$DRS
Leonardo DRS, Inc.

2022 Q3 Form 10-Q Financial Statement

#000162828022022869 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $634.0M $627.0M $31.76M
YoY Change -11.94% -4.71% 36.43%
Cost Of Revenue $504.0M $500.0M $18.70M
YoY Change -14.43% -5.84% 30.77%
Gross Profit $130.0M $127.0M $13.06M
YoY Change -0.76% 0.0% 45.43%
Gross Profit Margin 20.5% 20.26% 41.12%
Selling, General & Admin $101.0M $5.430M $4.510M
YoY Change 2154.46% 28.98% 19.0%
% of Gross Profit 77.69% 4.28% 34.53%
Research & Development $2.940M $2.540M
YoY Change 14.84% 6.72%
% of Gross Profit 2.31% 19.45%
Depreciation & Amortization $14.00M $14.00M
YoY Change 7.69% 16.67%
% of Gross Profit 10.77% 11.02%
Operating Expenses -$246.0M $11.00M $7.040M
YoY Change -3634.48% 62.72% 14.1%
Operating Profit $376.0M $42.00M $6.020M
YoY Change 609.43% -17.65% 114.23%
Interest Expense $9.000M $10.00M -$300.0K
YoY Change 0.0% 11.11% 114.29%
% of Operating Profit 2.39% 23.81% -4.98%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income $367.0M $32.00M $5.710M
YoY Change 753.49% -25.58% 116.29%
Income Tax $88.00M $7.000M $890.0K
% Of Pretax Income 23.98% 21.88% 15.59%
Net Earnings $279.0M $25.00M $4.820M
YoY Change 697.14% -21.88% 82.58%
Net Earnings / Revenue 44.01% 3.99% 15.18%
Basic Earnings Per Share $1.92 $0.17
Diluted Earnings Per Share $1.92 $0.17 $0.09
COMMON SHARES
Basic Shares Outstanding 145.0M shares 145.0M shares 145.0M shares
Diluted Shares Outstanding 210.0M shares 210.0M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.00M $55.70M $78.70M
YoY Change -27.25% -41.8% 116.8%
Cash & Equivalents $63.00M $69.00M $240.0M
Short-Term Investments
Other Short-Term Assets $39.00M $29.00M $22.00M
YoY Change 116.67% -29.27% -33.33%
Inventory $246.0M $249.0M $205.0M
Prepaid Expenses $17.00M $23.00M
Receivables $170.0M $125.0M $156.0M
Other Receivables $0.00 $3.000M $1.900M
Total Short-Term Assets $1.431B $1.537B $1.389B
YoY Change 16.82% 20.64% 9.98%
LONG-TERM ASSETS
Property, Plant & Equipment $362.0M $35.10M $31.20M
YoY Change 1148.28% 23.59% 27.35%
Goodwill $952.0M $952.0M $1.071B
YoY Change -11.11% -9.93% 1.32%
Intangibles
YoY Change
Long-Term Investments $3.000M $3.000M
YoY Change 0.0%
Other Assets $92.00M $98.00M $137.0M
YoY Change -26.98% -25.76% 2.24%
Total Long-Term Assets $1.500B $1.506B $1.680B
YoY Change -9.69% -9.55% -0.77%
TOTAL ASSETS
Total Short-Term Assets $1.431B $1.537B $1.389B
Total Long-Term Assets $1.500B $1.506B $1.680B
Total Assets $2.931B $3.043B $3.069B
YoY Change 1.56% 3.54% 3.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $285.0M $291.0M $479.0M
YoY Change 0.0% -4.9% 0.21%
Accrued Expenses $156.0M $2.800M $2.300M
YoY Change 6682.61% 21.74% 21.05%
Deferred Revenue $195.0M $156.0M $174.0M
YoY Change 21.88% 6.12% -1.69%
Short-Term Debt $3.000M $1.000M $15.00M
YoY Change -87.5% -90.91% -44.44%
Long-Term Debt Due $67.00M $140.0M
YoY Change
Total Short-Term Liabilities $912.0M $911.0M $989.0M
YoY Change 9.62% -0.11% 1.44%
LONG-TERM LIABILITIES
Long-Term Debt $350.0M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $75.00M $70.00M $74.00M
YoY Change -9.64% -17.65% -19.57%
Total Long-Term Liabilities $481.0M $474.0M $487.0M
YoY Change -8.21% -10.06% -12.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $912.0M $911.0M $989.0M
Total Long-Term Liabilities $481.0M $474.0M $487.0M
Total Liabilities $1.393B $1.385B $1.476B
YoY Change 2.73% -3.75% -3.47%
SHAREHOLDERS EQUITY
Retained Earnings -$3.039B -$2.922B -$2.983B
YoY Change -0.07% -5.01% -4.91%
Common Stock $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.538B $1.658B $1.593B
YoY Change
Total Liabilities & Shareholders Equity $2.931B $3.043B $3.069B
YoY Change 1.56% 3.54% 3.82%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $279.0M $25.00M $4.820M
YoY Change 697.14% -21.88% 82.58%
Depreciation, Depletion And Amortization $14.00M $14.00M
YoY Change 7.69% 16.67%
Cash From Operating Activities -$246.0M $13.00M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $35.00M $9.000M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $483.0M
YoY Change
Cash From Investing Activities $448.0M -$9.000M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -379.0M -48.00M
YoY Change
NET CHANGE
Cash From Operating Activities -246.0M 13.00M
Cash From Investing Activities 448.0M -9.000M
Cash From Financing Activities -379.0M -48.00M
Net Change In Cash -177.0M -44.00M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$246.0M $13.00M
Capital Expenditures $35.00M $9.000M
Free Cash Flow -$281.0M $4.000M
YoY Change

Facts In Submission

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CY2022Q2 us-gaap Interest Expense
InterestExpense
10000000 usd
CY2021Q2 us-gaap Interest Expense
InterestExpense
9000000 usd
us-gaap Interest Expense
InterestExpense
18000000 usd
us-gaap Interest Expense
InterestExpense
18000000 usd
CY2022Q2 drs Sale Of Stock Anticipated Stock Issued Issuance Costs
SaleOfStockAnticipatedStockIssuedIssuanceCosts
8000000 usd
CY2021Q2 drs Sale Of Stock Anticipated Stock Issued Issuance Costs
SaleOfStockAnticipatedStockIssuedIssuanceCosts
0 usd
drs Sale Of Stock Anticipated Stock Issued Issuance Costs
SaleOfStockAnticipatedStockIssuedIssuanceCosts
10000000 usd
drs Sale Of Stock Anticipated Stock Issued Issuance Costs
SaleOfStockAnticipatedStockIssuedIssuanceCosts
4000000 usd
CY2022Q2 drs Acquisition And Divestiture Related Costs
AcquisitionAndDivestitureRelatedCosts
0 usd
CY2021Q2 drs Acquisition And Divestiture Related Costs
AcquisitionAndDivestitureRelatedCosts
0 usd
drs Acquisition And Divestiture Related Costs
AcquisitionAndDivestitureRelatedCosts
0 usd
drs Acquisition And Divestiture Related Costs
AcquisitionAndDivestitureRelatedCosts
0 usd
CY2022Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
0 usd
CY2021Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1000000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
0 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1000000 usd
CY2022Q2 drs Covid19 Response Costs
COVID19ResponseCosts
0 usd
CY2021Q2 drs Covid19 Response Costs
COVID19ResponseCosts
2000000 usd
drs Covid19 Response Costs
COVID19ResponseCosts
0 usd
drs Covid19 Response Costs
COVID19ResponseCosts
5000000 usd
CY2022Q2 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
1000000 usd
CY2021Q2 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
0 usd
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
1000000 usd
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
0 usd
CY2022Q2 drs Other Nonoperating Income Expense Nonrecurring Events
OtherNonoperatingIncomeExpenseNonrecurringEvents
0 usd
CY2021Q2 drs Other Nonoperating Income Expense Nonrecurring Events
OtherNonoperatingIncomeExpenseNonrecurringEvents
0 usd
drs Other Nonoperating Income Expense Nonrecurring Events
OtherNonoperatingIncomeExpenseNonrecurringEvents
0 usd
drs Other Nonoperating Income Expense Nonrecurring Events
OtherNonoperatingIncomeExpenseNonrecurringEvents
0 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7000000 usd
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23000000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
25000000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
32000000 usd
us-gaap Net Income Loss
NetIncomeLoss
61000000 usd
us-gaap Net Income Loss
NetIncomeLoss
61000000 usd

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