the Results you, XXXX Fourth Quarter XXXX to and was good Spirit's Thank Full in Year one morning Welcome and aviation years Aaron everyone. most of history. challenging Call.
MAX Spirit, For the dual created a crisis. COVID-XX pandemic, grounding and the
air enhanced Protecting social liquidity, on an employees. We and CDC practices COVID Our from in represented began our distancing, efficiency our spread, extensive put our mask productivity protocols implementing restructuring as priority. our employees purification, strengthening guidance response, cleaning top place five requirements base, and to and business. focused virus and And critical protect health best the actions, measures, to challenge. to implement testing. care employees, protecting referenced became we cost our unprecedented COVID projects, a diversifying
these employees. of our while to allowed continue us have operations, measures All protecting
to to started align reductions, XXXX, just MAX multiple, in levels the pandemic need cost our of MAX the XXX react XX impact. we After XXX and XXXX, to COVID to with XXXX. Almost producing due grounding immediately to the produced in We in also lower production we restructured base then production. shipsets rate
We production executed base, moved take of annualized mitigate program these these Airbus we motion to headcount we in the actions aviation as and our from in all people, cost our more restructuring the closures, multiple production original services, nonmaterial cost substantial also the commercial rates, Boeing adjustments by significantly or other X,XXX We and reduced swiftly addressed impact than our plans. reductions to programs. our saw of about XXXX of trimmed to $X facility billion Overall, Consequently, we through XX% reductions our lower of purchase rates. set base. the of
us foundation see We also strengthened position, our through a a and result, established as these to difficult times. solid liquidity
reducing our cash advance capital program deferring per usage on cash included Boeing XXXX actions cash million of in cash $X.XX the granted $XXX a the million the $X.X also dividend to and expenditures. a we initial $XXX fourth of terminating share, suspending mutually provided our Our $XXX share end on completed and $XXX repurchase capital $X.X second term acquisition, with million asset loan half In down of paid a of down revolver, put $X.X $XXX notes $XXX another Asco and discount quarter, on a in In the the and million million year, deferral million the we the Bombardier ended third QX. acquisition billion repayment by million we XXXX. of the reducing and our After billion last and until hand. billion at senior April, which us raise. secured, lien raised paid $XXX negotiating
productivity. focus was third area The
impossible nearly production efficiency and an reduced to rates, have While projects production unprecedented opportunity productivity been accelerate rates. higher the that at created challenging, would
During leveraged the into feet warehouse consolidated of foot facility. Global than Digital across Center XXX,XXX and space centers more similar accurate we use, to In warehouse square of XXX,XXX factory to other technology, into space, campus more facility, part XXXX, delivery we Wichita world-class completed a the building our translates Logistics square into distribution product what which new and and consolidation handling our have a seven-storey floor. on mechanics our this system timely
be qualification more configurations. will for spoiler molding our we moving these progress A toward improve production that's process rate. by quality AXXX hundreds making than immediate first new end The MAX, production XX-station new The assembly the XX This the the development ability manage the MAX by Prestwick will for all resin transfer the line It end beams, part our first beams. have XXX of efficiently per on that complete, production. good once focused XXX a on produce this spoilers line the line of we quarter. a is facility, new have of and team floor configurations. completing are technology the then floor eight assembly different hybrid at most operational state-of-the-art, has automated will At month peak rate On with of implemented to at efforts quarter. of
line. execution of fuselage XXX accelerated data simplifies production tool digital digitalization we we our system system efforts. which Additionally, MAX and a or by managers. the many have Last the implemented company activities MES The manufacturing metrics, track is year, to reporting a on performed
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digital we is change of instructions. started work the have deployment recent Another
of enhance to provide build for to integrated tools for transitioned instructions new From graphics, projects needed text-heavy inspectors. digital the and quality to a pictures, tied visualization assembly customers. time management, our and detailed models We product and digitization expected underway documents fabrication of the have process, for operations our from are reduce to and mechanics instructions our work implementing digital that to set manual XD
Another significant flow has improving the been production main XXX in MAX our project factory.
shifting freed to new over subassemblies XXX,XXX manufacturing locations. up space factory have fuselage in feet by We of square this
the For a wing to fuselage same campus, more fabrication site. Tulsa construction on moves enabling of drives use productivity fuselage the forward efficient the where of out flow and the shifting of XXX quality. number path the are factory MAX simplified new example, moved and MAX we movement reduces of a forward our moving XXX. the Previously, main the fuselage new production factory production end crisscrossed line. and subassemblies our for to We're similar parts also time the facility build the box we also flow. the multiple MAX The traveled These improves times sometimes and of the to before the the part of a moves needed, of a
of raw includes EXIM XX program. finished our Bank working goods through industry. help time are this last We In with the America. and provided support many in financing hundreds and also this partner finance Bank, we supply a to the assistance Recently, of partners to our challenging in closely This of of purchases vendor to contract US the of the Bank materials guarantee have secured them navigate help months, chain Export-Import suppliers. extensions, from America
recover is as level success of Our over work supply next this suppliers support to are we years. partners critical and the important to production our chain secure our few rates as
on ESG. known site, emphasis additional also implemented sustainability power put putting also to improvement An our environment, was power. in last are additional and as square XXX% an place wind We entire with XX.X Wichita governance, agreement million we to year foot
arrays clean from a business from efficiency. each we have of where power second focused area, another system, an gallons Spirit's is to summarized gallons XXX% water Aerospace At the on to highly the at freshwater our came water in strategy. recycling reduce our energy. arrays Spirit we of more enabled site, than With more bank minimize two Spirit to new Center, just At solar we've practices have existing also integrated recycles our us of team center. recycles for electricity improve On water finishing has Prestwick Prestwick page Prestwick one have Innovation water solar and we the addition, is and the XXXX, presentation, Wichita of purified Having installed annually, built roof-mounted In our plant's Spirit XX% than demand and largest our in long our osmosis adopted a bank the where of day million supplement are wind In positioning reverse power. systems which consumed XXXX, to Belfast million worked term. the consumption by region. Belfast X we or the site, stabilize XX%. solar site XXX on of the
is champion. vision to manufacturing be Our diversified, design a and
business to our capabilities jets and compete, our manufacturing of terms Boeing want In non-aerospace to Airbus aftermarket, strategic focus skills are on where defense, and where priorities translate. and we regional
inspiration how world-class manufacturing, of to want delever our quality, our chain, we requirements these our focus to seven digitization DNA to are encouragement and included technologies, compete, with execution safety, improved and augment of employees and basic talent a our always delivery. supply margins. DNA distinctive on elements strong In Spirit, inclusion. collaboration, an our drive At an transparency, has on Overall, customer focus objectives with emphasis and our We advantaged speak values: diversify, and terms to make-buy out.
we've Let's diversifying Spirit. been how look at
facility of acquisition systems strategy started XX% Bombardier October with and quarter, integration have the XXX XX% excellent from Dallas and completed end our complete. our with deal of a year, team created past they list and the last integration diversification the our the leader the By integration new made tasks. sites of Since rationalization Morocco our from members materials. high-temperature of of transition. to a October, working around to footprint FMI, with in first a close, expect the After be the During Bombardier, we we tasks, progress team of on ensure the Belfast ranging acquisition to closing the smooth quickly
us COO, integration. who today have Marnick the Sam is overall in this room our We leading with
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accretive across margins. and position good a at in geographies. $XXX to Our the achieve offer capabilities us more merged objective team the are million We opportunity to in revenue combined our we gives of now products by aftermarket aftermarket believe XXXX
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deal within The Overall, new Project segments. annually Our grow and XXXX highlights million to what Belfast assets in also to three-year combat as in revenue unmanned of Spirit at wingman. expect have team we develop that manufacture our Mosquito capabilities $XXX bring million selected of lead a the and the loyal first business to military by UK the XX% future, is colleagues significant design XX%. the existing with of UK's prototype be the assets $XX referred purchased in recently the which aircraft the Belfast aircraft will the included about to will was expect to future we north margins of production. have approximately Bombardier purchase And the our
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for support Bombardier the very current The with Most combination our FMI robust to expanded high-temperature industrialization very Spirit's acquisition the composite acquisition response FMI and we and customers. pipeline FMI's largest, customers. completed now of have has from with several selected opportunities, business. we We to expertise While under the have capabilities which to last Science products missions is was and space recently, in thermal especially January The systems complete we NASA are emerging asset capability of integration of received Mission provide hypersonic a has protection the potential weapons. Directorate. new opportunities pleased our defense FMI the opened
been to growth in support If addition the for XXXX on XX% record we to We great deep are of growth exploration. and sales of XXXX. future to we space $X and projected Spirit look future be are programs they contribute approximately would to to in XX% generate thrilled our family selected programs the NASA has contributing a at defense FMI defense billion. that the of the
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expect Spirit aftermarket Airbus jets profitable revenue. this and believe a for Emerging we diversified be We and several business X% will account that more and XX%, each about company in with from XX%, represent of will defense XXXX for crisis, streams. revenue new will
are We on delevering. focused also
on of to and we plan the debt our billion the challenges, down have level work to effects recent begun years. As three $X next recover from we over pay current
balance due sheet. note redeeming XXXX We in million by our cash have which $XXX using process from started floating the of June the was rate
process is to much complete be maturity rates rates We point higher February And by XXXX. in we they expect -- tomorrow than expect by be there, net next $XXX our million From XX. due debt in narrow-body at are to time, production this today. that
investment-grade until remain an is maturity next regaining credit committed We Our rating. that XXXX. to after not
Our margins. to third drive is objective
to traffic the domestic vaccine As begins recover will and first. air resume, rollout continues travel
the We such to believe We will will expect the as as taken, trend of XX% XX% flights. and to the With aircraft. recover narrow-body about actions XXs. AXXX. all from our we MAX rate of because be levels that this the XXX production backlog back the margins the expect this bulk will single-aisle will reaches once recover productivity favor we our first perform aircraft the is historic the they domestic Spirit trend They have low MAX of benefit
be still historic targets this acquisition we our expect Bombardier aggregate. to While will to the achieve slightly dilutive in overall level,
are through to that to will the expectations have in continue future. XXXX. production production we transition recover, we will This defense a traffic composite financial positive take Although, replace Mark? expect will to that, serve and applications. declines With international Mark wide-body to to impact typically lost turn have hours capacity routes, longer rate which our which due on and margins it over wide-body should our I'll our results detailed wide-body for repurposing we put the pressure for those actively aircraft on