RESTON, Va., July 28, 2021 /PRNewswire/ -- General Dynamics (NYSE: GD) today reported second-quarter 2021 net earnings of $737 million on revenue of $9.2 billion. Diluted earnings per share (EPS) were $2.61.
EPS grew 19.7% on a 17.9% increase in net earnings, as company-wide operating margin expanded to 10.4%, up 140 basis points from the year-ago quarter. Backlog of $89.2 billion was up 8% from the year-ago quarter.
"The company performed impressively this quarter, delivering very strong cash flow, improved margins and significant Aerospace order activity," said Phebe N. Novakovic, chairman and chief executive officer. "Emerging from the pandemic, we remain focused on operating discipline and wise deployment of capital."
Cash
Net cash provided by operating activities in the quarter totaled $1.1 billion. Free cash flow from operations, defined as net cash provided by operating activities, less capital expenditures, was $943 million.
Backlog
Backlog at the end of second-quarter 2021 was $89.2 billion. Estimated potential contract value, representing management's estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $41.1 billion. Total estimated contract value, the sum of all backlog components, was $130.3 billion at the end of the quarter.
Overall demand remained strong in the quarter, with a consolidated book-to-bill ratio of 1-to-1.
Significant awards in the quarter included $135 million from the U.S. Navy to provide ongoing lead yard services for the Virginia-class submarine program and options totaling $1.6 billion of additional potential value; $620 million from the U.S. Army to upgrade Stryker vehicles to the double-V-hull A1 configuration; $435 million from the Army to produce Stryker Initial Maneuver Short-Range Air Defense (IM-SHORAD) vehicles; $240 million from the Centers for Medicare and Medicaid Services (CMS) for several contracts, including work to provide cloud services and software tools; $145 million from the Army for the production of Hydra-70 rockets; and $865 million for several key contracts for classified customers.
About General Dynamics
Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 100,000 people worldwide and generated $37.9 billion in revenue in 2020. More information is available at www.gd.com.
Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the company's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. All forward-looking statements speak only as of the date they were made. The company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
WEBCAST INFORMATION: General Dynamics will webcast its second-quarter 2021 financial results conference call at 9 a.m. EDT on Wednesday, July 28, 2021. The webcast will be a listen-only audio event available at
www.gd.com
. An on-demand replay of the webcast will be available one hour after the end of the call and end on August 4, 2021. To hear a recording of the conference call by telephone, please call 877-344-7529 (international: 412-317-0088); passcode 10157891. Charts furnished to investors and securities analysts in connection with General Dynamics' announcement of its financial results are available at
www.gd.com
.
|
EXHIBIT A
|
|
|
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
|
|
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
|
Three Months Ended
|
|
Variance
|
|
July 4, 2021
|
|
June 28, 2020
|
|
$
|
|
%
|
|
Revenue
|
$
|
9,220
|
|
|
$
|
9,264
|
|
|
$
|
(44)
|
|
|
(0.5)
|
%
|
|
Operating costs and expenses
|
(8,261)
|
|
|
(8,430)
|
|
|
169
|
|
|
|
|
Operating earnings
|
959
|
|
|
834
|
|
|
125
|
|
|
15.0
|
%
|
|
Other, net
|
31
|
|
|
25
|
|
|
6
|
|
|
|
|
Interest, net
|
(109)
|
|
|
(132)
|
|
|
23
|
|
|
|
|
Earnings before income tax
|
881
|
|
|
727
|
|
|
154
|
|
|
21.2
|
%
|
|
Provision for income tax, net
|
(144)
|
|
|
(102)
|
|
|
(42)
|
|
|
|
|
Net earnings
|
$
|
737
|
|
|
$
|
625
|
|
|
$
|
112
|
|
|
17.9
|
%
|
|
Earnings per share—basic
|
$
|
2.63
|
|
|
$
|
2.18
|
|
|
$
|
0.45
|
|
|
20.6
|
%
|
|
Basic weighted average shares outstanding
|
280.7
|
|
|
286.4
|
|
|
|
|
|
|
Earnings per share—diluted
|
$
|
2.61
|
|
|
$
|
2.18
|
|
|
$
|
0.43
|
|
|
19.7
|
%
|
|
Diluted weighted average shares outstanding
|
282.2
|
|
|
286.9
|
|
|
|
|
|
|
EXHIBIT B
|
|
|
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
|
|
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
|
Six Months Ended
|
|
Variance
|
|
July 4, 2021
|
|
June 28, 2020
|
|
$
|
|
%
|
|
Revenue
|
$
|
18,609
|
|
|
$
|
18,013
|
|
|
$
|
596
|
|
|
3.3
|
%
|
|
Operating costs and expenses
|
(16,712)
|
|
|
(16,245)
|
|
|
(467)
|
|
|
|
|
Operating earnings
|
1,897
|
|
|
1,768
|
|
|
129
|
|
|
7.3
|
%
|
|
Other, net
|
61
|
|
|
46
|
|
|
15
|
|
|
|
|
Interest, net
|
(232)
|
|
|
(239)
|
|
|
7
|
|
|
|
|
Earnings before income tax
|
1,726
|
|
|
1,575
|
|
|
151
|
|
|
9.6
|
%
|
|
Provision for income tax, net
|
(281)
|
|
|
(244)
|
|
|
(37)
|
|
|
|
|
Net earnings
|
$
|
1,445
|
|
|
$
|
1,331
|
|
|
$
|
114
|
|
|
8.6
|
%
|
|
Earnings per share—basic
|
$
|
5.12
|
|
|
$
|
4.63
|
|
|
$
|
0.49
|
|
|
10.6
|
%
|
|
Basic weighted average shares outstanding
|
282.4
|
|
|
287.5
|
|
|
|
|
|
|
Earnings per share—diluted
|
$
|
5.10
|
|
|
$
|
4.61
|
|
|
$
|
0.49
|
|
|
10.6
|
%
|
|
Diluted weighted average shares outstanding
|
283.6
|
|
|
288.5
|
|
|
|
|
EXHIBIT C
|
|
|
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
|
|
DOLLARS IN MILLIONS
|
|
|
Three Months Ended
|
|
Variance
|
|
July 4, 2021
|
|
June 28, 2020
|
|
$
|
|
%
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Aerospace
|
$
|
1,622
|
|
|
$
|
1,974
|
|
|
$
|
(352)
|
|
|
(17.8)
|
%
|
|
Marine Systems
|
2,536
|
|
|
2,471
|
|
|
65
|
|
|
2.6
|
%
|
|
Combat Systems
|
1,899
|
|
|
1,754
|
|
|
145
|
|
|
8.3
|
%
|
|
Technologies
|
3,163
|
|
|
3,065
|
|
|
98
|
|
|
3.2
|
%
|
|
Total
|
$
|
9,220
|
|
|
$
|
9,264
|
|
|
$
|
(44)
|
|
|
(0.5)
|
%
|
|
Operating earnings:
|
|
|
|
|
|
|
|
|
Aerospace
|
$
|
195
|
|
|
$
|
159
|
|
|
$
|
36
|
|
|
22.6
|
%
|
|
Marine Systems
|
210
|
|
|
200
|
|
|
10
|
|
|
5.0
|
%
|
|
Combat Systems
|
266
|
|
|
239
|
|
|
27
|
|
|
11.3
|
%
|
|
Technologies
|
308
|
|
|
247
|
|
|
61
|
|
|
24.7
|
%
|
|
Corporate
|
(20)
|
|
|
(11)
|
|
|
(9)
|
|
|
(81.8)
|
%
|
|
Total
|
$
|
959
|
|
|
$
|
834
|
|
|
$
|
125
|
|
|
15.0
|
%
|
|
Operating margin:
|
|
|
|
|
|
|
|
|
Aerospace
|
12.0
|
%
|
|
8.1
|
%
|
|
|
|
|
|
Marine Systems
|
8.3
|
%
|
|
8.1
|
%
|
|
|
|
|
|
Combat Systems
|
14.0
|
%
|
|
13.6
|
%
|
|
|
|
|
|
Technologies
|
9.7
|
%
|
|
8.1
|
%
|
|
|
|
|
|
Total
|
10.4
|
%
|
|
9.0
|
%
|
|
|
|
|
|
EXHIBIT D
|
|
|
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
|
|
DOLLARS IN MILLIONS
|
|
|
Six Months Ended
|
|
Variance
|
|
July 4, 2021
|
|
June 28, 2020
|
|
$
|
|
%
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Aerospace
|
$
|
3,509
|
|
|
$
|
3,665
|
|
|
$
|
(156)
|
|
|
(4.3)
|
%
|
|
Marine Systems
|
5,019
|
|
|
4,717
|
|
|
302
|
|
|
6.4
|
%
|
|
Combat Systems
|
3,719
|
|
|
3,462
|
|
|
257
|
|
|
7.4
|
%
|
|
Technologies
|
6,362
|
|
|
6,169
|
|
|
193
|
|
|
3.1
|
%
|
|
Total
|
$
|
18,609
|
|
|
$
|
18,013
|
|
|
$
|
596
|
|
|
3.3
|
%
|
|
Operating earnings:
|
|
|
|
|
|
|
|
|
Aerospace
|
$
|
415
|
|
|
$
|
399
|
|
|
$
|
16
|
|
|
4.0
|
%
|
|
Marine Systems
|
410
|
|
|
384
|
|
|
26
|
|
|
6.8
|
%
|
|
Combat Systems
|
510
|
|
|
462
|
|
|
48
|
|
|
10.4
|
%
|
|
Technologies
|
614
|
|
|
545
|
|
|
69
|
|
|
12.7
|
%
|
|
Corporate
|
(52)
|
|
|
(22)
|
|
|
(30)
|
|
|
(136.4)
|
%
|
|
Total
|
$
|
1,897
|
|
|
$
|
1,768
|
|
|
$
|
129
|
|
|
7.3
|
%
|
|
Operating margin:
|
|
|
|
|
|
|
|
|
Aerospace
|
11.8
|
%
|
|
10.9
|
%
|
|
|
|
|
|
Marine Systems
|
8.2
|
%
|
|
8.1
|
%
|
|
|
|
|
|
Combat Systems
|
13.7
|
%
|
|
13.3
|
%
|
|
|
|
|
|
Technologies
|
9.7
|
%
|
|
8.8
|
%
|
|
|
|
|
|
Total
|
10.2
|
%
|
|
9.8
|
%
|
|
|
|
|
|
EXHIBIT E
|
|
|
CONSOLIDATED BALANCE SHEET
|
|
DOLLARS IN MILLIONS
|
|
|
(Unaudited)
|
|
|
|
July 4, 2021
|
|
December 31, 2020
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and equivalents
|
$
|
2,950
|
|
|
$
|
2,824
|
|
|
Accounts receivable
|
3,255
|
|
|
3,161
|
|
|
Unbilled receivables
|
7,923
|
|
|
8,024
|
|
|
Inventories
|
5,803
|
|
|
5,745
|
|
|
Other current assets
|
1,649
|
|
|
1,789
|
|
|
Total current assets
|
21,580
|
|
|
21,543
|
|
|
Noncurrent assets:
|
|
|
|
|
Property, plant and equipment, net
|
5,135
|
|
|
5,100
|
|
|
Intangible assets, net
|
2,003
|
|
|
2,117
|
|
|
Goodwill
|
20,021
|
|
|
20,053
|
|
|
Other assets
|
2,444
|
|
|
2,495
|
|
|
Total noncurrent assets
|
29,603
|
|
|
29,765
|
|
|
Total assets
|
$
|
51,183
|
|
|
$
|
51,308
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term debt and current portion of long-term debt
|
$
|
2,821
|
|
|
$
|
3,003
|
|
|
Accounts payable
|
2,595
|
|
|
2,952
|
|
|
Customer advances and deposits
|
5,956
|
|
|
6,276
|
|
|
Other current liabilities
|
3,609
|
|
|
3,733
|
|
|
Total current liabilities
|
14,981
|
|
|
15,964
|
|
|
Noncurrent liabilities:
|
|
|
|
|
Long-term debt
|
11,485
|
|
|
9,995
|
|
|
Other liabilities
|
9,396
|
|
|
9,688
|
|
|
Total noncurrent liabilities
|
20,881
|
|
|
19,683
|
|
|
Shareholders' equity:
|
|
|
|
|
Common stock
|
482
|
|
|
482
|
|
|
Surplus
|
3,194
|
|
|
3,124
|
|
|
Retained earnings
|
34,273
|
|
|
33,498
|
|
|
Treasury stock
|
(19,181)
|
|
|
(17,893)
|
|
|
Accumulated other comprehensive loss
|
(3,447)
|
|
|
(3,550)
|
|
|
Total shareholders' equity
|
15,321
|
|
|
15,661
|
|
|
Total liabilities and shareholders' equity
|
$
|
51,183
|
|
|
$
|
51,308
|
|
|
EXHIBIT F
|
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
|
|
DOLLARS IN MILLIONS
|
|
|
Six Months Ended
|
|
July 4, 2021
|
|
June 28, 2020
|
|
Cash flows from operating activities—continuing operations:
|
|
|
|
|
Net earnings
|
$
|
1,445
|
|
|
$
|
1,331
|
|
|
Adjustments to reconcile net earnings to net cash from operating activities:
|
|
|
|
|
Depreciation of property, plant and equipment
|
280
|
|
|
254
|
|
|
Amortization of intangible and finance lease right-of-use assets
|
159
|
|
|
177
|
|
|
Equity-based compensation expense
|
72
|
|
|
61
|
|
|
Deferred income tax benefit
|
(37)
|
|
|
(83)
|
|
|
(Increase) decrease in assets, net of effects of business acquisitions:
|
|
|
|
|
Accounts receivable
|
(94)
|
|
|
(1)
|
|
|
Unbilled receivables
|
134
|
|
|
160
|
|
|
Inventories
|
(58)
|
|
|
(433)
|
|
|
Increase (decrease) in liabilities, net of effects of business acquisitions:
|
|
|
|
|
Accounts payable
|
(364)
|
|
|
(782)
|
|
|
Customer advances and deposits
|
(226)
|
|
|
(863)
|
|
|
Other, net
|
(193)
|
|
|
356
|
|
|
Net cash provided by operating activities
|
1,118
|
|
|
177
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Capital expenditures
|
(306)
|
|
|
(406)
|
|
|
Other, net
|
(2)
|
|
|
184
|
|
|
Net cash used by investing activities
|
(308)
|
|
|
(222)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Repayment of fixed-rate notes
|
(2,000)
|
|
|
(2,000)
|
|
|
Proceeds from commercial paper, gross (maturities greater than 3 months)
|
1,997
|
|
|
420
|
|
|
Proceeds from fixed-rate notes
|
1,497
|
|
|
3,960
|
|
|
Purchases of common stock
|
(1,352)
|
|
|
(501)
|
|
|
Dividends paid
|
(651)
|
|
|
(610)
|
|
|
Repayment of floating-rate notes
|
(500)
|
|
|
(500)
|
|
|
Proceeds from commercial paper, net
|
—
|
|
|
816
|
|
|
Other, net
|
338
|
|
|
(118)
|
|
|
Net cash (used) provided by financing activities
|
(671)
|
|
|
1,467
|
|
|
Net cash used by discontinued operations
|
(13)
|
|
|
(24)
|
|
|
Net increase in cash and equivalents
|
126
|
|
|
1,398
|
|
|
Cash and equivalents at beginning of period
|
2,824
|
|
|
902
|
|
|
Cash and equivalents at end of period
|
$
|
2,950
|
|
|
$
|
2,300
|
|
|
EXHIBIT G
|
|
|
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
|
|
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
|
Other Financial Information:
|
|
|
|
|
|
|
|
|
July 4, 2021
|
|
December 31, 2020
|
|
|
|
|
|
Debt-to-equity (a)
|
93.4
|
%
|
|
83.0
|
%
|
|
|
|
|
|
Debt-to-capital (b)
|
48.3
|
%
|
|
45.4
|
%
|
|
|
|
|
|
Book value per share (c)
|
$
|
54.81
|
|
|
$
|
54.67
|
|
|
|
|
|
|
Shares outstanding
|
279,541,414
|
|
|
286,477,836
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
|
|
Six Months
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Income tax payments, net
|
$
|
212
|
|
|
$
|
13
|
|
|
$
|
245
|
|
|
$
|
56
|
|
|
Company-sponsored research and development (d)
|
$
|
93
|
|
|
$
|
116
|
|
|
$
|
183
|
|
|
$
|
194
|
|
|
Return on sales (e)
|
8.0
|
%
|
|
6.7
|
%
|
|
7.8
|
%
|
|
7.4
|
%
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
Second Quarter
|
|
Six Months
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Earnings before interest, taxes, depreciation and amortization:
|
|
|
|
|
|
|
|
|
Net earnings
|
$
|
737
|
|
|
$
|
625
|
|
|
$
|
1,445
|
|
|
$
|
1,331
|
|
|
Interest, net
|
109
|
|
|
132
|
|
|
232
|
|
|
239
|
|
|
Provision for income tax, net
|
144
|
|
|
102
|
|
|
281
|
|
|
244
|
|
|
Depreciation of property, plant and equipment
|
144
|
|
|
132
|
|
|
280
|
|
|
254
|
|
|
Amortization of intangible and finance lease right-of-use assets
|
80
|
|
|
87
|
|
|
159
|
|
|
177
|
|
|
Earnings before interest, taxes, depreciation and amortization (f)
|
$
|
1,214
|
|
|
$
|
1,078
|
|
|
$
|
2,397
|
|
|
$
|
2,245
|
|
|
|
|
|
|
|
|
|
|
Free cash flow from operations:
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
$
|
1,115
|
|
|
$
|
843
|
|
|
$
|
1,118
|
|
|
$
|
177
|
|
|
Capital expenditures
|
(172)
|
|
|
(221)
|
|
|
(306)
|
|
|
(406)
|
|
|
Free cash flow from operations (g)
|
$
|
943
|
|
|
$
|
622
|
|
|
$
|
812
|
|
|
$
|
(229)
|
|
|
|
|
(a)
|
Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period.
|
|
|
|
(b)
|
Debt-to-capital ratio is calculated as total debt divided by the sum of total debt plus total equity as of the end of the period.
|
|
|
|
(c)
|
Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period.
|
|
|
|
(d)
|
Includes independent research and development and Aerospace product-development costs.
|
|
|
|
(e)
|
Return on sales is calculated as net earnings divided by revenue.
|
|
|
|
(f)
|
We believe earnings before interest, taxes, depreciation and amortization (EBITDA) is a useful measure for investors because it provides another measure of our profitability and our ability to service our debt. We calculate EBITDA by adding back interest, taxes, depreciation and amortization to net earnings. The most directly comparable GAAP measure to EBITDA is net earnings.
|
|
|
|
(g)
|
We believe free cash flow from operations is a useful measure for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying maturing debt, funding business acquisitions, repurchasing our common stock and paying dividends. We use free cash flow from operations to assess the quality of our earnings and as a key performance measure in evaluating management. The most directly comparable GAAP measure to free cash flow from operations is net cash provided by operating activities.
|
|
EXHIBIT H
|
|
|
BACKLOG - (UNAUDITED)
|
|
DOLLARS IN MILLIONS
|
|
|
|
Funded
|
|
Unfunded
|
|
Total
Backlog
|
|
Estimated
Potential
Contract Value*
|
|
Total
Estimated
Contract Value
|
|
Second Quarter 2021:
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
13,155
|
|
|
$
|
366
|
|
|
$
|
13,521
|
|
|
$
|
2,099
|
|
|
$
|
15,620
|
|
|
Marine Systems
|
|
26,435
|
|
|
21,095
|
|
|
47,530
|
|
|
4,689
|
|
|
52,219
|
|
|
Combat Systems
|
|
14,157
|
|
|
271
|
|
|
14,428
|
|
|
7,711
|
|
|
22,139
|
|
|
Technologies
|
|
9,769
|
|
|
3,999
|
|
|
13,768
|
|
|
26,594
|
|
|
40,362
|
|
|
Total
|
|
$
|
63,516
|
|
|
$
|
25,731
|
|
|
$
|
89,247
|
|
|
$
|
41,093
|
|
|
$
|
130,340
|
|
|
First Quarter 2021:
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
11,545
|
|
|
$
|
384
|
|
|
$
|
11,929
|
|
|
$
|
2,312
|
|
|
$
|
14,241
|
|
|
Marine Systems
|
|
27,676
|
|
|
22,075
|
|
|
49,751
|
|
|
2,815
|
|
|
52,566
|
|
|
Combat Systems
|
|
14,085
|
|
|
143
|
|
|
14,228
|
|
|
9,120
|
|
|
23,348
|
|
|
Technologies
|
|
10,003
|
|
|
3,670
|
|
|
13,673
|
|
|
27,530
|
|
|
41,203
|
|
|
Total
|
|
$
|
63,309
|
|
|
$
|
26,272
|
|
|
$
|
89,581
|
|
|
$
|
41,777
|
|
|
$
|
131,358
|
|
|
Second Quarter 2020:
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace
|
|
$
|
11,874
|
|
|
$
|
239
|
|
|
$
|
12,113
|
|
|
$
|
2,834
|
|
|
$
|
14,947
|
|
|
Marine Systems
|
|
25,118
|
|
|
17,365
|
|
|
42,483
|
|
|
14,441
|
|
|
56,924
|
|
|
Combat Systems
|
|
13,863
|
|
|
242
|
|
|
14,105
|
|
|
6,399
|
|
|
20,504
|
|
|
Technologies
|
|
10,320
|
|
|
3,648
|
|
|
13,968
|
|
|
25,902
|
|
|
39,870
|
|
|
Total
|
|
$
|
61,175
|
|
|
$
|
21,494
|
|
|
$
|
82,669
|
|
|
$
|
49,576
|
|
|
$
|
132,245
|
|
|
*
|
The estimated potential contract value includes work awarded on unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options associated with existing firm contracts, including options and other agreements with existing customers to purchase new aircraft and aircraft services. We recognize options in backlog when the customer exercises the option and establishes a firm order. For IDIQ contracts, we evaluate the amount of funding we expect to receive and include this amount in our estimated potential contract value. The actual amount of funding received in the future may be higher or lower than our estimate of potential contract value.
|
|
EXHIBIT H-1
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
|
https://mma.prnewswire.com/media/1582760/EXHIBIT_H_1_Backlog.jpg
|
EXHIBIT H-2
BACKLOG BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
|
https://mma.prnewswire.com/media/1582346/EXHIBIT_H_2_Aerospace_Backlog.jpg
https://mma.prnewswire.com/media/1582347/EXHIBIT_H_2_Marine_Backlog.jpg
https://mma.prnewswire.com/media/1582348/EXHIBIT_H_2_Combat_Backlog.jpg
https://mma.prnewswire.com/media/1582349/EXHIBIT_H_2_Technologies_Backlog.jpg
https://mma.prnewswire.com/media/1582472/EXHIBIT_H_2_Segment_Key.jpg
|
EXHIBIT I
SECOND QUARTER 2021 SIGNIFICANT ORDERS - (UNAUDITED)
DOLLARS IN MILLIONS
|
We received the following significant contract awards during the second quarter of 2021:
Marine Systems:
- $135 from the U.S. Navy to provide ongoing lead yard services for the Virginia-class submarine program and options totaling $1.6 billion of additional potential value.
- $100 from the Navy for maintenance and modernization work on the USS Pinckney, an Arleigh Burke-class (DDG-51) guided-missile destroyer.
- $65 from the Navy for maintenance and modernization work on the USS Hartford, a Los Angeles-class submarine.
- $55 from the Navy to provide ongoing lead yard services for the DDG-51 program.
Combat Systems:
- $620 from the U.S. Army to upgrade Stryker vehicles to the double-V-hull A1 configuration.
- $435 from the Army to produce Stryker Initial Maneuver Short-Range Air Defense (IM-SHORAD) vehicles.
- $145 from the Army for the production of Hydra-70 rockets.
- $100 for various munitions and ordnance.
- $45 to produce mission control units for Abrams main battle tanks.
Technologies:
- $865 for several key contracts for classified customers.
- $160 to provide ship modernization services for the Navy. The contract has a maximum potential value of $730.
- $240 from the Centers for Medicare and Medicaid Services (CMS) for several contracts, including work to provide cloud services and software tools.
- $115 to provide enterprise information technology (IT) and cybersecurity services and solutions for the Department of Defense (DoD).
- $40 to provide IT support services and system engineering for the U.S. Department of Energy (DOE). The contract has a maximum potential value of $90.
- $80 to provide military information support operations for the DoD.
- $80 from the Environmental Protection Agency (EPA) to provide infrastructure support and applications hosting services.
- $80 from the Army for computing and communications equipment under the Common Hardware Systems-5 (CHS-5) program.
- $65 to provide training support for the Navy.
- $40 from the Navy to retrofit five Knifefish surface mine countermeasure systems with improved operational capabilities.
- $40 from the Army to provide continued software support and engineering for the Warfighter Information Network-Tactical (WIN-T) Increment 2 program.
|
EXHIBIT J
|
|
|
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
|
|
|
|
Second Quarter
|
|
Six Months
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Gulfstream Aircraft Deliveries (units):
|
|
|
|
|
|
|
|
|
|
Large-cabin aircraft
|
|
18
|
|
|
26
|
|
|
43
|
|
|
46
|
|
|
Mid-cabin aircraft
|
|
3
|
|
|
6
|
|
|
6
|
|
|
9
|
|
|
Total
|
|
21
|
|
|
32
|
|
|
49
|
|
|
55
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace Book-to-Bill:
|
|
|
|
|
|
|
|
|
|
Orders*
|
|
$
|
3,292
|
|
|
$
|
1,072
|
|
|
$
|
5,749
|
|
|
$
|
2,928
|
|
|
Revenue
|
|
1,622
|
|
|
1,974
|
|
|
3,509
|
|
|
3,665
|
|
|
Book-to-Bill Ratio
|
|
2.03x
|
|
|
0.54x
|
|
|
1.64x
|
|
|
0.80x
|
|
|
|
* Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog
adjustments.
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/general-dynamics-reports-second-quarter-2021-financial-results-301342710.html
SOURCE General Dynamics