Q1 2022 Bombardier Inc Earnings Press Conference

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This conference is being recorded.

So it's close to the hospital or did you see.

All participants your meeting is now ready to begin to leave outside that whole stack all shaping that's sort of point to the beauty.

Good morning, ladies and gentlemen, and welcome to <unk> first quarter 2022 Media Conference call. Please be advised that this call is being recorded.

At this time I would like to turn the discussion over to Mr. Mark Mize luck senior director of Communications for Bill back to you.

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Let's switch to that page I'll ask Tony Thank you for joining us today, if there's any information that you need after the call or clarifications with Bombardier Communications team is at your disposal throughout the course of the day. So now I'd like to turn the microphone over for introductory remarks to Mr. Eric Stang, President and CEO of Bombardier.

Oh boy.

Good to see I took that all good morning to you all and thanks for for attending this call that is becoming a regular from quarter to quarter.

I think I'm extremely pleased this morning with the amazing results that the team was able to deliver last quarter.

So this is a pretty great start.

And and and you know back from a solid performance in 'twenty one.

The market.

Remains extremely active so we've seen good pick up of order through the quarter, but also as we have 5000 airplanes flying around the world. We've seen the flight hours of these airplanes.

<unk> doing extremely well overall.

Growth from 20% from two years ago, you know prepaid debit three years ago pre pandemic at 19. So all of this together put us in a great place we grew our backlog by a billion three during.

During the quarter and clearly you know we have the environment of the pre own inventor read it remains at a very low number it's about 3% of the airplane are up for sale.

And you know the one the one thing also that I'm extremely pleased is the fact that you know our plan that we've laid out a year ago that we communicated is delivering quarter after quarter actually we're ahead and we just generated our earnings our earnings EBITDAR, 30% 36.

Send better than a year ago with the same period and this is.

You know not not underlining the fourth quarter for Bombardier of positive free cash flow.

So we are extremely pleased with the result, and the cash flow as it is better by 586 million compared to a year ago. So clearly our plan delivered a resolves we're heading in the right direction, we have a nice tragic to read the words, our business objective of 2025, so without further comment a little bit.

The question.

Yes, Eric.

That's it for me.

Okay.

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The handset don't get thank you. If you have a question. Please press star one on your Touchtone telephone. If you are using a speaker phone. Please lift your handset and that Crescent Starwood should you wish to cancel your question. Please press the pound sign.

Okay.

Please limit yourself to one question and one follow up these stupid with human T. I guess, so even just on Cds.

Our first question is from Allison Lampert from Reuters. Your line is open. Please go ahead.

Thanks, guys.

Eric you talked a bit on the call about the pre owned market. It remains robust of course, but we have heard that brokers are reporting a small uptick in inventory, including for the challenger 300, how do you see it impacting demand for your new airplanes and also on pricing because of 303 years out.

Yeah.

You you you remember that we also launched the 3500 last September so that's imported into context.

The pre owned market.

Especially on the 300 and 350 is even lower than the average markup, it's it's less than 2%.

You know what I've seen days, where there was actually nothing available on the market.

There is a dynamic right now because the price of pre owned is extremely solid we see.

You know some some some some.

The owner that wants to take the opportunity to sell at the higher price their asset, but what's interesting is that within a few days. This is probably the as that being a listed on the Irish side of the pricing. We clearly see these asset disappearing like very quickly we're talking about a few days so the inventor remains.

No.

This is the lowest we've seen for 20 years in this industry and probably even more.

You know, which gives us a nice opportunity here is in Oregon, Alicia as you know we've been building our backlog. So since there is no pre owned available then the demand remains strong people knocking on our door. They love the new 3500 coming up you know we just I'm sure. You are you you took note of that.

Wanda a price on the designing of the interior.

Of this airplane a famous a word the red dot called the Red Dot.

And and and the man on all our product has been exploding since we launched the program in September of last year. So the combination of the inbound to read the market dynamic we've seen nice uptick on pricing we've grown built log about backlog on the product. So we feel pretty strong about where we are.

To the end and clearly the 35 out of it isn't that isn't a very good place and well received.

Thanks, and just a follow up so general dynamics recently, he said the G 700 could flip from three to six months from the plan to keep our target has got potential delay created any opportunities for you guys I'm not sure. If you had any earlier slots available.

But you know clearly our product is shining out there Oh product is performing we already only one that I was any vertical playing in that market segment that we have as you know delivered the one on the airplane. So of course, the daily of our competitor you know when they will start delivering the Arab.

It will be probably somewhere around I don't know 130 to 150 airplanes in service and as you know the the airplane that's been proven itself to be extremely extremely reliable. So you know clearly you know theres other airplanes coming we're not we're very comfortable with the product.

Offering we are you know are still the flagship of the industry and and you know we are in a very strong place so clearly.

No the man on the 7500 remains strong and I don't know if some of the customer had in his attention. It could be one of the reason why they are they are they they may decide to move towards that 7500, but you know despite these daily from our some of our competitor.

We're extremely active and we we do have airplane.

That you know what could be available people understand that you know these airplane needs to be ordered well in advance and we've been growing that backlog in the first quarter and we feel very strong about the the amount on the old product very very strong.

Okay.

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May I see thank you. Our next question is from Nick Van Pratt of the Globe and Mail. Please go ahead.

Good morning.

Good morning, Nick.

Eric in March, Norway, Sovereign wealth fund.

Bart the under observation for two years over ethics concerns because of what it called.

Unacceptable risk because of the country, but the company contributes to corruption.

How are you reassuring investors that you have this under control, but your ethics and compliance systems are.

Good and robust.

Yeah.

It's a pretty good question you know just came out actually you're right. Early this year. This was something that happened actually last year had a little why it took so long to for the for the it used to be released but anyway.

And everything we do today I am extremely extremely confident that you know every transaction in this organization everything we do.

As robust process in place.

Especially in light of all the sanction right now that we have.

Are all facing a we need to be you know with.

Diligent I think this is a test at all processes that all processes are working very well right now to make sure that you know we do business with people that we could do business with so I have to tell you that I'm you know I'm I'm I'm I'm sleeping very well at night over this because we've put in place there is a clear.

Your message in the organization you know that we do not accept any of these behavior in our company and the Guy knows that.

I'm very bullish on this so clearly Ah I think I'm I'm confident you know with everything we do and of course, you know what happened in the past you know it's under investigation, we have nothing more to disclose and we are participating and contributing to those events, but.

You know as far as we have anything material right now to declare a same thing then we were just talking about on the other subject a I guess a what's been what's been in our MD&A is what we can see today, but I feel pretty strong about where we are today on this as a country.

Alright, and then just maybe shifting to another subject last month and Wichita you announced.

The specialized aviation will become bombard J D.

What changes in terms of the strategy of that specific business.

I think this is a business that I clearly said two years ago. When I came back that are we.

We needed and we wanted to grow that capability our product today.

Probably the most amazing product to deliver some of these mission that you know different army in the world are looking for.

You know we have a very capable very capable product with our global platform and our challenge our product platform.

You'd think that 7500, you know flying at 51000 feet. This is the airplanes that fly further arranged and anything else that is in service today, so and and faster than anything else. So those are capabilities and use the equipment. We usually installed on those which is surveillance equipment computer and things like that are becoming smaller.

And smaller they don't need any more of the big.

No a big big airplane to be able to put those equipment as they became smaller and and on top of it with the performance. We can offer it becomes a very.

<unk> attractive solution for those type of mission. So we've grown it we've been successful so far are capturing.

The attention of the different country.

And you know use also leveraged that keep the ability and and and and the amazing people. We have in Wichita engineering capability, but also installing equipment like that and and making modifications to the airplane, where the most well positioned to do that and I thought it was fair to give a.

<unk> mission like this to our our employee in Wichita, which they are extremely happy with so it gives a clear future to this organization and we've been very successful actually you know started last year and it carries on this year actually with picking up momentum right now across the board on the.

Defense business.

Okay. Thanks, I'll circle back with a third question if there's time.

Thank you Sir.

Thank you Nick.

Thank you I'm F C.

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Got it.

Merci beaucoup.

Thank you and we'll see.

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The amount of others, yes, you don't pools of assets, particularly Coleg pistol speak apologies colleagues were running short on time. So we'll limit the last four questions to one question and we'll follow up with anything else that's required.

Certainly as Falcon.

Our next question is from Jon Hemmerdinger from slight go Global your line is open.

Oh, hi, Thank you so much for doing this again.

Wanted to ask well first of all it seems like we are continuing a period of really really strong demand for business Jets.

And I'm wondering if you could look ahead, a little bit and describe to me the factors that may or that could potentially throw this growth off track. We've seen some indicators of Oh, some economic I dunno potential downward trends in the U S and I'm just wondering what are your risk factors for this.

Trend.

Not continuing as it is.

I think if you were thanks for the question. That's a great question. If you were talking about you know pure demand I think that you know inflation's you know what.

And potentially followed by a a downturn could be slowing down to the men.

Again, I think I always like to see that we restructure our business to a you know.

<unk> to be less volatile, meaning that we you know we exited the light market segment for that reason, which is a much more volatile so are we.

<unk> built a company that is strong and profitable even in a weaker environment. So so but the demand could definitely be affected if there is a downturn in the economy.

I think the only other factor that could really change everybody's plan not just Bombardier if there is a a war in Russia and Ukraine.

Becoming a probably a bigger no conflict.

So that's clearly one of our that we are all monitoring are probably in every every businesses. These days. So this could of course change the way forward, but other than this one that could have an impact we feel pretty comfortable about our ability to get through you know a slowdown of the economy.

I mean, our.

Mainly due to the the great quality backlog that we've built and are in the our ability to react also a timely.

Thank you very much.

Thank you Sir.

Thank you I'm F C.

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Eric Ludwig the buying cycles. If I guess you are in that program are spread out amongst a lot of these shows are albeit a school tayloe ER on the oney cough yellow to cobalt and the belt, we sample the seaport Polish throughput against us.

Let's see.

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Yes.

Yes, Paul.

But I can only leave me sounds the same pool are coming down you have to sell so colleagues will cut the closing remarks to accommodate one last question.

[noise] messy. Thank you. The next question is from Kurt <unk> from Aviation International News. Please go ahead. Your line is open.

Thank you very much Hello, Hello, Mark.

Just a question so I'm looking here at the delivery charge last year. If you have five fewer deliveries in the first quarter than you did last year and then any color on previously Bart said that the second and third quarters are going to be static.

So that means you're going to have to have some big ramp up in the fourth quarter to exceed your all your totals from last year about what sort of a ramp up do you expect that to be in is that surely based on the online of the 3500.

Yeah. So thanks for the question just to reassure you. This is exactly in line, we actually at the at the last earnings call. You know mentioned that Q1 was gonna be lighter and one of the reason is that we are transitioning between you know our challenge with with 50 towards our challenge with 2500, which we're gonna be.

We're going to deliver in September , which is going to ramp up and deliver more airplanes in Q3 and Q4, So that's where you're going to see that that effect. So you're right. We guided for more than one 'twenty, we delivered a 20.

<unk> 21 in Q1, meaning that there is greater than 90 99 airplane to deliver for the remaining of the year you can average it to 33, but we said last next month's so there'll be a bit of a catch up to do for us in Q3, and Q4, but we are very comfortable and in a good position with our supply chain and a different program to be able to achieve.

Is that.

Thank you Eric and thank you Kurt two months when I didn't Miss but I suspect you know my colleague and extra stuff I hope you've seen Cecil County pool. So he made that knowledge Spaniard to guess your own kombucha. It sounds like the D. C. I just won't misuse them searching bundle knee. So thank you everybody for joining us for those who still have questions or data to clarify Mike.

And Christopher own T cells to cleanup approval are available immediately and we're happy to help answer any questions throughout the course of the day. So thank you all again Mexico.

Like I'll say I'll say make not how many are you stupid right, especially about funding mix a function of socially.

Thank you. The conference has now ended please disconnect your lines at this time and we thank you for your participation.

Yeah.

I hang up calls as I said all of them.