10-K FY 2022 FINAL MOOG Inc - Flipbook - Page 35
Table of Contents
FINANCIAL CONDITION AND LIQUIDITY
(dollars in millions)
Net cash provided (used) by:
Operating activities
Investing activities
Financing activities
2022
$
247
(83)
(135)
2021
$
293
(191)
(87)
2020
$
279
(146)
(143)
2022 vs. 2021
$
%
Variance
Variance
2021 vs. 2020
$
%
Variance
Variance
$
$
(46)
108
(48)
(16%)
(56%)
55%
14
(45)
56
5%
31%
(39%)
Our available borrowing capacity and our cash flow from operations provide us with the financial resources needed to
run our operations, reinvest in our business and make strategic acquisitions.
At October 1, 2022, our cash balances were $119 million which was primarily held outside of the U.S. Cash flow from
our U.S. operations, together with borrowings on our credit facility, fund on-going activities, debt service requirements
and future growth investments.
Operating activities
Net cash provided by operating activities decreased in 2022 compared to 2021. In 2022, accounts receivable
generated $13 million less cash than the previous year, driven in part by the 787 program, where we maintained
steady production levels that were higher than the rate at which Boeing took deliveries. This was mostly offset by a
$100 million benefit from our Receivables Purchase Agreement ("RPA") program. Also in 2022, supply chain
constraints, particularly in Industrial Systems, contributed to inventory using $48 million more in cash. Partially
offsetting the increased uses of cash was a $23 million benefit from accounts payable, due to timing of payments.
We expect cash from operations in 2023 to be $280 million, an increase compared to 2022, driven primarily due to
improved cash generation from net working capital.
Investing activities
Net cash used by investing activities in 2022 included $139 million of capital expenditures, as we increased
investments in facilities to support growth and provide next generation manufacturing capabilities. Also 2022 included
$12 million for the acquisition of TEAM Accessories. These cash outflows were partially offset by $71 million of
proceeds from the sales of two businesses and a building in 2022.
Net cash used by investing activities in 2021 included $78 million for our acquisition of Genesys and $129 million for
capital expenditures.
We expect capital expenditures in 2023 to be $150 million, as we continue to invest in facilities and infrastructure to
support future growth and operational improvements.
Financing activities
Net cash used by financing activities in 2022 included $68 million of net payments on our credit facilities. Additionally,
financing activities included $33 million of share repurchases and $33 million of cash dividends.
Net cash used by financing activities in 2021 included $32 million of cash dividends, $30 million for share repurchases
and $28 million of net payments on our credit facilities.
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