General Dynamics Reports Fourth-Quarter and Full-Year 2020 Financial Results
RESTON, Va., Jan. 27, 2021 /PRNewswire/ -- General Dynamics (NYSE: GD) today reported quarterly net earnings of $1 billion, or $3.49 per diluted share, on $10.5 billion in revenue. For the full year, net earnings were $3.2 billion, or $11.00 per diluted share, on revenue of $37.9 billion.
On a sequential basis, both net earnings and earnings per share (EPS) were up 20% from the previous quarter. Operating margin was 12.3% in the quarter, up 90 basis points sequentially and up 20 basis points from the year-ago quarter. Backlog grew 9.8% in the quarter to a record-high $89.5 billion.
"Our continued focus on operating performance and on protecting the health and safety of our employees contributed to strong sequential improvements in earnings, margin and cash flow," said Phebe N. Novakovic, chairman and chief executive officer. "Our defense segments continued to capture significant awards, leading to a record-high backlog, while our aerospace segment not only remained very profitable, but actually improved its margins throughout the year, even as the broader business aviation industry contracted severely due to the pandemic."
Margin
Company-wide operating margin was 12.3%, up 90 basis points from the prior quarter. Aerospace margin was 16.5%, up 220 basis points from the prior quarter.
Cash
Net cash provided by operating activities in the quarter totaled $2.6 billion, or 256% of net earnings. For the year, net cash provided by operating activities totaled $3.9 billion, or 122% of net earnings. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $2.2 billion for the quarter, a 221% conversion of net earnings, and $2.9 billion for the year, a 91% conversion of net earnings. During the quarter, the company reduced its net debt by $1.7 billion, invested $345 million in capital expenditures, paid $315 million in dividends, and repurchased $100.7 million in shares at an average price of $143.80, ending 2020 with $2.8 billion in cash and equivalents on hand.
Backlog
Orders remained strong across the company with a consolidated book-to-bill of 1.8-to-1 for the quarter and 1.1-to-1 for the year. In addition to backlog of $89.5 billion, management's estimate of additional value in unfunded indefinite delivery/indefinite quantity (IDIQ) contracts and unexercised options was $45.2 billion at year-end. Total estimated contract value, representing the sum of all backlog components was $134.7 billion, up 6.7% for the year.
Significant awards in the fourth quarter included a $9.5 billion option exercise from the U.S. Navy for construction and test of the first two Columbia-class submarines; $4.4 billion maximum potential value contract from the U.S. Department of Defense to provide cloud solutions for Office 365 deployment and migration; a $3.3 billion maximum potential value contract from the U.S. State Department to provide business process support services; a $695 million contract from the U.S. Army to provide information technology and professional services; $620 million for several key contracts for classified customers; a $405 million initial task order on a $4.3 billion maximum potential value contract to upgrade Abrams tanks for the Army; a $230 million initial task order on an Army contract with a maximum potential contract value of $1.2 billion to produce Stryker Initial Maneuver Short-Range Air Defense (IM-SHORAD) vehicles; $375 million from the Navy to provide lead yard services for the Virginia-class submarine program; and $265 million from the Navy for maintenance and repair services for three ship classes.
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 fourth-quarter and full-year 2020 financial results conference call at 9 a.m. EST on Wednesday, January 27, 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 February 3, 2021. To hear a recording of the conference call by telephone, please call 877-344-7529 (international: 412-317-0088); passcode 10151195. Charts furnished to investors and securities analysts in connection with General Dynamics' announcement of its financial results are available at www.gd.com. General Dynamics intends to supplement those charts on its website after its earnings call today to include information about 2021 guidance presented during the call.
EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Three Months Ended December 31
Variance
2020
2019*
$ %
Revenue $
10,481 $
10,773 $
(292) (2.7)
%
Operating costs and expenses (9,188) (9,465) 277
Operating earnings 1,293 1,308 (15) (1.1)
%
Other, net 12 16 (4)
Interest, net (120) (110) (10)
Earnings before income tax 1,185 1,214 (29) (2.4)
%
Provision for income tax, net (183) (194) 11
Net earnings $
1,002 $
1,020 $
(18) (1.8)
%
Earnings per share-basic $
3.50 $
3.53 $
(0.03) (0.8)
%
Basic weighted average shares outstanding 286.3 288.8
Earnings per share-diluted $
3.49 $
3.51 $
(0.02) (0.6)
%
Diluted weighted average shares outstanding 287.1 290.9
* Prior-period information has
been restated for the
retrospective application of a
change in accounting principle
related to the amortization of
actuarial gains and losses for
our qualified U.S. government
pension plans, which we adopted
in the fourth quarter of 2020.
EXHIBIT B
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Year Ended December 31 Variance
2020
2019*
$ %
Revenue $
37,925 $
39,350 $
(1,425) (3.6)
%
Operating costs and expenses (33,792) (34,780) 988
Operating earnings 4,133 4,570 (437) (9.6)
%
Other, net 82 92 (10)
Interest, net (477) (460) (17)
Earnings before income tax 3,738 4,202 (464) (11.0)
%
Provision for income tax, net (571) (718) 147
Net earnings $
3,167 $
3,484 $
(317) (9.1)
%
Earnings per share-basic $
11.04 $
12.09 $
(1.05) (8.7)
%
Basic weighted average shares outstanding 286.9 288.3
Earnings per share-diluted $
11.00 $
11.98 $
(0.98) (8.2)
%
Diluted weighted average shares outstanding 287.9 290.8
* Prior-period information has
been restated for the
retrospective application of a
change in accounting principle
related to the amortization of
actuarial gains and losses for
our qualified U.S. government
pension plans, which we adopted
in the fourth quarter of 2020.
EXHIBIT C
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
Three Months Ended December 31 Variance
2020 2019 (a)
$ %
Revenue:
---
Aerospace $
2,435 $
2,930 $
(495) (16.9)
%
Marine Systems 2,857 2,565 292 11.4
%
Combat Systems 1,960 1,972 (12) (0.6)
%
Technologies (b) 3,229 3,306 (77) (2.3)
%
Total $
10,481 $
10,773 $
(292) (2.7)
%
Operating earnings:
---
Aerospace $
401 $
480 $
(79) (16.5)
%
Marine Systems 247 199 48 24.1
%
Combat Systems 309 284 25 8.8
%
Technologies (b) 352 360 (8) (2.2)
%
Corporate (16) (15) (1) (6.7)
%
Total $
1,293 $
1,308 $
(15) (1.1)
%
Operating margin:
---
Aerospace 16.5
%
% 16.4
Marine Systems 8.6
% 7.8
%
Combat Systems 15.8
%
% 14.4
Technologies (b) 10.9
%
% 10.9
Total 12.3
%
% 12.1
(a) Prior-period information has been
restated for the retrospective
application of a change in
accounting principle related to
the amortization of actuarial
gains and losses for our
qualified U.S. government pension
plans, which we adopted in the
fourth quarter of 2020.
(b) Effective December 31, 2020, we
have reorganized our Mission
Systems and Information
Technology business units into a
single reporting unit -
Technologies - to better reflect
the way we are running the
business, the overlap and
commonality of customers, and
customer demand for end-to-end
solutions melding technology,
hardware and software.
EXHIBIT D
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
Year Ended December 31 Variance
2020 2019 (a)
$ %
Revenue:
---
Aerospace $
8,075 $
9,801 $
(1,726) (17.6)
%
Marine Systems 9,979 9,183 796 8.7
%
Combat Systems 7,223 7,007 216 3.1
%
Technologies (b) 12,648 13,359 (711) (5.3)
%
Total $
37,925 $
39,350 $
(1,425) (3.6)
%
Operating earnings:
---
Aerospace $
1,083 $
1,532 $
(449) (29.3)
%
Marine Systems 854 785 69 8.8
%
Combat Systems 1,041 996 45 4.5
%
Technologies (b) 1,211 1,311 (100) (7.6)
%
Corporate (56) (54) (2) (3.7)
%
Total $
4,133 $
4,570 $
(437) (9.6)
%
Operating margin:
---
Aerospace 13.4
%
% 15.6
Marine Systems 8.6
% 8.5
%
Combat Systems 14.4
%
% 14.2
Technologies (b) 9.6
% 9.8
%
Total 10.9
%
% 11.6
(a) Prior-period information has been
restated for the retrospective
application of a change in
accounting principle related to
the amortization of actuarial
gains and losses for our
qualified U.S. government pension
plans, which we adopted in the
fourth quarter of 2020.
(b) Effective December 31, 2020, we
have reorganized our Mission
Systems and Information
Technology business units into a
single reporting unit -
Technologies - to better reflect
the way we are running the
business, the overlap and
commonality of customers, and
customer demand for end-to-end
solutions melding technology,
hardware and software.
EXHIBIT E
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
Three Months Ended Variance
December 31, 2020 September 27, 2020 (a)
$ %
Revenue:
---
Aerospace $
2,435 $
1,975 $
460 23.3
%
Marine Systems 2,857 2,405 452 18.8
%
Combat Systems 1,960 1,801 159 8.8
%
Technologies (b) 3,229 3,250 (21) (0.6)
%
Total $
10,481 $
9,431 $
1,050 11.1
%
Operating earnings:
---
Aerospace $
401 $
283 $
118 41.7
%
Marine Systems 247 223 24 10.8
%
Combat Systems 309 270 39 14.4
%
Technologies (b) 352 314 38 12.1
%
Corporate (16) (18) 2 11.1
%
Total $
1,293 $
1,072 $
221 20.6
%
Operating margin:
---
Aerospace 16.5
% 14.3
%
Marine Systems 8.6
% 9.3
%
Combat Systems 15.8
% 15.0
%
Technologies (b) 10.9
% 9.7
%
Total 12.3
% 11.4
%
(a) Prior-period information has been
restated for the retrospective
application of a change in
accounting principle related to
the amortization of actuarial
gains and losses for our
qualified U.S. government pension
plans, which we adopted in the
fourth quarter of 2020.
(b) Effective December 31, 2020, we
have reorganized our Mission
Systems and Information
Technology business units into a
single reporting unit -
Technologies - to better reflect
the way we are running the
business, the overlap and
commonality of customers, and
customer demand for end-to-end
solutions melding technology,
hardware and software.
EXHIBIT F
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
(Unaudited)
December 31, 2020 December 31, 2019*
ASSETS
Current assets:
Cash and equivalents $
2,824 $
902
Accounts receivable 3,161 3,544
Unbilled receivables 8,024 7,857
Inventories 5,745 6,306
Other current assets 1,789 1,679
Total current assets 21,543 20,288
Noncurrent assets:
Property, plant and equipment, net 5,100 4,475
Intangible assets, net 2,117 2,315
Goodwill 20,053 19,677
Other assets 2,495 2,594
Total noncurrent assets 29,765 29,061
Total assets $
51,308 $
49,349
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt $
3,003 $
2,920
Accounts payable 2,952 3,162
Customer advances and deposits 6,276 7,148
Other current liabilities 3,733 3,571
Total current liabilities 15,964 16,801
Noncurrent liabilities:
Long-term debt 9,995 9,010
Other liabilities 9,688 9,560
Total noncurrent liabilities 19,683 18,570
Shareholders' equity:
Common stock 482 482
Surplus 3,124 3,039
Retained earnings 33,498 31,633
Treasury stock (17,893) (17,358)
Accumulated other comprehensive loss (3,550) (3,818)
Total shareholders' equity 15,661 13,978
Total liabilities and shareholders' equity $
51,308 $
49,349
* Prior-period information has
been restated for the
retrospective application of a
change in accounting principle
related to the amortization of
actuarial gains and losses for
our qualified U.S. government
pension plans, which we adopted
in the fourth quarter of 2020.
EXHIBIT G
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
Year Ended December 31
2020 2019
Cash flows from operating activities-continuing operations:
Net earnings $
3,167 $
3,484
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment 523 466
Amortization of intangible and finance lease right-of-use assets 355 363
Equity-based compensation expense 128 133
Deferred income tax (benefit) provision (127) 92
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable 371 176
Unbilled receivables (116) (1,303)
Inventories 502 (376)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable (215) 6
Customer advances and deposits (707) (105)
Other, net (23) 45
Net cash provided by operating activities 3,858 2,981
Cash flows from investing activities:
Capital expenditures (967) (987)
Other, net (7) (7)
Net cash used by investing activities (974) (994)
Cash flows from financing activities:
Proceeds from fixed-rate notes 3,960
Repayment of fixed-rate notes (2,000)
Dividends paid (1,240) (1,152)
Purchases of common stock (587) (231)
Repayment of floating-rate notes (500)
(Repayment of) proceeds from credit facility, net (441) 291
Proceeds from commercial paper, gross (maturities greater than 3 months) 420
Repayment of commercial paper, gross (maturities greater than 3 months) (420)
Repayment of commercial paper, net - (850)
Other, net (95) (55)
Net cash used by financing activities (903) (1,997)
Net cash used by discontinued operations (59) (51)
Net increase (decrease) in cash and equivalents 1,922 (61)
Cash and equivalents at beginning of year 902 963
Cash and equivalents at end of year $
2,824 $
902
EXHIBIT H
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Other Financial Information:
---
December 31, 2020 December 31, 2019*
Debt-to-equity (a) 83.0
% 85.3
%
Debt-to-capital (b) 45.4
% 46.0
%
Book value per share (c) $
54.67 $
48.26
Shares outstanding 286,477,836 289,610,336
Fourth Quarter Twelve Months
2020 2019 2020
2019*
Income tax payments, net $
419 $
85 $
764 $
572
Company-sponsored research and development (d) $
83 $
114 $
374 $
466
Return on sales (e) 9.6 9.5
% 8.4
% %
% 8.9
Return on equity (f) 22.0
%
% 26.4
Non-GAAP Financial Measures:
---
Fourth Quarter Twelve Months
2020 2019 2020 2019
Earnings before interest, taxes, depreciation and amortization:
Net earnings $
1,002 $
1,020 $
3,167 $
3,484
Interest, net 120 110 477 460
Provision for income tax, net 183 194 571 718
Depreciation of property, plant and equipment 147 114 523 466
Amortization of intangible and finance lease right-of-use assets 88 90 355 363
Earnings before interest, taxes, depreciation and amortization (g) $
1,540 $
1,528 $
5,093 $
5,491
Free cash flow from operations:
Net cash provided by operating activities $
2,562 $
2,394 $
3,858 $
2,981
Capital expenditures (345) (381) (967) (987)
Free cash flow from operations (h) $
2,217 $
2,013 $
2,891 $
1,994
Return on invested capital:
Net earnings $
3,167 $
3,484
After-tax interest expense 386 373
After-tax amortization expense 280 287
Net operating profit after taxes 3,833 4,144
Average invested capital 32,431 29,620
Return on invested capital (i) 11.8
%
% 14.0
Notes describing the calculation of the
other financial information and a
reconciliation of non-GAAP financial
measures are on the following page.
* Prior-period information has
been restated for the
retrospective application of a
change in accounting principle
related to the amortization of
actuarial gains and losses for
our qualified U.S. government
pension plans, which we adopted
in the fourth quarter of 2020.
EXHIBIT H (Cont.)
ADDITIONAL FINANCIAL INFORMATION -(UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
(a) Debt-to-equity ratio is calculated
as total debt divided by total
equity as of year end.
(b) Debt-to-capital ratio is calculated
as total debt divided by the sum of
total debt plus total equity as of
year end.
(c) Book value per share is calculated as
total equity divided by total
outstanding shares as of year end.
(d) Includes independent research and
development and Aerospace product-
development costs.
(e) Return on sales is calculated as net
earnings divided by revenue.
(f) Return on equity is calculated by
dividing net earnings by our average
equity during the year.
(g) 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.
(h) 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.
(i) We believe return on invested capital
(ROIC) is a useful measure for
investors because it reflects our
ability to generate returns from the
capital we have deployed in our
operations. We use ROIC to evaluate
investment decisions and as a
performance measure in evaluating
management. We define ROIC as net
operating profit after taxes divided
by average invested capital. Net
operating profit after taxes is
defined as net earnings plus after-
tax interest and amortization
expense, calculated using the
statutory federal income tax rate.
Average invested capital is defined
as the sum of the average debt and
shareholders' equity excluding
accumulated other comprehensive
loss. ROIC excludes goodwill
impairments and non-economic
accounting changes as they are not
reflective of company performance.
The most directly comparable GAAP
measure to net operating profit
after taxes is net earnings.
EXHIBIT I
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
Funded Unfunded Total Estimated Total
Backlog Estimated
Potential Contract Value
Contract Value (a)
Fourth Quarter 2020:
---
Aerospace $
11,308 $
318 $
11,626 $
2,800 $
14,426
Marine Systems 23,646 26,336 49,982 4,876 54,858
Combat Systems 14,341 226 14,567 9,774 24,341
Technologies 9,488 3,826 13,314 27,727 41,041
Total $
58,783 $
30,706 $
89,489 $
45,177 $
134,666
Third Quarter 2020:
---
Aerospace $
11,640 $
324 $
11,964 $
2,888 $
14,852
Marine Systems 23,958 17,124 41,082 14,666 55,748
Combat Systems 14,511 200 14,711 6,593 21,304
Technologies (b) 10,112 3,651 13,763 26,242 40,005
Total $
60,221 $
21,299 $
81,520 $
50,389 $
131,909
Fourth Quarter 2019:
---
Aerospace $
13,168 $
181 $
13,349 $
2,989 $
16,338
Marine Systems 20,012 24,175 44,187 5,453 49,640
Combat Systems 14,474 439 14,913 4,322 19,235
Technologies (b) 9,876 4,620 14,496 26,485 40,981
Total $
57,530 $
29,415 $
86,945 $
39,249 $
126,194
(a) 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.
(b) Effective December 31, 2020, we
have reorganized our Mission
Systems and Information
Technology business units into a
single reporting unit -
Technologies - to better reflect
the way we are running the
business, the overlap and
commonality of customers, and
customer demand for end-to-end
solutions melding technology,
hardware and software.
EXHIBIT I-1
BACKLOG -(UNAUDITED)
DOLLARS IN MILLIONS
https://mma.prnewswire.com/media/1427217/Exhibit_I_1.jpg
EXHIBIT I-2
BACKLOG BY SEGMENT -(UNAUDITED)
DOLLARS IN MILLIONS
https://mma.prnewswire.com/media/1427218/EXHIBIT_I_2_Aerospace.jpg
https://mma.prnewswire.com/media/1427219/EXHIBIT_I_2_Marine_Systems.jpg
https://mma.prnewswire.com/media/1427220/EXHIBIT_I_2_Combat_Systems.jpg
https://mma.prnewswire.com/media/1427221/EXHIBIT_I_2_Technologies.jpg
https://mma.prnewswire.com/media/1427222/EXHIBIT_I_2_Segment_Key.jpg
EXHIBIT J
FOURTH QUARTER 2020 SIGNIFICANT
ORDERS -(UNAUDITED)
DOLLARS IN MILLIONS
We received the following significant contract awards during the fourth quarter of 2020:
Marine Systems:
-- $9.5 billion from the U.S. Navy for construction of the first two
Columbia-class submarines, as well as associated design and engineering
support.
-- $375 from the Navy to provide lead yard services for the Virginia-class
submarine program.
-- $265 from the Navy to provide maintenance and repair services for the
San Antonio-class amphibious transport dock, Whidbey Island-class dock
landing ship and Ticonderoga-class guided-missile cruiser programs.
-- $215 from the Navy to provide engineering, technical, design and
planning yard support services for operational strategic and attack
submarines.
-- $95 from the Navy to provide ongoing planning yard services for the
Arleigh Burke-class (DDG-51) guided-missile destroyer program.
-- $60 from the Navy to produce a large vertical array fixture for Navy
submarine acoustic detection efforts.
Combat Systems:
-- $405 from the U.S. Army to upgrade Abrams tanks to the M1A2 System
Enhancement Package Version 3 (SEPv3) configuration. The contract has a
maximum potential value of $4.3 billion.
-- $230 from the Army to produce Stryker Initial Maneuver Short-Range Air
Defense (IM-SHORAD) vehicles. The contract has a maximum potential value
of $1.2 billion.
-- A contract from the Army to provide maintenance, training and support
services for the Stryker fleet. The contract has a maximum potential
value of $430.
-- $215 from the Canadian government for various munitions and ordnance.
-- $175 from the Army for various munitions and ordnance.
-- $80 for the production of Pandur 6x6 wheeled combat vehicles for the
Austrian Federal Ministry of Defence.
-- $55 to produce ASCOD tracked combat vehicles for an international
customer.
Technologies:
-- The Defense Enterprise Office Solutions (DEOS) contract from the General
Services Administration in partnership with the Department of Defense
(DoD) and Defense Information Systems Agency (DISA) to stand up cloud
environments and support the migration of over 3.2 million existing DoD
Office 365 users to the cloud. The contract has a maximum potential
value of $4.4 billion.
-- An IDIQ award from the U.S. Department of State to provide overseas
consular services to support visa processing and other functions for
U.S. embassies and consultants under the Global Support Strategy (GSS)
program. The program has a maximum potential contract value of $3.3
billion among three awardees.
-- A contract to provide enterprise information technology, communications
and mission command support services to U.S. Army Europe. The contract
has a maximum potential value of $695.
-- $620 for several key contracts for classified customers.
-- $110 to develop and deliver a digital engineering environment for the
U.S. Air Force.
-- $105 from the National Geospatial-Intelligence Agency (NGA) for network
storage and data center services.
-- $90 from the Navy to provide sustainment services for the Navy's
next-generation Mobile User Objective System (MUOS) satellite
communications system.
EXHIBIT K
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
Fourth Quarter Twelve Months
2020 2019 2020 2019
Gulfstream Aircraft Deliveries (units):
---
Large-cabin aircraft 34 35 105 114
Mid-cabin aircraft 6 9 22 33
Total 40 44 127 147
Aerospace Book-to-Bill:
---
Orders* $
2,347 $
4,652 $
7,091 $
11,674
Revenue (excluding pre-owned aircraft sales) 2,435 2,774 8,075 9,509
Book-to-Bill Ratio 0.96x 1.68x 0.88x 1.23x
* Does not include customer
defaults, liquidated damages,
cancellations, foreign exchange
fluctuations and other backlog
adjustments.
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SOURCE General Dynamics
