Bombardier Q3 Results Keep the Company On-Track to Full-Year Guidance, Propelled by Record Services Revenue and Continued Year-Over-Year Growth

• Third quarter 2024 total revenues climbed 12% year-over-year to $2.1 billion, driven by a $528 million record-level contribution from Services and a favorable aircraft mix across the 30 units delivered per plan.
• Adjusted EBITDA of $307 million for the third quarter and adjusted EBITDA margin was 14.8%. Reported EBIT for the third quarter was $201 million. Adjusted EPS⁽²⁾ was positive at $0.74 for the third quarter, with diluted EPS at $1.09.
• Free cash flow usage for the quarter was $127 million, including investment in inventory of $149 million. Reported cash flow usage from operating activities of $81 million and net additions to PP&E and intangible assets of $46 million.
• Backlog as at September 30, 2024 stood at $14.7 billion, reflecting unit book-to-bill of 1.0 for the quarter.
• Available liquidity remained strong at $1.2 billion; cash and cash equivalents were $0.9 billion as at September 30, 2024.
• Further strengthened the liquidity position subsequent to quarter end, through a $150 million upsize of its secured revolving credit facility which now stands at $450 million.

All amounts in this press release are in U.S. dollars, unless otherwise indicated.
Amounts in tables are in millions except per share amounts, unless otherwise indicated.

MONTRÉAL, Nov. 07, 2024 (GLOBE NEWSWIRE) — Bombardier Inc. (TSX: BBD.B) today reported its financial results for the third quarter of 2024. Marked by steady growth across key metrics, including revenues, profitability and services, the company remains on track to meet its full-year 2024 guidance(7).

“With a sustained increase in revenues, profitability and record aftermarket performance, Bombardier’s strong results this quarter are a testament to our long-term plan and our team’s ability to execute, meeting commitments week after week,” said Éric Martel, President and Chief Executive Officer, Bombardier. “We have once again posted a healthy book-to-bill(5) ratio, which in turn has maintained our backlog(4) and predictability. This is all made possible by our second to none product portfolio and customer focus. As we enter the last months of the year, I am proud that our operations and service network continue to perform at a high level and are well positioned to deliver on full-year guidance(7).”

Robust Services Growth Fuels Year-Over-Year Revenue Increase

Bombardier reported revenues of $2.1 billion in the third quarter of 2024, an increase of 12% year-over-year, driven by impressive aftermarket growth and a healthy delivery mix. Revenues from the company’s Services business stream continued their remarkable upward trajectory in the third quarter of 2024, up 28% year-over-year to a record of $528 million. Having fully operationalized its expanded support network, revenues from services are trending well above the company’s objective of $2 billion in aftermarket revenues by 2025(7).

The company delivered a healthy mix of aircraft this quarter, for a total of 30 deliveries. Backlog(4) reached $14.7 billion as at September 30, 2024, resulting in a unit book-to-bill(5) of 1.0. Overall, the company remains on track to meet its planned delivery guidance for 2024(7).

Operational Efficiency Driving Profitability Increase

Bombardier continued to drive profitable growth in the third quarter of 2024. Adjusted net income(1) increased by $1 million year-over-year, reaching $81 million. Adjusted EPS(2) came in at $0.74 for the third quarter, compared with $0.73 for the same quarter last year. Diluted EPS(3) was $1.09 for the quarter.

Adjusted EBITDA(1) for the third quarter of 2024 reached $307 million, representing growth of 8% year-over-year. Adjusted EBIT(1) totaled $201 million, an increase of 4% year-over-year.

The company recorded free cash flow usage(1) of $127 million for the third quarter, with an investment in inventory of $149 million. Reported cash flow usage from operating activities(3) came in at $81 million, with net additions to PP&E and intangible assets at $46 million.​

Continuing to Strengthen Balance Sheet, Providing Solid Foundation for Future Growth and Deleveraging

Available liquidity(1) as at September 30, 2024 remained solid at $1.2 billion, in line with expectations. Bombardier further improved its liquidity position with an additional $150 million increase to its revolving credit facility, subsequent to quarter end, which now sits at $450 million(6). With this, the company continues to strengthen its balance sheet and position itself favorably for sustained future growth.

“2024 is tracking to be another milestone year for Bombardier. We have achieved more than 60 speed records on our Global 7500 program and the Global 8000 is now entering the production phase in parallel to certification activities,” added Martel. “Our successful showing at NBAA-BACE this past October once again highlighted how Bombardier has set the standard in business aviation and our passionate people continue to push the boundaries of what is possible in our industry. All-in-all, we have delivered meaningful growth in our Services business and continue to deepen relationships with customers, be they individuals, large companies or governments.”

(1) 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 section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the Management Discussion & Analysis for the quarter ended September 30, 2024 (Q3-2024 MD&A) for definitions of these metrics and reconciliations to the most comparable IFRS measures.
(2) Non-GAAP financial ratio. A non-GAAP financial ratio 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 section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the Q3-2024 MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.
(3) Only from continuing operations.
(4) Represents order backlog for both manufacturing and services.
(5) Defined as net new aircraft orders in units over aircraft deliveries in units.
(6) Availability is based on collateral, which may vary from time to time.
(7) Forward-looking statement. See the forward-looking statements disclaimer herein and see the forward-looking statements assumptions on which the 2024 guidance is based in the Corporation’s financial report for the fiscal year ended December 31, 2023.

SELECTED RESULTS

bps: basis points

(1) 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 section entitled Caution regarding non-GAAP and other financial measures section of this press release and the Non-GAAP and other financial measures in the Q3-2024 MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.
(2) Non-GAAP financial ratio. A non-GAAP financial ratio 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 section entitled Caution regarding non-GAAP and other financial measures section of this press release and the Non-GAAP and other financial measures in the Q3-2024 MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.
(3) Supplementary financial measure. Refer to the section entitled Caution regarding Non-GAAP and other financial measures of this press release and the Non-GAAP and other financial measures in the Q3-2024 MD&A for definitions of these metrics.
(4) Only from continuing operations.
(5) Represents order backlog for both manufacturing and services.