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We're Boeing. the Future Is Built Here

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We're Boeing. the Future Is Built Here 2018 Annual Report We’re Boeing. The future is built here. THE BOEING COMPANY Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As the top U.S. exporter, the company supports commercial and government customers in more than 150 countries. Boeing employs more than 150,000 people worldwide and leverages the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth. CONTENTS 1 Operational Highlights 2 Chairman’s Message 5 Executive Council 12 Business Highlights 13 Form 10-K 127 Caution Concerning Forward-Looking Statements 128 Non-GAAP Measures Cover photo: Boeing 129 Selected Programs, MQ-25 unmanned Products and Services aerial refueler (see page 131) 135 Shareholder Information 136 Board of Directors Photo above: Boeing KC-46A tanker 136 Company Officers refueling an F-15E (see page 131) OPERATIONAL HIGHLIGHTS Our purpose and mission is to connect, protect, explore and inspire the world through aerospace innovation. We aspire to be the best in aerospace and an enduring global industrial champion. Achieved record $101.1 billion in revenue from tankers and a second KC-46 tanker for Japan; record commercial airplane deliveries, and higher and selection to modernize the U.S. Navy F/A-18 defense, space and services volume. Super Hornet fleet. Record core operating earnings were $10.7 billion* Achieved Defense, Space and Security milestones, with core earnings per share of $16.01* driven by including the first flights of Apache and Chinook higher volume and strong operating performance. helicopters for the Indian Air Force; the unveiling of the SB>1 DEFIANT helicopter for the U.S. Army; Increased operating cash flow to a record and the announcement that Boeing astronaut $15.3 billion and maintained cash and marketable Chris Ferguson will join the first crewed flight of securities of $8.6 billion, providing strong liquidity. the CST-100 Starliner. Replaced the existing share repurchase program In its first full year of operations, Boeing Global with a $20 billion authorization and increased the Services achieved 17 percent year-over-year quarterly dividend by 20 percent. The dividend has growth; expanded its offerings by acquiring increased more than 180 percent over the past five KLX Aerospace Solutions; won a new contract years; while nearly $28 billion has been invested in for inspections, modifications and repair work on key areas to support sustainable growth. U.S. Navy F/A-18E/F Super Hornets and EA-18G Delivered a record 806 commercial airplanes, Growlers; was awarded a contract to update the including the first 787-10 Dreamliner, 737 MAX 9, U.S. Navy’s P-8A Poseidon training system; and 737-800 Boeing Converted Freighter and BBJ MAX. won a contract to provide crew management solutions to Shenzhen Airlines using Boeing Won 893 net orders for commercial airplanes, AnalytX-powered services. raising the company’s total order backlog to nearly 5,900 airplanes—worth about seven years Strengthened vertical capabilities by opening of production. Boeing Sheffield to produce actuation compo- nents for the 737 and 767 aircraft, forming a joint Booked $36 billion of new Defense, Space and venture with Safran to design auxiliary power Security orders for a backlog of $57 billion, units, and creating an airplane seat joint venture 30 percent of which came from international with Adient. customers. Wins include future franchise opportu- nities with the T-X trainer, MQ-25 unmanned aerial Accelerated innovation with the launch of Boeing refueler and the MH-139 helicopter; contracts for NeXt to leverage research and development 18 aircraft in the fourth production lot of KC-46 expertise in creating future mobility solutions. FINANCIAL HIGHLIGHTS U.S. dollars in millions except per share data 2018 2017 2016 2015 2014 Revenues 101,127 94,005 93,496 96,114 90,762 Earnings from operations 11,987 10,344 6,527 7,443 7,473 Diluted earnings per share 17.85 13.85 7.83 7.44 7.38 Operating margins 11.9% 11.0% 7.0% 7.7% 8.2% Core operating earnings* 10,660 8,906 5,170 7,741 8,860 Core operating margins* 10.5% 9.5% 5.5% 8.1% 9.8% Core earnings per share* 16.01 12.33 6.94 7.72 8.60 Operating cash flow 15,322 13,346 10,496 9,363 8,858 Contractual backlog 462,070 456,984 458,277 476,595 487,092 Total backlog† 490,481 474,640 473,492 489,299 502,391 *Non-GAAP measures. See page 128. †Total backlog includes contractual and unobligated backlog. See page 23 of the Form 10-K. Amounts prior to 2016, along with 2016 Backlog, do not reflect the impact of the adoption in the first quarter of 2018 of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606); ASU No. 2017-07, Compensation–Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost; ASU 2016-18 Statement of Cash Flows (Topic 230) Restricted Cash. See Note 2 to our Consolidated Financial Statements for additional information. 1 TO THE SHAREHOLDERS AND EMPLOYEES OF THE BOEING COMPANY Innovation is at the heart of everything we do—a fact that’s more true now than ever before at Boeing. With a passion for our global customers, we’re developing new ways to connect, protect, explore and inspire the world on a foundation of sustained excellence and leadership. Looking ahead, the best is yet to come and the future is ours to build. Dennis A. Muilenburg Chairman, President and Chief Executive Offi cer 2 A Winning Strategy The aerospace market is strong 737 MAX 9; key program wins with T-X, MQ-25 and and growing. We’ll continue to capture the opportunity the MH-139 helicopter; orders for 893 commercial air- before us by working together as One Boeing, strength- planes across our portfolio; and new business successes, ening what we already do well and driving improvements including services orders totaling approximately as we sharpen and accelerate our pace of progress— $18 billion. This progress is fueled by our people and key tenets of our powerful strategy. Set forth in our Vision, aligned to our strategy. this strategy guides us in pursuit of our bold goals and With employees in 65 countries supporting our products aspiration to be the best in aerospace and an enduring and services and a global supply chain leveraging the global industrial champion. best technologies the world has to offer, we’re focused We aspire to clear a higher bar, achieving world-class on moving faster. Our teams across the globe last year performance in every area of our business when delivered the first airplane from the new 737 Completion compared to leading companies both inside and outside and Delivery Center in Zhoushan, China; opened a our industry. This is important because, increasingly, fabrication factory in Sheffield, U.K.; announced plans to we’re not just competing with aerospace companies; establish a research center in the Republic of Korea; and we’re going head-to-head with hard-charging businesses signed a joint venture agreement to provide sustainment outside our sector in many areas, such as the fierce services for the Kingdom of Saudi Arabia’s fixed- and competition for talent. rotary-wing military aircraft. While we still have work to do in pursuit of our long-term In 2019, we’ll continue to lean forward. That includes goals, I’m proud of the progress we’ve made and the building more efficient and capable airplanes; developing success of our strategy, which is reflected in our strong smarter solutions for our military customers; creating 2018 performance. We booked record 2018 revenue of next-generation space exploration vehicles; and seizing $101 billion, exceeding $100 billion for the first time in a larger share of the services market. company history driven by record commercial aircraft Specifically, we plan to start flight-testing the 777X, deliveries; higher defense, space and security volume; continue exploring prospects for the new mid-market air- and continued growth in services. While we grew our plane, and increase production of the 787 to 14 airplanes top-line, we also generated record earnings and cash, per month and the 737 to 57 airplanes per month. For fueling investments in our people and innovation and the 737 program, we’ll continue to manage the recovery returning value for all our stakeholders. progress within our factory and throughout our supply Our Market Opportunity With a combined market chain, including ensuring production stability and rate opportunity of $8.1 trillion over the next 10 years, Boeing readiness for a smooth transition. In addition, we’ll deliver isn’t a company in search of a market. We’re well posi- more KC-46 tankers; ramp up activities for the T-X and tioned to win and match the growing demand for our MQ-25 programs, including the first flight of the MQ-25; offerings in commercial, defense, space and services. prepare for uncrewed and crewed flight-tests of the CST-100 Starliner; integrate our subsidiaries further and We forecast a need for nearly 43,000 new commercial strengthen our vertical capabilities. airplanes over the next 20 years, effectively doubling the size of today’s global fleet. Our defense portfolio features We’re also sharpening our focus on profitable, long-term proven, world-class platforms to address current needs growth; disciplined execution of our production and and innovative, effective and affordable new franchise development programs; and delivering greater lifecycle programs including the T-X trainer and MQ-25 unmanned value.
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