$DRS
Leonardo DRS, Inc.

2023 Q3 Form 10-Q Financial Statement

#000162828023026772 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $703.0M $628.0M $627.0M
YoY Change 10.88% 0.16% -4.71%
Cost Of Revenue $541.0M $483.0M $500.0M
YoY Change 7.34% -3.4% -5.84%
Gross Profit $162.0M $145.0M $127.0M
YoY Change 24.62% 14.17% 0.0%
Gross Profit Margin 23.04% 23.09% 20.26%
Selling, General & Admin $96.00M $90.00M $5.430M
YoY Change -4.95% 1557.46% 28.98%
% of Gross Profit 59.26% 62.07% 4.28%
Research & Development $2.940M
YoY Change 14.84%
% of Gross Profit 2.31%
Depreciation & Amortization $16.00M $20.00M $14.00M
YoY Change 14.29% 42.86% 16.67%
% of Gross Profit 9.88% 13.79% 11.02%
Operating Expenses $103.0M $103.0M $11.00M
YoY Change -141.87% 836.36% 62.72%
Operating Profit $59.00M $42.00M $42.00M
YoY Change -84.31% 0.0% -17.65%
Interest Expense $10.00M -$9.000M $10.00M
YoY Change 11.11% -190.0% 11.11%
% of Operating Profit 16.95% -21.43% 23.81%
Other Income/Expense, Net -$1.000M $0.00 $0.00
YoY Change -100.0%
Pretax Income $48.00M $33.00M $32.00M
YoY Change -86.92% 3.13% -25.58%
Income Tax $1.000M -$2.000M $7.000M
% Of Pretax Income 2.08% -6.06% 21.88%
Net Earnings $47.00M $35.00M $25.00M
YoY Change -83.15% 40.0% -21.88%
Net Earnings / Revenue 6.69% 5.57% 3.99%
Basic Earnings Per Share $0.18 $0.14 $0.17
Diluted Earnings Per Share $0.18 $0.13 $0.17
COMMON SHARES
Basic Shares Outstanding 262.0M shares 261.0M shares 145.0M shares
Diluted Shares Outstanding 265.0M shares 264.0M shares 210.0M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.00M $35.00M $55.70M
YoY Change -25.4% -37.16% -41.8%
Cash & Equivalents $47.00M $35.00M $69.00M
Short-Term Investments
Other Short-Term Assets $32.00M $68.00M $29.00M
YoY Change -17.95% 134.48% -29.27%
Inventory $383.0M $378.0M $249.0M
Prepaid Expenses $17.00M $17.00M $17.00M
Receivables $200.0M $1.216B $125.0M
Other Receivables $0.00 $0.00 $3.000M
Total Short-Term Assets $1.740B $1.697B $1.537B
YoY Change 21.59% 10.41% 20.64%
LONG-TERM ASSETS
Property, Plant & Equipment $399.0M $402.0M $35.10M
YoY Change 10.22% 1045.3% 23.59%
Goodwill $1.236B $1.236B $952.0M
YoY Change 29.83% 29.83% -9.93%
Intangibles
YoY Change
Long-Term Investments $3.000M
YoY Change 0.0%
Other Assets $95.00M $166.0M $98.00M
YoY Change 3.26% 69.39% -25.76%
Total Long-Term Assets $1.973B $1.965B $1.506B
YoY Change 31.53% 30.48% -9.55%
TOTAL ASSETS
Total Short-Term Assets $1.740B $1.697B $1.537B
Total Long-Term Assets $1.973B $1.965B $1.506B
Total Assets $3.713B $3.662B $3.043B
YoY Change 26.68% 20.34% 3.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $328.0M $290.0M $291.0M
YoY Change 15.09% -0.34% -4.9%
Accrued Expenses $150.0M $142.0M $2.800M
YoY Change -3.85% 4971.43% 21.74%
Deferred Revenue $258.0M $292.0M $156.0M
YoY Change 32.31% 87.18% 6.12%
Short-Term Debt $1.000M $0.00 $1.000M
YoY Change -66.67% -100.0% -90.91%
Long-Term Debt Due $132.0M $136.0M $140.0M
YoY Change 97.01% -2.86%
Total Short-Term Liabilities $951.0M $943.0M $911.0M
YoY Change 4.28% 3.51% -0.11%
LONG-TERM LIABILITIES
Long-Term Debt $351.0M $357.0M $0.00
YoY Change 0.29%
Other Long-Term Liabilities $126.0M $165.0M $70.00M
YoY Change 68.0% 135.71% -17.65%
Total Long-Term Liabilities $520.0M $522.0M $474.0M
YoY Change 8.11% 10.13% -10.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $951.0M $943.0M $911.0M
Total Long-Term Liabilities $520.0M $522.0M $474.0M
Total Liabilities $1.471B $1.473B $1.385B
YoY Change 5.6% 6.35% -3.75%
SHAREHOLDERS EQUITY
Retained Earnings -$2.880B -$2.927B -$2.922B
YoY Change -5.23% 0.17% -5.01%
Common Stock $3.000M $3.000M $1.000M
YoY Change 200.0% 200.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.242B $2.189B $1.658B
YoY Change
Total Liabilities & Shareholders Equity $3.713B $3.662B $3.043B
YoY Change 26.68% 20.34% 3.54%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $47.00M $35.00M $25.00M
YoY Change -83.15% 40.0% -21.88%
Depreciation, Depletion And Amortization $16.00M $20.00M $14.00M
YoY Change 14.29% 42.86% 16.67%
Cash From Operating Activities $36.00M -$12.00M $13.00M
YoY Change -114.63% -192.31%
INVESTING ACTIVITIES
Capital Expenditures $15.00M $12.00M $9.000M
YoY Change -57.14% 33.33%
Acquisitions
YoY Change
Other Investing Activities -$1.000M $0.00
YoY Change -100.21%
Cash From Investing Activities -$16.00M -$12.00M -$9.000M
YoY Change -103.57% 33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.000M -115.0M -48.00M
YoY Change -97.89% 139.58%
NET CHANGE
Cash From Operating Activities 36.00M -12.00M 13.00M
Cash From Investing Activities -16.00M -12.00M -9.000M
Cash From Financing Activities -8.000M -115.0M -48.00M
Net Change In Cash 12.00M -139.0M -44.00M
YoY Change -106.78% 215.91%
FREE CASH FLOW
Cash From Operating Activities $36.00M -$12.00M $13.00M
Capital Expenditures $15.00M $12.00M $9.000M
Free Cash Flow $21.00M -$24.00M $4.000M
YoY Change -107.47% -700.0%

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357000000 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
365000000 usd
CY2023Q2 us-gaap Transfer Of Financial Assets Accounted For As Sales Cash Proceeds Received For Assets Derecognized Amount
TransferOfFinancialAssetsAccountedForAsSalesCashProceedsReceivedForAssetsDerecognizedAmount
6000000 usd
CY2022Q4 us-gaap Transfer Of Financial Assets Accounted For As Sales Cash Proceeds Received For Assets Derecognized Amount
TransferOfFinancialAssetsAccountedForAsSalesCashProceedsReceivedForAssetsDerecognizedAmount
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
35000000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
35000000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
25000000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
25000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
47000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
47000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
61000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
261000000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
210000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
261000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
210000000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
264000000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
210000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
263000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
210000000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1100000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
18000000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
11000000 usd
drs Standard Product Warrant Accrual Decrease For Payments And Increase Decrease For Preexisting Warranties
StandardProductWarrantAccrualDecreaseForPaymentsAndIncreaseDecreaseForPreexistingWarranties
6000000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
23000000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
628000000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
627000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1197000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1239000000 usd
CY2023Q2 drs Segment Adjusted Earnings Before Interest Taxes Depreciation And Amortization
SegmentAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
62000000 usd
CY2022Q2 drs Segment Adjusted Earnings Before Interest Taxes Depreciation And Amortization
SegmentAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
67000000 usd
drs Segment Adjusted Earnings Before Interest Taxes Depreciation And Amortization
SegmentAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
111000000 usd
drs Segment Adjusted Earnings Before Interest Taxes Depreciation And Amortization
SegmentAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
140000000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5000000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2000000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11000000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4000000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
15000000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
14000000 usd
us-gaap Depreciation
Depreciation
31000000 usd
us-gaap Depreciation
Depreciation
27000000 usd
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
8000000 usd
CY2022Q2 us-gaap Restructuring Charges
RestructuringCharges
0 usd
us-gaap Restructuring Charges
RestructuringCharges
8000000 usd
us-gaap Restructuring Charges
RestructuringCharges
0 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
9000000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
10000000 usd
us-gaap Interest Expense
InterestExpense
17000000 usd
us-gaap Interest Expense
InterestExpense
18000000 usd
CY2023Q2 drs Deal Related Transaction Costs
DealRelatedTransactionCosts
1000000 usd
CY2022Q2 drs Deal Related Transaction Costs
DealRelatedTransactionCosts
8000000 usd
drs Deal Related Transaction Costs
DealRelatedTransactionCosts
3000000 usd
drs Deal Related Transaction Costs
DealRelatedTransactionCosts
10000000 usd
CY2023Q2 drs Other Nonoperating Income Expense Nonrecurring Events
OtherNonoperatingIncomeExpenseNonrecurringEvents
9000000 usd
CY2022Q2 drs Other Nonoperating Income Expense Nonrecurring Events
OtherNonoperatingIncomeExpenseNonrecurringEvents
-1000000 usd
drs Other Nonoperating Income Expense Nonrecurring Events
OtherNonoperatingIncomeExpenseNonrecurringEvents
8000000 usd
drs Other Nonoperating Income Expense Nonrecurring Events
OtherNonoperatingIncomeExpenseNonrecurringEvents
-1000000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2000000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7000000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
35000000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
25000000 usd
us-gaap Net Income Loss
NetIncomeLoss
47000000 usd
us-gaap Net Income Loss
NetIncomeLoss
61000000 usd
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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