EX-99.1 2 q32024earningspressrelease.htm EX-99.1 Document

Leonardo DRS宣佈財務業績
第三 2024 年季度

•營業收入： 營業收入81200萬美元，同比增長16%
•淨收入： 5700萬美元，同比增長21%
•調整後的EBITDA： 10000萬美元，同比增長22%
•攤薄後每股收益： 每股收益爲0.21美元，同比增長17%
•每股攤薄後調整後的EPS： 0.24美元，同比增長20%
•預訂： 11億美元（訂單額與銷售額比率爲1.3倍）
•積壓訂單：83億美元，同比增長75%
•提高2024年所有指標的指引
•啓動2025年初步指導框架


弗吉尼亞州阿靈頓，(業務 新聞) 2024年10月30日 — Leonardo DRS, Inc. (納斯達克: DRS), 一家領先的愛文思控股技術提供商，今天公佈了2024年第三季度截至2024年9月30日的財務業績。

CEO評論
“我們發佈了強勁的第三季度業績，特點是強勁的訂單量、中等營業收入增長、所有主要利潤指標的增加以及健康的自由現金流生成。Bill Lynn，Leonardo DRS的董事長兼首席執行官說：「我們的策略、執行重點和對客戶的堅定承諾正在推動超出我們預期的結果。」

財務業績總結

（以百萬爲單位，每股數據除外）三個月之內結束
九個月結束
2020年9月30日
2020年9月30日
20242023變更20242023變更
收入$812 $703 16 %$2,253 $1,900 19 %
淨收益$57 $47 21 %$124 $94 32 %
攤薄後加權平均股本268.299265.000267.357263.675
每股攤薄收益$0.21 $0.18 17 %$0.46 $0.3628 %
非GAAP財務指標(1)
調整後的EBITDA$100 $82 22 %$252 $193 31 %
調整後的EBITDA利潤率12.3 %11.7 %60個點子11.2 %10.2 %100個點子
調整後的淨收益$64 $53 21 %$149 $111 34 %
攤薄後每股收益調整後$0.24 $0.20 20 %$0.56 $0.42 33 %

（1）該公司按照美國通用會計準則（「GAAP」）報告其財務狀況。 關於公司使用非GAAP財務指標的信息，包括將非GAAP財務指標與按照美國GAAP計算和呈現的最相似財務指標進行對照的調和，已在「非GAAP財務指標」下提供。

同比營業收入增長反映出強勁持續的勢頭，在2024年第三季度爲16%。在該季度，我們與愛文思控股相關的先進紅外傳感、力量保護和戰術雷達項目是穩健營業收入增長的主要推動因素。

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成交量的增加是導致當季調整後的息稅折舊及攤銷前利潤（EBITDA）增長和利潤率擴大的主要推動因素。我們的成交量擴張與高效的運營表現相結合，導致我們的底線指標增加，季度淨利潤、調整後淨利潤、攤薄後每股收益和調整後攤薄後每股收益均較去年同期增加，儘管稅率和成本較高。

現金流量和資產負債表
經營活動產生的淨現金流量爲5900萬美元，該公司季度的自由現金流爲4800萬美元。相比去年，經營活動現金流和自由現金流都顯著增加，主要是由於盈利能力增加和更好的營運資本效率，其中有利於客戶收款的時機。季末，資產負債表上有19800萬美元的現金和20500萬美元的公司信貸設施下的未償債務，爲公司提供了足夠的財務能力來部署資本用於增長，同時保持健康的資產負債表。

預定和未履行訂單
(金額單位：百萬美元)三個月之內結束九個月結束
2020年9月30日2020年9月30日
2024202320242023
預訂$1,051 1,055美元$2,807 $2,502 
訂單與營收比率1.3x1.5x1.2x1.3x
未完成訂單$8,264 $4,719 $8,264 $4,719 

公司在本季度的新融資預訂中錄得11億美元。穩定的客戶需求推動了我們在海軍網絡計算、電力股和推進力、力量保護以及愛文思控股紅外感應技術方面的季度預訂。季末總訂單額達到83億美元，創下新的公司記錄，同比增長了75%，也較上季度有所增長。

細分市場結果
愛文思控股感知和計算（「ASC」）部門
（百萬美元）三個月已結束九個月已結束
九月三十日九月三十日
20242023改變20242023改變
收入533 美元431 美元24 %1,458 美元1,226 美元19 %
調整後 EBITDA64 美元48 美元33 %160 美元121 美元32 %
調整後的息稅折舊攤銷前利潤率12.0 %11.1 %90 bps11.0 %9.9 %110 bps
預訂685 美元820 美元1,888 美元1,693 美元
從賬到賬單1.3x1.9x1.3x1.4x

儘管第三季度的ASC訂單低於去年同期，但第三季度訂單繼續反映了我們海軍網絡計算、高級紅外傳感和戰術通信技術的強勁客戶需求。高級紅外感應和戰術雷達計劃的營收增長仍然是同比增長的主要貢獻因素。有利的項目組合、改善的項目執行和更高的成交量推動了調整後的EBITDA增長和季度利潤率擴張。

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綜合任務系統（"IMS"）部門
（百萬美元）三個月已結束九個月已結束
九月三十日九月三十日
20242023改變20242023改變
收入285 美元277 美元3 %812 美元692 美元17 %
調整後 EBITDA36 美元34 美元6 %92 美元72 美元28 %
調整後的息稅折舊攤銷前利潤率12.6 %12.3 %30 bps11.3 %10.4 %90 bps
預訂366 美元235 美元919 美元809 美元
從賬到賬單1.3x0.8x1.1x1.2x

我們在電力和推進力以及防護領域的能力需求推動了該部門季度訂單量。該領域中的適度營業收入增長反映了來自我們防護計劃的增加。由於成交量增加以及第三季度稍微改善的淨項目執行，調整後的EBITDA有所增加。

2024年度指導原則
Leonardo DRS根據下表中的規定，正在調整其2024年的指導方針：

量規
目前的2024年指引
先前的2024指導
營業收入315000萬美元 - 320000萬美元307500萬美元 - 317500萬美元
調整後的EBITDA38700萬美元 - 39700萬美元37500萬 - 39500萬
稅率19.0%20.5%
攤薄加權平均股數（Diluted WASO）
26800萬26800萬
攤薄後每股收益調整後$0.88 - $0.91$0.82 - $0.88

2025年初步指導框架
公司預計營業收入增長5%至8%（以上述2024年指引範圍的中間點爲基礎），調整後的EBITDA利潤率約爲13%。與過往慣例一致，Leonardo DRS預計將於2024年第四季度業績發佈會中公佈其2025年指引。

公司未提供前瞻性調整後的息稅折舊及攤薄後每股收益的調和，因爲在不合理的努力下進行預測和量化必要調整的困難。對這些項目中的任何一個進行重大變更可能會對未來的普通會計準則造成重大影響。

電話會議
Leonardo DRS管理層將於2024年10月30日上午10:00開始舉行電話會議，討論2024年第三季度的財務業績。看漲

會議通話的現場音頻廣播以及附加演示將通過鏈接在Leonardo DRS投資者關係網站（https://investors.leonardodrs.com）上向公衆提供。

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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