DRS FY 2022 Earnings Report — Leonardo DRS, Inc. Revenue & Financial Results | Market Cap Arena

Leonardo DRS, Inc.DRS

FY 2022 Earnings

Reported March 28, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2022	Prior Q	FY 2021	QoQ Change	YoY Change
Revenue	$2.7B	—	$2.9B	—	-6.5%
Op. Income	$561M	—	$236M	—	137.7%
Gross Margin	21.4%	—	19.0%	—	2.4pp
Net Margin	15.0%	—	5.3%	—	9.7pp
EPS (Diluted)	$1.88	—	$1.06	—	77.4%
Free Cash Flow	-$32M	—	$118M	—	-127.1%

Revenue Flow

Item	Amount
REVENUE	$2.7B
Cost of Revenue	$2.1B
GROSS PROFIT	$575M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$357M
SG&A Expenses	$357M
Other Expenses	-$343M
Operating Expenses	$14M
Cost & Expenses	$2.1B
OPERATING INCOME	$561M
Interest Income	$0
Interest Expense	$34M
Other Income/Expenses	-$36M
INCOME BEFORE TAX	$525M
Income Tax Expense	$120M
Net Income from Continuing Ops	$405M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$405M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$405M
D&A	$65M
EBIT	$559M
EBITDA	$624M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$2.7B
Cost of Revenue	$2.1B
GROSS PROFIT	$575M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$357M
SG&A Expenses	$357M
Other Expenses	-$343M
Operating Expenses	$14M
Cost & Expenses	$2.1B
OPERATING INCOME	$561M
Interest Income	$0
Interest Expense	$34M
Other Income/Expenses	-$36M
INCOME BEFORE TAX	$525M
Income Tax Expense	$120M
Net Income from Continuing Ops	$405M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$405M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$405M
D&A	$65M
EBIT	$559M
EBITDA	$624M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$405M
Depreciation & Amortization	$65M
Stock-Based Compensation	$5M
Deferred Income Tax	-$6M
Other Non-Cash Items	-$354M
Change in Working Capital	-$82M
OPERATING CASH FLOW	$33M
Capital Expenditure	-$65M
Acquisitions (Net)	$501M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$0
NET CASH FROM INVESTING	$436M
Net Debt Issuance	-$2M
Common Stock Repurchased	$0
Common Dividends Paid	-$396M
Other Financing Activities	-$5M
NET CASH FROM FINANCING	-$403M
FREE CASH FLOW	-$32M
Net Change in Cash	$66M

Balance Sheet

Item	Amount
Cash & Equivalents	$306M
Short-Term Investments	$0
Net Receivables	$1.0B
Inventory	$319M
Other Current Assets	$24M
TOTAL CURRENT ASSETS	$1.7B
PP&E (Net)	$404M
Goodwill	$1.2B
Intangible Assets	$172M
Long-Term Investments	$0
Tax Assets	$66M
Other Non-Current Assets	$92M
TOTAL NON-CURRENT ASSETS	$2.0B
TOTAL ASSETS	$3.7B
Account Payables	$457M
Short-Term Debt	$29M
Deferred Revenue	$233M
Other Current Liabilities	$204M
TOTAL CURRENT LIABILITIES	$1.0B
Long-Term Debt	$365M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$75M
TOTAL NON-CURRENT LIABILITIES	$508M
TOTAL LIABILITIES	$1.6B
Common Stock	$3M
Additional Paid-In Capital	$5.1B
Retained Earnings	-$3.0B
Treasury Stock	$0
Accum. Other Comp. Income	-$49M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.1B
Minority Interest	$0
TOTAL EQUITY	$2.1B
TOTAL LIABILITIES & EQUITY	$3.7B
Total Debt	$487M
Net Debt	$181M