Company: SPR
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001628280-25-037839
Chunk: 27

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 2
Chunk 27
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, 2025, and the years ended December 31, 2024, 2023, and 2022, respectively, and cash used in operating activities of $563.2 million, $1,120.9 million, $225.8 million, and $394.6 million, respectively for the same periods. As of July 3, 2025, our debt balance was $4,343.9 million, including $690.5 million of debt classified as short-term. Our cash and cash equivalents were $369.6 million and $537.0 million as of July 3, 2025, and December 31, 2024, respectively. The Company will require additional liquidity to continue its operations over the next 12 months. 

Further, certain changes made to the production and delivery process implemented by Boeing have had an immediate impact on our results of operations and cash flows. On March 2, 2024, Boeing announced they would no longer accept deliveries of product that required out of sequence assembly or incremental quality re-work. As a result, during most of 2024 we experienced higher levels of inventory and contract assets and lower operational cash flows due to the inability to physically ship and invoice end items to Boeing in a timeframe aligned with production activities. Although our physical delivery rates have steadily increased since late 2024 such that we are increasingly able to reduce contract assets, we are still mitigating the lingering effects of such a significant change in production and delivery processes. Boeing’s ability to increase production rates is governed by the FAA, and we cannot predict when or whether forecasted production rates will be achieved. 

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On April 18, 2024, we entered into a Memorandum of Agreement (“MOA”) with Boeing, under which Boeing advanced $425.0 million to us to support our liquidity. This MOA was amended on June 20, 2024, to increase the advance by an additional $40.0 million and to revise certain repayment amounts and extend near-term repayment dates. As of the date of this filing, we have repaid $40.0 million of the MOA advances; however, the other amounts remain outstanding. The MOA was amended again on January 22, 2025 to reschedule the repayment dates to occur from April 2026 to September 2026. Additionally, the amendment added a provision whereby in the event the Merger Agreement is terminated, any advances then outstanding under the MOA would become due and payable