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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 26, 2023 (April 26, 2023)
Commission File Number 1-3671
GENERAL DYNAMICS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
13-1673581
State or other jurisdiction of incorporation or organization I.R.S. Employer Identification No.
11011 Sunset Hills Road Reston, Virginia 20190
Address of principal executive offices Zip code


(703) 876-3000
Registrant’s telephone number, including area code


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock GD New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o





Item 2.02    Results of Operations and Financial Condition

On April 26, 2023, General Dynamics announced its financial results for the quarter ended April 2, 2023. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K and is hereby incorporated by reference.
Item 9.01    Financial Statements and Exhibits
(d)     Exhibits (furnished only)

99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
GENERAL DYNAMICS CORPORATION
by /s/ William A. Moss
William A. Moss
Vice President and Controller
(Authorized Officer and Chief Accounting Officer)
Dated: April 26, 2023


EX-99 2 gd-20230402exhibit991.htm EX-99 Document


Exhibit 99.1 
 
bluegdlogo.jpg
11011 Sunset Hills Road  
Reston, Virginia 20190 News
www.gd.com  

Contact: Jeff A. Davis
Tel: 703 876 3483
press@generaldynamics.com


General Dynamics Reports First-Quarter 2023 Financial Results

April 26, 2023

•Revenue of $9.9 billion, up 5.2% year over year
•Net earnings of $730 million, diluted EPS of $2.64
•$1.5 billion cash from operating activities


RESTON, Va. – General Dynamics (NYSE: GD) today reported first-quarter 2023 net earnings of $730 million on revenue of $9.9 billion. Diluted earnings per share (EPS) were $2.64.

“Our businesses delivered solid operating results despite persistent supply chain headwinds, with earnings before taxes up 3.7% and EPS up modestly,” said Phebe N. Novakovic, chairman and chief executive officer. “Strong cash flow positions us to continue to invest in our business, retire debt and return value to shareholders.”

Cash
Net cash provided by operating activities in the quarter totaled $1.5 billion, or 200% of net earnings. The company invested $161 million in capital expenditures and paid $345 million in dividends, ending the quarter with $2 billion in cash and equivalents.

Backlog
The consolidated book-to-bill ratio, defined as orders divided by revenue, was 0.9-to-1 for the quarter. Company-wide backlog of $89.8 billion was up 3% from the year-ago quarter. Estimated potential contract value, representing management’s estimate of additional value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $38.5 billion. Total estimated contract value, the sum of all backlog components, was $128.4 billion.

Significant awards for the defense segments included more than $1.1 billion to produce and support Abrams tanks, Stryker combat vehicles and other armored vehicles for the U.S. Army and partner nations, including Poland and Colombia; $285 million, with a maximum potential value of $1.3 billion, to expand production of 155mm artillery projectile parts, plus $255 million for various other munitions and ordnance; an Air Force IDIQ service contract with maximum potential value of $4.5 billion between two awardees; $130 million, with a maximum potential value of $1.7 billion, to provide flight simulation and training services to the Army; $260 million from the U.S. Navy for maintenance and modernization of two amphibious ships and a destroyer; and $400 million for several key classified contracts. A detailed list of significant awards is provided in Exhibit G.


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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 $39.4 billion in revenue in 2022. More information is available at www.gd.com.

WEBCAST INFORMATION: General Dynamics will webcast its first-quarter 2023 financial results conference call at 9 a.m. EDT on Wednesday, April 26, 2023. The webcast will be a listen-only audio event available at www.gd.com. An on-demand replay of the webcast will be available by telephone two hours after the end of the call through May 3, 2023, at 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 www.gd.com.

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 http://investorrelations.gd.com.
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EXHIBIT A
CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS

 
  Three Months Ended Variance
  April 2, 2023 April 3, 2022 $ %
Revenue $ 9,881  $ 9,392  $ 489  5.2  %
Operating costs and expenses (8,943) (8,484) (459)
Operating earnings 938  908  30  3.3  %
Other, net 33  39  (6)
Interest, net (91) (98)
Earnings before income tax 880  849  31  3.7  %
Provision for income tax, net (150) (119) (31)
Net earnings $ 730  $ 730  $ —  —  %
Earnings per share—basic $ 2.66  $ 2.63  $ 0.03  1.1  %
Basic weighted average shares outstanding 274.0  277.1 
Earnings per share—diluted $ 2.64  $ 2.61  $ 0.03  1.1  %
Diluted weighted average shares outstanding 276.6  279.9 





































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EXHIBIT B
REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS

 
  Three Months Ended Variance
  April 2, 2023 April 3, 2022 $ %
Revenue:
Aerospace $ 1,892  $ 1,903  $ (11) (0.6) %
Marine Systems 2,992  2,651  341  12.9  %
Combat Systems 1,756  1,675  81  4.8  %
Technologies 3,241  3,163  78  2.5  %
Total $ 9,881  $ 9,392  $ 489  5.2  %
Operating earnings:
Aerospace $ 229  $ 243  $ (14) (5.8) %
Marine Systems 211  211  —  —  %
Combat Systems 245  227  18  7.9  %
Technologies 299  298  0.3  %
Corporate (46) (71) 25  35.2  %
Total $ 938  $ 908  $ 30  3.3  %
Operating margin:
Aerospace 12.1  % 12.8  %
Marine Systems 7.1  % 8.0  %
Combat Systems 14.0  % 13.6  %
Technologies 9.2  % 9.4  %
Total 9.5  % 9.7  %






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EXHIBIT C
CONSOLIDATED BALANCE SHEET
DOLLARS IN MILLIONS
 
(Unaudited)
April 2, 2023 December 31, 2022
ASSETS
Current assets:
Cash and equivalents $ 2,038  $ 1,242 
Accounts receivable 2,936  3,008 
Unbilled receivables 8,148  8,795 
Inventories 7,006  6,322 
Other current assets 1,460  1,696 
Total current assets 21,588  21,063 
Noncurrent assets:
Property, plant and equipment, net 5,867  5,900 
Intangible assets, net 1,776  1,824 
Goodwill 20,386  20,334 
Other assets 2,479  2,464 
Total noncurrent assets 30,508  30,522 
Total assets $ 52,096  $ 51,585 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt $ 1,257  $ 1,253 
Accounts payable 3,248  3,398 
Customer advances and deposits 7,717  7,436 
Other current liabilities 3,262  3,254 
Total current liabilities 15,484  15,341 
Noncurrent liabilities:
Long-term debt 9,245  9,243 
Other liabilities 8,280  8,433 
Total noncurrent liabilities 17,525  17,676 
Shareholders’ equity:
Common stock 482  482 
Surplus 3,562  3,556 
Retained earnings 37,769  37,403 
Treasury stock (20,796) (20,721)
Accumulated other comprehensive loss (1,930) (2,152)
Total shareholders’ equity 19,087  18,568 
Total liabilities and shareholders’ equity $ 52,096  $ 51,585 



 
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EXHIBIT D
CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED)
DOLLARS IN MILLIONS
 

Three Months Ended
  April 2, 2023 April 3, 2022
Cash flows from operating activities—continuing operations:
Net earnings $ 730  $ 730 
Adjustments to reconcile net earnings to net cash from operating activities:
Depreciation of property, plant and equipment 149  139 
Amortization of intangible and finance lease right-of-use assets 77  74 
Equity-based compensation expense 38  96 
Deferred income tax benefit (91) (106)
(Increase) decrease in assets, net of effects of business acquisitions:
Accounts receivable 72  26 
Unbilled receivables 653  617 
Inventories (628) (234)
Increase (decrease) in liabilities, net of effects of business acquisitions:
Accounts payable (150) 23 
Customer advances and deposits 553  675 
Other, net 59  (72)
Net cash provided by operating activities 1,462  1,968 
Cash flows from investing activities:
Capital expenditures (161) (141)
Other, net (29) (6)
Net cash used by investing activities (190) (147)
Cash flows from financing activities:
Dividends paid (345) (330)
Purchases of common stock (90) (294)
Other, net (40) 107 
Net cash used by financing activities (475) (517)
Net cash used by discontinued operations (1) — 
Net increase in cash and equivalents 796  1,304 
Cash and equivalents at beginning of period 1,242  1,603 
Cash and equivalents at end of period $ 2,038  $ 2,907 

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EXHIBIT E
ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED)
DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Other Financial Information:
  April 2, 2023 December 31, 2022
Debt-to-equity (a) 55.0  % 56.5  %
Book value per share (b) $ 69.58  $ 67.66 
Shares outstanding 274,335,601  274,411,106 
First Quarter
2023 2022
Income tax payments, net $ 58  $ 15 
Company-sponsored research and development (c) $ 110  $ 107 
Return on sales (d) 7.4  % 7.8  %
Non-GAAP Financial Measures:
First Quarter
2023 2022
Free cash flow:
Net cash provided by operating activities $ 1,462  $ 1,968 
Capital expenditures (161) (141)
Free cash flow (e) $ 1,301  $ 1,827 
  April 2, 2023 December 31, 2022
Net debt:
Total debt $ 10,502  $ 10,496 
Less cash and equivalents 2,038  1,242 
Net debt (f)
$ 8,464  $ 9,254 
(a)Debt-to-equity ratio is calculated as total debt divided by total equity as of the end of the period.

(b)Book value per share is calculated as total equity divided by total outstanding shares as of the end of the period.

(c)Includes independent research and development and Aerospace product-development costs.

(d)Return on sales is calculated as net earnings divided by revenue.

(e)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.

(f)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.

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EXHIBIT F
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS
 
Funded Unfunded Total
Backlog
Estimated
Potential
Contract Value*
Total
Estimated
Contract Value
First Quarter 2023:
Aerospace $ 18,853  $ 484  $ 19,337  $ 804  $ 20,141 
Marine Systems 34,848  8,759  43,607  3,499  47,106 
Combat Systems 13,953  143  14,096  5,599  19,695 
Technologies 9,465  3,320  12,785  28,637  41,422 
Total $ 77,119  $ 12,706  $ 89,825  $ 38,539  $ 128,364 
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 
First Quarter 2022:
Aerospace $ 17,114  $ 501  $ 17,615  $ 1,829  $ 19,444 
Marine Systems 27,656  15,258  42,914  4,316  47,230 
Combat Systems 12,760  299  13,059  6,298  19,357 
Technologies 9,067  4,579  13,646  29,347  42,993 
Total $ 66,597  $ 20,637  $ 87,234  $ 41,790  $ 129,024 

*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.






 



 





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EXHIBIT F-1
BACKLOG - (UNAUDITED)
DOLLARS IN MILLIONS




chart-76f717991cc944b58cd.jpg
Funded Backlog Unfunded Backlog











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EXHIBIT F-2
BACKLOG BY SEGMENT - (UNAUDITED)
DOLLARS IN MILLIONS

chart-a4f1200cf9b94fbab7a.jpgchart-1978075fa45b4a96827.jpg
chart-a1ccb9ad1a0e440e8af.jpgchart-2970678fa35640159f9.jpg
Funded Backlog Unfunded Backlog















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EXHIBIT G
FIRST QUARTER 2023 SIGNIFICANT ORDERS - (UNAUDITED)
DOLLARS IN MILLIONS

We received the following significant contract awards during the first quarter of 2023:
Marine Systems:
•$215 from the U.S. Navy for maintenance and modernization work on the USS Anchorage and USS Arlington, San Antonio-class amphibious transport docks.
•$45 from the Navy for maintenance and modernization work on the USS Sampson, an Arleigh Burke-class destroyer.
•$25 from the Navy to provide Trident II Strategic Weapon System Trainer Facility kits and engineering support services.
Combat Systems:
•$285 from the U.S. Army to establish additional capacity for 155mm artillery projectile metal parts production. The contract has a maximum potential value of $1.3 billion.
•$350 from the Army to upgrade Abrams main battle tanks to the system enhancement package version 3 (SEPv3) configuration and provide system and sustainment technical support services for the Abrams program.
•$305 to produce light armored vehicles and provide the associated spares and logistics support services for Colombia.
•$255 for various munitions and ordnance.
•$210 from the Army to provide spare parts and inventory management and support services for the Stryker wheeled combat vehicle program.
•$205 to produce Abrams main battle tanks in the SEPv3 configuration for Poland, bringing the total firm backlog for the program to $1.1 billion.
•$65 to produce Stryker infantry carrier vehicles for North Macedonia. The contract has a maximum potential value of $145.
Technologies:
•An indefinite delivery, indefinite quantity (IDIQ) contract to provide full spectrum security support services to protect mission critical infrastructure for the U.S. Air Force. The contract has a maximum potential value of $4.5 billion between two awardees.
•$130 to provide flight simulation and training services for the Army, with a maximum potential value of $1.7 billion.
•An IDIQ contract to provide sustainment services, spare parts and obsolescence risk management services, and system readiness for the Army’s Prophet Enhanced sensor systems. The contract has a maximum potential value of $480.
•$400 for several key classified contracts.
•Two IDIQ contracts from the U.S. Environmental Protection Agency to provide technical, research and support services to enable the agency’s critical environmental and climate initiatives. These contracts have a maximum potential value of $380.
•$135 from the Air Force for the Battlefield Information Collection and Exploitation System (BICES) program to provide intelligence information sharing capabilities.
•$115 to provide global enterprise and digital modernization services under the Southern Command’s (SOUTHCOM) Cyber Information Technology Enterprise Services (SCITES) contract.
•$105 to provide enterprise information technology (IT), communications and mission command support services to U.S. Army Europe.
•$100 from the North Carolina Department of Health and Human Services in support of its Medicaid management information system.
•$80 from the Army for computing and communications equipment under the Common Hardware Systems-5 program.
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EXHIBIT H
AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED)
DOLLARS IN MILLIONS

First Quarter
  2023 2022
Gulfstream Aircraft Deliveries (units):
Large-cabin aircraft 17  21 
Mid-cabin aircraft
Total 21  25 
Aerospace Book-to-Bill:
Orders* $ 1,727  $ 3,243 
Revenue 1,892  1,903 
Book-to-Bill Ratio 0.91x 1.70x

*Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments.











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