THE BOEING COMPANY | ||||||||
(Exact name of registrant as specified in its charter) |
Delaware | 1-442 | 91-0425694 | ||||||||||||||||||
(State or other jurisdiction of incorporation or organization) |
(Commission file number) | (I.R.S. Employer Identification No.) |
929 Long Bridge Drive, Arlington, VA |
22202 | |||||||
(Address of principal executive offices) | (Zip Code) |
(703) 465-3500 | ||
(Registrant's telephone number, including area code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $5.00 Par Value | BA | New York Stock Exchange |
Exhibit Number |
Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
THE BOEING COMPANY | ||||||||
(Registrant) | ||||||||
July 31, 2024 | /s/ Michael J. Cleary | |||||||
(Date) | Michael J. Cleary |
|||||||
Senior Vice President and Controller |
Table 1. Summary Financial Results | Second Quarter | First Half | ||||||||||||||||||||||||||||||||||||
(Dollars in Millions, except per share data) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Revenues | $16,866 | $19,751 | (15)% | $33,435 | $37,672 | (11)% | ||||||||||||||||||||||||||||||||
GAAP | ||||||||||||||||||||||||||||||||||||||
Loss from operations |
($1,090) | ($99) | NM | ($1,176) | ($248) | NM | ||||||||||||||||||||||||||||||||
Operating margins | (6.5) | % | (0.5) | % | NM | (3.5) | % | (0.7) | % | NM | ||||||||||||||||||||||||||||
Net loss | ($1,439) | ($149) | NM | ($1,794) | ($574) | NM | ||||||||||||||||||||||||||||||||
Loss per share |
($2.33) | ($0.25) | NM | ($2.90) | ($0.93) | NM | ||||||||||||||||||||||||||||||||
Operating cash flow | ($3,923) | $2,875 | NM | ($7,285) | $2,557 | NM | ||||||||||||||||||||||||||||||||
Non-GAAP* | ||||||||||||||||||||||||||||||||||||||
Core operating loss |
($1,392) | ($390) | NM | ($1,780) | ($830) | NM | ||||||||||||||||||||||||||||||||
Core operating margins | (8.3) | % | (2.0) | % | NM | (5.3) | % | (2.2) | % | NM | ||||||||||||||||||||||||||||
Core loss per share | ($2.90) | ($0.82) | NM | ($4.04) | ($2.08) | NM |
Table 2. Cash Flow |
Second Quarter | First Half | ||||||||||||||||||||||||
(Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Operating cash flow | ($3,923) | $2,875 | ($7,285) | $2,557 | ||||||||||||||||||||||
Less additions to property, plant & equipment | ($404) | ($296) | ($971) | ($764) | ||||||||||||||||||||||
Free cash flow* | ($4,327) | $2,579 | ($8,256) | $1,793 |
Table 3. Cash, Marketable Securities and Debt Balances |
Quarter End | |||||||||||||
(Billions) | Q2 24 | Q1 24 | ||||||||||||
Cash | $10.9 | $6.9 | ||||||||||||
Marketable securities1 |
$1.7 | $0.6 | ||||||||||||
Total | $12.6 | $7.5 | ||||||||||||
Consolidated debt | $57.9 | $47.9 |
Table 4. Commercial Airplanes | Second Quarter | First Half | ||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Deliveries | 92 | 136 | (32)% | 175 | 266 | (34)% | ||||||||||||||||||||||||||||||||
Revenues | $6,003 | $8,840 | (32)% | $10,656 | $15,544 | (31)% | ||||||||||||||||||||||||||||||||
Loss from operations |
($715) | ($383) | NM | ($1,858) | ($998) | NM | ||||||||||||||||||||||||||||||||
Operating margins | (11.9) | % | (4.3) | % | NM | (17.4) | % | (6.4) | % | NM |
Table 5. Defense, Space & Security |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Revenues | $6,021 | $6,167 | (2)% | $12,971 | $12,706 | 2% | ||||||||||||||||||||||||||||||||
Loss from operations | ($913) | ($527) | NM | ($762) | ($739) | NM | ||||||||||||||||||||||||||||||||
Operating margins | (15.2) | % | (8.5) | % | NM | (5.9) | % | (5.8) | % | NM |
Table 6. Global Services |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
Revenues | $4,889 | $4,746 | 3% | $9,934 | $9,466 | 5% | ||||||||||||||||||||||||||||||||
Earnings from operations | $870 | $856 | 2% | $1,786 | $1,703 | 5% | ||||||||||||||||||||||||||||||||
Operating margins | 17.8 | % | 18.0 | % | -0.2 pts | 18.0 | % | 18.0 | % | 0.0 pts |
Table 7. Additional Financial Information |
Second Quarter | First Half | ||||||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Unallocated items, eliminations and other | ($47) | ($2) | ($126) | ($44) | ||||||||||||||||||||||
(Loss)/earnings from operations | ||||||||||||||||||||||||||
Other unallocated items and eliminations | ($634) | ($336) | ($946) | ($796) | ||||||||||||||||||||||
FAS/CAS service cost adjustment | $302 | $291 | $604 | $582 | ||||||||||||||||||||||
Other income, net | $248 | $320 | $525 | $622 | ||||||||||||||||||||||
Interest and debt expense | ($673) | ($621) | ($1,242) | ($1,270) | ||||||||||||||||||||||
Effective tax rate | 5.0 | % | 62.8 | % | 5.2 | % | 35.9 | % |
Investor Relations: | Matt Welch or David Dufault BoeingInvestorRelations@boeing.com |
|||||||
Communications: | Michael Friedman media@boeing.com |
Six months ended June 30 | Three months ended June 30 | ||||||||||||||||||||||
(Dollars in millions, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Sales of products | $26,792 | $31,601 | $13,524 | $16,687 | |||||||||||||||||||
Sales of services | 6,643 | 6,071 | 3,342 | 3,064 | |||||||||||||||||||
Total revenues | 33,435 | 37,672 | 16,866 | 19,751 | |||||||||||||||||||
Cost of products | (24,971) | (28,676) | (12,907) | (15,123) | |||||||||||||||||||
Cost of services | (5,359) | (5,134) | (2,730) | (2,689) | |||||||||||||||||||
Total costs and expenses | (30,330) | (33,810) | (15,637) | (17,812) | |||||||||||||||||||
3,105 | 3,862 | 1,229 | 1,939 | ||||||||||||||||||||
Income from operating investments, net | 74 | 17 | 7 | 44 | |||||||||||||||||||
General and administrative expense | (2,538) | (2,590) | (1,377) | (1,286) | |||||||||||||||||||
Research and development expense, net | (1,822) | (1,538) | (954) | (797) | |||||||||||||||||||
Gain on dispositions, net | 5 | 1 | 5 | 1 | |||||||||||||||||||
Loss from operations |
(1,176) | (248) | (1,090) | (99) | |||||||||||||||||||
Other income, net | 525 | 622 | 248 | 320 | |||||||||||||||||||
Interest and debt expense | (1,242) | (1,270) | (673) | (621) | |||||||||||||||||||
Loss before income taxes | (1,893) | (896) | (1,515) | (400) | |||||||||||||||||||
Income tax benefit | 99 | 322 | 76 | 251 | |||||||||||||||||||
Net loss | (1,794) | (574) | (1,439) | (149) | |||||||||||||||||||
Less: net loss attributable to noncontrolling interest | (12) | (11) | |||||||||||||||||||||
Net loss attributable to Boeing Shareholders | ($1,782) | ($563) | ($1,439) | ($149) | |||||||||||||||||||
Basic loss per share | ($2.90) | ($0.93) | ($2.33) | ($0.25) | |||||||||||||||||||
Diluted loss per share | ($2.90) | ($0.93) | ($2.33) | ($0.25) | |||||||||||||||||||
Weighted average diluted shares (millions) | 614.8 | 603.9 | 616.6 | 605.5 |
(Dollars in millions, except per share data) | June 30 2024 |
December 31 2023 |
|||||||||
Assets | |||||||||||
Cash and cash equivalents | $10,894 | $12,691 | |||||||||
Short-term and other investments | 1,727 | 3,274 | |||||||||
Accounts receivable, net | 3,155 | 2,649 | |||||||||
Unbilled receivables, net | 9,660 | 8,317 | |||||||||
Current portion of financing receivables, net | 60 | 99 | |||||||||
Inventories | 85,661 | 79,741 | |||||||||
Other current assets, net | 3,282 | 2,504 | |||||||||
Total current assets | 114,439 | 109,275 | |||||||||
Financing receivables and operating lease equipment, net | 785 | 860 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $22,640 and $22,245 |
10,976 | 10,661 | |||||||||
Goodwill | 8,108 | 8,093 | |||||||||
Acquired intangible assets, net | 2,067 | 2,094 | |||||||||
Deferred income taxes | 59 | ||||||||||
Investments | 1,026 | 1,035 | |||||||||
Other assets, net of accumulated amortization of $1,001 and $1,046 |
5,319 | 4,935 | |||||||||
Total assets | $142,720 | $137,012 | |||||||||
Liabilities and equity | |||||||||||
Accounts payable | $11,864 | $11,964 | |||||||||
Accrued liabilities | 21,850 | 22,331 | |||||||||
Advances and progress billings | 58,151 | 56,328 | |||||||||
Short-term debt and current portion of long-term debt | 4,765 | 5,204 | |||||||||
Total current liabilities | 96,630 | 95,827 | |||||||||
Deferred income taxes | 291 | 229 | |||||||||
Accrued retiree health care | 2,159 | 2,233 | |||||||||
Accrued pension plan liability, net | 6,248 | 6,516 | |||||||||
Other long-term liabilities | 2,212 | 2,332 | |||||||||
Long-term debt | 53,162 | 47,103 | |||||||||
Total liabilities | 160,702 | 154,240 | |||||||||
Shareholders’ equity: | |||||||||||
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued |
5,061 | 5,061 | |||||||||
Additional paid-in capital | 10,727 | 10,309 | |||||||||
Treasury stock, at cost - 396,730,470 and 402,746,136 shares |
(48,841) | (49,549) | |||||||||
Retained earnings | 25,469 | 27,251 | |||||||||
Accumulated other comprehensive loss | (10,392) | (10,305) | |||||||||
Total shareholders’ deficit | (17,976) | (17,233) | |||||||||
Noncontrolling interests | (6) | 5 | |||||||||
Total equity | (17,982) | (17,228) | |||||||||
Total liabilities and equity | $142,720 | $137,012 |
Six months ended June 30 | |||||||||||
(Dollars in millions) | 2024 | 2023 | |||||||||
Cash flows – operating activities: | |||||||||||
Net loss | ($1,794) | ($574) | |||||||||
Adjustments to reconcile net loss to net cash (used)/provided by operating activities: | |||||||||||
Non-cash items – | |||||||||||
Share-based plans expense | 208 | 381 | |||||||||
Treasury shares issued for 401(k) contribution | 953 | 862 | |||||||||
Depreciation and amortization | 883 | 913 | |||||||||
Investment/asset impairment charges, net | 34 | 12 | |||||||||
Gain on dispositions, net | (5) | (1) | |||||||||
Other charges and credits, net | (34) | 30 | |||||||||
Changes in assets and liabilities – | |||||||||||
Accounts receivable | (522) | (433) | |||||||||
Unbilled receivables | (1,345) | (721) | |||||||||
Advances and progress billings | 1,886 | 2,228 | |||||||||
Inventories | (5,937) | (241) | |||||||||
Other current assets | (320) | 313 | |||||||||
Accounts payable | (222) | 852 | |||||||||
Accrued liabilities | (443) | (399) | |||||||||
Income taxes receivable, payable and deferred | (188) | (424) | |||||||||
Other long-term liabilities | (148) | (180) | |||||||||
Pension and other postretirement plans | (491) | (520) | |||||||||
Financing receivables and operating lease equipment, net | 149 | 419 | |||||||||
Other | 51 | 40 | |||||||||
Net cash used/(provided) by operating activities | (7,285) | 2,557 | |||||||||
Cash flows – investing activities: | |||||||||||
Payments to acquire property, plant and equipment | (971) | (764) | |||||||||
Proceeds from disposals of property, plant and equipment | 30 | 13 | |||||||||
Acquisitions, net of cash acquired | (50) | ||||||||||
Contributions to investments | (1,617) | (9,496) | |||||||||
Proceeds from investments | 3,173 | 5,567 | |||||||||
Supplier notes receivable | (486) | (162) | |||||||||
Purchase of distribution rights | (88) | ||||||||||
Other | (17) | 4 | |||||||||
Net cash used by investing activities |
(26) | (4,838) | |||||||||
Cash flows – financing activities: | |||||||||||
New borrowings | 10,089 | 38 | |||||||||
Debt repayments | (4,481) | (5,123) | |||||||||
Stock options exercised | 44 | ||||||||||
Employee taxes on certain share-based payment arrangements | (67) | (48) | |||||||||
Other | (3) | (4) | |||||||||
Net cash provided/(used) by financing activities | 5,538 | (5,093) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (25) | 2 | |||||||||
Net decrease in cash & cash equivalents, including restricted | (1,798) | (7,372) | |||||||||
Cash & cash equivalents, including restricted, at beginning of year | 12,713 | 14,647 | |||||||||
Cash & cash equivalents, including restricted, at end of period | 10,915 | 7,275 | |||||||||
Less restricted cash & cash equivalents, included in Investments | 21 | 21 | |||||||||
Cash & cash equivalents at end of period | $10,894 | $7,254 |
Six months ended June 30 | Three months ended June 30 | ||||||||||||||||||||||
(Dollars in millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Commercial Airplanes | $10,656 | $15,544 | $6,003 | $8,840 | |||||||||||||||||||
Defense, Space & Security | 12,971 | 12,706 | 6,021 | 6,167 | |||||||||||||||||||
Global Services | 9,934 | 9,466 | 4,889 | 4,746 | |||||||||||||||||||
Unallocated items, eliminations and other | (126) | (44) | (47) | (2) | |||||||||||||||||||
Total revenues | $33,435 | $37,672 | $16,866 | $19,751 | |||||||||||||||||||
Loss from operations: | |||||||||||||||||||||||
Commercial Airplanes | ($1,858) | ($998) | ($715) | ($383) | |||||||||||||||||||
Defense, Space & Security | (762) | (739) | (913) | (527) | |||||||||||||||||||
Global Services | 1,786 | 1,703 | 870 | 856 | |||||||||||||||||||
Segment operating (loss)/earnings |
(834) | (34) | (758) | (54) | |||||||||||||||||||
Unallocated items, eliminations and other | (946) | (796) | (634) | (336) | |||||||||||||||||||
FAS/CAS service cost adjustment | 604 | 582 | 302 | 291 | |||||||||||||||||||
Loss from operations |
(1,176) | (248) | (1,090) | (99) | |||||||||||||||||||
Other income, net | 525 | 622 | 248 | 320 | |||||||||||||||||||
Interest and debt expense | (1,242) | (1,270) | (673) | (621) | |||||||||||||||||||
Loss before income taxes | (1,893) | (896) | (1,515) | (400) | |||||||||||||||||||
Income tax expense |
99 | 322 | 76 | 251 | |||||||||||||||||||
Net loss | (1,794) | (574) | (1,439) | (149) | |||||||||||||||||||
Less: net loss attributable to noncontrolling interest | (12) | (11) | |||||||||||||||||||||
Net loss attributable to Boeing Shareholders | ($1,782) | ($563) | ($1,439) | ($149) | |||||||||||||||||||
Research and development expense, net: | |||||||||||||||||||||||
Commercial Airplanes | $1,073 | $915 | $555 | $471 | |||||||||||||||||||
Defense, Space & Security | 494 | 420 | 259 | 225 | |||||||||||||||||||
Global Services | 67 | 54 | 41 | 28 | |||||||||||||||||||
Other | 188 | 149 | 99 | 73 | |||||||||||||||||||
Total research and development expense, net | $1,822 | $1,538 | $954 | $797 | |||||||||||||||||||
Unallocated items, eliminations and other: | |||||||||||||||||||||||
Share-based plans | $53 | ($38) | $43 | $14 | |||||||||||||||||||
Deferred compensation | (49) | (96) | (19) | (42) | |||||||||||||||||||
Amortization of previously capitalized interest | (46) | (47) | (23) | (24) | |||||||||||||||||||
Research and development expense, net | (188) | (149) | (99) | (73) | |||||||||||||||||||
Eliminations and other unallocated items | (716) | (466) | (536) | (211) | |||||||||||||||||||
Sub-total (included in Core operating loss) |
(946) | (796) | (634) | (336) | |||||||||||||||||||
Pension FAS/CAS service cost adjustment | 460 | 445 | 230 | 222 | |||||||||||||||||||
Postretirement FAS/CAS service cost adjustment | 144 | 137 | 72 | 69 | |||||||||||||||||||
FAS/CAS service cost adjustment | 604 | 582 | $302 | $291 | |||||||||||||||||||
Total | ($342) | ($214) | ($332) | ($45) |
Deliveries | Six months ended June 30 | Three months ended June 30 | ||||||||||||||||||||||||
Commercial Airplanes | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
737 | 137 | 216 | 70 | 103 | ||||||||||||||||||||||
747 | — | 1 | — | — | ||||||||||||||||||||||
767 | 9 | 9 | 6 | 8 | ||||||||||||||||||||||
777 | 7 | 9 | 7 | 5 | ||||||||||||||||||||||
787 | 22 | 31 | 9 | 20 | ||||||||||||||||||||||
Total | 175 | 266 | 92 | 136 | ||||||||||||||||||||||
Defense, Space & Security | ||||||||||||||||||||||||||
AH-64 Apache (New) | 3 | 12 | 3 | 5 | ||||||||||||||||||||||
AH-64 Apache (Remanufactured) | 13 | 29 | 7 | 16 | ||||||||||||||||||||||
CH-47 Chinook (New) | 2 | 7 | 1 | 2 | ||||||||||||||||||||||
CH-47 Chinook (Renewed) | 5 | 4 | 4 | 3 | ||||||||||||||||||||||
F-15 Models | 7 | 6 | 6 | 4 | ||||||||||||||||||||||
F/A-18 Models | 4 | 13 | 3 | 6 | ||||||||||||||||||||||
KC-46 Tanker | 5 | 1 | 2 | — | ||||||||||||||||||||||
P-8 Models | 3 | 5 | 2 | 2 | ||||||||||||||||||||||
Commercial Satellites |
— | 3 | — | — | ||||||||||||||||||||||
Total1 |
42 | 80 | 28 | 38 | ||||||||||||||||||||||
Total backlog (Dollars in millions) |
June 30 2024 |
December 31 2023 |
||||||||||||
Commercial Airplanes | $436,574 | $440,507 | ||||||||||||
Defense, Space & Security | 59,055 | 59,012 | ||||||||||||
Global Services | 19,487 | 19,869 | ||||||||||||
Unallocated items, eliminations and other | 758 | 807 | ||||||||||||
Total backlog | $515,874 | $520,195 | ||||||||||||
Contractual backlog | $495,358 | $497,094 | ||||||||||||
Unobligated backlog | 20,516 | 23,101 | ||||||||||||
Total backlog | $515,874 | $520,195 | ||||||||||||
(Dollars in millions, except per share data) | Second Quarter 2024 | Second Quarter 2023 | ||||||||||||||||||
$ millions | Per Share | $ millions | Per Share | |||||||||||||||||
Revenues | 16,866 | 19,751 | ||||||||||||||||||
Loss from operations (GAAP) |
(1,090) | (99) | ||||||||||||||||||
Operating margins (GAAP) | (6.5) | % | (0.5) | % | ||||||||||||||||
FAS/CAS service cost adjustment: | ||||||||||||||||||||
Pension FAS/CAS service cost adjustment | (230) | (222) | ||||||||||||||||||
Postretirement FAS/CAS service cost adjustment | (72) | (69) | ||||||||||||||||||
FAS/CAS service cost adjustment | (302) | (291) | ||||||||||||||||||
Core operating loss (non-GAAP) |
($1,392) | ($390) | ||||||||||||||||||
Core operating margins (non-GAAP) | (8.3) | % | (2.0) | % | ||||||||||||||||
Diluted loss per share (GAAP) | ($2.33) | ($0.25) | ||||||||||||||||||
Pension FAS/CAS service cost adjustment | ($230) | (0.37) | ($222) | (0.37) | ||||||||||||||||
Postretirement FAS/CAS service cost adjustment | (72) | (0.12) | (69) | (0.11) | ||||||||||||||||
Non-operating pension expense | (122) | (0.20) | (134) | (0.22) | ||||||||||||||||
Non-operating postretirement expense | (19) | (0.03) | (14) | (0.02) | ||||||||||||||||
Provision for deferred income taxes on adjustments 1 |
93 | 0.15 | 92 | 0.15 | ||||||||||||||||
Subtotal of adjustments | ($350) | ($0.57) | ($347) | ($0.57) | ||||||||||||||||
Core loss per share (non-GAAP) | ($2.90) | ($0.82) | ||||||||||||||||||
Weighted average diluted shares (in millions) | 616.6 | 605.5 |
(Dollars in millions, except per share data) | First Half 2024 | First Half 2023 | ||||||||||||||||||
$ millions | Per Share | $ millions | Per Share | |||||||||||||||||
Revenues | 33,435 | 37,672 | ||||||||||||||||||
Loss from operations (GAAP) | (1,176) | (248) | ||||||||||||||||||
Operating margin (GAAP) | (3.5) | % | (0.7) | % | ||||||||||||||||
FAS/CAS service cost adjustment: | ||||||||||||||||||||
Pension FAS/CAS service cost adjustment | (460) | (445) | ||||||||||||||||||
Postretirement FAS/CAS service cost adjustment | (144) | (137) | ||||||||||||||||||
FAS/CAS service cost adjustment | (604) | (582) | ||||||||||||||||||
Core operating loss (non-GAAP) | (1,780) | (830) | ||||||||||||||||||
Core operating margin (non-GAAP) | (5.3) | % | (2.2) | % | ||||||||||||||||
Diluted loss per share (GAAP) | (2.90) | (0.93) | ||||||||||||||||||
Pension FAS/CAS service cost adjustment | (460) | (0.75) | (445) | (0.73) | ||||||||||||||||
Postretirement FAS/CAS service cost adjustment | (144) | (0.23) | (137) | (0.23) | ||||||||||||||||
Non-operating pension expense | (245) | (0.40) | (268) | (0.45) | ||||||||||||||||
Non-operating postretirement expense | (37) | (0.06) | (29) | (0.05) | ||||||||||||||||
Provision for deferred income taxes on adjustments 1 |
186 | 0.30 | 185 | 0.31 | ||||||||||||||||
Subtotal of adjustments | ($700) | ($1.14) | ($694) | ($1.15) | ||||||||||||||||
Core loss per share (non-GAAP) | ($4.04) | ($2.08) | ||||||||||||||||||
Weighted average diluted shares (in millions) | 614.8 | 603.9 |