(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
SPIRIT AEROSYSTEMS HOLDINGS, INC. | |||||
Date: November 3, 2020 | /s/ Mark J. Suchinski | ||||
Mark J. Suchinski | |||||
Senior Vice President and Chief Financial Officer |
Table 1. Summary Financial Results (unaudited) | ||||||||||||||||||||||||||||||||||||||
3rd Quarter | Nine Months | |||||||||||||||||||||||||||||||||||||
($ in millions, except per share data) | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||||
Revenues | $806 | $1,920 | (58 | %) | $2,528 | $5,904 | (57%) | |||||||||||||||||||||||||||||||
Operating (Loss) Income | ($177) | $206 | ** | ($711) | $665 | ** | ||||||||||||||||||||||||||||||||
Operating (Loss) Income as a % of Revenues | (21.9%) | 10.7% | ** | (28.1%) | 11.3% | ** | ||||||||||||||||||||||||||||||||
Net (Loss) Income | ($156) | $131 | ** | ($574) | $462 | ** | ||||||||||||||||||||||||||||||||
Net (Loss) Income as a % of Revenues | (19.3%) | 6.8% | ** | (22.7%) | 7.8% | ** | ||||||||||||||||||||||||||||||||
(Loss) Earnings Per Share (Fully Diluted) | ($1.50) | $1.26 | ** | ($5.53) | $4.41 | ** | ||||||||||||||||||||||||||||||||
Adjusted (loss) Earnings Per Share (Fully Diluted)* | ($1.34) | $1.38 | ** | ($4.45) | $4.76 | ** | ||||||||||||||||||||||||||||||||
Fully Diluted Weighted Avg Share Count | 103.9 | 104.6 | 103.8 | 104.8 | ||||||||||||||||||||||||||||||||||
** Represents an amount equal to or in excess of 100% or not meaningful. |
Table 2. Cash Flow and Liquidity (unaudited) | ||||||||||||||||||||||||||||||||
3rd Quarter | Nine Months | |||||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||
Cash from Operations | ($53) | $255 | ** | ($613) | $719 | ** | ||||||||||||||||||||||||||
Purchases of Property, Plant & Equipment | ($19) | ($41) | (53 | %) | ($70) | ($119) | (41 | %) | ||||||||||||||||||||||||
Free Cash Flow* | ($72) | $214 | ** | ($683) | $600 | ** | ||||||||||||||||||||||||||
Liquidity | October 1, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||
Cash | $1,441 | $2,351 | ||||||||||||||||||||||||||||||
Total Debt | $2,995 | $3,034 | ||||||||||||||||||||||||||||||
** Represents an amount equal to or in excess of 100% or not meaningful. |
Table 4. Segment Reporting (unaudited) | ||||||||||||||||||||||||||||||||||||||
3rd Quarter | Nine Months | |||||||||||||||||||||||||||||||||||||
($ in millions) | 2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||||||||||||||||
Segment Revenues | ||||||||||||||||||||||||||||||||||||||
Fuselage Systems | $421.1 | $1,005.3 | (58.1 | %) | $1,299.7 | $3,171.7 | (59.0 | %) | ||||||||||||||||||||||||||||||
Propulsion Systems | 170.8 | 520.9 | (67.2 | %) | 565.6 | 1,525.5 | (62.9 | %) | ||||||||||||||||||||||||||||||
Wing Systems | 168.3 | 391.0 | (57.0 | %) | 582.2 | 1,197.4 | (51.4 | %) | ||||||||||||||||||||||||||||||
All Other | 46.1 | 2.7 | ** | 80.7 | 9.2 | ** | ||||||||||||||||||||||||||||||||
Total Segment Revenues | $806.3 | $1,919.9 | (58.0 | %) | $2,528.2 | $5,903.8 | (57.2 | %) | ||||||||||||||||||||||||||||||
Segment (Loss) Earnings from Operations | ||||||||||||||||||||||||||||||||||||||
Fuselage Systems | ($96.7) | $105.8 | ** | ($434.6) | $380.5 | ** | ||||||||||||||||||||||||||||||||
Propulsion Systems | (15.6) | 111.7 | ** | (38.2) | 304.9 | ** | ||||||||||||||||||||||||||||||||
Wing Systems | (23.2) | 53.9 | ** | (52.1) | 177.1 | ** | ||||||||||||||||||||||||||||||||
All Other | 19.1 | 1.3 | ** | 28.9 | 2.5 | ** | ||||||||||||||||||||||||||||||||
Total Segment Operating (Loss) Earnings | ($116.4) | $272.7 | ** | ($496.0) | $865.0 | ** | ||||||||||||||||||||||||||||||||
Unallocated Expense | ||||||||||||||||||||||||||||||||||||||
SG&A | ($52.8) | ($53.6) | 1.5 | % | ($179.2) | ($173.6) | (3.2 | %) | ||||||||||||||||||||||||||||||
Research & Development | (7.5) | (12.6) | 40.5 | % | (28.1) | (36.0) | 21.9 | % | ||||||||||||||||||||||||||||||
Cost of Sales | (0.2) | (0.4) | 50.0 | % | (8.1) | 9.7 | ** | |||||||||||||||||||||||||||||||
Total (Loss) Earnings from Operations | ($176.9) | $206.1 | ** | ($711.4) | $665.1 | ** | ||||||||||||||||||||||||||||||||
Segment Operating (Loss) Earnings as % of Revenues | ||||||||||||||||||||||||||||||||||||||
Fuselage Systems | (23.0 | %) | 10.5 | % | ** | (33.4 | %) | 12.0 | % | ** | ||||||||||||||||||||||||||||
Propulsion Systems | (9.1 | %) | 21.4 | % | ** | (6.8 | %) | 20.0 | % | ** | ||||||||||||||||||||||||||||
Wing Systems | (13.8 | %) | 13.8 | % | ** | (8.9 | %) | 14.8 | % | ** | ||||||||||||||||||||||||||||
All Other | 41.4 | % | ** | ** | 35.8 | % | 27.2 | % | ** | |||||||||||||||||||||||||||||
Total Segment Operating (Loss) Earnings as % of Revenues | (14.4 | %) | 14.2 | % | ** | (19.6 | %) | 14.7 | % | ** | ||||||||||||||||||||||||||||
Total Operating (Loss) Earnings as % of Revenues | (21.9 | %) | 10.7 | % | ** | (28.1 | %) | 11.3 | % | ** |
3rd Quarter | Nine Months | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
B737 | 15 | 154 | 52 | 453 | ||||||||||||||||||||||
B747 | 1 | 2 | 4 | 5 | ||||||||||||||||||||||
B767 | 9 | 9 | 20 | 25 | ||||||||||||||||||||||
B777 | 14 | 15 | 30 | 44 | ||||||||||||||||||||||
B787 | 30 | 40 | 92 | 124 | ||||||||||||||||||||||
Total Boeing | 69 | 220 | 198 | 651 | ||||||||||||||||||||||
A220 | 9 | 8 | 32 | 26 | ||||||||||||||||||||||
A320 Family | 108 | 160 | 365 | 510 | ||||||||||||||||||||||
A330 | 4 | 9 | 17 | 27 | ||||||||||||||||||||||
A350 | 12 | 23 | 51 | 81 | ||||||||||||||||||||||
A380 | — | — | — | 1 | ||||||||||||||||||||||
Total Airbus | 133 | 200 | 465 | 645 | ||||||||||||||||||||||
Business/Regional Jet | 4 | 17 | 26 | 43 | ||||||||||||||||||||||
Total | 206 | 437 | 689 | 1,339 | ||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||
October 1, 2020 | September 26, 2019 | October 1, 2020 | September 26, 2019 | |||||||||||||||||||||||
($ in millions, except per share data) | ||||||||||||||||||||||||||
Revenue | $806.3 | $1,919.9 | $2,528.2 | $5,903.8 | ||||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||
Cost of sales | 903.4 | 1,647.6 | 2,941.0 | 5,029.1 | ||||||||||||||||||||||
Selling, general and administrative | 52.8 | 53.6 | 179.2 | 173.6 | ||||||||||||||||||||||
Restructuring costs | 19.5 | — | 68.4 | — | ||||||||||||||||||||||
Research and development | 7.5 | 12.6 | 28.1 | 36.0 | ||||||||||||||||||||||
Loss on disposal of assets | — | — | 22.9 | — | ||||||||||||||||||||||
Total operating costs and expenses | 983.2 | 1,713.8 | 3,239.6 | 5,238.7 | ||||||||||||||||||||||
Operating (loss) income | (176.9) | 206.1 | (711.4) | 665.1 | ||||||||||||||||||||||
Interest expense and financing fee amortization | (53.0) | (23.6) | (133.8) | (66.1) | ||||||||||||||||||||||
Other (expense) income, net | (10.0) | (9.5) | (65.4) | (11.9) | ||||||||||||||||||||||
(Loss) income before income taxes and equity in net (loss) income of affiliate | (239.9) | 173.0 | (910.6) | 587.1 | ||||||||||||||||||||||
Income tax benefit (provision) | 85.2 | (41.7) | 340.0 | (124.7) | ||||||||||||||||||||||
(Loss) income before equity in net (loss) income of affiliate | (154.7) | 131.3 | (570.6) | 462.4 | ||||||||||||||||||||||
Equity in net loss of affiliate | (0.8) | — | (3.8) | — | ||||||||||||||||||||||
Net (loss) income | ($155.5) | $131.3 | ($574.4) | $462.4 | ||||||||||||||||||||||
(Loss) Earnings per share | ||||||||||||||||||||||||||
Basic | ($1.50) | $1.27 | ($5.53) | $4.46 | ||||||||||||||||||||||
Shares | 103.9 | 103.5 | 103.8 | 103.6 | ||||||||||||||||||||||
Diluted | ($1.50) | $1.26 | ($5.53) | $4.41 | ||||||||||||||||||||||
Shares | 103.9 | 104.6 | 103.8 | 104.8 | ||||||||||||||||||||||
Dividends declared per common share | $0.01 | $0.12 | $0.03 | $0.36 |
October 1, 2020 | December 31, 2019 | |||||||||||||
($ in millions) | ||||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 1,441.3 | $ | 2,350.5 | ||||||||||
Restricted cash | 1.3 | 0.3 | ||||||||||||
Accounts receivable, net | 388.8 | 546.4 | ||||||||||||
Contract assets, short-term | 333.6 | 528.3 | ||||||||||||
Inventory, net | 1,183.3 | 1,118.8 | ||||||||||||
Other current assets | 259.6 | 98.7 | ||||||||||||
Total current assets | 3,607.9 | 4,643.0 | ||||||||||||
Property, plant and equipment, net | 2,147.4 | 2,271.7 | ||||||||||||
Intangible assets, net | 29.5 | 1.2 | ||||||||||||
Goodwill | 78.4 | 2.4 | ||||||||||||
Right of use assets | 44.4 | 48.9 | ||||||||||||
Contract assets, long-term | 4.1 | 6.4 | ||||||||||||
Pension assets | 404.2 | 449.1 | ||||||||||||
Deferred income taxes | 136.7 | 106.5 | ||||||||||||
Other assets | 151.8 | 76.8 | ||||||||||||
Total assets | $ | 6,604.4 | $ | 7,606.0 | ||||||||||
Liabilities | ||||||||||||||
Accounts payable | $ | 483.1 | $ | 1,058.3 | ||||||||||
Accrued expenses | 289.8 | 240.2 | ||||||||||||
Profit sharing | 38.1 | 84.5 | ||||||||||||
Current portion of long-term debt | 335.5 | 50.2 | ||||||||||||
Operating lease liabilities, short-term | 5.5 | 6.0 | ||||||||||||
Advance payments, short-term | 20.1 | 21.6 | ||||||||||||
Contract liabilities, short-term | 100.9 | 158.3 | ||||||||||||
Forward loss provision, short-term | 169.9 | 83.9 | ||||||||||||
Deferred revenue and other deferred credits, short-term | 15.7 | 14.8 | ||||||||||||
Other current liabilities | 37.7 | 42.9 | ||||||||||||
Total current liabilities | 1,496.3 | 1,760.7 | ||||||||||||
Long-term debt | 2,659.0 | 2,984.1 | ||||||||||||
Operating lease liabilities, long-term | 39.1 | 43.0 | ||||||||||||
Advance payments, long-term | 325.0 | 333.3 | ||||||||||||
Pension/OPEB obligation | 47.0 | 35.7 | ||||||||||||
Contract Liabilities, long-term | 371.7 | 356.3 | ||||||||||||
Forward loss provision, long-term | 303.8 | 163.5 | ||||||||||||
Deferred revenue and other deferred credits, long-term | 33.6 | 34.4 | ||||||||||||
Deferred grant income liability — non-current | 27.4 | 29.0 | ||||||||||||
Deferred income taxes | 10.0 | 8.3 | ||||||||||||
Other non-current liabilities | 119.5 | 95.8 | ||||||||||||
Stockholders’ Equity | ||||||||||||||
Common stock, Class A par value $0.01, 200,000,000 shares authorized, 105,660,882 and 104,882,379 shares issued and outstanding, respectively | 1.1 | 1.1 | ||||||||||||
Additional paid-in capital | 1,133.2 | 1,125.0 | ||||||||||||
Accumulated other comprehensive loss | (129.6) | (109.2) | ||||||||||||
Retained earnings | 2,623.5 | 3,201.3 | ||||||||||||
Treasury stock, at cost (41,523,470 shares each period, respectively) | (2,456.7) | (2,456.8) | ||||||||||||
Total stockholders' equity | 1,171.5 | 1,761.4 | ||||||||||||
Noncontrolling interest | 0.5 | 0.5 | ||||||||||||
Total equity | 1,172.0 | 1,761.9 | ||||||||||||
Total liabilities and equity | $ | 6,604.4 | $ | 7,606.0 |
For the Nine Months Ended | ||||||||||||||
October 1, 2020 | September 26, 2019 | |||||||||||||
Operating activities | ($ in millions) | |||||||||||||
Net (loss) income | ($574.4) | $462.4 | ||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | ||||||||||||||
Depreciation and amortization expense | 202.5 | 187.0 | ||||||||||||
Amortization of deferred financing fees | 12.6 | 2.6 | ||||||||||||
Accretion of customer supply agreement | 1.6 | 3.3 | ||||||||||||
Employee stock compensation expense | 17.1 | 22.6 | ||||||||||||
Loss from derivative instruments | — | 8.1 | ||||||||||||
(Gain) loss from foreign currency transactions | (1.1) | 17.2 | ||||||||||||
Loss on disposition of assets | 24.9 | 0.7 | ||||||||||||
Deferred taxes | (34.3) | 29.4 | ||||||||||||
Pension and other post-retirement benefits, net | 57.2 | (9.7) | ||||||||||||
Grant income | (3.2) | (13.8) | ||||||||||||
Equity in net loss of affiliate | 3.8 | — | ||||||||||||
Forward loss provision | 226.3 | (7.5) | ||||||||||||
Changes in assets and liabilities | ||||||||||||||
Accounts receivable, net | 169.3 | (167.8) | ||||||||||||
Contract assets | 200.4 | (67.5) | ||||||||||||
Inventory, net | (66.1) | (3.3) | ||||||||||||
Accounts payable and accrued liabilities | (530.6) | 149.3 | ||||||||||||
Profit sharing/deferred compensation | (46.2) | (12.2) | ||||||||||||
Advance payments | (19.9) | 120.8 | ||||||||||||
Income taxes receivable/payable | (252.6) | 4.9 | ||||||||||||
Contract liabilities | (44.1) | (16.7) | ||||||||||||
Deferred revenue and other deferred credits | 2.0 | 6.2 | ||||||||||||
Other | 42.0 | 2.6 | ||||||||||||
Net cash (used in) provided by operating activities | ($612.8) | $718.6 | ||||||||||||
Investing activities | ||||||||||||||
Purchase of property, plant and equipment | (70.4) | (118.8) | ||||||||||||
Other | 4.9 | 0.1 | ||||||||||||
Acquisition, net of cash acquired | (117.9) | — | ||||||||||||
Net cash used in investing activities | ($183.4) | ($118.7) | ||||||||||||
Financing activities | ||||||||||||||
Proceeds from issuance of debt | — | 250.0 | ||||||||||||
Proceeds from issuance of bonds | 1,200.0 | — | ||||||||||||
Proceeds from revolving credit facility | — | 100.0 | ||||||||||||
Payment on revolving credit facility | (800.0) | (100.0) | ||||||||||||
Customer financing | 10.0 | — | ||||||||||||
Principal payments of debt | (22.7) | (8.5) | ||||||||||||
Payments on term loans | (439.7) | (5.2) | ||||||||||||
Taxes paid related to net share settlement awards | (14.0) | (12.1) | ||||||||||||
Proceeds from issuance of ESPP stock | 2.6 | 1.3 | ||||||||||||
Debt issuance and financing costs | (27.6) | — | ||||||||||||
Executive stock investments | 0.1 | — | ||||||||||||
Purchase of treasury stock | 0.1 | (75.0) | ||||||||||||
Dividends paid | (14.4) | (37.8) | ||||||||||||
Other | — | 0.8 | ||||||||||||
Net cash (used in) provided by financing activities | ($105.6) | $113.5 | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (3.3) | (13.5) | ||||||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | ($905.1) | $699.9 | ||||||||||||
Cash, cash equivalents, and restricted cash, beginning of the period | 2,367.2 | 794.1 | ||||||||||||
Cash, cash equivalents, and restricted cash, end of the period | $1,462.1 | $1,494.0 |
Reconciliation of Cash and Cash Equivalents and Restricted Cash: | October 1, 2020 | September 26, 2019 | ||||||||||||
Cash and cash equivalents, beginning of the period | $2,350.5 | $773.6 | ||||||||||||
Restricted cash, short-term, beginning of the period | 0.3 | 0.3 | ||||||||||||
Restricted cash, long-term, beginning of the period | 16.4 | 20.2 | ||||||||||||
Cash, cash equivalents, and restricted cash, beginning of the period | $2,367.2 | $794.1 | ||||||||||||
Cash and cash equivalents, end of the period | $1,441.3 | $1,477.3 | ||||||||||||
Restricted cash, short-term, end of the period | 1.3 | 0.3 | ||||||||||||
Restricted cash, long-term, end of the period | 19.5 | 16.4 | ||||||||||||
Cash, cash equivalents, and restricted cash, end of the period | $1,462.1 | $1,494.0 |
Adjusted EPS | ||||||||||||||||||||||||||
3rd Quarter | Nine Months | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
GAAP Diluted (Loss) Earnings Per Share | ($1.50) | $1.26 | ($5.53) | $4.41 | ||||||||||||||||||||||
Costs Related to Planned Acquisitions | 0.02 | a | 0.16 | b | 0.15 | a | 0.28 | c | ||||||||||||||||||
Restructuring Costs | 0.12 | d | — | 0.41 | d | — | ||||||||||||||||||||
Voluntary Retirement Program | 0.02 | e | (0.04) | f | 0.52 | e | 0.07 | f | ||||||||||||||||||
Adjusted Diluted (Loss) Earnings Per Share | ($1.34) | $1.38 | ($4.45) | $4.76 | ||||||||||||||||||||||
Diluted Shares (in millions) | 103.9 | 104.6 | 103.8 | 104.8 | ||||||||||||||||||||||
a Represents the three and nine months ended Q3 2020 transaction costs (included in SG&A) | ||||||||||||||||||||||||||
b Represents the three months ended Q3 2019 Asco acquisition impact of $0.16 per share: | ||||||||||||||||||||||||||
- Loss related to foreign currency fluctuation on Euro account of $0.14 (included in Other expense) | ||||||||||||||||||||||||||
- Transaction costs of $0.02 (included in SG&A) | ||||||||||||||||||||||||||
c Represents the nine months ended Q3 2019 Asco acquisition impact of $0.28 per share: | ||||||||||||||||||||||||||
- Loss related to foreign currency forward contract of $0.13 (included in Other expense) | ||||||||||||||||||||||||||
- Loss related to foreign currency fluctuation on Euro account of $0.09 (included in Other expense) | ||||||||||||||||||||||||||
- Transaction costs of $0.06 (included in SG&A) | ||||||||||||||||||||||||||
d Represents the three and nine months ended Q3 2020 restructuring expenses for cost-alignment and headcount reductions (included in Restructuring costs) | ||||||||||||||||||||||||||
e Represents the three and nine months ended Q3 2020 retirement incentive expenses resulting from the VRP offered during the first quarter of 2020 (included in Other expense) | ||||||||||||||||||||||||||
f Represents the three and nine months ended Q3 2019 retirement incentive expenses resulting from the VRP offered during the second quarter of 2019 (included in Other expense) |
2nd Quarter | 3rd Quarter | Nine Months | |||||||||||||||||||||||||||
2020 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Cash from Operations | ($228) | ($53) | $255 | ($613) | $719 | ||||||||||||||||||||||||
Capital Expenditures | (20) | (19) | (41) | (70) | (119) | ||||||||||||||||||||||||
Free Cash Flow | ($249) | ($72) | $214 | ($683) | $600 | ||||||||||||||||||||||||
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Cover Page Document |
Nov. 03, 2020 |
---|---|
Cover [Abstract] | |
Title of 12(b) Security | Class A common stock, par value $0.01 per share |
Entity Central Index Key | 0001364885 |
Entity Incorporation, State or Country Code | DE |
Document Type | 8-K |
Document Period End Date | Nov. 03, 2020 |
Entity Registrant Name | Spirit AeroSystems Holdings, Inc. |
Entity File Number | 001-33160 |
Entity Tax Identification Number | 20-2436320 |
Entity Address, Address Line One | 3801 South Oliver |
Entity Address, City or Town | Wichita |
Entity Address, State or Province | KS |
Entity Address, Postal Zip Code | 67210 |
City Area Code | 316 |
Local Phone Number | 526-9000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Trading Symbol | SPR |
Security Exchange Name | NYSE |
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