WICHITA, Kan., Feb. 28, 2025 /PRNewswire/ — 

Fourth Quarter 2024

• Revenues of $1.7 billion
• EPS of $(5.38); Adjusted EPS* of $(4.22)
• Money equipped by way of operations of $137 million; Distant coins current* of $91 million

Spirit AeroSystems Holdings, Inc. (NYSE: SPR) (“Spirit,” “Spirit AeroSystems” or the “Company”) reported fourth quarter and full-year 2024 monetary effects.

“As we advance toward the anticipated close of the acquisition by Boeing in mid-2025, we continue to make meaningful progress on several key fronts,” stated Pat Shanahan, President and Important Govt Officer, Spirit AeroSystems. “We’ve made significant strides to improve operations, and our teams are working diligently to develop thoughtful transition plans designed to position us for long-term success. These efforts underscore our commitment to a smooth integration while maintaining focus on delivering value for our customers, employees and stakeholders.”

“We are seeing the results of our process improvement initiatives this quarter with a meaningful increase in both the quality and number of deliveries. Deliveries were up twofold on the 737, 37% on the A220 and 15% on the A350 compared to the prior quarter,” stated Irene Esteves, Govt Vice President and Important Monetary Officer, Spirit AeroSystems. “We believe this progress demonstrates that, with the right customer support, we are able to meet current demands while also investing for future production rate increases.”

Earnings

Spirit’s earnings within the fourth quarter of 2024 diminished from the similar era of 2023, basically because of the affects from the Boeing Memorandum of Guarantee (the “MOA”) performed in October 2023 together with favorable pricing changes at the Boeing 787 program and the reversal of the possible declare linked to the Boeing 737 vertical fin tie fittings factor, partly offset by way of upper Protection and Dimension revenues within the fourth quarter of 2024. General deliveries higher all the way through the fourth quarter of 2024 in comparison to the similar era of 2023, together with upper Boeing 737 deliveries.  

Spirit’s backlog on the finish of the fourth quarter of 2024 was once roughly $47 billion, which incorporates paintings applications on all industrial platforms within the Airbus and Boeing backlog.

Profits

Running loss was once identified within the fourth quarter of 2024, in comparison to working source of revenue in the similar era of 2023. The working source of revenue identified within the fourth quarter of 2023 incorporated the favorable have an effect on of the Boeing MOA performed in October 2023 to the Boeing 787 program, together with favorable exchange in estimates in addition to a subject matter proper legal responsibility legal responsibility reversal.

Overall exchange in estimates within the fourth quarter of 2024 incorporated internet ahead losses of $440 million and detrimental cumulative catch-up changes for classes previous to the fourth quarter of $9 million. Web ahead losses had been principally pushed by way of the Boeing 787, Airbus A220 and Airbus A350 methods of $167 million, $73 million and $64 million, respectively, because of manufacturing efficiency in addition to hard work and provide chain price expansion. Plethora capability prices all the way through the fourth quarter of 2024 had been $54 million. When compared, all the way through the fourth quarter of 2023, because of the favorable have an effect on of the Boeing MOA performed in October 2023, Spirit identified ahead loss reversals of $206 million and subject matter proper legal responsibility legal responsibility reversal of $155 million linked to the Boeing 787 program. Overall adjustments in estimates within the fourth quarter of 2023 incorporated internet ahead loss reversals of $51 million and detrimental cumulative catch-up changes of $55 million. Moreover, plenty capability prices had been $31 million in the similar era of 2023.

Fourth quarter 2024 EPS was once $(5.38), in comparison to $0.66 in the similar era of 2023. Adjusted to exclude the incremental deferred tax asset valuation allowance, fourth quarter 2024 adjusted EPS* was once $(4.22), in comparison to $0.62 within the fourth quarter of 2023, adjusted to exclude the incremental deferred tax asset valuation allowance and pension termination fees.   

Money

Money from operations and isolated coins current* all the way through the fourth quarter of 2024 progressed in comparison to the similar era of 2023, in large part because of upper Boeing 737 deliveries in addition to the timing of operating capital.

Right through the fourth quarter of 2024, the Corporate introduced pledges with each primary consumers, Boeing and Airbus, which equipped coins investment. Boeing correct to handover move bills of as much as $350 million and Airbus correct to handover a non-interest bearing series of credit score as much as $107 million. As of the top of the fourth quarter of 2024, $200 million was once complex from Boeing and $70 million from Airbus. The Corporate’s coins steadiness on the finish of the fourth quarter of 2024 was once $537 million.

Tendencies in 2024 have led to important discounts in projected earnings and coins flows over the upcoming 12 months. Those tendencies come with manufacturing and supply procedure adjustments carried out by way of Boeing, not up to deliberate 737 manufacturing charges and the rarity of value will increase on Airbus methods. Despite the fact that the client advances won in 2024 have equipped very important operational liquidity, there may also be disagree contract that Spirit will have the ability to download backup advances from consumers, pay off fresh advances at the specified due dates, renegotiate the due dates or in a different way download backup liquidity as wanted underneath applicable phrases or in any respect. We will be able to wish to download backup investment to maintain operations, as we predict to proceed producing working losses for the foreseeable day.

Control has evolved a plan designed to beef up liquidity. Those plans are dependent upon many components, together with, amongst alternative issues, the results of lively discussions linked to the timing or quantities of reimbursement for positive buyer advances, attaining forecasted 737 deliveries, the timing and anticipated proceeds won from positive divestitures and the anticipated timing and result of the transactions pondered by way of the merger word with Boeing and the word sheet with Airbus introduced June 30, 2024. Control may be comparing backup methods meant to beef up liquidity to help operations, together with, however no longer restricted to, backup buyer advances and restructuring of operations in an aim to extend potency and short bills. On the other hand, there may also be disagree contract that those plans or methods will sufficiently beef up our liquidity wishes or that we can in a different way notice the expected advantages. Accordingly, considerable hesitation concerning the Corporate’s talent to proceed as a going fear exists.

Pending Boeing Acquisition of Spirit AeroSystems Replace

On June 30, 2024, the Corporate entered into an Guarantee and Plan of Merger with The Boeing Corporate (the “Merger Agreement”). Upon finishing touch of the merger, matter to the phrases and statuses of the merger word, the Corporate would grow to be a unconditionally owned subsidiary of Boeing. The last of the transaction is anticipated to happen in mid-2025, matter to the finishing touch of the divestiture of positive parts of Spirit’s industry linked to the efficiency by way of Spirit and its subsidiaries in their responsibilities underneath their provide agreements with Airbus SE and alternative last statuses, together with receipt of regulatory approvals. In reference to the proposed merger, Spirit and Boeing have every won a request for backup knowledge (“second request”) from the Federal Business Fee as a part of the regulatory evaluation procedure underneath the Juiceless-Scott-Rodino Antitrust Enhancements Office of 1976, as amended (the “HSR Act”).  The second one request extends the ready era imposed by way of the HSR Office till 30 days later Spirit and Boeing have considerably complied with the requests or the ready era is terminated quicker by way of the Federal Business Fee.

Next Occasions

On November 17, 2024, Spirit and its subsidiary Fiber Fabrics Inc. (“FMI”) entered right into a Retain Acquire Guarantee with Tex-Tech Industries, Inc. (“Tex-Tech”) offering for, amongst alternative issues, the purchase by way of Tex-Tech from Spirit of the entire remarkable fairness pursuits in FMI for an combination acquire value of $165 million in coins, matter to specified changes as eager forth within the Retain Acquire Guarantee. The underlying internet property of FMI had been categorised as held on the market as of December 31, 2024. The sale was once finished on January 13, 2025. The Corporate expects to report a acquire on sale all the way through our first quarter of fiscal yr 2025.

On January 22, 2025, the Corporate and Boeing entered into Modification 2 to Memorandum of Guarantee (the “April 2024 MOA Amendment”) amending the events’ April 18, 2024 Memorandum of Guarantee, as up to now amended (the “April 2024 MOA”), by way of, amongst alternative issues (1) changing Article 5 “Repayment” of the April 2024 MOA and offering for the Corporate to pay off to Boeing the $425 million of exceptional advances underneath the April 2024 MOA, as amended (the “Amended April 2024 MOA”), as follows: $75 million on April 1, 2026; $75 million on Might 1, 2026; $75 million on June 1, 2026; $75 million on July 1, 2026; $75 million on August 1, 2026; and $50 million on September 1, 2026 (every of which dates can be a Reimbursement Hour as outlined within the Amended April 2024 MOA); and (2) offering that, within the match that the Merger Guarantee is terminated in keeping with the phrases of the Merger Guarantee, the after remarkable advances underneath the Amended April 2024 MOA will grow to be due and payable in complete on April 1, 2026.

On January 22, 2025, the Corporate and Boeing entered into Modification 2 to the 737 Manufacturing Fee Travel Memorandum of Guarantee dated April 28, 2023 (the “April 2023 MOA Amendment”). The April 2023 MOA Modification amended the events’ Memorandum of Guarantee dated April 28, 2023, as up to now amended (the “April 2023 MOA”), by way of, amongst alternative issues (1) changing Division 4 “Advance” of the April 2023 MOA and offering for Spirit to pay off to Boeing the $180 million of exceptional advances underneath the April 2023 MOA, as amended (the “Amended April 2023 MOA”), as follows: $45 million on October 1, 2026, $45 million on November 1, 2026, $45 million on December 1, 2026 and $45 million on December 1, 2027 (every of which dates can be a Reimbursement Hour as outlined within the Amended April 2023 MOA); and (2) offering that, within the match that the Merger Guarantee is terminated in keeping with its phrases, the after remarkable advances underneath the Amended April 2023 MOA will grow to be due and payable in complete on April 1, 2026.

On January 31, 2025, the Corporate’s shareholders voted to approve the proposed acquisition of Spirit AeroSystems by way of The Boeing Corporate.

On February 14, 2025, the Corporate and its subsidiaries Spirit AeroSystems, Inc. and Spirit AeroSystems North Carolina, Inc. entered into (i) the First Modification to Not on time-Draw Bridge Credit score Guarantee (the “Bridge Credit Agreement Amendment”) with Morgan Stanley Senior Investment, Inc. (“MSSF”), as lender and as administrative agent, with recognize to the Corporate’s Not on time-Draw Bridge Credit score Guarantee, dated as of June 30, 2024 (as in impact previous to such future, the “Prior Bridge Credit Agreement”), with MSSF, as lender, as administrative agent and as collateral agent, and (ii) the 3rd Modification to Time period Mortgage Credit score Guarantee (the “TLB Credit Agreement Amendment” and, at the side of the Bridge Credit score Guarantee Modification, the “Amendments”) with Store of The usa, N.A. (“BofA”), as administrative agent, and the lenders celebration thereto with recognize to the Time period Mortgage Credit score Guarantee, dated as of October 5, 2020 (as amended and in impact previous to such future, the “Prior TLB Credit Agreement,” and every of the Prior TLB Credit score Guarantee and the Prior Bridge Credit score Guarantee a “Prior Credit Agreement”), a number of the Spirit AeroSystems Inc., BofA, as administrative agent and as collateral agent, and the lenders from past to past celebration thereto. Pursuant to the appropriate Modification, every Prior Credit score Guarantee was once amended to take away the requirement that the audit opinion with recognize to the Corporate’s annual monetary statements for the fiscal yr finishing December 31, 2024 no longer be matter to a “going concern” qualification.

Area Effects

Business

Business section earnings within the fourth quarter of 2024 diminished from the similar era of the prior yr, basically because of the Boeing MOA performed in October 2023. Running margin for the fourth quarter of 2024 diminished in comparison to the similar era of 2023, basically pushed by way of the favorable adjustments in estimates recorded within the prior yr because of the October 2023 Boeing MOA. Within the fourth quarter of 2024, exchange in estimates for the section incorporated $410 million of internet ahead losses and $20 million of detrimental cumulative catch-up changes. Moreover, all the way through the fourth quarter of 2024, the Business section incorporated plenty capability prices of $52 million. When compared, all the way through the fourth quarter of 2023, the section identified $64 million of internet ahead loss reversals, $51 million of detrimental cumulative catch-up changes, and plenty capability prices of $30 million.

Protection & Dimension

Protection & Dimension section earnings within the fourth quarter of 2024 higher from the similar era of the prior yr. This build up was once basically because of upper job at the Sikorsky CH-53K and strategic methods. Running margin for the fourth quarter of 2024 diminished in comparison to the similar era of 2023, basically because of upper ahead losses, pushed in large part by way of the KC-135 program, and decrease manufacturing at the KC-46 Tanker program all the way through the quarter, partly offset by way of upper manufacturing actions at the Sikorsky CH-53K program and favorable cumulative catch-up changes, basically linked to strategic program job. The section recorded internet ahead losses of $30 million and favorable cumulative catch-up changes of $11 million. When compared, all the way through the fourth quarter of 2023, the section recorded internet ahead losses of $13 million and detrimental cumulative catch-up changes of $4 million.

Aftermarket

Aftermarket section earnings within the fourth quarter of 2024 higher from the similar era of the prior yr, basically because of upper supplementary phase gross sales. Running margin within the fourth quarter of 2024 diminished in comparison to the fourth quarter of 2023, basically because of gross sales combine.

2024 Monetary Outlook

In sunny of the Merger Guarantee, and in step with normal follow all the way through the pendency of such transactions, Spirit won’t handover steering.

Moreover, because of the Merger Guarantee, disagree convention name might be held along side this let fall. Complete main points of the Corporate’s monetary effects are to be had within the Corporate’s Annual Document on Mode 10-Okay.

Cautionary Remark Referring to Ahead-Having a look Statements
You must learn the dialogue of our monetary situation and result of operations along side the condensed consolidated monetary statements and the notes to the condensed consolidated monetary statements showing within the Corporate’s Annual Document on Mode 10-Okay and the Corporate’s Quarterly Reviews on Mode 10-Q. The clicking let fall might come with “forward-looking statements” that contain many dangers and uncertainties. Ahead-looking statements most often may also be known by way of the significance of forward-looking terminology reminiscent of “aim,” “anticipate,” “believe,” “could,” “continue,” “designed,” “ensure,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “model,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and alternative indistinguishable phrases, or words, or the adverse thereof, except the context calls for in a different way. Those statements are in response to instances as of the future on which the statements are made and so they mirror control’s fresh perspectives with recognize to day occasions and are matter to dangers and uncertainties, each identified and unknown, together with, however no longer restricted to, the ones described within the “Risk Factors” categories of the Corporate’s  Annual Document on Mode 10-Okay for the fiscal yr ended December 31, 2024, filed with the U.S. Securities and Alternate Fee (the “SEC”) (the “2024 Form 10-K”). Our untouched effects might range materially from the ones expected in forward-looking statements. We warning buyers to not playground undue reliance on any forward-looking statements.

Impressive components that might reason untouched effects to vary materially from the ones mirrored in such forward-looking statements and that are supposed to be thought to be in comparing our outlook come with, however aren’t restricted to, please see:

• our talent to proceed as a going fear and fulfill our liquidity wishes, the good fortune of our liquidity enhancement plans, operational and potency tasks, our talent to get entry to the capital and credit score markets (together with because of any contractual boundaries, together with underneath the Guarantee and Plan of Merger (the “Merger Agreement”), dated June 30, 2024, amongst Spirit AeroSystems Holdings, Inc. (“Holdings”), The Boeing Corporate (“Boeing”), and Sphere Acquisition Corp., a wholly-owned subsidiary of Boeing, the results of discussions linked to the timing or quantities of reimbursement for positive buyer advances, and the prices and phrases of any backup financing;
• the ongoing fragility of the worldwide aerospace provide chain together with our dependence on our providers, in addition to the associated fee and availability of uncooked fabrics and acquired elements, together with will increase in power, freight, and alternative uncooked subject matter prices because of inflation or persevered international inflationary pressures;
• our talent and our providers’ talent and willingness to fulfill stringent supply (together with constituent and timeliness) requirements and accommodate adjustments within the assemble charges or fashion mixture of plane underneath present contractual loyalty, together with the power or willingness to group of workers as it should be or deplete capital for fresh manufacturing volumes and expected manufacturing quantity will increase;
• our talent to preserve proceeding, uninterrupted manufacturing at our production amenities and our providers’ amenities;
• our talent, and our providers’ talent, to draw and reserve the professional paintings power essential for manufacturing and building in an especially aggressive marketplace;
• the impact of monetary statuses, together with will increase in rates of interest and inflation, at the call for for our and our consumers’ services and products, at the industries and markets wherein we perform within the U.S. and globally, and at the international aerospace provide chain;
• the overall impact of geopolitical statuses, together with Russia’s invasion of Ukraine and the ensuing sanctions being imposed in keeping with the warfare, together with any industry and delivery restrictions;
• the warfare within the Center East may just have an effect on positive providers’ talent to proceed manufacturing or produce well timed deliveries of provides required to construct and well timed ship our merchandise, and might lead to sanctions being imposed in keeping with the warfare, together with industry and delivery restrictions;
• {our relationships} with the unions representing lots of our workers, together with our talent to effectively negotiate pristine pledges, and keep away from hard work disputes and paintings stoppages with recognize to our union-represented workers;
• the have an effect on of important condition occasions, reminiscent of pandemics, contagions or alternative society condition emergencies (together with the COVID-19 pandemic) or concern of such occasions, at the call for for our and our consumers’ services and products, and at the industries and markets wherein we perform within the U.S. and globally;
• the timing and statuses circumstance the overall international go back to carrier (together with receiving the extra regulatory approvals) of the B737 MAX, day call for for the plane, and any residual affects of the B737 MAX grounding on manufacturing charges for the plane;
• our reliance on Boeing and Airbus SE and its associates for a good portion of our revenues;
• the industry situation and liquidity of our consumers and their talent to fulfill their contractual responsibilities to the Corporate;
• the understanding of our backlog, together with the power of shoppers to block or lengthen orders previous to cargo on brief understand, and the possible have an effect on of regulatory approvals of present and by-product fashions;
• our talent to appropriately estimate and govern efficiency, price, margins, and earnings underneath our agreements, and the potential of backup ahead losses on pristine and maturing methods;
• our accounting estimates for earnings and prices for our agreements and possible adjustments to these estimates;
• our talent to keep growing and diversify our industry, kill our expansion technique, and store substitute methods, together with our talent to go into into winning provide preparations with backup consumers;
• the result of product guaranty or faulty product claims and the have an effect on agreement of such claims can have on our accounting guesses;
• aggressive statuses within the markets wherein we perform, together with in-sourcing by way of industrial aerospace untouched apparatus producers;
• our talent to effectively negotiate, or re-negotiate, day pricing underneath our provide pledges with Boeing, Airbus SE and its associates and alternative consumers;
• the chance that our coins flows is probably not enough for our backup capital wishes;
• any relief in our credit score rankings;
• our talent to keep away from or get better from cyber or alternative safety assaults and alternative operations disruptions;
• legislative or regulatory movements, each home and international, impacting our operations, together with the impact of adjustments in tax regulations and charges and our talent to appropriately calculate and estimate the impact of such adjustments;
• spending by way of the U.S. and alternative governments on protection;
• 401-k plan guesses and day contributions;
• the effectiveness of our inside keep watch over over monetary reporting;
• the result or have an effect on of ongoing or day litigation, arbitration, claims, and regulatory movements or investigations, together with our publicity to possible product legal responsibility and guaranty claims;
• adequacy of our insurance policy;
• our talent to proceed promoting positive receivables via our receivables financing methods;
• our talent to successfully combine contemporary acquisitions, in conjunction with alternative acquisitions we pursue, and generate synergies and alternative price financial savings therefrom, age warding off sudden prices, fees, bills, and opposed adjustments to industry relationships and industry disruptions;
• the hazards of doing industry across the world, together with fluctuations in foreign currency echange trade charges, impositions of price lists or embargoes, industry restrictions, compliance with international regulations, and home and international executive insurance policies; and
• dangers and uncertainties with regards to the proposed acquisition of Spirit by way of Boeing (the “Merger”) pursuant to the Merger Guarantee and the transactions pondered by way of our word sheet with Airbus SE (the “Airbus Business Disposition” and, at the side of the Merger, the “Transactions”), together with, amongst others, the chance that we’re not able to barter and input into definitive pledges with Airbus SE and its associates with recognize to the Airbus Industry Disposition; the imaginable incapability of the events to a Transaction to acquire the desired regulatory approvals for such Transaction and to fulfill the alternative statuses to the last of such Transaction on a well timed foundation or in any respect; the imaginable incidence of occasions that can give be on one?s feet to a proper of a number of of the events to the Merger Guarantee to finish the Merger Guarantee; the danger that we’re not able to consummate the Transactions on a well timed foundation or at inquisitive about any explanation why, together with, with out limitation, failure to acquire the desired regulatory approvals, or failure to fulfill alternative statuses the last of both of the Transactions; the potential of the pendency of the Transactions or any failure to consummate the Transactions to adversely have an effect on the marketplace value of Spirit habitual conserve or our monetary efficiency or industry relationships; dangers with regards to the worth of Boeing habitual conserve to be issued within the Merger; the chance that the expected advantages of the Transactions can’t be learned in complete or in any respect or might pluck longer to comprehend than anticipated; the chance that prices or difficulties linked to the mixing of our operations with the ones of Boeing might be more than anticipated; dangers with regards to important transaction prices; the meant or untouched tax remedy of the Transactions; litigation or alternative criminal or regulatory motion with regards to the Transactions or in a different way with regards to us or alternative events to the Transactions instituted in opposition to us or such alternative events or Spirit’s or such alternative events’ respective administrators and officials and the impact of the result of the sort of litigation or alternative criminal or regulatory motion; dangers related to agreements containing provisions that can be induced by way of the Transactions; possible difficulties in keeping and hiring key body of workers or bobbing up in reference to hard work disputes all the way through the pendency of or following the Transactions; the danger of alternative Transaction-related disruptions to our industry, together with industry plans and operations; the potential of the Transactions to divert the past and a focus of control from ongoing industry operations; the potential of contractual restrictions underneath the pledges with regards to the Transactions to adversely have an effect on our talent to pursue alternative industry alternatives or strategic transactions; and competition’ responses to the Transactions.

Those components aren’t exhaustive, and it isn’t imaginable for us to are expecting all components that might reason untouched effects to vary materially from the ones mirrored in our forward-looking statements. Those components discuss most effective as of the future hereof, and pristine components might emerge or adjustments to the foregoing components might happen that might have an effect on our industry. As with all projection or forecast, those statements are inherently liable to indecision and adjustments in instances. Aside from to the level required by way of regulation, we adopt disagree legal responsibility to, and expressly discard any legal responsibility to, publicly replace or revise any forward-looking statements, whether or not because of pristine knowledge, day occasions, or in a different way. You must evaluation in moderation the category captioned “Risk Factors” within the 2024 Mode 10-Okay for a extra entire dialogue of those and alternative components that can have an effect on our industry.

Appendix
Along with reporting our monetary knowledge the use of U.S. In most cases Authorised Accounting Ideas (GAAP), control believes that positive non-GAAP measures (which can be indicated by way of * on this press let fall) handover buyers with remarkable views into the corporate’s ongoing industry efficiency. The non-GAAP measures we significance on this press let fall are (i) adjusted diluted profits (loss) in step with proportion and (ii) isolated coins current, which can be described additional beneath. The Corporate does no longer intend for the ideas to be thought to be in isolation or as an alternative to the linked GAAP measures. Alternative firms might outline and calculate the measures otherwise than we do, restricting the virtue of the measures for comparability with alternative firms.

Adjusted Diluted Profits (Loss) In keeping with Percentage. To handover backup transparency, now we have disclosed non-GAAP adjusted diluted profits (loss) in step with proportion (Adjusted EPS). This metric excludes numerous pieces that aren’t thought to be to be immediately linked to our working efficiency. Control makes use of Adjusted EPS as a measure of industrial efficiency, and we imagine this knowledge comes in handy in offering period-to-period comparisons of our effects. Probably the most similar GAAP measure is diluted profits (loss) in step with proportion.

Distant Money Wave. Distant Money Wave is outlined as GAAP coins equipped by way of (old in) working actions (additionally referred to herein as “cash from operations”), much less capital expenditures for detail, plant and gear. Control believes Distant Money Wave supplies buyers with an remarkable standpoint at the coins to be had for stockholders, debt repayments together with capital rentals, and acquisitions later making the capital investments required to help ongoing industry operations and long-term worth initiation. Distant Money Wave does no longer constitute the residual coins current to be had for discretionary expenditures because it excludes positive necessary expenditures. Probably the most similar GAAP measure is coins equipped by way of (old in) working actions. Control makes use of Distant Money Wave as a measure to evaluate each industry efficiency and general liquidity.

The tables beneath handover reconciliations between the GAAP and non-GAAP measures.

SOURCE Spirit Aerosystems