Company: SPR
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021582
Chunk: 27

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 27
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2025, physical deliveries began to improve as we incorporated improvements to our production and quality systems which allowed us reduce contract assets and generate increasing amounts of cash. 

Sales of Trade Accounts Receivable

We have agreements to sell, on a revolving basis, certain trade accounts receivable balances with Boeing, Airbus, and Rolls-Royce to third-party financial institutions. These programs were primarily entered into as a result of Boeing and Airbus seeking payment term extensions with us, and they continue to allow us to monetize the receivables prior to their payment date, subject to payment of a discount. Our ability to continue using such agreements is primarily dependent upon the strength of Boeing’s, Airbus’s, and Rolls-Royce’s financial condition. If any of these financial institutions involved with these arrangements experiences financial difficulties, becomes unwilling to support Boeing, Airbus, or Rolls-Royce due to a deterioration in their financial condition or otherwise, or is otherwise unable to honor the terms of the factoring arrangements, we may experience significant disruption and potential liquidity issues, which could have an adverse impact upon our operating results, financial condition, and cash flows. For the three months ended April 3, 2025, $373.8 million of accounts receivable were sold via these arrangements.

Cash Flows

The following table provides a summary of our cash flows for the three months ended April 3, 2025 and March 28, 2024:

 For the Three Months Ended April 3, 2025March 28, 2024 ($ in millions)Net cash used in operating activities$(419.5)$(415.6)Net cash provided by (used in) investing activities107.9 (28.7)Net cash used in financing activities(1.1)(21.5)Effect of exchange rate change on cash and cash equivalents(0.5)(0.3)Net decrease in cash, cash equivalents, and restricted cash for the period(313.2)(466.1)Cash, cash equivalents, and restricted cash beginning of period566.5 845.9 Cash, cash equivalents, and restricted cash, end of period$253.3 $379.8 

 Three Months Ended April 3, 2025 as Compared to Three Months Ended March 28, 2024

Operating Activities. For the three months ended April 3, 2025, we had a net cash outflow of $419.5 million from operating activities, an