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.
|
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SOURCE General Dynamics