- Fourth-quarter net earnings of $1
billion, diluted EPS of $3.64,
on revenue of $11.7 billion
- Highest quarterly EPS and revenue in company history
- $1.2 billion net cash provided by
operating activities, or 119% of net earnings
- Ended the quarter with $93.6
billion in backlog
RESTON,
Va., Jan. 24, 2024 /PRNewswire/ -- General
Dynamics (NYSE: GD) today reported quarterly net earnings of
$1 billion, or $3.64 diluted earnings per share (EPS). Revenue
of $11.7 billion was up 7.5% over the
year-ago quarter.
For the full year, net earnings were $3.3
billion, or $12.02 per diluted
share. Full-year revenue was $42.3
billion, a 7.3% increase from 2022.
"We had a solid fourth quarter, capping off a year that saw
growth in all four segments and continued strong cash flow," said
Phebe N. Novakovic, chairman and
chief executive officer. "Our Aerospace segment in particular saw
solid execution and continued demand in the quarter and is well
positioned for a surge in deliveries upon FAA certification of the
G700."
Cash
Net cash provided by operating activities in the quarter totaled
$1.2 billion, or 119% of net
earnings. For the year, net cash provided by operating activities
totaled a record-high $4.7 billion,
or 142% of net earnings.
During the year, the company reduced debt by $1.2 billion, invested $904 million in capital expenditures, paid
$1.4 billion in dividends, and used
$434 million to repurchase shares,
ending 2023 with $1.9 billion in cash
and equivalents on hand.
Backlog
Orders remained strong across the company with a consolidated
book-to-bill ratio, defined as orders divided by revenue, of 0.8-
to-1 for the quarter and 1.1-to-1 for the year. Backlog of
$93.6 billion was the highest
year-end backlog in the company's history. In addition to backlog,
estimated potential contract value, representing management's
estimate of additional value in unfunded indefinite delivery,
indefinite quantity (IDIQ) contracts and unexercised options, was
$38.3 billion at year end. Total
estimated contract value, the sum of all backlog components, was
$132 billion at the end of the
year.
In the Aerospace segment, orders in the quarter totaled
$3.2 billion, growing backlog to
$20.5 billion, up 4.8% from the
year-ago quarter. Aerospace book-to-bill was 1.2-to-1 for the
quarter and the year.
In the three defense segments, significant awards in the quarter
included an IDIQ contract with maximum potential value of
$2.5 billion from the Indian Health
Service to modernize its electronic health record system; an IDIQ
contract with maximum potential value of $975 million to provide mission command training
and technical support services to the U.S. Army; $395 million, with options having maximum
potential value of $840 million, for
maintenance and modernization of two U.S. Navy Arleigh Burke-class (DDG-51) guided-missile
destroyers; a contract with maximum potential value of $420 million to provide ongoing lead-yard
services for the Navy's DDG-51 program; $265
million for various munitions and ordnance; and $245 million, with maximum potential value of
$590 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 $42.3 billion
in revenue in 2023. More information is available at
www.gd.com.
WEBCAST INFORMATION: General Dynamics will webcast its
fourth-quarter and full-year 2023 financial results
conference call today at 9 a.m. EST.
The webcast will be a listen-only audio event available at GD.com.
An on-demand replay of the webcast will be available by telephone
two hours after the end of the call through January 31, 2024, at 1-800-770-2030
(international: +1 647-362-9199), conference ID 4299949. Charts
furnished to investors and securities analysts in connection with
General Dynamics' announcement of its financial results are
available at GD.com. General Dynamics intends to supplement those
charts on its website after its earnings call today to include
information about 2024 guidance presented during the call.
This press release contains forward-looking statements (FLS),
including statements about the company's future operational
and financial performance, which are based on management's
expectations, estimates, projections and assumptions. Words such as
"expects," "anticipates," "plans," "believes," "forecasts,"
"scheduled," "outlook," "estimates," "should" and variations of
these words and similar expressions are intended to identify FLS.
In making FLS, we rely on assumptions and analyses based on our
experience and perception of historical trends; current conditions
and expected future developments; and other factors, estimates and
judgments we consider reasonable and appropriate based on
information available to us at the time. FLS are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, as amended. FLS are not guarantees of future
performance and involve factors, risks and uncertainties that are
difficult to predict. Actual future results and trends may differ
materially from what is forecast in the FLS. All FLS speak only as
of the date they were made. We do not undertake any obligation to
update or publicly release revisions to FLS to reflect events,
circumstances or changes in expectations after the date of this
press release. Additional information regarding these factors is
contained in the company's filings with the SEC, and these
factors may be revised or supplemented in future SEC filings. In
addition, this press release contains some financial measures not
prepared in accordance with U.S. generally accepted accounting
principles (GAAP).
While we believe these non-GAAP metrics provide useful
information for investors, there are limitations associated with
their use, and our calculations of these metrics may not be
comparable to similarly titled measures of other companies.
Non-GAAP metrics should not be considered in isolation from, or as
a substitute for, GAAP measures. Reconciliations to comparable GAAP
measures and other information relating to our non-GAAP measures
are included in other filings with the SEC, which are available at
investorrelations.gd.com.
EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS -
(UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE
AMOUNTS
|
|
|
Three Months Ended December
31
|
|
Variance
|
|
2023
|
|
2022
|
|
$
|
|
%
|
Revenue
|
$
|
11,668
|
|
$
|
10,851
|
|
$
817
|
|
7.5 %
|
Operating costs and
expenses
|
|
(10,380)
|
|
|
(9,624)
|
|
(756)
|
|
|
Operating
earnings
|
|
1,288
|
|
|
1,227
|
|
61
|
|
5.0 %
|
Other, net
|
|
17
|
|
|
69
|
|
(52)
|
|
|
Interest,
net
|
|
(78)
|
|
|
(85)
|
|
7
|
|
|
Earnings before income
tax
|
|
1,227
|
|
|
1,211
|
|
16
|
|
1.3 %
|
Provision for income
tax, net
|
|
(222)
|
|
|
(219)
|
|
(3)
|
|
|
Net earnings
|
$
|
1,005
|
|
$
|
992
|
|
$
13
|
|
1.3 %
|
Earnings per
share—basic
|
$
|
3.68
|
|
$
|
3.62
|
|
$
0.06
|
|
1.7 %
|
Basic weighted average
shares outstanding
|
|
272.8
|
|
|
274.0
|
|
|
|
|
Earnings per
share—diluted
|
$
|
3.64
|
|
$
|
3.58
|
|
$
0.06
|
|
1.7 %
|
Diluted weighted
average shares outstanding
|
|
275.9
|
|
|
277.2
|
|
|
|
|
EXHIBIT
B
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
|
Year Ended December
31
|
|
Variance
|
|
2023
|
|
2022
|
|
$
|
|
%
|
Revenue
|
$
|
42,272
|
|
$
|
39,407
|
|
$
2,865
|
|
7.3 %
|
Operating costs and
expenses
|
|
(38,027)
|
|
|
(35,196)
|
|
(2,831)
|
|
|
Operating
earnings
|
|
4,245
|
|
|
4,211
|
|
34
|
|
0.8 %
|
Other, net
|
|
82
|
|
|
189
|
|
(107)
|
|
|
Interest,
net
|
|
(343)
|
|
|
(364)
|
|
21
|
|
|
Earnings before income
tax
|
|
3,984
|
|
|
4,036
|
|
(52)
|
|
(1.3) %
|
Provision for income
tax, net
|
|
(669)
|
|
|
(646)
|
|
(23)
|
|
|
Net earnings
|
$
|
3,315
|
|
$
|
3,390
|
|
$
(75)
|
|
(2.2) %
|
Earnings per
share—basic
|
$
|
12.14
|
|
$
|
12.31
|
|
$ (0.17)
|
|
(1.4) %
|
Basic weighted average
shares outstanding
|
|
273.1
|
|
|
275.3
|
|
|
|
|
Earnings per
share—diluted
|
$
|
12.02
|
|
$
|
12.19
|
|
$ (0.17)
|
|
(1.4) %
|
Diluted weighted
average shares outstanding
|
|
275.7
|
|
|
278.2
|
|
|
|
|
EXHIBIT C
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
Three Months Ended December 31
|
|
Variance
|
|
2023
|
|
2022
|
|
$
|
|
%
|
Revenue:
|
|
|
|
|
|
|
|
Aerospace
|
$
2,744
|
|
$
2,450
|
|
$
294
|
|
12.0 %
|
Marine
Systems
|
3,408
|
|
2,969
|
|
439
|
|
14.8 %
|
Combat
Systems
|
2,364
|
|
2,179
|
|
185
|
|
8.5 %
|
Technologies
|
3,152
|
|
3,253
|
|
(101)
|
|
(3.1) %
|
Total
|
$
11,668
|
|
$
10,851
|
|
$
817
|
|
7.5 %
|
Operating earnings:
|
|
|
|
|
|
|
|
Aerospace
|
$
449
|
|
$
337
|
|
$
112
|
|
33.2 %
|
Marine
Systems
|
217
|
|
237
|
|
(20)
|
|
(8.4) %
|
Combat
Systems
|
351
|
|
332
|
|
19
|
|
5.7 %
|
Technologies
|
305
|
|
340
|
|
(35)
|
|
(10.3) %
|
Corporate
|
(34)
|
|
(19)
|
|
(15)
|
|
(78.9) %
|
Total
|
$
1,288
|
|
$
1,227
|
|
$
61
|
|
5.0 %
|
Operating margin:
|
|
|
|
|
|
|
|
Aerospace
|
16.4 %
|
|
13.8 %
|
|
|
|
|
Marine
Systems
|
6.4 %
|
|
8.0 %
|
|
|
|
|
Combat
Systems
|
14.8 %
|
|
15.2 %
|
|
|
|
|
Technologies
|
9.7 %
|
|
10.5 %
|
|
|
|
|
Total
|
11.0 %
|
|
11.3 %
|
|
|
|
|
EXHIBIT
D
REVENUE AND OPERATING EARNINGS BY SEGMENT -
(UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
Year Ended December
31
|
|
Variance
|
|
2023
|
|
2022
|
|
$
|
|
%
|
Revenue:
|
|
|
|
|
|
|
|
Aerospace
|
$
8,621
|
|
$
8,567
|
|
$
54
|
|
0.6 %
|
Marine
Systems
|
12,461
|
|
11,040
|
|
1,421
|
|
12.9 %
|
Combat
Systems
|
8,268
|
|
7,308
|
|
960
|
|
13.1 %
|
Technologies
|
12,922
|
|
12,492
|
|
430
|
|
3.4 %
|
Total
|
$
42,272
|
|
$
39,407
|
|
$
2,865
|
|
7.3 %
|
Operating earnings:
|
|
|
|
|
|
|
|
Aerospace
|
$
1,182
|
|
$
1,130
|
|
$
52
|
|
4.6 %
|
Marine
Systems
|
874
|
|
897
|
|
(23)
|
|
(2.6) %
|
Combat
Systems
|
1,147
|
|
1,075
|
|
72
|
|
6.7 %
|
Technologies
|
1,202
|
|
1,227
|
|
(25)
|
|
(2.0) %
|
Corporate
|
(160)
|
|
(118)
|
|
(42)
|
|
(35.6) %
|
Total
|
$
4,245
|
|
$
4,211
|
|
$
34
|
|
0.8 %
|
Operating margin:
|
|
|
|
|
|
|
|
Aerospace
|
13.7 %
|
|
13.2 %
|
|
|
|
|
Marine
Systems
|
7.0 %
|
|
8.1 %
|
|
|
|
|
Combat
Systems
|
13.9 %
|
|
14.7 %
|
|
|
|
|
Technologies
|
9.3 %
|
|
9.8 %
|
|
|
|
|
Total
|
10.0 %
|
|
10.7 %
|
|
|
|
|
EXHIBIT
E
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
|
|
|
(Unaudited)
|
|
|
December 31, 2023
|
|
December 31,
2022
|
ASSETS
|
|
|
|
Current assets:
|
|
|
|
Cash and
equivalents
|
$
1,913
|
|
$
1,242
|
Accounts
receivable
|
3,004
|
|
3,008
|
Unbilled
receivables
|
7,997
|
|
8,795
|
Inventories
|
8,578
|
|
6,322
|
Other current
assets
|
2,123
|
|
1,696
|
Total current
assets
|
23,615
|
|
21,063
|
Noncurrent assets:
|
|
|
|
Property, plant and
equipment, net
|
6,198
|
|
5,900
|
Intangible assets,
net
|
1,656
|
|
1,824
|
Goodwill
|
20,586
|
|
20,334
|
Other assets
|
2,755
|
|
2,464
|
Total noncurrent
assets
|
31,195
|
|
30,522
|
Total assets
|
$
54,810
|
|
$
51,585
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
Current liabilities:
|
|
|
|
Short-term debt and
current portion of long-term debt
|
$
507
|
|
$
1,253
|
Accounts
payable
|
3,095
|
|
3,398
|
Customer advances and
deposits
|
9,564
|
|
7,436
|
Other current
liabilities
|
3,266
|
|
3,254
|
Total current
liabilities
|
16,432
|
|
15,341
|
Noncurrent liabilities:
|
|
|
|
Long-term
debt
|
8,754
|
|
9,243
|
Other
liabilities
|
8,325
|
|
8,433
|
Total noncurrent
liabilities
|
17,079
|
|
17,676
|
Shareholders' equity:
|
|
|
|
Common stock
|
482
|
|
482
|
Surplus
|
3,760
|
|
3,556
|
Retained
earnings
|
39,270
|
|
37,403
|
Treasury
stock
|
(21,054)
|
|
(20,721)
|
Accumulated other
comprehensive loss
|
(1,159)
|
|
(2,152)
|
Total shareholders'
equity
|
21,299
|
|
18,568
|
Total liabilities
and shareholders' equity
|
$
54,810
|
|
$
51,585
|
EXHIBIT
F
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
Year Ended December
31
|
|
2023
|
|
2022
|
Cash flows from operating activities—continuing
operations:
|
|
|
|
Net
earnings
|
$
3,315
|
|
$
3,390
|
Adjustments to
reconcile net earnings to net cash from operating
activities:
|
|
|
|
Depreciation of
property, plant and equipment
|
608
|
|
586
|
Amortization of
intangible and finance lease right-of-use assets
|
255
|
|
298
|
Equity-based
compensation expense
|
181
|
|
165
|
Deferred income tax
benefit
|
(177)
|
|
(178)
|
(Increase) decrease in
assets, net of effects of business acquisitions:
|
|
|
|
Accounts
receivable
|
38
|
|
46
|
Unbilled
receivables
|
913
|
|
(256)
|
Inventories
|
(2,219)
|
|
(980)
|
Increase (decrease) in
liabilities, net of effects of business acquisitions:
|
|
|
|
Accounts
payable
|
(303)
|
|
224
|
Customer advances and
deposits
|
2,415
|
|
2,082
|
Income taxes
payable
|
(209)
|
|
(436)
|
Other, net
|
(107)
|
|
(362)
|
Net cash provided by
operating activities
|
4,710
|
|
4,579
|
Cash flows from investing
activities:
|
|
|
|
Capital
expenditures
|
(904)
|
|
(1,114)
|
Other, net
|
(37)
|
|
(375)
|
Net cash used by
investing activities
|
(941)
|
|
(1,489)
|
Cash flows from financing
activities:
|
|
|
|
Dividends
paid
|
(1,428)
|
|
(1,369)
|
Repayment of
fixed-rate notes
|
(1,250)
|
|
(1,000)
|
Purchases of common
stock
|
(434)
|
|
(1,229)
|
Other, net
|
18
|
|
127
|
Net cash used by
financing activities
|
(3,094)
|
|
(3,471)
|
Net cash (used)
provided by discontinued operations
|
(4)
|
|
20
|
Net increase (decrease) in cash and
equivalents
|
671
|
|
(361)
|
Cash and equivalents at beginning of
year
|
1,242
|
|
1,603
|
Cash and equivalents at end of
year
|
$
1,913
|
|
$
1,242
|
EXHIBIT G
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
|
|
Other Financial Information:
|
|
|
|
|
|
|
|
|
December 31, 2023
|
|
December 31,
2022
|
|
|
|
|
Debt-to-equity
(a)
|
43.5 %
|
|
56.5 %
|
|
|
|
|
Book value per share
(b)
|
$
77.85
|
|
$
67.66
|
|
|
|
|
Shares
outstanding
|
273,599,948
|
|
274,411,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
Twelve Months
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Income tax payments,
net
|
$
607
|
|
$
478
|
|
$
1,100
|
|
$
1,245
|
Company-sponsored
research and development (c)
|
$
115
|
|
$
119
|
|
$
510
|
|
$
480
|
Return on sales
(d)
|
8.6 %
|
|
9.1 %
|
|
7.8 %
|
|
8.6 %
|
Return on equity
(e)
|
|
|
|
|
16.8 %
|
|
19.0 %
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
Fourth Quarter
|
|
Twelve Months
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Free cash flow:
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
1,196
|
|
$
669
|
|
$
4,710
|
|
$
4,579
|
Capital
expenditures
|
(304)
|
|
(494)
|
|
(904)
|
|
(1,114)
|
Free cash flow
(f)
|
$
892
|
|
$
175
|
|
$
3,806
|
|
$
3,465
|
|
|
|
|
|
|
|
|
Return on invested capital:
|
|
|
|
Net earnings
|
$
3,315
|
|
$
3,390
|
After-tax interest expense
|
315
|
|
309
|
After-tax amortization expense
|
201
|
|
235
|
Net operating profit
after taxes
|
3,831
|
|
3,934
|
Average invested
capital
|
31,258
|
|
31,260
|
Return on invested capital (g)
|
12.3 %
|
|
12.6 %
|
|
|
|
|
|
December 31, 2023
|
|
December 31,
2022
|
|
|
|
|
Net debt:
|
|
|
|
|
|
|
|
Total debt
|
$
9,261
|
|
$
10,496
|
|
|
|
|
Less cash and
equivalents
|
1,913
|
|
1,242
|
|
|
|
|
Net debt
(h)
|
$
7,348
|
|
$
9,254
|
|
|
|
|
|
Notes describing the
calculation of the other financial information and a reconciliation
of non-GAAP financial measures are on the following
page.
|
EXHIBIT G
(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)
|
Book value per share is
calculated as total equity divided by total outstanding shares as
of year end.
|
(c)
|
Includes independent
research and development and Aerospace product-development
costs.
|
(d)
|
Return on sales is
calculated as net earnings divided by revenue.
|
(e)
|
Return on equity is
calculated by dividing net earnings by our average total equity
during the year. Average total equity is calculated using the total
equity balance at the end of the preceding year and the total
equity balances at the end of each of the four quarters of the year
presented.
|
(f)
|
We define free cash
flow as net cash provided by operating activities less capital
expenditures. We believe free cash flow is a useful measure for
investors because it portrays our ability to generate cash from our
businesses for purposes such as repaying debt, funding business
acquisitions, repurchasing our common stock and paying dividends.
We use free cash flow to assess the quality of our earnings and as
a key performance measure in evaluating management.
|
(g)
|
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
average shareholders' equity excluding accumulated other
comprehensive loss. Average debt and average shareholders' equity
excluding accumulated other comprehensive loss are calculated using
the respective balances at the end of the preceding year and the
respective balances at the end of each of the four quarters of the
year presented. ROIC excludes goodwill impairments and non-economic
accounting changes as they are not reflective of company
performance.
|
(h)
|
We define net debt as
short- and long-term debt (total debt) less cash and equivalents.
We believe net debt is a useful measure for investors because it
reflects the borrowings that support our operations and capital
deployment strategy. We use net debt as an important indicator of
liquidity and financial position.
|
EXHIBIT H
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
Funded
|
|
Unfunded
|
|
Total Backlog
|
|
Estimated
Potential
Contract Value*
|
|
Total
Estimated
Contract Value
|
Fourth Quarter
2023:
|
|
|
|
|
|
|
|
|
|
Aerospace
|
$
19,557
|
|
$
897
|
|
$
20,454
|
|
$
451
|
|
$
20,905
|
Marine
Systems
|
30,141
|
|
15,755
|
|
45,896
|
|
3,647
|
|
49,543
|
Combat
Systems
|
13,816
|
|
721
|
|
14,537
|
|
6,236
|
|
20,773
|
Technologies
|
8,961
|
|
3,779
|
|
12,740
|
|
28,011
|
|
40,751
|
Total
|
$
72,475
|
|
$
21,152
|
|
$
93,627
|
|
$
38,345
|
|
$
131,972
|
Third Quarter 2023:
|
|
|
|
|
|
|
|
|
|
Aerospace
|
$
19,654
|
|
$
405
|
|
$
20,059
|
|
$
785
|
|
$
20,844
|
Marine
Systems
|
30,445
|
|
17,277
|
|
47,722
|
|
3,113
|
|
50,835
|
Combat
Systems
|
14,375
|
|
719
|
|
15,094
|
|
6,098
|
|
21,192
|
Technologies
|
9,833
|
|
2,852
|
|
12,685
|
|
27,302
|
|
39,987
|
Total
|
$
74,307
|
|
$
21,253
|
|
$
95,560
|
|
$
37,298
|
|
$
132,858
|
Fourth Quarter 2022:
|
|
|
|
|
|
|
|
|
|
Aerospace
|
$
19,077
|
|
$
439
|
|
$
19,516
|
|
$
685
|
|
$
20,201
|
Marine
Systems
|
26,246
|
|
19,453
|
|
45,699
|
|
3,672
|
|
49,371
|
Combat
Systems
|
12,726
|
|
525
|
|
13,251
|
|
5,364
|
|
18,615
|
Technologies
|
9,100
|
|
3,571
|
|
12,671
|
|
26,889
|
|
39,560
|
Total
|
$
67,149
|
|
$
23,988
|
|
$
91,137
|
|
$
36,610
|
|
$
127,747
|
|
* 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/2324798/Exhibit_H_1.jpg
EXHIBIT
H-2
BACKLOG BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS
|
https://mma.prnewswire.com/media/2324799/Exhibit_H_2.jpg
EXHIBIT
I
FOURTH QUARTER 2023 SIGNIFICANT ORDERS -
(UNAUDITED)
DOLLARS IN MILLIONS
|
We received the following significant contract awards during the
fourth quarter of 2023:
Marine Systems:
- $395 from the U.S. Navy for
maintenance and modernization on the USS Chung-Hoon and USS James
E. Williams, Arleigh Burke-class
(DDG-51) guided missile destroyers. The contract including options
has a maximum potential value of $840.
- A contract from the Navy to provide ongoing lead yard services
for the DDG-51 program. The contract including options has a
maximum potential value of $420.
- $215 from the Navy for long-lead
materials for Block VI Virginia-class submarines.
- $105 from the Navy for lead yard
services, development studies and design efforts for Virginia-class
submarines.
Combat Systems:
- $265 for various munitions and
ordnance.
- $230 to provide maintenance and
modernization for the Leopard fleet of vehicles for the Spanish
Ministry of Defense.
- $200 from the U.S. Army to
upgrade Abrams main battle tanks to the system enhancement package
version 3 (SEPv3) configuration.
- $180 from the Army to establish
additional capacity for artillery propellant.
- $100 to produce Piranha armored
combat vehicles for Switzerland.
- $60 from the Army to establish
additional capacity for 155mm artillery projectile metal parts
production.
Technologies:
- An indefinite delivery, indefinite quantity (IDIQ) contract
from the Indian Health Service (IHS) to modernize its electronic
health record (EHR) system. The contract has a maximum potential
value of $2.5 billion.
- An IDIQ contract to provide mission command training and
technical support services for the Army. The contract has a maximum
potential value of $975 among
multiple awardees.
- $245 for several key contracts
for classified customers. These contracts including options have a
maximum potential value of $590.
- $95 from U.S. Special Operations
Command (USSOCOM) to provide a full range of activities to support
USSOCOM operations, including program management, mission
infrastructure and training services. The contract including
options has a maximum potential value of $490.
- A contract from the Centers for Medicare and Medicaid Services
(CMS) to continue operating and modernizing the agency's Healthcare
Integrated General Ledger Accounting System (HIGLAS) application.
The contract including options has a maximum potential value of
$450.
- $100 from the Department of
Homeland Security's Office of Biometric Identity Management (OBIM)
to provide operations and maintenance support services for the
Automated Biometric Identification System (IDENT). The contract
including options has a maximum potential value of $385.
- $130 from the Navy to provide
sustainment services for the next-generation Mobile User Objective
System (MUOS) satellite communications system.
- Initial task orders on the $4.5
billion U.S. Air Force Security Support Services IDIQ
contract to implement comprehensive security services,
counterintelligence analysis and cybersecurity assessments.
EXHIBIT J
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
DOLLARS IN MILLIONS
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Twelve
Months
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Gulfstream Aircraft Deliveries
(units):
Large-cabin
aircraft
|
32
|
|
30
|
|
89
|
|
96
|
Mid-cabin
aircraft
|
7
|
|
8
|
|
22
|
|
24
|
Total
|
39
|
|
38
|
|
111
|
|
120
|
|
|
|
|
|
|
|
|
Aerospace Book-to-Bill:
|
|
|
|
|
|
|
|
Orders*
|
$
3,164
|
|
$
2,973
|
|
$
10,283
|
|
$
12,573
|
Revenue
|
2,744
|
|
2,450
|
|
8,621
|
|
8,567
|
Book-to-Bill Ratio
|
1.15x
|
|
1.21x
|
|
1.19x
|
|
1.47x
|
|
* Does not
include customer defaults, liquidated damages, cancellations,
foreign exchange fluctuations and other backlog
adjustments.
|
|
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SOURCE General Dynamics