Textron Reports First Quarter 2022 Results

Non-GAAP Financial Measures
(Dollars in millions, except per share amounts)

We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures. These non-GAAP financial measures exclude certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures may be useful for period-over-period comparisons of underlying business trends and our ongoing business performance, however, they should be used in conjunction with GAAP measures. Our non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define similarly named measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. We utilize the following definitions for the non-GAAP financial measures included in this release and have provided a reconciliation of the GAAP to non-GAAP amounts for each measure:

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Adjusted net income and adjusted diluted earnings per share exclude special charges, net of tax. We consider items recorded in special charges, such as enterprise-wide restructuring, certain asset impairment charges, and acquisition-related restructuring, integration and transaction costs, to be of a non-recurring nature that is not indicative of ongoing operations. The gain on disposition, net of tax is also excluded as it relates to a disposition in connection with our enterprise-wide restructuring plan, which resulted in the sale of the TRU Simulation + Training Canada Inc. business.

 

Three Months Ended
April 3, 2021

 

 

 

 

Diluted EPS

Net income - GAAP

 

$

171

 

 

 

$

0.75

 

 

Add: Special charges, net of tax

 

 

4

 

 

 

 

0.02

 

 

Less: Gain on business disposition, net of tax

 

 

(15

)

 

 

 

(0.07

)

 

Adjusted net income - Non-GAAP

 

$

160

 

 

 

$

0.70

 

 

 

 

 

 

 

 

 

Manufacturing Cash Flow Before Pension Contributions

Manufacturing cash flow before pension contributions adjusts net cash from operating activities (GAAP) for the following:

  • Deducts capital expenditures and includes proceeds from insurance recoveries and the sale of property, plant and equipment to arrive at the net capital investment required to support ongoing manufacturing operations;
  • Excludes dividends received from Textron Financial Corporation (TFC) and capital contributions to TFC provided under the Support Agreement and debt agreements as these cash flows are not representative of manufacturing operations;
  • Adds back pension contributions as we consider our pension obligations to be debt-like liabilities. Additionally, these contributions can fluctuate significantly from period to period and we believe that they are not representative of cash used by our manufacturing operations during the period.

While we believe this measure provides a focus on cash generated from manufacturing operations, before pension contributions, and may be used as an additional relevant measure of liquidity, it does not necessarily provide the amount available for discretionary expenditures since we have certain non-discretionary obligations that are not deducted from the measure.

 

 

Three Months Ended

 

 

April 2,
2022

April 3,
2021

Net cash from operating activities - GAAP

 

$

225

 

 

 

$

107

 

 

Less: Capital expenditures

 

 

(48

)

 

 

 

(53

)

 

Plus: Total pension contributions

 

 

14

 

 

 

 

17

 

 

Proceeds from sale of property, plant and equipment

 

 

18

 

 

 

 

 

 

Manufacturing cash flow before pension contributions - Non-GAAP

 

$

209

 

 

 

$

71

 

 

 

 

 

 

 

 

 

 

2022 Outlook

Net cash from operating activities - GAAP

 

$

1,057

 

$

1,157

 

Less: Capital expenditures

 

 

(425)

 

 

Add: Total pension contributions

 

 

50

 

 

 

Proceeds from sale of property, plant and equipment

 

 

18

 

 

 

Manufacturing cash flow before pension contributions - Non-GAAP

 

$

700

 

$

800

 

 

 

 

 

 

 


« Previous Page 1 | 2 | 3 | 4  Next Page »
Featured Video
Jobs
Machine Learning Engineer 3D Geometry/ Multi-Modal for Autodesk at San Francisco, California
Senior Principal Software Engineer for Autodesk at San Francisco, California
Principal Engineer for Autodesk at San Francisco, California
Senior Principal Mechanical Engineer for General Dynamics Mission Systems at Canonsburg, Pennsylvania
Business Development Manager for Berntsen International, Inc. at Madison, Wisconsin
Mechanical Manufacturing Engineering Manager for Google at Sunnyvale, California
Upcoming Events
Digital Twins 2024 at the Gaylord National Resort & Convention Center in, MD. National Harbor MD - Dec 9 - 11, 2024
Commercial UAV Expo 2025 at Amsterdam Netherlands - Apr 8 - 10, 2025
Commercial UAV Expo 2025 at RAI Amsterdam Amsterdam Netherlands - Apr 8 - 11, 2025
BI2025 - 13th Annual Building Innovation Conference at Ritz-Carlton Tysons Corner McLean VA - May 19 - 21, 2025



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise