1、2022 Annual Report 1Dear Fellow ShareholderYour company had another solid year in a difficult environment as the ramifications of the pandemic continued to impact our industrial base in different ways.Revenue increased 2.4%to$39.4 billion,net earnings rose 4.1%to$3.4 billion and earnings per fully d
2、iluted share increased 5.5%to$12.19.Operating cash flow was$4.6 billion.After capital expenditures,our free cash flow was$3.5 billion,an efficient cash conversation rate of 102%of net income.During the year,we focused on driving operating performance,supporting the supply chain and generating strong
3、 free cash flow.*The market responded and our share price rose 19.0%.Our total shareholder return for the year including dividends was 21.7%.In 2022,your company invested$1.1 billion in capital expenditures across our businesses to support our growth.We also paid$1.4 billion in dividends and repurch
4、ased approximately 5.3 million shares for$1.2 billion.Following a strong 2021,order activity and backlog were once again very good.We enjoyed a 1.1-to-1 book-to-bill ratio and at year end had a total backlog of$91.1 billion.Total estimated contract value,which includes options and indefinite deliver
5、y indefinite quantity contracts,was nearly$128 billion.Our Aerospace businesses had a very strong year.Sales,earnings,margin and backlog all increased nicely.Demand was robust,with a book-to-bill ratio of 1.5-to-1,with orders of$12.6 billion.Aerospace ended the year with a backlog of$19.5 billion.Ov
6、er the past two years Gulfstream has received over 400 net orders.All said and done,Aerospace backlog was up 20%in 2022 and a staggering 68%since the end of 2020.Certification efforts with the FAA continue,focused on the G700.We anticipate FAA certification this summer,depending on FAA time and reso