Bombardier has announced its financial results for the third quarter of 2022, marked by solid revenues, a significant improvement in adjusted EBITDA, continued positive free cash flow generation and a growing backlog that reflects strong order activity. In summary, the results show solid third quarter revenues of US$1.5 billion include a 20% year-over-year aftermarket increase to US$372 million; full-year deliveries on track for more than 120 aircraft.
Adjusted EBITDA for the third quarter rose to US$210 million, a 48% year-over-year improvement. Adjusted EBITDA margin rose 460 bps year-over-year to 14.4%. Reported EBIT from continuing operations for the third quarter was US$145 million. Positive free cash flow generation of US$52 million from continuing operations for the third quarter of 2022, in line with raised cash flow guidance announced in August 2022.
Reported cash flow from operating activities for the quarter was US$122 million and net additions to PP&E and intangible assets for the quarter were US$70 million. Backlog has grown by US$300 million to US$15 billion since the end of second quarter; the third quarter unit book-to-bill of 1.3 reflects strong order activity. Further successful debt reduction of US$100 million through cash on balance sheet brings year-to-date debt repayment to US$873 million; adjusted liquidity stands strong at approximately US$1.7 billion with cash and cash equivalents of US$1.3 billion as of September 30, 2022. Further strengthened the liquidity position through a five-year committed secured revolving credit facility of US$300 million subsequent to the quarter end.