Revenues of $1.3 billion for the first quarter reflect 13% year-over-year aftermarket growth and 20 aircraft deliveries, in line with production plan and full year delivery guidance of 150 to 155 aircraft. Adjusted EBITDA(1) of $205 million for the first quarter. Adjusted EBITDA margin(2) rose 140 bps year-over-year to 16%. Reported EBIT for the first quarter was $144 million. Adjusted EPS(2) positive at $0.36 for the first quarter, with diluted EPS(3)  at $1.02.  Free cash flow usage(1) of $387 million reflects expected working capital build in inventories supporting production ramp-up. Reported cash flow usage from operating activities and net additions to PP&E and intangible assets were at $343 million and $44 million respectively.​ Focus on deleveraging continued with $100 million debt redemption announced on March 14th and closed in April; available liquidity(1) remained strong at $1.4 billion. Cash and cash equivalents were $1.2 billion as at March 31, 2024.  First quarter unit order intake(4) up 60% year-over-year reflecting solid demand; backlog(5) increased by $700 million since the beginning of the year to $14.9 billion on unit book-to-bill(6) of 1.6. Bombardier's new Aircraft Assembly Centre in the Greater-Toronto Area will play host to the company's 2024 Investor Day on May 1st, 2024, preceding the site's inauguration ceremony taking place the same day. All amounts in this press release are in U.S. dollars, unless otherwise indicated.  Amounts in tables are in millions except per share amounts, unless otherwise indicated. MONTRÉAL, April 25, 2024 (GLOBE NEWSWIRE) -- Bombardier Inc. (TSX:BBD) reported today its financial results for the first quarter of 2024, marked by a robust increase in service revenues and order activity. The company sold 60% more jets in the first quarter of 2024 compared to 2023, bringing backlog(5) up to $14.9 billion. Bombardier's production plan remains on track to meet full-year 2024 delivery guidance(7). "Our team came flying out of the gates in 2024 on soaring aircraft orders and service revenues. The unit book-to-bill(6) of 1.6 and $700 million backlog(5) increase are even more meaningful when you take stock of solid activity across traditional customers, fleets and new opportunities materializing for Bombardier Defense," said Éric Martel, President and Chief Executive Officer, Bombardier. "Building our backlog, growing recurring income streams, and retiring debt have all been staples of Bombardier's solid performance and our first quarter of 2024 delivered on all three very positively. This level of focused execution continues to provide solid ground for our team and balance sheet to stand on." Martel added, "I also want to commend the teams working hard to keep our delivery plan and profile on track toward our full-year guidance(7). We continue to be flexible and proactive, all while keeping an eye on the bottom line and our commitments. On that front, achieving a 16% adjusted EBITDA margin(2) for the quarter in this landscape is nothing short of exceptional and speaks to the tremendous collective effort to stay focused on our fundamentals and work to our plan." Robust Order Intake and Aftermarket Revenues Increase, Profitability Growth  Bombardier reported first quarter of 2024 revenues at $1.3 billion, down year-over-year compared to the same quarter last year due to the delivery profile. The company recorded 20 aircraft deliveries and remains on track to reach its planned guidance for 2024(7). The Services business continued its upward trend by reaching revenues of $477 million, a 13% increase year-over-year. The company continued on its path to drive sustainable and profitable growth and closed the first quarter of 2024 with an adjusted EBITDA(1) of $205 million. This resulted in an adjusted EBITDA margin(2) of 16%, up 140 basis points year-over-year, driven by strong conversion on incremental revenues and continued margin expansion on aircraft. The adjusted EBIT(1) totaled $142 million in the first three months of the year, up 3% from the same quarter last year. The adjusted EBIT margin(2) rose by 160 basis points year-over-year, landing at 11.1%.  Adjusted EPS(2) for the first quarter of 2024 was firmly positive at $0.36. Orders remained strong across Bombardier's portfolio of aircraft, recording a 60% increase compared to the same quarter last year. This sustained demand for Bombardier aircraft led to a vigorous unit book-to-bill(6) of 1.6. The backlog(5) also remained healthy and increased by $700 million to $14.9 billion, continuing to provide significant operational predictability. Progress on Debt Reduction Continues, Contributes to Favorable Positioning for Future Growth   Bombardier continued to make progress on debt reduction with a $100 million debt redemption announced on March 14th and closed on April 15th, 2024, using cash from its balance sheet and helping the company remain ahead of plan on deleveraging. Earlier this month, Bombardier announced the successful closing of a new issuance of $750 million aggregate principal of Senior Notes due 2031, with a rate of 7.25% per annum and were sold at 99.75% of par, the proceeds of which, together with cash on hand, will be used to repay existing outstanding debt. Bombardier continues to proactively improve its balance sheet, providing a strong foundation for future growth.  Bombardier will provide more information on its strategic pillars and path to future growth during its Investor Day event, to be held on May 1st, 2024, at its new Aircraft Assembly Centre in Toronto. The new ultra-modern facility, which will be inaugurated later that day, demonstrates the company's commitment to continuously raising the bar through innovation and sustainability. The layout of the new facility is designed to improve processes and will allow for better and safer movement of material, personnel, and aircraft. bps: basis points     (1)  Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the Management Discussion & Analysis of the Corporation's financial report for the quarter ended March 31, 2024 ("MD&A") for definitions of these metrics and reconciliations to the most comparable IFRS measures. (2) Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures. (3) Only from continuing operations. (4) Unit order intake represents unit orders net of cancellations for the period. (5) Represents order backlog for both manufacturing and services. (6) Defined as net new aircraft orders in units over aircraft deliveries in units. (7) Forward-looking statement. See the forward-looking statements disclaimer herein and see the forward-looking statements assumptions on which the 2024 guidance is based in the Corporation's financial report for the fiscal year ended December 31, 2023. SELECTED RESULTS Results of the quarter     Three-month periods ended March 31     2024       2023       Variance     Revenues   $ 1,281     $ 1,453     (12 )%   Adjusted EBITDA(1)   $ 205     $ 212     (3 )%   Adjusted EBITDA margin(2)     16.0 %     14.6 %   140 bps   Adjusted EBIT(1)(3)   $ 142     $ 138       3 %   Adjusted EBIT margin(2)     11.1 %     9.5 %   160 bps   EBIT   $ 144     $ 140       3 %   EBIT margin(4)     11.2 %     9.6 %   160 bps   Net income   $ 110     $ 302     $ (192 )   Diluted EPS (in dollars)(5)   $ 1.02     $ 2.98     $ (1.96 )   Adjusted net income(1)(3)   $ 44     $ 113     $ (69 )   Adjusted EPS (in dollars)(2)(3)   $ 0.36     $ 1.06     $ (0.70 )   Cash flows from operating activities(5)   $ (343 )   $ (162 )   $ (181 )   Net additions to PP&E and intangible assets   $ (44 )   $ (85 )   $ 41     Free cash flow usage(1)   $ (387 )   $ (247 )   $ (140 )                   As at March 31, 2024   December 31, 2023     Variance     Cash and cash equivalents   $ 1,181     $ 1,594     (26 )%   Available liquidity(1)   $ 1,417     $ 1,845     (23 )%   Order backlog (in billions of dollars)(6)   $ 14.9     $ 14.2