EX-99.1 2 q32024earningspressrelease.htm EX-99.1 Document

Leonardo DRS宣布财务业绩
第三 2024年第二季度

•营业收入： 营业收入81200万美元，同比增长16%
•净收入： 5700万美元，同比增长21%
•调整后的EBITDA： 10000万美元，同比增长22%
•摊薄后每股收益： 每股收益为0.21美元，同比增长17%
•每股摊薄后调整后的EPS： 0.24美元，同比增长20%
•预订： 11亿美元（订单额与销售额比率为1.3倍）
•积压订单：83亿美元，同比增长75%
•提高2024年所有指标的指引
•启动2025年初步指导框架


弗吉尼亚州阿灵顿，(业务 新闻) 2024年10月30日 — Leonardo DRS, Inc. (纳斯达克: DRS), 一家领先的爱文思控股技术提供商，今天公布了2024年第三季度截至2024年9月30日的财务业绩。

CEO评论
“我们发布了强劲的第三季度业绩，特点是强劲的订单量、中等营业收入增长、所有主要利润指标的增加以及健康的自由现金流生成。Bill Lynn，Leonardo DRS的董事长兼首席执行官说：“我们的策略、执行重点和对客户的坚定承诺正在推动超出我们预期的结果。”

财务业绩总结

（以百万为单位，每股数据除外）三个月之内结束
九个月结束
2020年9月30日
2020年9月30日
20242023变更20242023变更
收入$812 $703 16 %$2,253 $1,900 19 %
净收益$57 $47 21 %$124 $94 32 %
摊薄后加权平均股本268.299265.000267.357263.675
每股摊薄收益$0.21 $0.18 17 %$0.46 $0.3628 %
非GAAP财务指标(1)
调整后的EBITDA$100 $82 22 %$252 $193 31 %
调整后的EBITDA利润率12.3 %11.7 %60个基点11.2 %10.2 %100个基点
调整后的净收益$64 $53 21 %$149 $111 34 %
摊薄后每股收益调整后$0.24 $0.20 20 %$0.56 $0.42 33 %

（1）该公司按照美国通用会计准则（“GAAP”）报告其财务状况。 关于公司使用非GAAP财务指标的信息，包括将非GAAP财务指标与按照美国GAAP计算和呈现的最相似财务指标进行对照的调和，已在“非GAAP财务指标”下提供。

同比营业收入增长反映出强劲持续的势头，在2024年第三季度为16%。在该季度，我们与爱文思控股相关的先进红外传感、力量保护和战术雷达项目是稳健营业收入增长的主要推动因素。

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成交量的增加是导致当季调整后的息税折旧及摊销前利润（EBITDA）增长和利润率扩大的主要推动因素。我们的成交量扩张与高效的运营表现相结合，导致我们的底线指标增加，季度净利润、调整后净利润、摊薄后每股收益和调整后摊薄后每股收益均较去年同期增加，尽管税率和成本较高。

现金流量和资产负债表
经营活动产生的净现金流量为5900万美元，该公司季度的自由现金流为4800万美元。相比去年，经营活动现金流和自由现金流都显著增加，主要是由于盈利能力增加和更好的营运资本效率，其中有利于客户收款的时机。季末，资产负债表上有19800万美元的现金和20500万美元的公司信贷设施下的未偿债务，为公司提供了足够的财务能力来部署资本用于增长，同时保持健康的资产负债表。

预定和未履行订单
(金额单位：百万美元)三个月之内结束九个月结束
2020年9月30日2020年9月30日
2024202320242023
预订$1,051 1,055美元$2,807 $2,502 
订单与营收比率1.3x1.5x1.2x1.3x
未完成订单$8,264 $4,719 $8,264 $4,719 

公司在本季度的新融资预订中录得11亿美元。稳定的客户需求推动了我们在海军网络计算、电力股和推进力、力量保护以及爱文思控股红外感应技术方面的季度预订。季末总订单额达到83亿美元，创下新的公司记录，同比增长了75%，也较上季度有所增长。

细分市场结果
爱文思控股感知和计算（“ASC”）部门
（百万美元）三个月已结束九个月已结束
九月三十日九月三十日
20242023改变20242023改变
收入533 美元431 美元24 %1,458 美元1,226 美元19 %
调整后 EBITDA64 美元48 美元33 %160 美元121 美元32 %
调整后的息税折旧摊销前利润率12.0 %11.1 %90 bps11.0 %9.9 %110 bps
预订685 美元820 美元1,888 美元1,693 美元
从账到账单1.3x1.9x1.3x1.4x

尽管第三季度的ASC订单低于去年同期，但第三季度订单继续反映了我们海军网络计算、高级红外传感和战术通信技术的强劲客户需求。高级红外感应和战术雷达计划的营收增长仍然是同比增长的主要贡献因素。有利的项目组合、改善的项目执行和更高的成交量推动了调整后的EBITDA增长和季度利润率扩张。

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综合任务系统（"IMS"）部门
（百万美元）三个月已结束九个月已结束
九月三十日九月三十日
20242023改变20242023改变
收入285 美元277 美元3 %812 美元692 美元17 %
调整后 EBITDA36 美元34 美元6 %92 美元72 美元28 %
调整后的息税折旧摊销前利润率12.6 %12.3 %30 bps11.3 %10.4 %90 bps
预订366 美元235 美元919 美元809 美元
从账到账单1.3x0.8x1.1x1.2x

我们在电力和推进力以及防护领域的能力需求推动了该部门季度订单量。该领域中的适度营业收入增长反映了来自我们防护计划的增加。由于成交量增加以及第三季度稍微改善的净项目执行，调整后的EBITDA有所增加。

2024年度指导原则
Leonardo DRS根据下表中的规定，正在调整其2024年的指导方针：

量规
目前的2024年指引
先前的2024指导
营业收入315000万美元 - 320000万美元307500万美元 - 317500万美元
调整后的EBITDA38700万美元 - 39700万美元37500万 - 39500万
税率19.0%20.5%
摊薄加权平均股数（Diluted WASO）
26800万26800万
摊薄后每股收益调整后$0.88 - $0.91$0.82 - $0.88

2025年初步指导框架
公司预计营业收入增长5%至8%（以上述2024年指引范围的中间点为基础），调整后的EBITDA利润率约为13%。与过往惯例一致，Leonardo DRS预计将于2024年第四季度财报发布会中公布其2025年指引。

公司未提供前瞻性调整后的息税折旧及摊薄后每股收益的调和，因为在不合理的努力下进行预测和量化必要调整的困难。对这些项目中的任何一个进行重大变更可能会对未来的普通会计准则造成重大影响。

电话会议
Leonardo DRS管理层将于2024年10月30日上午10:00开始举行电话会议，讨论2024年第三季度的财务业绩。看涨

会议通话的现场音频广播以及附加演示将通过链接在Leonardo DRS投资者关系网站（https://investors.leonardodrs.com）上向公众提供。

A replay of the conference call will be available on the Leonardo DRS website approximately 2 hours after the conclusion of the conference call.

About Leonardo DRS
Headquartered in Arlington, VA, Leonardo DRS, Inc. is an innovative and agile provider of advanced defense technology to U.S. national security customers and allies around the world. We specialize in the design, development and manufacture of advanced sensing, network computing, force protection, and electric power and propulsion, and other leading mission-critical technologies. Our innovative people are leading the way in developing disruptive technologies for autonomous, dynamic, interconnected, and multi-
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domain capabilities to defend against new and emerging threats. For more information and to learn more about our full range of capabilities, visit www.LeonardoDRS.com.

Leonardo DRS Contacts
InvestorsMedia
Steve VatherMichael Mount
SVP, Investor Relations & Corporate FinanceVP, Communications & Public Affairs
+1 703 409 2906+1 571 447 4624
stephen.vather@drs.commmount@drs.com

Forward-Looking Statements
In this press release, when using the terms the “company”, “DRS”, “we”, “us” and “our,” unless otherwise indicated or the context otherwise requires, we are referring to Leonardo DRS, Inc. This press release contains forward-looking statements and cautionary statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some of the forward-looking statements can be identified by the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “strives,” “targets,” “projects,” “guidance,” “intends,” “plans,” “estimates,” “anticipates” or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. They appear in a number of places throughout this press release and include, without limitation, statements regarding our intentions, beliefs, assumptions or current expectations concerning, among other things, financial goals, financial position, results of operations, cash flows, prospects, strategies or expectations, and the impact of prevailing economic conditions.

Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if future performance and outcomes are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation: disruptions or deteriorations in our relationship with the relevant agencies of the U.S. government, as well as any failure to pass routine audits or otherwise comply with governmental requirements including those related to security clearance or procurement rules, including the False Claims Act; significant delays or reductions in appropriations for our programs and changes in U.S. government priorities and spending levels more broadly; any failure to comply with the proxy agreement with the U.S. Department of Defense; our relationships with other industry participants, including any contractual disputes or the inability of our key suppliers to timely deliver our components, parts or services; failure to properly contain a global pandemic in a timely manner could materially affect how we and our business partners operate; the effect of inflation on our supply chain and/or our labor costs; our mix of fixed-price, cost-plus and time-and-material type contracts and any resulting impact on our cash flows due to cost overruns; failure to properly comply with various covenants of the agreements governing our debt could negatively impact our business; our dependence on U.S. government contracts, which often are only partially funded and are subject to immediate termination, some of which are classified, and the concentration of our customer base in the U.S. defense industry; our use of estimates in pricing and accounting for many of our programs that are inherently uncertain and which may not prove to be accurate; our ability to realize the full value of our backlog; our ability to predict future capital needs or to obtain additional financing if we need it; our ability to respond to the rapid technological changes in the markets in which we compete; the effect of global and regional economic downturns and rising interest rates; our ability to meet the requirements of being a public company; our ability to maintain an effective system of internal control over financial reporting; our inability to appropriately manage our inventory; our inability to fully realize the value of our total estimated contract value or bookings; our ability to compete efficiently, including due to U.S. government organizational conflict
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of interest rules which may limit new contract opportunities or require us to wind down existing contracts; our relationships with other industry participants, including any contractual disputes or the inability of our key suppliers to timely deliver our components, parts or services; preferences for set-asides for minority-owned, small and small disadvantaged businesses could impact our ability to be a prime contractor; any failure to meet our contractual obligations including due to potential impacts to our business from supply chain risks, such as longer lead times and shortages of electronics and other components; any security breach, including any cyber-attack, cyber intrusion, insider threat, or other significant disruption of our IT networks and related systems, or those of our customers, suppliers, vendors, subcontractors, partners, or other third parties, as well as any act of terrorism or other threat to our physical security and personnel; our ability to fully exploit or obtain patents or other intellectual property protections necessary to secure our proprietary technology, including our ability to avoid infringing upon the intellectual property of third parties or prevent third parties from infringing upon our own intellectual property; the conduct of our employees, agents, affiliates, subcontractors, suppliers, business partners or joint ventures in which we participate which may impact our reputation and ability to do business; our compliance with environmental laws and regulations, and any environmental liabilities that may affect our reputation or financial position; the outcome of litigation, arbitration, investigations, claims, disputes, enforcement actions and other legal proceedings in which we are involved; various geopolitical and economic factors, laws and regulations including the Foreign Corrupt Practices Act, the Export Control Act, the International Traffic in Arms Regulations, the Export Administration Regulations, and those that we are exposed to as a result of our international business, including their impact on our ability to access certain raw materials; geopolitical conflicts, including the war in Israel have the potential to evolve quickly creating uncertainty in the world and broader Middle East region specifically, along with the potential for disruptions to our Israeli operations including, but not limited to, workforce calls for duty, transportation and other logistical impacts and reduced customer confidence; our ability to obtain export licenses necessary to conduct certain operations abroad, including any attempts by Congress to prevent proposed sales to certain foreign governments; our ability to attract and retain technical and other key personnel; the occurrence of prolonged work stoppages; the unavailability or inadequacy of our insurance coverage, customer indemnifications or other liability protections to cover all of our significant risks or to pay for material losses we incur; future changes in U.S. tax laws and regulations or interpretations thereof; certain limitations on our ability to use our net operating losses to offset future taxable income; termination of our leases or our inability to renew our leases on acceptable terms; changes in estimates used in accounting for our pension plans, including in respect of the funding status thereof; changes in future business or other market conditions that could cause business investments and/or recorded goodwill or other long-term assets to become impaired; adverse consequences from any acquisitions such as operating difficulties, dilution and other harmful consequences or any modification, delay or prevention of any future acquisition or investment activity by the Committee on Foreign Investment in the United States; natural disasters or other significant disruptions; or any conflict of interest that may arise because Leonardo US Holding, LLC, our majority stockholder, or Leonardo S.p.A., our ultimate majority stockholder, may have interests that are different from, or conflict with, those of our other stockholders, including as a result of any ongoing business relationships Leonardo S.p.A. may have with us, and their significant ownership in us may discourage change of control transactions (our amended and restated certificate of incorporation provides that we waive any interest or expectancy in corporate opportunities presented to Leonardo S.p.A); or our obligations to provide certain services to Leonardo S.p.A., which may divert human and financial resources from our business.

You should read this press release completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this press release are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this filing, and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, and changes in future operating results over time or otherwise.

Other risks, uncertainties and factors, including those discussed in our latest SEC filings under “Risk Factors” of our latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, all of which may be viewed or obtained through the investor relations section of our website at www.LeonardoDRS.com,
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could cause our actual results to differ materially from those projected in any forward-looking statements we make. Readers should read the discussion of these factors carefully to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements.

Consolidated Statements of Earnings (Unaudited)

(Dollars in millions, except per share amounts)Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Revenues:
Products$762 $651 $2,116 $1,761 
Services50 52 137 139 
Total revenues812 703 2,253 1,900 
Cost of revenues:
Products(601)(504)(1,661)(1,365)
Services(32)(37)(91)(97)
Total cost of revenues(633)(541)(1,752)(1,462)
Gross profit 179 162 501 438 
General and administrative expenses(98)(96)(306)(286)
Amortization of intangibles(6)(5)(17)(16)
Other operating expenses, net— (2)(5)(10)
Operating earnings 75 59 173 126 
Interest expense(5)(10)(17)(27)
Other, net(1)(1)(3)(2)
Earnings before taxes 69 48 153 97 
Income tax provision12 1 29 3 
Net earnings $57 $47 $124 $94 
Net earnings per share from common stock:
Basic earnings per share$0.22 $0.18 $0.47 $0.36 
Diluted earnings per share$0.21 $0.18 $0.46 $0.36 





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Consolidated Balance Sheets (Unaudited)

(Dollars in millions, except per share amounts)September 30,December 31,
20242023
ASSETS
Current assets:
Cash and cash equivalents$198 $467 
Accounts receivable, net237 151 
Contract assets997 908 
Inventories363 329 
Prepaid expenses29 21 
Other current assets36 42 
Total current assets1,860 1,918 
Noncurrent assets:
Property, plant and equipment, net415 402 
Intangible assets, net138 151 
Goodwill1,238 1,238 
Deferred tax assets124 123 
Other noncurrent assets86 89 
Total noncurrent assets2,001 2,003 
Total assets$3,861 $3,921 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt$22 $57 
Accounts payable292 398 
Contract liabilities315 335 
Other current liabilities251 288 
Total current liabilities880 1,078 
Noncurrent liabilities:
Long-term debt345 349 
Pension and other postretirement benefit plan liabilities34 36 
Deferred tax liabilities6 4 
Other noncurrent liabilities122 129 
Total noncurrent liabilities507 518 
Shareholders' equity:
Preferred stock, $0.01 par value: 10,000,000 shares authorized; none issued— — 
Common stock, $0.01 par value: 350,000,000 shares authorized; 264,308,455 and 262,525,390 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
3 3 
Additional paid-in capital5,200 5,175 
Accumulated deficit(2,682)(2,806)
Accumulated other comprehensive loss(47)(47)
Total shareholders' equity2,474 2,325 
Total liabilities and shareholders' equity $3,861 $3,921 
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Consolidated Statements of Cash Flows (Unaudited)

(Dollars in millions)Nine Months Ended
September 30,
20242023
Operating activities
Net earnings $124 $94 
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization68 63 
Deferred income taxes1 (13)
Share-based compensation expense16 12 
Other1 1 
Changes in assets and liabilities:
Accounts receivable(86)(34)
Contract assets(89)(189)
Inventories(34)(64)
Prepaid expenses(8)3 
Other current assets6 (8)
Other noncurrent assets14 13 
Defined benefit obligations(2)(8)
Other current liabilities(36)(82)
Other noncurrent liabilities(21)6 
Accounts payable(106)(129)
Contract liabilities(20)25 
Net cash used in operating activities($172)($310)
Investing activities
Capital expenditures(56)(42)
Proceeds from sales of assets1 — 
Net cash used in investing activities($55)($42)
Financing activities
Net decrease in third party borrowings (maturities of 90 days or less)(35)(11)
Repayment of third party debt(238)(454)
Borrowings of third party debt230 555 
Proceeds from stock issuance13 8 
Cash outlay to reacquire equity instruments(4)(1)
Other(8)(4)
Net cash (used in) provided by financing activities($42)$93 
Effect of exchange rate changes on cash and cash equivalents— — 
Net decrease in cash and cash equivalents($269)($259)
Cash and cash equivalents at beginning of year467 306 
Cash and cash equivalents at end of period$198 $47 

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Non-GAAP Financial Measures (Unaudited)
In addition to the results reported in accordance with U.S. GAAP included throughout this document, the company has provided information regarding “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Adjusted Net Earnings,” “Adjusted Diluted Earnings Per Share” and “Free Cash Flow” (each, a non-GAAP financial measure).

We believe the non-GAAP financial measures presented in this document will help investors understand our financial condition and operating results and assess our future prospects. We believe these non-GAAP financial measures, each of which is discussed in greater detail below, are important supplemental measures because they exclude unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of our ongoing operating results. Further, when read in conjunction with our GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as a tool to help make financial, operational and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry by providing more comparable measures that are less affected by factors such as capital structure.

We recognize that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to evaluate our business.

We define these non-GAAP financial measures as:

Adjusted EBITDA and Adjusted EBITDA Margin are defined as net earnings before income taxes, interest expense, amortization of acquired intangible assets, depreciation, deal-related transaction costs, restructuring costs and other one-time non-operational events (which include non-service pension expense, legal liability accrual reversals and foreign exchange impacts), then in the case of adjusted EBITDA margin dividing adjusted EBITDA by revenues.

(Dollars in millions)Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net earnings$57 $47 $124 $94 
Income tax provision12 1 29 3 
Interest expense5 10 17 27 
Amortization of intangibles6 5 17 16 
Depreciation17 16 51 47 
Deal-related transaction costs 1 1 5 4 
Restructuring costs— 2 5 10 
Other one-time non-operational events2 — 4 (8)
Adjusted EBITDA$100 $82 $252 $193 
Adjusted EBITDA Margin12.3 %11.7 %11.2 %10.2 %
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Adjusted Net Earnings and Adjusted Diluted EPS are defined as net earnings excluding amortization of acquired intangible assets, deal-related transaction costs, restructuring costs and other one-time non-operational events (which include non-service pension expense, legal liability accrual reversals and foreign exchange impacts), and the related tax impacts, then in the case of adjusted diluted EPS dividing adjusted net earnings by the diluted weighted average number of shares outstanding (WASO).

(In millions, except per share amounts)Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net earnings$57 $47 $124 $94 
Amortization of intangibles6 5 17 16 
Deal-related transaction costs 1 1 5 4 
Restructuring costs— 2 5 10 
Other one-time non-operational events2 — 4 (8)
Tax effect of adjustments (1)
(2)(2)(6)(5)
Adjusted Net Earnings$64 $53 $149 $111 
Per share information
Diluted WASO
268.299265.000267.357263.675
Diluted EPS
$0.21 $0.18 $0.46 $0.36 
Adjusted Diluted EPS$0.24 $0.20 $0.56 $0.42 

(1) Calculation uses an estimated statutory tax rate on non-GAAP adjustments.


Free Cash Flow is defined as the sum of the cash flows provided by (used in) operating activities, transaction-related expenditures (net of tax), capital expenditures and proceeds from sale of assets.

(Dollars in millions)Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net cash provided by (used in) operating activities$59 $36 ($172)($310)
Transaction-related expenditures, net of tax— 1 1 17 
Capital expenditures(12)(15)(56)(42)
Proceeds from sales of assets1 (1)1 — 
Free Cash Flow$48 $21 ($226)($335)

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