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Bombardier Announces Construction of New Global Manufacturing Centre in Mississauga is on Track, Reiterates Sustainment of 2,000 Jobs and Commitment to Aerospace Community in Ontario

  • Set for completion in 2023, the new world–class facility for final assembly of Global aircraft will exemplify Bombardier's commitment to sustainability
  • Environmentally responsible features will reduce energy consumption by almost 60% and will lower greenhouse gas emissions by more than half
  • The state–of–the–art facility at Toronto Pearson International Airport represents a private investment of approximately $400M USD by Bombardier and will provide continued employment to the 2,000 highly skilled Bombardier employees currently working at Bombardier's existing Downsview facility
  • Bombardier reiterates continued involvement in the aerospace cluster through active engagement in the Downsview Aerospace Innovation & Research (DAIR) consortium and other initiatives

MISSISSAUGA, Ontario, Nov. 02, 2021 (GLOBE NEWSWIRE) — Bombardier provided further details on the construction of its new, state–of–the–art facility at the Toronto Pearson International Airport that will optimize final assembly operations for its family of Global business jets, including the industry flagship Global 7500 aircraft. In an event attended by Bonnie Crombie, Mayor of the City of Mississauga, Deborah Flint, President and CEO of the Greater Toronto Airports Authority, Jerry Dias, National President at Unifor, and several other key representatives of the Greater Toronto aerospace community, the company reiterated its commitment to continue the momentum of its presence in Ontario.

On track for completion in 2023, the facility will provide a new home to the Global Manufacturing Centre, currently located in nearby Downsview, ON. The move, which represents a private investment by Bombardier of approximately $400 million USD, will provide continued employment to the 2,000 employees currently working at Bombardier's Downsview facility.

"We came here today to show you first–hand that construction of our new Global Manufacturing Centre of Excellence is advancing as planned," said ric Martel, President and Chief Executive Officer, Bombardier. "We are extremely proud of the people who have been producing our best–in–class business jets for decades here in Ontario, and with the rising demand for large–cabin, long–range aircraft, we are looking forward to providing our teams with a new, state–of–the–art work environment," he added.

The Downsview plant was built in the 1960s, and the transition to the new, 770 000 sq. ft. facility at Pearson Airport in Mississauga will significantly reduce Bombardier's industrial and environmental footprint in the area. The company is embracing the opportunity to incorporate as many environmentally responsible features as possible. Energy consumption will be reduced by just under 60% by focussing on natural and more efficient lighting elements, and newer heating methods and updated processing systems will lower greenhouse gas emissions by more than half. Considerably less water will be used in the manufacturing process thanks to the modifications implemented in the processing shop workflow. In parallel, electric vehicles will be favoured for onsite transportation and three Sustainable Aviation Fuel (SAF) tanks will provide fuel for departing aircraft.

During the event, Bombardier also confirmed it will remain active in creating educational and job opportunities for future generations of aerospace talent in the Greater Toronto Area, particularly through its continued involvement in the DAIR consortium. The consortium, which the company cofounded with Centennial College, drives local collaborative research and development to help small and medium aerospace hub businesses scale up. "It is our continuing strategy to further support local innovation, harness the ingenuity of future aerospace professionals and enrich our local supply chain. Our involvement with DAIR enables us to realize this vision and it is one that we value greatly," said ric Martel.

Martel also emphasized the importance of local partnerships in facilitating the successful transition to a new production site. "I want to thank the City of Mississauga and the Regional Municipality of Peel, as well as our partners at the Greater Toronto Airports Authority for making us feel truly welcome in our future new home here in Mississauga."

"I'm so proud that Bombardier, one of the world's most innovative aviation companies, has chosen to make this very significant investment in Mississauga," said Mississauga Mayor Bonnie Crombie. "By opening its new Global Manufacturing Centre of Excellence in our city, Bombardier will strengthen our world–class aviation sector by continuing its relationship with Mississauga–based companies that provide leading–edge capabilities to support Bombardier's family of Global business jets. I look forward to working with Bombardier and Pearson to find new ways to bring more aerospace investment to Mississauga"

"Toronto Pearson has a vision to be the airport of the future "" from our approach to health and safety through our globally recognized Healthy Airport program to creating a more modernized airport experience," said Deborah Flint, President and CEO, GTAA. "And part of being the airport of the future means building partnerships that confer greater economic and social opportunities on the communities we serve. Bombardier's focus on innovation and connection is a perfect fit for Toronto Pearson as we build back a better, more resilient, more innovative aviation and aerospace sector right here in Mississauga."

“Unifor aerospace members' skills are virtually unmatched and the aircraft they build are unrivaled in their class,” said Jerry Dias, Unifor National President. “The new production facility will help secure advanced manufacturing jobs for the long term and will be a proud new home for highly–skilled Bombardier workers for generations to come.”

"Ledcor is proud to be building Bombardier's new state–of–the–art manufacturing facility at Toronto Pearson International Airport," said Ray Lawrence, Vice President, Ontario, Ledcor Construction. "We are excited to work with the project and design team to achieve Bombardier's sustainability and energy efficiency targets."

About Bombardier
Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of over 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.
Visit the Bombardier Business Aircraft website for more information on our industry–leading products and services.

Bombardier, Global and Global 7500 are registered or unregistered trademarks of Bombardier Inc. or its subsidiaries.

For information
Tinca Stokojnik Prouvost
Communications
Bombardier
514–855–5001, ext. 51674


GLOBENEWSWIRE (Distribution ID 8384773)

Bombardier reports its third quarter 2021 results, demonstrates solid execution and strong cash flow performance

  • Business aircraft revenues of $1.4 billion, up 17% year–over–year, mainly driven by an improved delivery mix and continued strong aftermarket recovery as overall fleet flight hours surpass 2019 levels.

  • Adjusted EBITDA(1) of $142 million (9.8% adjusted EBITDA margin(1)), representing a year–over–year improvement of $58 million or 69% reflecting continued progress on the Global 7500 aircraft's learning curve, cost structure improvements and an improved delivery mix. Reported EBIT from continuing operations for the quarter was $48 million.

  • Strong free cash flow(1) generation of $100 million from continuing operations, representing an improvement of $747 million year–over–year. Reported cash flows from operating activities "" continuing operations for the quarter was $156 million and net additions to PP&E and intangible assets "" continuing operations for the quarter were $56 million.

  • Third quarter unit book–to–bill(2) of ~1.7 and increased backlog by ~$500 million to $11.2 billion on account of continued strong order momentum.

  • Major milestone in deleveraging plan achieved with the redemption of debt maturities to December 2024, representing a total debt reduction of ~$3 billion since the beginning of 2021.
    Pro–forma liquidity(3) remains strong at $1.9 billion.

All amounts in this press release are in U.S. dollars unless otherwise indicated.
Amounts in tables are in millions, unless otherwise indicated.

MONTREAL, Oct. 28, 2021 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) announced today its financial results for the third quarter of 2021. The company is pleased with continued execution on its strategic initiatives, cash flow generation and order momentum driving the financial results of the quarter. Bombardier also highlighted that during the third quarter, the company redeemed debt maturities through December 2024, a major milestone in its deleveraging plan.

"The Bombardier team once again delivered a solid quarter, a confirmation that this year is shaping up to be significantly better than the last," said ric Martel, President and Chief Executive Officer, Bombardier. "Our unit book–to–bill ratio remains very healthy, contributing to a significant increase to our backlog. This momentum has also translated to a solid increase in profitability, with adjusted EBITDA margin approaching 10% this quarter."

"We are delivering consistently on what we set out to do, especially when it comes to deleveraging the balance sheet. Thanks to the hard work of our outstanding team, we cleared the debt maturity runway on plan," added Martel. "As a fantastic finale to the quarter and at a great moment in time for our industry, we launched our new Challenger 3500 jet last month. The extremely positive reception and strong first orders for the new aircraft are clear evidence that we were able to bring significant value to customers through measured and disciplined investments."

Third Quarter 2021 Financial Performance

Business jet revenues of $1.4 billion are up 17% year–over–year, propelled mainly by an improved delivery mix, with higher deliveries of large aircraft. The company has also seen an increase of revenues by $76 million from business aircraft services. This is mainly due to increased fleet flight hours having now surpassed 2019 levels, a clear signal that the industry is on a strong recovery path from the global shock caused by the COVID–19 pandemic. Confidence levels within the industry are at a new all–time high, indicative of the rising vaccination levels and eased travel restrictions. In the U.S., business jet utilization increased by 42.5%, year–over–year for the first eight months of the year. In Europe, business jet utilization increased by 27.1% year–over–year in the first nine months of the year.

Bombardier reported an adjusted EBITDA of $142 million, representing a year–over–year improvement of $58 million or 69%. The company attributes this to an improved aircraft mix, continued progress on Global 7500 aircraft learning curve, and cost structure improvements. Reported EBIT from continuing operations for the quarter was $48 million.

For the second consecutive quarter, the company is seeing an improved free cash flow (FCF) generation. FCF of $100 million from continuing operations represents an improvement of $747 million year–over–year. The positive result is mainly due to stronger order intake and better payment terms on new orders. Reported cash flows from operating activities "" continuing operations for the quarter was $156 million, and net additions to PP&E and intangible assets "" continuing operations for the quarter were $56 million.

Major Milestone Achieved with the Clearing of Debt Maturities Through December 2024

The Corporation reported a total debt reduction of approximately $3 billion since the beginning of 2021, and cleared, through redemption or refinancing, debt maturities through December 2024. This represents a major milestone in one of Bombardier's key priorities this year, as it creates a runway to focus on its operations and stabilizes the need for liquidity. Pro–forma liquidity remains strong at $1.9 billion.

Successful launch of the Challenger 3500

As the third quarter wrapped up, the company introduced a major update to its bestselling Challenger 350 platform, the Challenger 3500. The new aircraft represents a culmination of a period of important product development that saw Bombardier introduce innovative technologies and industry–leading new products and services.

With a redesigned interior that includes Bombardier's patented Nuage seat as part of the aircraft's standard configuration and the industry's first voice–controlled cabin, the new Challenger 3500 further elevates the cabin experience to meet the increasing customer expectations. The enthusiastic welcome that the mock–up of the aircraft received at the first post–pandemic National Business Aviation Association event earlier this month is a first confirmation of this, as is a 20 aircraft firm order announced in the third quarter.

Flight testing and certification activities for the Challenger 3500 is progressing on schedule for an expected entry into service in the second half of 2022.

SELECTED RESULTS
Results of the Quarter
Three–month periods ended September 30 2021 2020 Variance
restated(4)
Revenues(5) $ 1,449 $ 1,405 3 %
Adjusted EBITDA(5) $ 142 $ 84 69 %
Adjusted EBITDA margin(5) 9.8 % 6.0 % 380 bps
Adjusted EBIT(1)(5) $ 49 $ (11 ) nmf
Adjusted EBIT margin(1) (5) 3.4 % (0.8 ) % 420 bps
EBIT(5) $ 48 $ (29 ) nmf
EBIT margin(5) 3.3 % (2.1 ) % 540 bps
Net loss from continuing operations $ (376 ) $ (24 ) (1,467 ) %
Net income (loss) from discontinued operations $ (1 ) $ 216 nmf
Net income (loss) $ (377 ) $ 192 nmf
Diluted EPS from continuing operations (in dollars) $ (0.16 ) $ (0.01 ) $ (0.15 )
Diluted EPS from discontinued operations (in dollars) $ "" $ 0.06 $ (0.06 )
$ (0.16 ) $ 0.05 $ (0.21 )
Adjusted net loss(1) (5) $ (95 ) $ (210 ) 55 %
Adjusted EPS (in dollars) (1) (5) $ (0.04 ) $ (0.09 ) $ 0.05
Cash flows from operating activities
Continuing operations $ 156 $ (611 ) nmf
Discontinued operations $ "" $ (33 ) 100 %
$ 156 $ (644 ) nmf
Net additions to PP&E and intangible assets
Continuing operations $ 56 $ 36 56 %
Discontinued operations $ "" $ 26 (100 ) %
$ 56 $ 62 (10 ) %
Free cash flow (usage)
Continuing operations $ 100 $ (647 ) nmf
Discontinued operations $ "" $ (59 ) 100 %
$ 100 $ (706 ) nmf
As at September 30, 2021
 December 31, 2020 Variance
Cash and cash equivalents excluding Transportation $ 1,380 $ 1,779 (22 ) %
Cash and cash equivalents from Transportation $ "" $ 671 (100 ) %
$ 1,380 $ 2,450 (44 ) %
Available short–term capital resources(6) $ 1,380 $ 3,203 (57 ) %
Aviation order backlog (in billions of dollars)
Business aircraft(7) $ 11.2 $ 10.7 5 %

About Bombardier

Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of over 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Visit the Bombardier Business Aircraft website for more information on our industry–leading products and services.

Bombardier, Global, Global 7500, Challenger, Challenger 350 and Challenger 3500 are trademarks of Bombardier Inc. or its subsidiaries.

For Information

Francis Richer de La Flche Anna Cristofaro
Vice President, Financial Planning and Investor Relations Manager, Communications
Bombardier Bombardier
+1 514 855 5001 x13228 +1 514 855 8678

The Management's Discussion and Analysis and the Interim Consolidated Financial Statements are available at ir.bombardier.com.

bps: basis points
nmf: information not meaningful
(1) Non–GAAP financial measures. Refer to the Non–GAAP financial measures section in Overview for definitions of these metrics and to the Analysis of consolidated results section and Liquidity and capital resources section in Overview for reconciliations to the most comparable IFRS measures.
(2) Defined as net new aircraft orders in units over aircraft deliveries in units.
(3) Non–GAAP measures. Pro–forma liquidity is defined as cash and cash equivalents as at September 30, 2021 of $1.4 billion plus $0.5 billion of short–term restricted cash as collateral for bank guarantees.
(4) Restated for the sale of Transportation, refer to Note 17 "" Disposal of business to our Interim consolidated financial statements for more details.
(5) Includes continuing operations only.
(6) Defined as cash and cash equivalents as at September 30, 2021; defined as cash and cash equivalents including cash and cash equivalents from Transportation plus the undrawn amounts under Transportation's revolving credit facility and our senior secured term loan as at
December 31, 2020.
(7) Includes order backlog for both manufacturing and services.

CAUTION REGARDING NON–GAAP FINANCIAL MEASURES

This press release is based on reported earnings in accordance with IFRS and on the following non–GAAP financial measures:

Non–GAAP financial measures
Adjusted EBIT EBIT excluding special items. Special items comprise items which do not reflect the Corporation's core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation's results for the period. Such items include, among others, the impact of restructuring charges, impact of business disposals and significant impairment charges and reversals.
Adjusted EBITDA Adjusted EBIT plus amortization and impairment charges on PP&E and intangible assets.
Adjusted net income (loss) Net income (loss) excluding special items, accretion on net retirement benefit obligations, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L and the related tax impacts of these items.
Adjusted EPS EPS calculated based on adjusted net income attributable to equity holders of Bombardier Inc., using the treasury stock method, giving effect to the exercise of all dilutive elements.
Free cash flow (usage) Cash flows from operating activities less net additions to PP&E and intangible assets.

Non–GAAP financial measures are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS. The exclusion of certain items from non–GAAP performance measures does not imply that these items are necessarily non–recurring. Other entities in our industry may define the above measures differently than we do. In those cases, it may be difficult to compare the performance of those entities to ours based on these similarly–named non–GAAP measures.

Adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS

Management uses adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS for purposes of evaluating underlying business performance. Management believes these non–GAAP earnings measures in addition to IFRS measures provide users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS exclude items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on these financial measures. Management believes these measures help users of MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Free cash flow (usage)

Free cash flow is defined as cash flows from operating activities less net additions to PP&E and intangible assets. Management believes that this non–GAAP cash flow measure provides investors with an important perspective on the Corporation's generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long–term value creation. This non–GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity generation.

Reconciliations of non–GAAP financial measures to the most comparable IFRS financial measures are provided in the table hereafter, except for the following reconciliations:

  • adjusted EBIT to EBIT "" see the Consolidated results of operations section; and
  • free cash flow usage to cash flows from operating activities "" see the Free cash flow usage table in the Liquidity and capital resources section.
Reconciliation of adjusted EBITDA to EBIT(1)
Three–month periods
ended September 30
 Nine–month periods
ended September 30
2021
 2020 2021
 2020
EBIT $ 48 $ (29 ) $ 103 $ 479
Amortization 93 95 298 247
Impairment charges on PP&E(2) "" 6 3 25
Special items excluding impairment charges
on PP&E(2)		 1 12 4 (550 )
Adjusted EBITDA $ 142 $ 84 $ 408 $ 201

(1) Includes continuing operations only.
(2) Refer to the Consolidated results of operations section for details regarding special items.

FORWARD–LOOKING STATEMENTS

This press release includes forward–looking statements, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of an industry; customer value; expected demand for products and services; growth strategy; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry–into–service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, available liquidities and capital resources, expected financial requirements, and ongoing review of strategic and financial alternatives; the introduction of, productivity enhancements, operational efficiencies, cost reduction and restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the anticipated business transition to growth cycle and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; expectations regarding availability of government assistance programs, compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; and the impact of the COVID–19 pandemic on the foregoing and the effectiveness of plans and measures we have implemented in response thereto; and expectations regarding the strength of the market and economic recovery in the aftermath of the COVID–19 pandemic. As it relates to the sale of the Transportation business to Alstom, this press release also contains forward–looking statements with respect to the benefits of such transaction, the use of the proceeds derived from the transaction and its impact on our outlook, guidance and targets, operations, infrastructure, opportunities, financial condition, business plan and overall strategy.

Forward–looking statements can generally be identified by the use of forward–looking terminology such as "may", "will", "shall", "can", "expect", "estimate", "intend", "anticipate", "plan", "foresee", "believe", "continue", "maintain" or "align", the negative of these terms, variations of them or similar terminology. Forward–looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

By their nature, forward–looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward–looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward–looking statements made in this press release include the following material assumptions: the deployment of the proceeds from the sale of the Transportation business to Alstom on terms allowing the Corporation, when combined with other financing sources and free cash flow generation, to repay or otherwise manage its financial obligations for the next three years; growth of the business aviation market and increase of the Corporation's share of such market; proper identification of recurring cost savings and executing on our cost reduction plan; optimization of our real estate portfolio, including through the sale or other transaction in respect of real estate assets on favorable terms; and access to working capital facilities on market terms. For additional information, including with respect to other assumptions underlying the forward–looking statements made in this press release, refer to the Forward–looking statements "" Assumptions section in the MD&A of our financial report for the fiscal year ended December 31, 2020. Given the impact of the changing circumstances surrounding the COVID–19 pandemic and the related response from the Corporation, governments (federal, provincial and municipal), regulatory authorities, businesses, suppliers, customers, counterparties and third–party service providers, there is inherently more uncertainty associated with the Corporation's assumptions as compared to prior years.

Certain factors that could cause actual results to differ materially from those anticipated in the forward–looking statements include, but are not limited to, risks associated with general economic conditions, risks associated with our business environment (such as risks associated with the financial condition of business aircraft customers; trade policy; increased competition; political instability and force majeure events or global climate change), operational risks (such as risks related to developing new products and services; development of new business ; order backlog; the transition to a pure–play business aviation company; the certification of products and services; the execution of orders; pressures on cash flows and capital expenditures based on seasonality and cyclicality; execution of our strategy, productivity enhancements, operational efficiencies, restructuring and cost reduction initiatives; doing business with partners; product performance warranty and casualty claim losses; regulatory and legal proceedings; environmental, health and safety risks; dependence on certain customers, contracts and suppliers; supply chain risks; human resources; reliance on information systems; reliance on and protection of intellectual property rights; reputation risks; risk management; tax matters; and adequacy of insurance coverage), financing risks (such as risks related to liquidity and access to capital markets; retirement benefit plan risk; exposure to credit risk; substantial debt and interest payment requirements; restrictive debt covenants; reliance on debt management and interest cost reduction strategies; and reliance on government support), market risks (such as foreign currency fluctuations; changing interest rates; increases in commodity prices; and inflation rate fluctuations). For more details, see the Risks and uncertainties section in Other in the MD&A of our financial report for the fiscal year ended December 31, 2020. Any one or more of the foregoing factors may be exacerbated by the ongoing COVID–19 outbreak and may have a significantly more severe impact on the Corporation's business, results of operations and financial condition than in the absence of such outbreak. As a result of the current COVID–19 pandemic, additional factors that could cause actual results to differ materially from those anticipated in the forward–looking statements include, but are not limited to: risks related to the impact and effects of the COVID–19 pandemic on economic conditions and financial markets and the resulting impact on our business, operations, capital resources, liquidity, financial condition, margins, prospects and results; uncertainty regarding the magnitude and length of economic disruption as a result of the COVID–19 outbreak and the resulting effects on the demand environment for our products and services; uncertainty regarding market and economic recovery in the aftermath of the COVID–19 pandemic; emergency measures and restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions; disruptions to global supply chain, customers, workforce, counterparties and third–party service providers; further disruptions to operations, orders and deliveries; technology, privacy, cyber security and reputational risks; and other unforeseen adverse events.

Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward–looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward–looking statements. The forward–looking statements set forth herein reflect management's expectations as at the date of this report and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward–looking statements, whether as a result of new information, future events or otherwise. The forward–looking statements contained in this press release are expressly qualified by this cautionary statement.


GLOBENEWSWIRE (Distribution ID 8381754)

Bombardier to Report Third Quarter 2021 Financial Results on October 28, 2021

MONTRÉAL, Oct. 21, 2021 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) will publish its financial results for the third quarter ended September 30, 2021, on October 28, 2021.

On October 28, 2021, at 8:00 a.m., EST, Bombardier will hold a webcast/conference call intended for investors and financial analysts to review the company's financial results for the third quarter September 30, 2021.

A live webcast of the call and relevant financial charts will be available at ir.bombardier.com.

Stakeholders wishing to listen to the presentation and the question–and–answer period by telephone may dial one of the following conference call numbers:

In English: 514–392–1587, passcode: 4225431# or
1–877–395–0279, passcode: 4225431# (toll–free in North America)
Overseas calls: 800 4222 8835, code 4225431#
Look up country phone number
In French: (with translation) 514–861–1381, passcode: 5075227# or
1–877–695–6175, passcode: 5075227# (toll–free in North America)
Overseas calls: +800 4222 8835, passcode 5075227#
Look up country phone number

The replay of this call will be available on Bombardier's website shortly after the end of the webcast.

About Bombardier
Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of more than 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier. Visit the Bombardier Business Aircraft website for more information on our industry–leading products and services.

Bombardier is a trademark of Bombardier Inc.

For Information

Tinca Stokojnik Prouvost
Communications
Bombardier
T: 514–855–5001, ext. 51674


GLOBENEWSWIRE (Distribution ID 8377942)

Bombardier Expands Customer Offerings at Dallas Service Centre with New Interior Repair and Refurbishment Capabilities

  • Bombardier to offer customers full spectrum of services from touch–ups to full cabin refurbishments
  • With continued high demand for OEM services in the region, enhancements will further support customers in the U.S. and Latin America
  • Enhanced capability is the latest addition to Bombardier's expanding customer service network, which is growing its footprint by 50%

MONTRÉAL, Sept. 22, 2021 (GLOBE NEWSWIRE) — Bombardier is pleased to announce the enhancement of its interior repair and refurbishment activities at its service centre in Dallas, Texas, providing customers with even more maintenance and support capabilities.

Bombardier will collaborate with Global Engineering & Technology, Inc. (GETI), a market–leader in aircraft furnishings since 1991, to offer customers the industry's highest quality of enhanced interior services and support at the Dallas Service Centre. Built on a long–standing relationship between the two companies, the collaboration with Wichita–based GETI will benefit from the supplier already being well–versed with Bombardier business jets at Bombardier's service centre in Wichita, Kansas.

Customers at the Dallas Service Centre will have access to enhanced interior repair and refurbishment services for their aircraft flooring, cabinetry, seats, and upholstery on various aircraft platforms. The award–winning Bombardier Service Centre in Dallas consistently delivers a world–class customer experience through its highly skilled maintenance technicians, dedicated support staff and pursuit of service excellence through continuous learning and training opportunities for its various service teams.

"We are delighted to offer our customers even more options for OEM–backed interior repair and refurbishment at our world–class facility in Dallas," said Christopher Debergh, Vice President, OEM Parts and Services. "The enhancement of these services is a testament of our commitment to continue to meet growing customer demand with high–quality products and offerings that exceed expectations."

The additional interior capabilities build on Bombardier's series of announcements regarding enhancements to its worldwide customer service network. These announcements include the expansion of Bombardier's service centre network in Berlin, Miami, London–Biggin Hill, Singapore and the new service centre under construction in Melbourne, Australia. Additionally, new Line Maintenance Stations are open to customers at strategic locations in the U.S. and Europe, along with 30 Customer Response Team mobile units worldwide, all equipped to support Bombardier's world–class Learjet, Challenger and Global business jets. Bombardier is currently expanding its service centre footprint worldwide and well on its way to growing its services and support infrastructure footprint by 50%.

About Bombardier
Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of more than 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Notes to Editors
Visit the Bombardier Business Aircraft website for more information on our industry–leading products and services.

Follow @Bombardier on Twitter to receive the latest news and updates from Bombardier.

To receive our press releases, please visit the RSS Feed section.

Bombardier, Learjet, Challenger, and Global are either unregistered or registered trademarks of Bombardier Inc. or its subsidiaries.

For information
Matthew Nicholls
Bombardier
+ 1 514–243–8214
matthew.nicholls@aero.bombardier.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d19b191f–222f–4b5f–8578–5cf04f98f26c


GLOBENEWSWIRE (Distribution ID 8330009)

Bombardier to Hold Virtual Event Celebrating the Best of Aerospace Innovation on Tuesday, September 14, 2021

MONTRÉAL, Sept. 07, 2021 (GLOBE NEWSWIRE) — Bombardier is pleased to invite members of the international community to a special virtual event premiering at 11:00 am (EDT) on Tuesday, September 14, 2021.

The momentous virtual gathering will celebrate the best of aerospace innovation and Bombardier's best–selling business jets.

All those wishing to join the exclusive online event may register here.

About Bombardier
Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of more than 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.
Visit the Bombardier Business Aircraft website for more information on our industry–leading products and services.

Bombardier is a registered trademark of Bombardier Inc. or its affiliates.

For Information
Marie–Andre Charron
Bombardier
marie–andree.charron@aero.bombardier.com
+1–514–855–5001 ext. 26493


GLOBENEWSWIRE (Distribution ID 8321678)

Bombardier Launches App for Smart Link Plus Connected Aircraft Program

  • Subscribers benefit from new, easy–to–use myMaintenance App to visualize crucial aircraft data from any personal electronic device
  • New App marks yet another milestone in Bombardier's digital transformation
  • Smart Link Plus subscribers can make data–driven decisions, maximizing operational efficiency
  • Demonstrations of new App available both on demand and at NBAA–BACE

MONTREAL, Aug. 19, 2021 (GLOBE NEWSWIRE) — Bombardier today announced the launch of its new myMaintenance App, an exclusive tool to support customers subscribed to the Smart Link Plus connected aircraft program. Smart Link Plus subscribers now have the unique ability to make real–time in–flight data–driven decisions to effectively track, troubleshoot, and manage their aircraft service needs.

Thanks to the new, user–friendly myMaintenance App, aircraft data is easily accessible, enabling flight and maintenance crews to quickly and efficiently prioritize and proactively troubleshoot aircraft in–flight fault notifications, increasing an aircraft's operational efficiency. Aircraft data displayed in the intuitive myMaintenance App is available anytime, anywhere on any personal electronic device.

"Bombardier business jet operators expect the most expedient resolutions to their operating issues""and the new myMaintenance App, available exclusively to Smart Link Plus subscribers, is there to provide that peace of mind," said Jean–Christophe Gallagher, Executive Vice President, Services and Support, and Corporate Strategy, Bombardier. "The new application is part of our commitment to digital innovations that will benefit our customers as they deserve to experience the time and money savings that big data can provide."

Bookings and installations for Challenger 300 and Challenger 350 aircraft are available now with other aircraft models in development. Operators of Challenger 300 and Challenger 350 aircraft who receive their free–of–charge* Smart Link Plus box installed at a Bombardier Service Centre can also connect to their aircraft at their fingertips through the myMaintenance App.

The Smart Link Plus box was recently certified by the FAA for both Challenger 300 and Challenger 350 aircraft. The box, free–of–charge* to customers, is an aircraft Health Monitoring Unit that records crucial aircraft data. This was developed in collaboration with GE Aviation exclusively for Bombardier aircraft as part of GE's connected aircraft solutions. As a result of the certification, Challenger 300 and Challenger 350 customers will begin their installations of the Smart Link Plus box throughout the month of August. Certification of Smart Link Plus for Challenger 604, Challenger 605, Challenger 650 and Global aircraft is expected in the coming months.

The Smart Link Plus connected aircraft program, including the Smart Link Plus box, was first introduced on the Bombardier flagship Global 7500 aircraft and customers continue to benefit from its advanced data–driven capabilities. More than 98% of current Global 7500 aircraft customers have enrolled in Smart Link Plus services, and the early–adopters of the new myMaintenance App have already begun to discover the benefits described above. To learn more about the service, prospective subscribers can schedule a private demonstration of the myMaintenance App or watch a demonstration at NBAA–BACE in Las Vegas, NV from October 12–14, 2021.

About Bombardier
Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of more than 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Visit the Bombardier Business Aircraft website for more information on our industry–leading products and services.

*Smart Link Plus is under development and subject to change. Certain conditions apply for Smart Link Plus program enrollment and to obtain the free Smart Link Plus box. Installation costs apply. For aircraft eligibility or other considerations, customers can contact Bombardier.

Bombardier, Global, Global 7500, Challenger, Challenger 300, Challenger 350, Smart Link Plus, and Smart Parts are registered or unregistered trademarks of Bombardier Inc. or its subsidiaries.

For information
Matthew Nicholls
Bombardier
+ 1 514–243–8214
matthew.nicholls@aero.bombardier.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7d2cb56a–1bd3–4c50–8100–da64b6be3fad


GLOBENEWSWIRE (Distribution ID 8311819)

Bombardier Raises Full Year Guidance Following Solid First Half Execution and Market Momentum, Reports Second Quarter 2021 Results

  • Raised FY2021 guidance: (i) aircraft deliveries expected to reach ~120 units, revenues to exceed $5.8B; (ii) profitability increased to greater than $175M adjusted EBIT(1) and adjusted EBITDA(1) expected to be greater than $575M vs previously announced $100M and $500M, respectively; (iii) Free cash flow usage(1) now expected to be better than $300M for the year vs $500M(2)
  • Business jet revenues continue positive trend; second quarter year–over–year revenues up 50%, totalling $1.5B, mainly driven by a 45% increase in deliveries and greater contribution from services as flight hours continue industry–wide climb. Adjusted EBITDA for the quarter up by $112M year over year to $143M. Reported EBIT from continuing operations for the quarter was $36M
  • Strong free cash flow generation for the quarter of $91M from continuing operations, including the negative impact of approximately $60M non–recurring cash items(3), representing an improvement of $841M year over year. Reported cash flows from operating activities – continuing operations for the quarter was $155M and net additions to PP&E and intangible assets – continuing operations for the quarter were $64M
  • Second quarter unit book–to–bill(4) climbing to ~1.8 on strong sales activity throughout the portfolio and increased interest in business aviation
  • Pro–forma liquidity(5) at quarter end was ~$2.1B and pro–forma net debt(5) was ~$5.3B, including $1.0B maturing in the next 3 years. The Corporation continues to evaluate various options to address other debt maturities in an opportunistic manner

All amounts in this press release are in U.S. dollars unless otherwise indicated.
Amounts in tables are in millions, unless otherwise indicated.

MONTRÉAL, Aug. 05, 2021 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) announced today its financial results for the second quarter of 2021 and raised its full year guidance, confirming that aircraft deliveries, revenues, profitability and cash usage are all expected to outperform previously communicated targets.

"Bombardier's raised guidance stems from all–around solid execution in the first half of 2021, greater confidence in market momentum, and our ability to accelerate initiatives supporting our recurring savings objective," said ric Martel, President and Chief Executive Officer, Bombardier. "Our team's concerted efforts have already supported stronger full year margins and have allowed us to focus diligently on our priorities of maturing the Global 7500 aircraft program, executing our aftermarket growth strategy and deleveraging our balance sheet."

"We are well on our way to reposition Bombardier as the world's business jet manufacturer of choice, and confident our passenger–experience–centric aircraft portfolio and expanding service offerings are well suited to meet growing interest, demand and utilization in private aviation," added Martel.

Raised 2021 Full Year Guidance

2021 PREVIOUS REVISED
Business jet deliveries (in units) 110 "" 120 ~120
Revenues >$5.6 billion >$5.8 billion
Adjusted EBIT >$100 million >$175 million
Adjusted EBITDA >$500 million >$575 million
Free cash flow usage Usage better than $500 million
(including ~$200 million of non–
recurring outflows)(6)		 Usage better than $300 million
(including ~$200 million of non–
recurring outflows)(3)


Second Quarter 2021 Financial Performance

Business jet revenues during the second quarter of 2021 climbed to $1.5 billion, up 50% year over year, fueled by increases in both aircraft deliveries and services. Aircraft deliveries totaled 29 in Q2, up 45% year over year, reflecting strong demand for large–category jets. Worldwide business jet utilization continued to rise, nearly reaching pre–pandemic levels in North America and Europe, buoying revenue contribution from services activities to $295 million, up 29% year over year. Aircraft sales equally accelerated, reaching a unit book–to–bill ratio of approximately 1.8 for the quarter, further highlighting strong interest in business aviation.

Adjusted EBITDA for the quarter was up $112 million year over year to $143 million, reflecting favourable aircraft deliveries and mix, improved cost structure, disciplined implementation of cost–reduction programs and consistent progression through the Global 7500 aircraft's learning curve. In addition, the increase was boosted by a higher contribution from business aircraft services, mainly due to increased fleet flight hours resulting from easing travel restrictions and progress on vaccinations consistent with the increase in revenues. Reported EBIT from continuing operations for the quarter was $36 million.

The second quarter notably saw strong free cash flow (FCF) generation. The positive $91 million from continuing operations FCF total for the quarter represents an improvement of $841 million year over year and included a negative impact of approximately $60 million in non–recurring cash items.

Continuing Balance Sheet Deleveraging Actions

Pro–forma liquidity at quarter end was ~$2.1 billion and pro–forma net debt was ~$5.3 billion. Over the quarter, Bombardier successfully implemented a series of actions to reduce net debt as well as pay out, or refinance, nearer–term maturities, all as part of the company's previously announced plan to create debt maturity runway. With $1.0 billion maturing in the next three years, the company can more effectively focus on the execution of its strategy, including learning curve progression for the Global 7500 aircraft and other operational improvements, and will continue managing debt in a pragmatic yet opportunistic manner.

Progress on Strategic Priorities

While progress on the Global 7500 aircraft unit costs and on overall recurring savings initiatives begin to yield bottom line benefit, Bombardier remains focused on expanding its service network and diversifying top–line revenue streams. During the second quarter, the Singapore Service Centre expansion project completed the construction phase and the teams will now focus on maintenance capacity ramp up to fully utilize the facility's quadrupled footprint.

As construction also progresses on new or expanded facilities in Miami, USA, Melbourne, Australia and Biggin Hill, U.K., Bombardier introduced its Certified Pre–owned Aircraft program to further diversify customer offerings. Under the program, Bombardier will offer a "like–new" experience backed by a one–year warranty(7) and manufacturer–recommended aircraft modifications and updates. This program will deepen Bombardier's involvement in the fast–moving pre–owned market, which is seeing strong demand coupled with a supply shortage of high–quality, sought–after aircraft.

SELECTED RESULTS

Results of the Quarter
Three–month periods ended June 30 2021 2020 Variance
restated(8)
Revenues(9) $ 1,524 $ 1,223 25 %
Adjusted EBITDA $ 143 $ 31 361 %
Adjusted EBITDA margin(1)(9) 9.4 % 2.5 % 690 bps
Adjusted EBIT $ 32 $ (44 ) nmf
Adjusted EBIT margin(1)(9) 2.1 % (3.6 ) % 570 bps
EBIT(9) $ 36 $ 403 (91 ) %
EBIT margin(9) 2.4 % 33.0 % (3060) bps
Net income from continuing operations $ 139 $ 150 (7 ) %
Net income (loss) from discontinued operations $ "" $ (373 ) 100 %
Net income (loss) $ 139 $ (223 ) 162 %
Diluted EPS from continuing operations (in dollars) $ 0.05 $ 0.06 $ (0.01 )
Diluted EPS from discontinued operations (in dollars) $ 0.01 $ (0.19 ) $ 0.20
$ 0.06 $ (0.13 ) $ 0.19
Adjusted net loss(1)(9) $ (137 ) $ (248 ) 45 %
Adjusted EPS (in dollars)(1)(9) $ (0.06 ) $ (0.11 ) $ 0.05
Cash flows from operating activities
Continuing operations $ 155 $ (692 ) nmf
Discontinued operations $ "" $ (265 ) 100 %
$ 155 $ (957 ) nmf
Net additions to PP&E and intangible assets
Continuing operations $ 64 $ 58 10 %
Discontinued operations $ "" $ 21 (100 ) %
$ 64 $ 79 (19 ) %
Free cash flow (usage)
Continuing operations $ 91 $ (750 ) nmf %
Discontinued operations $ "" $ (286 ) 100 %
$ 91 $ (1,036 ) nmf %
As at June 30, 2021
 December 31, 2020 Variance
Cash and cash equivalents excluding Transportation $ 2,288 $ 1,779 29 %
Cash and cash equivalents from Transportation $ "" $ 671 (100 ) %
$ 2,288 $ 2,450 (7 ) %
Available short–term capital resources(10) $ 2,288 $ 3,203 (29 ) %
Aviation order backlog (in billions of dollars)
Business aircraft(11) $ 10.7 $ 10.7 "" %


About Bombardier

Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of more than 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Bombardier, Global and Global 7500 are trademarks of Bombardier Inc. or its subsidiaries.

For information

Francis Richer de La Flche Anna Cristofaro
Vice President, Financial Planning Manager
and Investor Relations Communications
Bombardier Bombardier
+1 514 855 5001 x13228 +1 514 855 8678

The Management's Discussion and Analysis and the Interim Consolidated Financial Statements are available at ir.bombardier.com.

bps: basis points
nmf: information not meaningful
(1) Non–GAAP financial measures. Refer to the Non–GAAP financial measures section in Overview for definitions of these metrics and to the Analysis of consolidated results section and Liquidity and capital resources section in Overview for reconciliations to the most comparable IFRS measures.
(2) See the forward–looking statements disclaimer.
(3) Non–recurring cash items include the impact of payments of residual value guarantee liability, consent fee with respect to the Consent Solicitations process conducted by the Corporation and restructuring costs.
(4) Defined as net new aircraft orders in units over aircraft deliveries in units.
(5) Non–GAAP measures. Pro–forma liquidity is defined as cash and cash equivalents as at June 30, 2021 of $2.3 billion, plus $0.4 billion of short–term restricted cash as collateral for bank guarantees, and less $0.6 billion paid to repurchase certain of outstanding Senior Notes in July 2021. Pro–forma net debt is defined as long–term debt as at June 30, 2021 of $8.0 billion, less $0.6 billion paid to redeem certain outstanding Senior Notes in July 2021, and less pro–forma liquidity of approximately $2.1 billion.
(6) Non–recurring items include legacy outflows related to credit and residual value guarantee liabilities and reverse factoring, and approximately $50 million of restructuring costs for the full year of 2021.
(7) One–year warranty on the airframe. Certain conditions apply.
(8) Restated for the sale of Transportation, refer to Note 17 "" Disposal of business to our Interim consolidated financial statements for more details.
(9) Includes continuing operations only. Results from CRJ and aerostructure businesses for 2020 were part of continuing operations under IFRS.
(10) Defined as cash and cash equivalents as at June 30, 2021; defined as cash and cash equivalents including cash and cash equivalents from Transportation plus the undrawn amounts under Transportation's revolving credit facility and our senior secured term loan as at December 31, 2020.
(11) Includes order backlog for both manufacturing and services.


CAUTION REGARDING NON–GAAP FINANCIAL MEASURES

This press release is based on reported earnings in accordance with IFRS and on the following non–GAAP financial measures:

Non–GAAP financial measures
Adjusted EBIT EBIT excluding special items. Special items comprise items which do not reflect the Corporation's core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation's results for the period. Such items include, among others, the impact of restructuring charges, impact of business disposals and significant impairment charges and reversals.
Adjusted EBITDA Adjusted EBIT plus amortization and impairment charges on PP&E and intangible assets.
Adjusted net income (loss) Net income (loss) excluding special items, accretion on net retirement benefit obligations, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L and the related tax impacts of these items.
Free cash flow (usage) Cash flows from operating activities less net additions to PP&E and intangible assets.

Non–GAAP financial measures are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS. The exclusion of certain items from non–GAAP performance measures does not imply that these items are necessarily non–recurring. Other entities in our industry may define the above measures differently than we do. In those cases, it may be difficult to compare the performance of those entities to ours based on these similarly–named non–GAAP measures.

Adjusted EBIT, adjusted EBITDA and adjusted net income (loss)
Management uses adjusted EBIT, adjusted EBITDA and adjusted net income (loss) for purposes of evaluating underlying business performance. Management believes these non–GAAP earnings measures in addition to IFRS measures provide users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EBIT, adjusted EBITDA and adjusted net income (loss) exclude items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on these financial measures. Management believes these measures help users of MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Free cash flow (usage)
Free cash flow is defined as cash flows from operating activities less net additions to PP&E and intangible assets. Management believes that this non–GAAP cash flow measure provides investors with an important perspective on the Corporation's generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long–term value creation. This non–GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity generation.

Reconciliations of non–GAAP financial measures to the most comparable IFRS financial measures are provided in the table hereafter, except for the following reconciliations:

  • adjusted EBIT to EBIT "" see the Consolidated results of operations section; and
  • free cash flow usage to cash flows from operating activities "" see the Free cash flow usage table in the Liquidity and capital resources section in the MD&A.
Reconciliation of adjusted EBITDA to EBIT(1)
Three–month periods
ended June 30
 Six–month periods
ended June 30
2021 2020 2021
 2020
EBIT $ 36 $ 403 $ 55 $ 508
Amortization 111 75 205 152
Impairment charges on PP&E and intangible assets(2) "" 8 3 19
Special items excluding impairment charges on PP&E and intangible assets(2) (4 ) (455 ) 3 (562 )
Adjusted EBITDA $ 143 $ 31 $ 266 $ 117
(1) Includes continuing operations only.
(2) Refer to the Consolidated results of operations section for details regarding special items.


FORWARD–LOOKING STATEMENTS

This press release includes forward–looking statements, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of an industry; customer value; expected demand for products and services; growth strategy; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry–into–service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, available liquidities and capital resources, expected financial requirements, and ongoing review of strategic and financial alternatives; the introduction of, productivity enhancements, operational efficiencies, cost reduction and restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the anticipated business transition to growth cycle and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; expectations regarding availability of government assistance programs, compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; and the impact of the COVID–19 pandemic on the foregoing and the effectiveness of plans and measures we have implemented in response thereto; and expectations regarding gradual market and economic recovery in the aftermath of the COVID–19 pandemic. As it relates to the sale of the Transportation business to Alstom, this press release also contains forward–looking statements with respect to the benefits of such transaction, the use of the proceeds derived from the transaction and its impact on our outlook, guidance and targets, operations, infrastructure, opportunities, financial condition, business plan and overall strategy.

Forward–looking statements can generally be identified by the use of forward–looking terminology such as "may", "will", "shall", "can", "expect", "estimate", "intend", "anticipate", "plan", "foresee", "believe", "continue", "maintain" or "align", the negative of these terms, variations of them or similar terminology. Forward–looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

By their nature, forward–looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward–looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward–looking statements made in this press release include the following material assumptions: the deployment of the proceeds from the sale of the Transportation business to Alstom on terms allowing the Corporation, when combined to other financing sources and free cash flow generation, to repay or otherwise manage its various maturities for the next three years; growth of the business aviation market and increase of the Corporation's share of such market; proper identification of recurring cost savings and executing on our cost reduction plan; optimization of our real estate portfolio, including through the sale or other transaction in respect of real estate assets on favorable terms; and access to working capital facilities on market terms. For additional information, including with respect to other assumptions underlying the forward–looking statements made in this press release, refer to the Forward–looking statements "" Assumptions section in the MD&A of our financial report for the fiscal year ended December 31, 2020. Given the impact of the changing circumstances surrounding the COVID–19 pandemic and the related response from the Corporation, governments (federal, provincial and municipal), regulatory authorities, businesses, suppliers, customers, counterparties and third–party service providers, there is inherently more uncertainty associated with the Corporation's assumptions as compared to prior years.

Certain factors that could cause actual results to differ materially from those anticipated in the forward–looking statements include, but are not limited to, risks associated with general economic conditions, risks associated with our business environment (such as risks associated with the financial condition of business aircraft customers; trade policy; increased competition; political instability and force majeure events or global climate change), operational risks (such as risks related to developing new products and services; development of new business ; order backlog; the transition to a pure–play business aviation company; the certification of products and services; the execution of orders; pressures on cash flows and capital expenditures based on seasonality and cyclicality; execution of our strategy, productivity enhancements, operational efficiencies, restructuring and cost reduction initiatives; doing business with partners; product performance warranty and casualty claim losses; regulatory and legal proceedings; environmental, health and safety risks; dependence on certain customers, contracts and suppliers; supply chain risks; human resources; reliance on information systems; reliance on and protection of intellectual property rights; reputation risks; risk management; tax matters; and adequacy of insurance coverage), financing risks (such as risks related to liquidity and access to capital markets; retirement benefit plan risk; exposure to credit risk; substantial debt and interest payment requirements; restrictive debt covenants; reliance on debt management and interest cost reduction strategies; and reliance on government support), market risks (such as foreign currency fluctuations; changing interest rates; increases in commodity prices; and inflation rate fluctuations). For more details, see the Risks and uncertainties section in Other in this MD&A. Any one or more of the foregoing factors may be exacerbated by the ongoing COVID–19 outbreak and may have a significantly more severe impact on the Corporation's business, results of operations and financial condition than in the absence of such outbreak. As a result of the current COVID–19 pandemic, additional factors that could cause actual results to differ materially from those anticipated in the forward–looking statements include, but are not limited to: risks related to the impact and effects of the COVID–19 pandemic on economic conditions and financial markets and the resulting impact on our business, operations, capital resources, liquidity, financial condition, margins, prospects and results; uncertainty regarding the magnitude and length of economic disruption as a result of the COVID–19 outbreak and the resulting effects on the demand environment for our products and services; uncertainty regarding market and economic recovery in the aftermath of the COVID–19 pandemic; emergency measures and restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions; disruptions to global supply chain, customers, workforce, counterparties and third–party service providers; further disruptions to operations, orders and deliveries; technology, privacy, cyber security and reputational risks; and other unforeseen adverse events.

Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward–looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward–looking statements. The forward–looking statements set forth herein reflect management's expectations as at the date of this report and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward–looking statements, whether as a result of new information, future events or otherwise. The forward–looking statements contained in this press release are expressly qualified by this cautionary statement.


GLOBENEWSWIRE (Distribution ID 8303370)

Bombardier to Report Second Quarter 2021 Financial Results on August 5, 2021

MONTRÉAL, Aug. 02, 2021 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) will publish its financial results for the second quarter ended June 30, 2021 on Thursday, August 5, 2021.

On August 5, 2021 at 8:00 a.m., EST, Bombardier will hold a webcast/conference call intended for investors and financial analysts to review the company's financial results for the second quarter ended June 30, 2021.

A live webcast of the call and relevant financial charts will be available at http://ir.bombardier.com.

Stakeholders wishing to listen to the presentation and question and answer period by telephone may dial one of the following conference call numbers:

In English: 514–392–1587, passcode: 3684902# or
1–877–395–0279, passcode: 3684902# (toll–free in North America)
Overseas calls: +800 4222 8835, passcode: 3684902#
Find Access number (confsolutions.ca)
In French: (with translation) 514–861–1381, passcode: 2610446# or
1–877–695–6175, passcode: 2610446# (toll–free in North America)
Overseas calls: +800 4222 8835, passcode: 2610446#
Find Access number (confsolutions.ca)

The replay of this call will be available on Bombardier's website shortly after the end of the webcast.

About Bombardier
Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of more than 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Bombardier is a trademark of Bombardier Inc.

For Information
Marie–Andre Charron
Communications
Bombardier
1 514.855.5001 ext. 26493


GLOBENEWSWIRE (Distribution ID 8301080)

Bombardier Announces Closing of Placement of 7.45% Notes Due 2034 and Announces Amendment and Extension of Certain Consent Solicitations

MONTREAL, May 18, 2021 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) (the "Corporation") today announced that it has completed the issuance and sale to an institutional accredited investor (the "Investor") of US$260,000,000 aggregate principal amount of Bombardier's 7.45% Senior Notes due 2034 (the "Additional Notes") at a purchase price of par. The Additional Notes are additional notes of the same series, and are on the same terms and conditions, as the 7.45% Senior Notes due 2034 (the "2034 Notes") currently outstanding under the indenture, originally dated as of April 21, 2004, governing the 2034 Notes (the "2034 Indenture"). Following this private placement, the aggregate principal amount outstanding under the 2034 Notes is US$510,000,000. The Corporation intends to use the net proceeds from this private placement for the repayment of a portion of the Corporation's outstanding indebtedness.

The Corporation also today announced that it has amended and supplemented the terms of the consent solicitations in respect of its 2034 Notes and its 7.35% Debentures due 2026 ("Canadian Notes"), as set forth in the Corporation's Notice of Extension and Amendment dated May 18, 2021 ("Notice of Amendment") to the Consent Solicitation Statement dated May 3, 2021 (as amended by the press releases dated May 12, 2021 and May 14, 2021, the "Consent Solicitation Statement" and, together with the Notice of Amendment, the "Supplemental Consent Solicitation Statement").

2034 Notes

In respect of the 2034 Notes, the Consent Solicitation (as defined in the Supplemental Consent Solicitation Statement) has been amended and supplemented in order to (i) remove the record date for participation in the 2034 Notes Consent Solicitation and (ii) extend the expiration date of the 2034 Notes Consent Solicitation to 5:00 p.m., New York City time, on May 21, 2021 (the "Extended Expiration Date").

The Company has obtained the Investor's consent in respect of the proposed amendments to the 2034 Indenture described in the Consent Solicitation Statement. The Investor, which is the beneficial owner of a majority of the principal amount of the 2034 Notes, has further agreed to give its affirmative consent in the 2034 Notes Consent Solicitation.

ALL CONSENTS PREVIOUSLY GIVEN IN THE CONSENT SOLICITATION WITH RESPECT TO THE 2034 NOTES ARE NO LONGER EFFECTIVE, AND ANY HOLDER OF 2034 NOTES WHO WISHES TO PROVIDE ITS CONSENT IN THIS CONSENT SOLICITATION MUST VALIDLY GIVE THEIR CONSENT ON OR AFTER MAY 18, 2021 AND ON OR PRIOR TO THE EXTENDED EXPIRATION DATE. For the avoidance of doubt, any holder of 2034 Notes who has previously consented to the Consent Solicitation with respect to the 2034 Notes must validly deliver their consent again in order to receive the Consent Payment (as defined in the Supplemental Consent Solicitation Statement). Consents may not be revoked once given, including during any extension of the Consent Solicitation period, except as provided in the Supplemental Consent Solicitation Statement.

Canadian Notes

Consent Solicitation in respect of the Canadian Notes has been extended such that the expiration date of the Consent Solicitation is the Extended Expiration Date (being 5:00 p.m., New York City time, on May 21, 2021).

All holders of the 2034 Notes or Canadian Notes whose consents are properly made and not revoked on or prior to the Extended Expiration Date will be entitled to receive the Consent Payment, subject to the terms and conditions set forth in the Supplemental Consent Solicitation Statement.

Except as set forth in the Supplemental Consent Solicitation Statement with respect to the removal of the record date in respect of the Consent Solicitation for the 2034 Notes and the extension of the expiration dates of the Consent Solicitations for the 2034 Notes and the Canadian Notes, the terms and conditions of the Consent Solicitations remain the same as set forth and described in the original Consent Solicitation Statement dated May 3, 2021 (as amended and extended). The Corporation reserves the absolute right, subject to applicable laws, to further amend, waive or modify the terms of the Consent Solicitations in any manner. For a complete statement of the terms and conditions of the Consent Solicitations, holders are encouraged to read the Supplemental Consent Solicitation Statement.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold any of the notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in, the Consent Solicitations, before the deadlines specified herein and in the Supplemental Consent Solicitation Statement. The deadlines set by each clearing system for the submission and withdrawal of instructions will also be earlier than the relevant deadlines specified herein and in the Supplemental Consent Solicitation Statement. You should check with such broker, dealer, commercial bank, trust company or other nominee to determine whether they will charge you a fee for delivering your consent on your behalf.

For additional information regarding the terms of the Consent Solicitations, or to obtain additional copies of the Supplemental Consent Solicitation Statement, please contact Global Bondholder Services Corporation at (866) 807 2200 or by email at contact@gbsc–usa.com, or, in respect of the Canadian Notes, Kingsdale Partners LP at 1–888–518–6824 or by email at corpaction@kingsdaleadvisors.com. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Consent Solicitations.

Citigroup Global Markets Inc. and UBS Securities LLC are acting as the Solicitation Agents for the Consent Solicitations. Questions concerning the terms of the Consent Solicitations should be directed to Citigroup Global Markets Inc. at (212) 723–6106 (collect) or (800) 558–3745 (toll–free) or UBS Securities LLC at (203) 719–4210 (collect) or (888) 719–4210 (toll–free).

None of the Corporation, the trustees for the notes, the agents under the respective indentures for the notes, the information agents, any of their respective subsidiaries or affiliates or any of its or their respective directors, officers, employees or representatives makes any recommendation to holders as to whether or not to deliver their consent pursuant to any of the Consent Solicitations, and none of the foregoing has authorized any person to make any such recommendation. Holders must decide whether to provide their consent.

This notice does not constitute or form part of any offer or invitation to purchase, or any solicitation of any offer to sell, the notes or any other securities in the United States or any other jurisdiction, and neither this notice nor any part of it, nor the fact of its release, shall form the basis of, or be relied on or in connection with, any contract therefor. The Consent Solicitations are made only by and pursuant to the terms and conditions of the Supplemental Consent Solicitation Statement and the information in this notice is qualified by reference to the Supplemental Consent Solicitation Statement.

This press release does not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any security and shall not constitute an offer, solicitation, sale or purchase of any securities in any jurisdiction in which such offering, solicitation, sale or purchase would be unlawful.

The securities mentioned herein have not been and will not be registered under the United States Securities Act of 1933, as amended, any state securities laws or the laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or in a transaction exempt from or not subject to such registration requirements. The securities mentioned herein have not been and will not be qualified for distribution to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the securities in Canada must be made on a basis which is exempt from the prospectus requirements of such securities laws.

Holders are requested to read and consider carefully the information contained in the Supplemental Consent Solicitation Statement and to deliver their consent in accordance with the instructions set forth in the Supplemental Consent Solicitation Statement.

About Bombardier

Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of more than 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Bombardier is a trademark of Bombardier Inc. or its subsidiaries.

This announcement does not constitute an offer to buy or the solicitation of an offer to sell any securities in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful. In those jurisdictions where the securities, blue sky or other laws require the Consent Solicitations to be made by a licensed broker or dealer, the Consent Solicitations will be deemed to be made by one or more registered brokers or dealers licensed under the laws of such jurisdiction.

Certain statements in this announcement are forward–looking statements based on current expectations. By their nature, forward–looking statements, including statements with respect to the Corporation's ability to complete the Consent Solicitations, are based on estimates, projections, beliefs and assumptions that Bombardier believes are reasonable but are not guarantees of future events and results.

Forward–looking statements require us to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from those set forth in the forward–looking statements. For additional information regarding these risks and uncertainties, and the assumptions underlying the forward–looking statements, please refer to the Supplemental Consent Solicitation Statement.

For information

Francis Richer de La Flche
Vice President, Financial Planning
and Investor Relations
Bombardier
+514 855 5001 x13228		 Mark Masluch
Senior Director, Communications
Bombardier
+514 855 7167


GLOBENEWSWIRE (Distribution ID 8238541)

Bombardier Collaborates with Sterling for Enhanced Worldwide Customer Support of Parts Shipments

  • Fully integrated solution for parts delivery further bolsters responsiveness and complements Bombardier's extensive parts network
  • Bombardier can now access a network of aircraft for parts dispatch to customers worldwide

  • Enhanced parts delivery capability complements Bombardier's rapidly growing customer service network, which is currently expanding by more than 50%

MONTRÉAL, May 18, 2021 (GLOBE NEWSWIRE) — Bombardier today announced its collaboration with Sterling Global Aviation Logistics, a global leader in aviation transportation and logistics to enhance worldwide dispatch of parts for its customers. The collaboration provides Bombardier with access to a network of aircraft, based across five continents, with which to deliver a wide variety of parts to customers quickly and efficiently in the event of an aircraft on ground (AOG) situation.

"Our customers deserve fast and effortless AOG resolution and our collaboration with Sterling, an industry leader in providing AOG Logistics around the globe, allows us to quickly and efficiently deliver the parts our customers need," said Andy Nureddin, Vice President, Customer Support, Bombardier. "We are delighted to further enhance our portfolio of solutions, and we are proud to add this offering to the ways in which we can be there for our customers when and where they need us."

"We are very excited to provide global logistics support to Bombardier's enhanced parts delivery solutions for their customers and are proud of our long–standing strategic collaboration of over 15 years," said Robert Broderick, Executive Vice President, Sterling Global Aviation Logistics.

Bombardier customers can fly with confidence knowing that they have the backing of one of the industry's most expansive parts distribution networks with parts facilities located across North America, Europe, Asia, and the Middle East. Shipping more than 350,000 parts annually with an impressive network–wide parts availability rate of 96%, Bombardier's sophisticated inventory management system maximizes parts availability, shipping and tracking 24/7. Customers who buy parts from Bombardier can continue to benefit from a two–year parts warranty guarantee and price matching.

The enhanced parts delivery service is one of many solutions available to customers in need of immediate assistance. Bombardier's Mobile Response Team boasts world–class AOG coverage with 30 mobile response team trucks worldwide. Additionally, customers can count on Bombardier for support of structural repairs for its leading family of Learjet, Challenger and Global aircraft. These high–quality repair solutions are available at one single point of contact through Bombardier's Customer Response Centre (CRC) at +1–866–538–1247 (North America) and +1–514–855–2999 (outside of North America).

The cross–functional CRC teams at Bombardier are also empowered with state–of–the art tools and technology and are backed by Bombardier's aircraft engineering expertise. Bombardier continues to reinforce its ongoing commitment to providing its customers with the most comprehensive onsite, mobile and aircraft–on–ground resolution services in the industry.

This announcement is the latest in a series aimed at enhancing Bombardier's worldwide customer service network and increasing its infrastructure footprint by 50%. These include the expansion of Bombardier's service centre network in Berlin, Miami, Biggin Hill, London, Singapore and the new service centre to be built in Melbourne, Australia; new Line Maintenance Stations (LMS) at strategic locations in the U.S, Europe; as well as new products and services for customers, including the next steps in Bombardier's digital transformation.

About Bombardier
Bombardier is a global leader in aviation, creating innovative and game–changing planes. Our products and services provide world–class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montral, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of approximately 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

About Sterling Global Aviation Logistics
Since 1981, Sterling Global Aviation Logistics, a Kuehne and Nagel company, has been helping aviation clients with their worldwide priority shipping, transporting valuable aircraft parts swiftly and efficiently. Sterling specializes in shipping AOG aircraft parts, heavy weight or oversized freight, and dangerous goods, while keeping down time to a minimum. With a focus on providing global AOG Logistics, Sterling is at the forefront of innovations, offering precision, individualized service and dependability.

More information is available at www.sterlingaog.aero.

Bombardier, Learjet, Challenger, and Global are registered or unregistered trademark of Bombardier Inc. or its subsidiaries.

For Information
Matthew Nicholls
Bombardier
+1–514–243–8214
matthew.nicholls@aero.bombardier.com

For Information
Marie Vigliarolo
Sterling Global Aviation Logistics
+1–718–995–3616 ext. 2207
marie_vigliarolo@qintl.com

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/25b1ad57–3fc7–4617–b4fb–8d0997db07b3


GLOBENEWSWIRE (Distribution ID 8238537)