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Investor Presentaiton

Free cash flow* performance 90 90 ($ in billions) 1Q'22 yly Net earnings (loss)-a) (0.7) (0.8) • Depreciation & amortization 1.5 0.7 Operating working capital (1.0) (0.1) • Current receivables-b) (0.7) (1.5) • Inventory (1.0) (0.3) Accounts payable -b) 0.1 0.5 Progress collections 0.2 0.7 Current contract assets 0.4 0.5 O Other CFOA-b,c) (0.3) 2.6 1Q'22 DYNAMICS FCF* improvement y/y, up $1.7B ex disc. factoring* with majority as a result of debt reduction actions D&A includes $0.8B Steam asset sale impairment Working capital use driven by supply constraints & 2H ramp о Receivables use, higher AVI services billings, late deliveries in the quarter Inventory use, supply chain constraints delaying shipments coupled with building for 2H volume Gross CAPEX (0.4) (0.0) о Progress source, AVI & REN collections FCF* (0.9) 2.5 о Contract assets source, strong utilization billings FCF ex disc. factoring*d) (0.9) 1.7 * Non-GAAP Financial Measure Improved 1Q FCF*, supply chain constraints pressuring working capital (a-Aggregates the following: Net earnings (loss) and (earnings) loss from discontinued operations (b - Excludes CFOA impact from receivables factoring and supply chain finance eliminations in the prior year (c - Includes the following: (Gains) losses on sales of business interests, (Gains) losses on equity securities, principal pension plans (net), other post retirement benefit plans (net), income taxes (net), financial services derivatives and all other operating; excludes Insurance CFOA and separation cash expenditures (d - Excludes prior period CFOA impact from discontinued factoring programs of $(0.8)B 5 сл
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