Higher than anticipated cash usage was driven by additional investments made to address challenging rail projects, as well as, the deferral of deliveries, mainly at Transportation. The exclusion of certain items from non-GAAP performance measures does not imply that these items are necessarily non-recurring. In the fiscal year ended December 31, 2018, Bombardier posted revenues of $16.2 billion US.
Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation.
Beginning in the first quarter of fiscal year 2019, the Corporation changed the label of these non-GAAP measures to "adjusted EBIT" and "adjusted EBITDA", respectively, without making any change to the composition of these non-GAAP measures. In those cases, it may be difficult to compare the performance of those entities to ours based on these similarly-named non-GAAP measures.Prior to the first quarter of fiscal year 2019, the Corporation reported non-GAAP measures labelled “EBIT before special items” and “EBITDA before special items”. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. In the fiscal year ended December 31, 2019, Bombardier posted revenues of $15.8 billion.
Headquartered in Montréal, Canada, Bombardier has production and engineering sites in over 25 countries across the segments of Aviation and Transportation. Bombardier shares are traded on the Toronto Stock Exchange (BBD). Our products and services provide world-class transportation experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.Headquartered in Montreal, Canada, Bombardier has production and engineering sites in 28 countries as well as a broad portfolio of products and services for the business aviation, commercial aviation and rail transportation markets.
Management believes these non-GAAP earnings measures in addition to IFRS measures provide users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business.
The company is recognized on the 2019 Global 100 Most Sustainable Corporations in the World Index. Order activity remained solid in the quarter, and the Company reported strong backlogs at Transportation and for business aircraft of $35.1 billion and $15.3 billion, respectively.Consolidated adjusted EBITDA and adjusted EBIT for the quarter were $255 million and $159 million, respectively. In the fiscal year ended December 31, 2019, Bombardier posted revenues of $15.8 billion.
Liquidity remains strong, with Pro Forma cash-on-hand of more than $4 billion and $5.5 billion in liquidity, providing the necessary flexibility to complete the turnaround. News and information are available at bombardier.com or follow us on Twitter @Bombardier.
Adjusted EBIT margin in Aviation was 6.0%, in line with expectations and driven byFree cash flow usage was $682 million for the quarter, reflecting the intense ramp-up of the The Company continues to expect full-year free cash flow usage to be approximately $500 million, driven by seasonally strong fourth quarter cash flows, the acceleration of “We continue to make progress driving our turnaround,” said Alain Bellemare, President and Chief Executive Officer, Bombardier Inc. “At Aviation, the recent certification of our new Following the strategic formation of Bombardier Aviation, effective July 1, 2019, Business Aircraft, Commercial Aircraft and Aerostructures and Engineering Services are reported under Aviation.
Other entities in our industry may define the above measures differently than we do.
News and information are available at This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP financial measures:Non-GAAP financial measures are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS.