months of revenues
from Spirit Europe, or $313 million, which was acquired on
April 1, 2006.
Overall operating performance for the fourth quarter
exceeded expectations after consideration of costs related
to the Initial Public Offering (IPO) for Spirit stock which
occurred on November 21, 2006. IPO costs reduced pre-tax
earnings by $334 million for the quarter and year, creating
a pre-tax loss of ($245) million and ($72) million,
respectively (Table 1). Adjusted pre-tax earnings*(1) for
the fourth quarter, excluding IPO related costs, were $89
million yielding an adjusted pre-tax margin* of 10.4
percent. Adjusted pre-tax margins* for the full year 2006
excluding IPO related costs were 8.2 percent.
(1) * Non-GAAP Measure. A complete definition of
Spirit's use of non-GAAP
measures, identified by an asterisk (*) is found
on page 7-8 of this
release, "Non-GAAP Measure
Disclosure".
Table 1. Summary Financial Results
Period from
June 17, 2005
through
4th Quarter
December 29,
($'s in millions, 2005 Full
Year 2005
except per share data) 2006 Restated(1)
2006(2) Restated(1)
Revenues $852 $557
$3,208 $1,208
Pre-tax Earnings/(Loss) ($245) ($44)
($72) ($77)
Pre-tax Margins (28.8%) (7.9%)
(2.2%) (6.4%)
Reported Net Income/
(Loss) ($69) ($47)
$17 ($90)
Reported Earnings/(Loss)
per Share ($0.58) ($0.41)
$0.15 ($0.80)
Basic Weighted Avg Share
Count (Million) 120.4 113.8
115.6 113.5
NOTE: The items detailed below for IPO related costs
and the tax
valuation allowance reversal are included in the
results above.
IPO Related Costs
Pre-Tax ($334)
($334)
After Tax ($209)
($209)
Basic EPS ($1.74)
($1.81)
Tax Valuation Allowance
Tax Provision and
After Tax $75
$42
Basic EPS $0.62
$0.36
(1) Does not include Spirit Europe acquired on April
1, 2006; Includes
impact of 2005 IAM strike at Boeing Commercial
Airplanes.
(2) Includes nine months of Spirit Europe
Full-year 2006 net income was $17 million, or $0.15 per
basic share. IPO related costs reduced net income by $209
million, or $1.74 per share in the fourth quarter and $1.81
per share for the full year 2006 as basic weighted average
share counts for the quarter and the full year varied.
Partially offsetting the IPO costs was the release of a
previously established tax valuation allowance of $75
million, or $0.62 per share in the fourth quarter, and $42
million, or $0.36 per share for the full year.
During the fourth quarter, Spirit updated its contract
profitability estimates resulting in a favorable change in
contract estimates of $22 million recorded in the quarter.
These changes were driven by favorable cost trends and
higher production activity within the current contract
blocks. Because Spirit recognizes changes in contract
estimates utilizing the cumulative catch up method of
accounting under Statement of Position 81-1, approximately
$8 million of the $22 million favorable adjustment relates
to revenues recognized in 2005. For the full-year 2006,
approximately $59 million of favorable changes in contract
estimates related to 2005 revenues has been recognized.
"Our strong operating performance and progress on
the 787 program during 2006 along with our successful
Initial Public Offering underscore what Spirit can
accomplish by focusing on execution," said President
and Chief Executive Officer Jeff Turner. "During
2006, we expanded our customer base in the 100 seat plus
market through the acquisition of Spirit Europe, won yet to
be announced programs with new customers and successfully
managed production rate increases on existing
programs," Turner added. "Looking forward, we
expect to deliver consistently strong financial performance
through the application of industry leading design and build
capabilities for our core products and by maintaining a
competitive cost structure."
Cash flow from operations for 2006 was $272 million
including cash outflows of $191 million related to the IPO.
Cash used in investing activities for the year included
$343 million in capital expenditures as the company
prepares for 787 production, and $145 million used to
diversify Spirit's customer base and establish
international operations through the acquisition of Spirit
Europe.
Debt balances at year-end were $618 million after
reducing debt by $100 million with IPO proceeds. In
conjunction with the IPO, the company restructured its
credit agreements which increased available credit capacity
from $325 million to $400 million. The restructure included
the termination of the $150 million Boeing credit facility
and increased the revolving credit facility by $225
million, effectively replacing the Boeing facility and
increasing overall credit capacity by $75 million. The
restructure also resulted in lower interest rates and fewer
financial covenants. Standard & Poor's and Moody's
upgraded the company's credit ratings during the year to BB
and Ba3, respectively.
Initial Public Offering
Spirit conducted an Initial Public Offering of common
shares on November 21, 2006, and began trading publicly on
the NYSE. The net proceeds and the costs associated with
the IPO were recognized in the fourth quarter 2006. Total
IPO pre-tax costs were $334 million, of which $322 million
was compensation expense related to the Union Equity Plan
(UEP) as detailed in Table 2. The UEP is an incentive
program established for Spirit employees that are
represented by certain collective bargaining units and was
part of the initial collective bargaining agreements. The
UEP plan obligation will be settled with cash and stock
payments to eligible employees. The cash component of $185
million was paid in the fourth quarter 2006. The remaining
UEP obligation will be settled with common stock and will
be distributed to participants on or prior to March 15,
2007.
The company received $249 million in net cash proceeds
from the Initial Public Offering of common stock. A
portion of these proceeds was used to retire $100 million
of Term Loan B debt. The other $149 million of proceeds
was used to fund a portion of the cash component of the UEP
plan mentioned above. The remainder of the UEP cash
component of $36 million ($185 million less $149 million)
plus other IPO related cash expenses of $6 million, or $42
million in total, was funded from operations.
Table 2. Initial Public Offering Summary
($'s in millions, 4Q06
except per share data) Expense
Cash Non-Cash
Net IPO Proceeds $249
$249 $-
Term Loan B - Debt Retirement (100)
(100) -
Remaining Proceeds after Debt
Retirement 149
149 -
IPO Related Costs
Union Equity Plan (UEP)
Cash (185)
(185) -
Stock (137)
- (137)
UEP Total (Included in COGS) (322)
(185) (137)
Onex Management Fee Termination
(Included in SG&A) (4)
(4) -
Employee Payroll Taxes and other
(Included in SG&A) (4)
(2) (2)
Sub-total (330)
(191) (139)
Write off of Deferred Financing Fees
(Included in Interest Expense) (4)
- (4)
Total Pre-Tax IPO Related Costs (334)
(191) (143)
Total After-Tax IPO Related Costs (209)
EPS - IPO Related Costs ($1.74)
Cash Requirement In Excess of Proceeds
$(42)
Outlook
Spirit expects 2007 revenues between $4.0 billion and
$4.1 billion, approximately 25 percent higher than 2006, as
increased market demand for large commercial transport
aircraft from Boeing and Airbus drives additional ship set
deliveries. This revenue projection is based on previously
issued 2007 Boeing and Airbus delivery guidance of 440-445
aircraft from each manufacturer and includes the initial
deliveries to Boeing of Spirit products on the 787 program
as well as a full year of revenue from Spirit Europe (Table
3).
Table 3. Financial Outlook
2007 Guidance
Revenues
$4.0B - $4.1B
Operating Earnings
$400M - $420M
Operating Margins
9.8% - 10.5%
Depreciation and Amortization
$120M - $125M
Earnings Per Share (Fully Diluted)
$1.80 - $1.90
Effective Tax Rate
~34%
Cash Flow from Operations*
+ / - $280M
Capital Expenditures
+ / - $300M
Customer Advances
~$45M
Research & Development Expense
+ / - $60M
Stock-based Incentive Compensation Expense
~$35M
Average Fully Diluted Shares Outstanding
141M
* Includes $40-$50 million for capital expenditures
funded by customers
Spirit's operating margins are expected to be between
9.8 percent and 10.5 percent as benefits from higher
volumes, cost reduction and productivity initiatives, as
well as lower R&D, stock compensation, and transition
expenses expand operating margins versus 2006 actual
results. Spirit's 2007 fully diluted EPS guidance is
between $1.80 and $1.90 per share.
Cash from operations is expected to be +/- $280
million, which includes additional working capital spending
for the new 787 program. Fiscal 2007 capital expenditures
are expected to be +/- $300 million. Approximately 50
percent of the capital expenditures will be utilized to
complete the installation of production capacity for the
new 787 program. Partially offsetting these capital
expenditures is approximately $45 million of anticipated
customer financing.
Depreciation and amortization expenses are forecasted
to be between $120 and $125 million as new capital
equipment is placed into service.
Cautionary Statement Regarding Forward-Looking
Statements
This press release includes forward-looking statements
that reflect the plans and expectations of Spirit
AeroSystems Holdings, Inc. To the extent that statements in
this press release do not relate to historical or current
facts, they constitute forward-looking statements.
Forward-looking statements can generally be identified by
the use of forward-looking terminology such as
"may," "will," "expect,"
"intend," "estimate,"
"anticipate," "believe,"
"project," "continue," or other similar
words. These statements reflect Spirit AeroSystems
Holdings, Inc.'s current view with respect to future events
and are subject to risks and uncertainties, both known and
unknown. Such risks and uncertainties may cause the actual
results of Spirit AeroSystems Holdings, Inc. to vary
materially from those anticipated in forward-looking
statements, and therefore we caution investors not to place
undue reliance on them. Potential risks and uncertainties
include, but are not limited to: our customers' aircraft
build rates; the ability to enter into supply arrangements
with additional customers and satisfy performance
requirements under existing contracts; any adverse impact
on our customers' production of aircraft; the success and
timely progression of our customers' new programs
including, but not limited to The Boeing Company's B787
aircraft program; future levels of business in the
aerospace and commercial transport industries; competition
from original equipment manufacturers and other
aerostructures suppliers; the effect of governmental laws;
the effect of new commercial and business aircraft
development programs; the cost and availability of raw
materials; the ability to recruit and retain highly skilled
employees and relationships with unions; spending by the
United States and other governments on defense; the
continuing ability to operate successfully as a stand alone
company; the outcome of ongoing or future litigation and
regulatory actions; and exposure to potential product
liability claims. Additional information as to factors
that may cause actual results to differ materially from our
forward-looking statements can be found in Spirit
AeroSystems Holdings, Inc.'s filings with the United States
Securities and Exchange Commission. Spirit AeroSystems
Holdings, Inc. undertakes no obligation and does not intend
to update publicly any forward-looking statements after the
date of this press release, except as required by law.
Non-GAAP Measure Disclosure
Management believes that the non-GAAP (Generally
Accepted Accounting Principles) measures (indicated by an
asterisk*) used in this report provide investors with
important perspectives into the company's ongoing business
performance. The company does not intend for the
information to be considered in isolation or as a
substitute for the related GAAP measure. Other companies
may define the measure differently. The following
definitions are provided:
Adjusted Pre-Tax Earnings
Adjusted Pre-Tax Earnings is defined as GAAP pre-tax
earnings excluding the $334 million expense related to the
Initial Public Offering that occurred in the fourth quarter
of 2006. Management believes adjusted pre-tax earnings are
important to understanding the company's on-going
operations and provide additional insights into underlying
business performance. Management derived the adjusted
pre-tax earnings by adding the $334 million IPO expense in
fourth quarter to GAAP pre-tax earnings. The calculation
for the fourth quarter 2006 is (($245) + $334) = $89. The
calculation for the full year 2006 is (($72) + $334) =
$262. Adjusted pre-tax earnings for third quarter 2006 are
the same as GAAP.
Adjusted Pre-Tax Margins
Adjusted Pre-Tax Margins is defined as GAAP pre-tax
margins excluding the $334 million expense related to the
Initial Public Offering that occurred in the fourth quarter
of 2006. Management believes adjusted pre-tax margins are
important to understanding the company's on-going
operations and provide additional insights into underlying
business performance. Management derived the adjusted
pre-tax margins by dividing GAAP revenues into GAAP pre-tax
earnings adjusted for the $334 million in fourth quarter
2006. The calculation for the fourth quarter 2006 is
(($245) + $334)/$852 = 10.4%. The calculation for the full
year 2006 is (($72) + $334) / $3,208 = 8.2%. Adjusted
pre-tax margins for third quarter 2006 are the same as
GAAP.
Adjusted Segment Earnings
Adjusted Segment Earnings is defined as GAAP segment
earnings excluding the portion of the expense related to
the Union Equity Plan (UEP) that occurred in the fourth
quarter of 2006. Management believes adjusted segment
earnings are important to understanding the company's
on-going operations and provide additional insights into
underlying business performance. Management derived the
adjusted segment earnings by adding the respective
segment's portion of the $322 million UEP expense incurred
in fourth quarter 2006 to each segment's GAAP segment
earnings. The calculation for the fourth quarter 2006 for
each segment is (GAAP segment earnings + segment portion of
the UEP expense). The calculation for the full 2006 is
(GAAP segment earnings + segment portion of the UEP
expense). A full reconciliation of adjusted segment
earnings is presented in Table 4 in the appendix of this
press release.
Adjusted Segment Margins
Adjusted Segment Margins is defined as GAAP segment
margins excluding the portion of the expense related to the
UEP that occurred in the fourth quarter of 2006. Management
believes adjusted segment margins are important to
understanding the company's on-going operations and provide
additional insights into underlying business performance.
Management derived the adjusted segment operating margins
by dividing GAAP segment revenues into GAAP segment
earnings adjusted for the respective segment's portion of
the $322 million UEP expense incurred in fourth quarter
2006. The calculation for the fourth quarter 2006 for each
segment is (GAAP segment earnings + segment portion of the
UEP expense) / GAAP segment Revenues. The calculation for
the full 2006 is (GAAP segment earnings + segment portion
of the UEP expense) / GAAP segment Revenues. A full
reconciliation of adjusted segment margins is presented in
Table 4 of this press release.
Appendix
Segment Results
Fuselage Systems
Fuselage Systems segment fourth quarter 2006 revenue
grew 37.5 percent over the same period last year as
production volumes increased in support of primary customer
deliveries. Fourth quarter 2005 revenues were negatively
impacted by the IAM strike at Boeing Commercial Airplanes.
Fuselage Systems revenue for the full year 2006 was $1.6
billion as its primary customer, Boeing, increased overall
deliveries by 37 percent between 2005 and 2006 with
deliveries of 737 and 777 aircraft increasing 42 percent
and 63 percent, respectively. Fuselage Systems posted
strong double-digit adjusted segment margins* of 19.4
percent for the fourth quarter 2006 and 18.2 percent for
the full year, excluding the impact of the UEP plan.
Margins improved in the third and fourth quarters versus
the first half of 2006 as R&D expense on the 787
program declined and favorable cost trends and higher
production rates were realized.
Propulsion Systems
Propulsion Systems segment fourth quarter 2006 revenue
grew 28.8 percent over the same period last year and
delivered 16.9 percent adjusted segment margins* (excluding
the impact of the UEP plan) as production volumes increased
in support of primary customer deliveries. Revenues for
the full year 2006 were $888 million as Propulsion Systems
won new business from our current customer on the 747-8
program. Additionally, the team successfully competed and
won new business from a new customer during the year. The
new business did not impact 2006 revenues. Margins
improved in the third and fourth quarters versus the first
half of 2006 as R&D expense on the 787 program declined
and favorable cost trends and higher production rates were
realized. Fourth quarter 2005 revenues were impacted by
the IAM strike at Boeing Commercial Airplanes.
Wing Systems
Wing Systems segment reported fourth quarter 2006
revenue of $229 million and full year revenue of $720
million. The Spirit Europe acquisition was completed on
April 1, 2006 and significantly increased the revenues and
operating earnings in this segment versus 2005 results.
Fourth quarter and full-year adjusted segment margins*
(excluding the impact of UEP costs) were 11.4 percent and
7.9 percent, respectively. Margins improved in the third
and fourth quarters versus the first half of 2006 as
R&D expense on the 787 program declined, favorable cost
trends and higher production rates were realized, and
improved fringe benefit rates generated $8 million of
favorable changes in contract estimates during the fourth
quarter.
Table 4. Segment Reporting
Period from
June 17, 2005
through
4th Quarter
December 29,
(Millions, 2005 2005 Full
Year 2005
except margin percent) 2006 Restated(1)
2006(2) Restated(1)
Segment Revenues
Fuselage Systems $396 $288
$1,570 $638
Propulsion Systems $219 $170
$888 $372
Wing Systems $229 $85
$720 $170
All Other $8 $14
$30 $28
Total Segment Revenues $852 $557
$3,208 $1,208
Segment Earnings (Loss) from
Operations(3)
Fuselage Systems ($96) $32
$112 $44
Propulsion Systems ($66) $12
$34 $24
Wing Systems ($19) ($7)
$12 $5
All Other $1 $1
$4 ($1)
Total Segment Operating
Earnings ($180) $37
$162 $72
Segment Earnings (Loss) from
Operations % of Sales
Fuselage Systems (24.2%) 11.1%
7.1% 6.9%
Propulsion Systems (30.1%) 7.1%
3.8% 6.5%
Wing Systems (8.3%) (8.2%)
1.7% 2.9%
All Other 12.5% 7.1%
13.3% (3.6%)
Total Segment Operating
Margins (21.1%) 6.6%
5.0% 6.0%
(3) Earnings (Loss) from Operations includes Union
Equity Participation
plan charges of $322 million.
Union Equity Participation (UEP)
Plan Related Costs by Segment
Fuselage Systems ($173)
($173)
Propulsion Systems ($103)
($103)
Wing Systems ($45)
($45)
All Other ($1)
($1)
Total Segment UEP Costs ($322)
($322)
Adjusted Segment Earnings*
Fuselage Systems $77 $32
$285 $44
Propulsion Systems $37 $12
$137 $24
Wing Systems $26 ($7)
$57 $5
All Other $2 $1
$5 ($1)
Total Adjusted Segment
Earnings $142 $37
$484 $72
Adjusted Segment Margins*
Fuselage Systems 19.4% 11.0%
18.2% 6.9%
Propulsion Systems 16.9% 6.9%
15.4% 6.5%
Wing Systems 11.4% (8.7%)
7.9% 2.9%
All Other 25.0% 7.1%
16.7% (3.6%)
Total Adjusted Segment
Margins 16.7% 6.6%
15.1% 6.0%
(1) Does not include Spirit Europe acquired on April
1, 2006; Includes
impact of 2005 IAM strike at Boeing Commercial
Airplanes.
(2) Includes nine months of Spirit Europe
* Non-GAAP Measure. A complete definition of Spirit's
use of non-GAAP
measures, identified by an asterisk(*) is found on
page 7-8 of this
release, "Non-GAAP Measure Disclosure".
Spirit AeroSystems Holdings, Inc.
Consolidated Statements of Income (Loss)
(Amounts in millions, except per share data)
For the Three
For the Three
Months Ended
Months Ended
December 31, 2006
December 29, 2005
(unaudited)
(restated)
Net revenues $851.8
$557.4
Operating costs and expenses
Cost of sales 1,007.6
476.3
Selling, general and administrative 65.0
77.6
Research and development 19.6
42.5
Total costs and expenses $1,092.2
$596.4
Operating loss $(240.4)
$(39.0)
Interest expense and financing fee
amortization (15.3)
(12.3)
Interest income 8.1
8.0
Other income, net 2.3
(0.9)
Loss from continuing operations
before income taxes $(245.3)
$(44.2)
Income tax provision 175.9
(2.7)
Net income (loss) $(69.4)
$(46.9)
Earnings (loss) per share
Basic $(0.58)
$(0.41)
Diluted $(0.58)
$(0.41)
Spirit AeroSystems Holdings, Inc.
Consolidated Statements of Income (Loss)
(Amounts in millions, except per share data)
For the Twelve
Period from June
Months Ended
17, 2005 through
December 31, 2006
December 29, 2005
(unaudited)
(restated)
Net revenues $3,207.7
$1,207.6
Operating costs and expenses
Cost of sales 2,934.3
1,056.4
Selling, general and administrative 225.0
140.7
Research and development 104.7
78.3
Total costs and expenses $3,264.0
$1,275.4
Operating loss $(56.3)
$(67.8)
Interest expense and financing fee
amortization (50.1)
(25.5)
Interest income 29.0
15.4
Other income, net 5.9
1.3
Loss from continuing operations
before income taxes $(71.5)
$(76.6)
Income tax provision 88.3
(13.7)
Net income (loss) $16.8
$(90.3)
Earnings (loss) per share
Basic $0.15
$(0.80)
Diluted $0.15
$(0.80)
Spirit AeroSystems Holdings, Inc.
Consolidated Balance Sheets
(Amounts in millions)
December 31, 2006
December 29, 2005
(unaudited)
(restated)
Current assets
Cash and cash equivalents $184.3
$241.3
Accounts receivable-net 200.2
98.8
Long-term receivable-current 43.0
-
Inventory-net 882.2
510.7
Prepaids-net 20.8
10.2
Deferred tax assets-current 90.0
1.1
Total current assets $1,420.5
$862.1
Property, plant and equipment, net 773.8
518.8
Long-term receivable 191.5
212.5
Pension assets 207.3
-
Other assets 129.1
63.2
Total assets $2,722.2
$1,656.6
Current liabilities
Accounts payable $322.9
$173.7
Accrued expenses 214.7
125.6
Current portion of long-term debt 23.9
11.6
Deferred revenue liability 8.2
-
Income taxes -
0.6
Total current liabilities $569.7
$311.5
Long-term debt 594.3
710.0
Advance payments 587.4
200.0
Other liabilities 111.8
108.2
Deferred tax liability- non-current -
1.1
Shareholders' equity
Preferred stock, par value $0.01,
10,000,000 shares authorized, no
shares issued and outstanding -
-
Common stock, Class A par value
$0.01, 200,000,000 shares
authorized, 63,345,834 issued and
outstanding 0.6
-
Common stock, Class B par value
$0.01, 150,000,000 shares
authorized, 71,351,347 (unaudited)
and 122,670,336 shares issued and
outstanding, respectively 0.7
1.2
Additional paid-in capital 858.7
410.7
Accumulated other comprehensive income 72.5
4.2
Accumulated deficit (73.5)
(90.3)
Total shareholders' equity $859.0
$325.8
Total liabilities and
shareholders' equity $2,722.2
$1,656.6
Spirit AeroSystems Holdings, Inc.
Consolidated Statements of Cash Flow
(Amounts in millions)
For the Twelve
Period from June
Months Ended
17, 2005 through
December 31, 2006
December 29, 2005
(unaudited)
(restated)
Operating activities
Net income (loss) $16.8
$(90.3)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities
Depreciation expense 52.8
28.6
Amortization expense 10.3
3.3
Accretion of long-term receivable (22.0)
(9.7)
Employee stock compensation expense 182.3
34.7
Loss on disposition of assets 0.9
-
Deferred and long-term taxes (134.1)
8.4
Pension, net (33.2)
(8.9)
Other 13.9
12.8
Changes in assets and liabilities,
net of acquisition
Accounts receivable (41.9)
(88.4)
Inventories (317.7)
(31.4)
Other current assets (10.5)
1.3
Accounts payable and accrued
liabilities 154.4
163.4
Customer advance from Boeing 400.0
200.0
Net cash provided by
operating activities $272.0
$223.8
Investing Activities
Purchase of property, plant and
equipment $(343.2)
$(144.6)
Acquisition of business, net of cash
acquired (145.4)
(885.7)
Financial derivatives 4.7
-
Transition payments 10.0
-
Proceeds from sale of assets 0.2
-
Net cash (used in) investing
activities $(473.7)
$(1,030.3)
Financing Activities
Proceeds from short-term debt $85.0
$-
Payments on short-term debt (85.0)
-
Proceeds from long-term debt -
700.0
Principal payments on debt (124.0)
(5.0)
Debt issuance costs 0.8
(21.4)
Pool of windfall tax benefits, net 15.4
-
Equity contributions from shareholders -
370.0
Proceeds from IPO 249.3
-
Executive stock investments 1.1
4.2
Net cash provided by
financing activities $142.6
$1,047.8
Effect of exchange rate changes on
cash and cash equivalents 2.1
-
Net (decrease) increase in
cash and cash equivalents
for the period $(57.0)
$241.3
Cash and cash equivalents, beginning
of the period 241.3
-
Cash and cash equivalents, end of the
period $184.3
$241.3
Supplemental Information
Interest paid $55.1
$28.1
Income taxes paid $29.3
$8.5
Appreciation of financial instruments $11.4
$4.2
Property acquired through capital
leases $11.5
$26.7
For more information, please contact:
Philip Anderson,
Investor Relations
Tel: +1-316-523-1700
Sam Marnick,
Corporate Communications
Tel: +1-316-526-3153
SOURCE Spirit AeroSystems Holdings, Inc.
PR
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