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RESTON, Va., Jan. 27, 2021 /PRNewswire/ --General Dynamics (NYSE: GD) today reported quarterly net earnings of $1 billion, or $3.49 per diluted share, on $10.5 billion in revenue. For the full year, net earnings were $3.2 billion, or $11.00 per diluted share, on revenue of $37.9 billion. On a sequential basis, both net earnings and earnings per share (EPS) were up 20% from the previous quarter. Operating margin was 12.3% in the quarter, up 90 basis points sequentially and up 20 basis points from the year-ago quarter. Backlog grew 9.8% in the quarter to a record-high $89.5 billion. Continue Reading (PRNewsfoto/General Dynamics) (PRNewsfoto/General Dynamics) (PRNewsfoto/General Dynamics) (PRNewsfoto/General Dynamics) (PRNewsfoto/General Dynamics) (PRNewsfoto/General Dynamics) "Our continued focus on operating performance and on protecting the health and safety of our employees contributed to strong sequential improvements in earnings, margin and cash flow," said Phebe N. Novakovic, chairman and chief executive officer. "Our defense segments continued to capture significant awards, leading to a record-high backlog, while our aerospace segment not only remained very profitable, but actually improved its margins throughout the year, even as the broader business aviation industry contracted severely due to the pandemic." MarginCompany-wide operating margin was 12.3%, up 90 basis points from the prior quarter. Aerospace margin was 16.5%, up 220 basis points from the prior quarter. CashNet cash provided by operating activities in the quarter totaled $2.6 billion, or 256% of net earnings. For the year, net cash provided by operating activities totaled $3.9 billion, or 122% of net earnings. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $2.2 billion for the quarter, a 221% conversion of net earnings, and $2.9 billion for the year, a 91% conversion of net earnings. During the quarter, the company reduced its net debt by $1.7 billion, invested $345 million in capital expenditures, paid $315 million in dividends, and repurchased $100.7 million in shares at an average price of $143.80, ending 2020 with $2.8 billion in cash and equivalents on hand. BacklogOrders remained strong across the company with a consolidated book-to-bill of 1.8-to-1 for the quarter and 1.1-to-1 for the year. In addition to backlog of $89.5 billion, management's estimate of additional value in unfunded indefinite delivery/indefinite quantity (IDIQ) contracts and unexercised options was $45.2 billion at year-end. Total estimated contract value, representing the sum of all backlog components was $134.7 billion, up 6.7% for the year. Significant awards in the fourth quarter included a $9.5 billion option exercise from the U.S. Navy for construction and test of the first two Columbia-class submarines; $4.4 billion maximum potential value contract from the U.S. Department of Defense to provide cloud solutions for Office 365 deployment and migration; a $3.3 billion maximum potential value contract from the U.S. State Department to provide business process support services; a $695 million contract from the U.S. Army to provide information technology and professional services; $620 million for several key contracts for classified customers; a $405 million initial task order on a $4.3 billion maximum potential value contract to upgrade Abrams tanks for the Army; a $230 million initial task order on an Army contract with a maximum potential contract value of $1.2 billion to produce Stryker Initial Maneuver Short-Range Air Defense (IM-SHORAD) vehicles; $375 million from the Navy to provide lead yard services for the Virginia-class submarine program; and $265 million from the Navy for maintenance and repair services for three ship classes.About General DynamicsHeadquartered 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 $37.9 billion in revenue in 2020. More information is available at www.gd.com.Certain statements made in this press release, including any statements as to future results of operations and financial projections, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the company's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. All forward-looking statements speak only as of the date they were made. The company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.WEBCAST INFORMATION: General Dynamics will webcast its fourth-quarter and full-year 2020 financial results conference call at 9 a.m. EST on Wednesday, January 27, 2021. The webcast will be a listen-only audio event available at www.gd.com. An on-demand replay of the webcast will be available one hour after the end of the call and end on February 3, 2021. To hear a recording of the conference call by telephone, please call 877-344-7529 (international: 412-317-0088); passcode 10151195. Charts furnished to investors and securities analysts in connection with General Dynamics' announcement of its financial results are available at www.gd.com. General Dynamics intends to supplement those charts on its website after its earnings call today to include information about 2021 guidance presented during the call. EXHIBIT A CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED) DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS Three Months Ended December 31 Variance 2020 2019* $ % Revenue $ 10,481 $ 10,773 $ (292) (2.7) % Operating costs and expenses (9,188) (9,465) 277 Operating earnings 1,293 1,308 (15) (1.1) % Other, net 12 16 (4) Interest, net (120) (110) (10) Earnings before income tax 1,185 1,214 (29) (2.4) % Provision for income tax, net (183) (194) 11 Net earnings $ 1,002 $ 1,020 $ (18) (1.8) % Earnings per sharebasic $ 3.50 $ 3.53 $ (0.03) (0.8) % Basic weighted average shares outstanding 286.3 288.8 Earnings per sharediluted $ 3.49 $ 3.51 $ (0.02) (0.6) % Diluted weighted average shares outstanding 287.1 290.9 * Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020. EXHIBIT B CONSOLIDATED STATEMENT OF EARNINGS - (UNAUDITED) DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS Year Ended December 31 Variance 2020 2019* $ % Revenue $ 37,925 $ 39,350 $ (1,425) (3.6) % Operating costs and expenses (33,792) (34,780) 988 Operating earnings 4,133 4,570 (437) (9.6) % Other, net 82 92 (10) Interest, net (477) (460) (17) Earnings before income tax 3,738 4,202 (464) (11.0) % Provision for income tax, net (571) (718) 147 Net earnings $ 3,167 $ 3,484 $ (317) (9.1) % Earnings per sharebasic $ 11.04 $ 12.09 $ (1.05) (8.7) % Basic weighted average shares outstanding 286.9 288.3 Earnings per sharediluted $ 11.00 $ 11.98 $ (0.98) (8.2) % Diluted weighted average shares outstanding 287.9 290.8 * Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020. EXHIBIT C REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED) DOLLARS IN MILLIONS Three Months Ended December 31 Variance 2020 2019 (a) $ % Revenue: Aerospace $ 2,435 $ 2,930 $ (495) (16.9) % Marine Systems 2,857 2,565 292 11.4 % Combat Systems 1,960 1,972 (12) (0.6) % Technologies (b) 3,229 3,306 (77) (2.3) % Total $ 10,481 $ 10,773 $ (292) (2.7) % Operating earnings: Aerospace $ 401 $ 480 $ (79) (16.5) % Marine Systems 247 199 48 24.1 % Combat Systems 309 284 25 8.8 % Technologies (b) 352 360 (8) (2.2) % Corporate (16) (15) (1) (6.7) % Total $ 1,293 $ 1,308 $ (15) (1.1) % Operating margin: Aerospace 16.5 % 16.4 % Marine Systems 8.6 % 7.8 % Combat Systems 15.8 % 14.4 % Technologies (b) 10.9 % 10.9 % Total 12.3 % 12.1 % (a) Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020. (b) Effective December 31, 2020, we have reorganized our Mission Systems and Information Technology business units into a single reporting unit Technologies to better reflect the way we are running the business, the overlap and commonality of customers, and customer demand for end-to-end solutions melding technology, hardware and software. EXHIBIT D REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED) DOLLARS IN MILLIONS Year Ended December 31 Variance 2020 2019 (a) $ % Revenue: Aerospace $ 8,075 $ 9,801 $ (1,726) (17.6) % Marine Systems 9,979 9,183 796 8.7 % Combat Systems 7,223 7,007 216 3.1 % Technologies (b) 12,648 13,359 (711) (5.3) % Total $ 37,925 $ 39,350 $ (1,425) (3.6) % Operating earnings: Aerospace $ 1,083 $ 1,532 $ (449) (29.3) % Marine Systems 854 785 69 8.8 % Combat Systems 1,041 996 45 4.5 % Technologies (b) 1,211 1,311 (100) (7.6) % Corporate (56) (54) (2) (3.7) % Total $ 4,133 $ 4,570 $ (437) (9.6) % Operating margin: Aerospace 13.4 % 15.6 % Marine Systems 8.6 % 8.5 % Combat Systems 14.4 % 14.2 % Technologies (b) 9.6 % 9.8 % Total 10.9 % 11.6 % (a) Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020. (b) Effective December 31, 2020, we have reorganized our Mission Systems and Information Technology business units into a single reporting unit Technologies to better reflect the way we are running the business, the overlap and commonality of customers, and customer demand for end-to-end solutions melding technology, hardware and software. EXHIBIT E REVENUE AND OPERATING EARNINGS BY SEGMENT - (UNAUDITED) DOLLARS IN MILLIONS Three Months Ended Variance December 31, 2020 September 27, 2020 (a) $ % Revenue: Aerospace $ 2,435 $ 1,975 $ 460 23.3 % Marine Systems 2,857 2,405 452 18.8 % Combat Systems 1,960 1,801 159 8.8 % Technologies (b) 3,229 3,250 (21) (0.6) % Total $ 10,481 $ 9,431 $ 1,050 11.1 % Operating earnings: Aerospace $ 401 $ 283 $ 118 41.7 % Marine Systems 247 223 24 10.8 % Combat Systems 309 270 39 14.4 % Technologies (b) 352 314 38 12.1 % Corporate (16) (18) 2 11.1 % Total $ 1,293 $ 1,072 $ 221 20.6 % Operating margin: Aerospace 16.5 % 14.3 % Marine Systems 8.6 % 9.3 % Combat Systems 15.8 % 15.0 % Technologies (b) 10.9 % 9.7 % Total 12.3 % 11.4 % (a) Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020. (b) Effective December 31, 2020, we have reorganized our Mission Systems and Information Technology business units into a single reporting unit Technologies to better reflect the way we are running the business, the overlap and commonality of customers, and customer demand for end-to-end solutions melding technology, hardware and software. EXHIBIT F CONSOLIDATED BALANCE SHEET DOLLARS IN MILLIONS (Unaudited) December 31, 2020 December 31, 2019* ASSETS Current assets: Cash and equivalents $ 2,824 $ 902 Accounts receivable 3,161 3,544 Unbilled receivables 8,024 7,857 Inventories 5,745 6,306 Other current assets 1,789 1,679 Total current assets 21,543 20,288 Noncurrent assets: Property, plant and equipment, net 5,100 4,475 Intangible assets, net 2,117 2,315 Goodwill 20,053 19,677 Other assets 2,495 2,594 Total noncurrent assets 29,765 29,061 Total assets $ 51,308 $ 49,349 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term debt and current portion of long-term debt $ 3,003 $ 2,920 Accounts payable 2,952 3,162 Customer advances and deposits 6,276 7,148 Other current liabilities 3,733 3,571 Total current liabilities 15,964 16,801 Noncurrent liabilities: Long-term debt 9,995 9,010 Other liabilities 9,688 9,560 Total noncurrent liabilities 19,683 18,570 Shareholders' equity: Common stock 482 482 Surplus 3,124 3,039 Retained earnings 33,498 31,633 Treasury stock (17,893) (17,358) Accumulated other comprehensive loss (3,550) (3,818) Total shareholders' equity 15,661 13,978 Total liabilities and shareholders' equity $ 51,308 $ 49,349 * Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020. EXHIBIT G CONSOLIDATED STATEMENT OF CASH FLOWS - (UNAUDITED) DOLLARS IN MILLIONS Year Ended December 31 2020 2019 Cash flows from operating activitiescontinuing operations: Net earnings $ 3,167 $ 3,484 Adjustments to reconcile net earnings to net cash from operating activities: Depreciation of property, plant and equipment 523 466 Amortization of intangible and finance lease right-of-use assets 355 363 Equity-based compensation expense 128 133 Deferred income tax (benefit) provision (127) 92 (Increase) decrease in assets, net of effects of business acquisitions: Accounts receivable 371 176 Unbilled receivables (116) (1,303) Inventories 502 (376) Increase (decrease) in liabilities, net of effects of business acquisitions: Accounts payable (215) 6 Customer advances and deposits (707) (105) Other, net (23) 45 Net cash provided by operating activities 3,858 2,981 Cash flows from investing activities: Capital expenditures (967) (987) Other, net (7) (7) Net cash used by investing activities (974) (994) Cash flows from financing activities: Proceeds from fixed-rate notes 3,960 Repayment of fixed-rate notes (2,000) Dividends paid (1,240) (1,152) Purchases of common stock (587) (231) Repayment of floating-rate notes (500) (Repayment of) proceeds from credit facility, net (441) 291 Proceeds from commercial paper, gross (maturities greater than 3 months) 420 Repayment of commercial paper, gross (maturities greater than 3 months) (420) Repayment of commercial paper, net (850) Other, net (95) (55) Net cash used by financing activities (903) (1,997) Net cash used by discontinued operations (59) (51) Net increase (decrease) in cash and equivalents 1,922 (61) Cash and equivalents at beginning of year 902 963 Cash and equivalents at end of year $ 2,824 $ 902 EXHIBIT H ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED) DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS Other Financial Information: December 31, 2020 December 31, 2019* Debt-to-equity (a) 83.0 % 85.3 % Debt-to-capital (b) 45.4 % 46.0 % Book value per share (c) $ 54.67 $ 48.26 Shares outstanding 286,477,836 289,610,336 Fourth Quarter Twelve Months 2020 2019 2020 2019* Income tax payments, net $ 419 $ 85 $ 764 $ 572 Company-sponsored research and development (d) $ 83 $ 114 $ 374 $ 466 Return on sales (e) 9.6 % 9.5 % 8.4 % 8.9 % Return on equity (f) 22.0 % 26.4 % Non-GAAP Financial Measures: Fourth Quarter Twelve Months 2020 2019 2020 2019 Earnings before interest, taxes, depreciation and amortization: Net earnings $ 1,002 $ 1,020 $ 3,167 $ 3,484 Interest, net 120 110 477 460 Provision for income tax, net 183 194 571 718 Depreciation of property, plant and equipment 147 114 523 466 Amortization of intangible and finance lease right-of-use assets 88 90 355 363 Earnings before interest, taxes, depreciation and amortization (g) $ 1,540 $ 1,528 $ 5,093 $ 5,491 Free cash flow from operations: Net cash provided by operating activities $ 2,562 $ 2,394 $ 3,858 $ 2,981 Capital expenditures (345) (381) (967) (987) Free cash flow from operations (h) $ 2,217 $ 2,013 $ 2,891 $ 1,994 Return on invested capital: Net earnings $ 3,167 $ 3,484 After-tax interest expense 386 373 After-tax amortization expense 280 287 Net operating profit after taxes 3,833 4,144 Average invested capital 32,431 29,620 Return on invested capital (i) 11.8 % 14.0 % Notes describing the calculation of the other financial information and a reconciliation of non-GAAP financial measures are on the following page. * Prior-period information has been restated for the retrospective application of a change in accounting principle related to the amortization of actuarial gains and losses for our qualified U.S. government pension plans, which we adopted in the fourth quarter of 2020. EXHIBIT H (Cont.) ADDITIONAL FINANCIAL INFORMATION - (UNAUDITED) DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS (a) Debt-to-equity ratio is calculated as total debt divided by total equity as of year end. (b) Debt-to-capital ratio is calculated as total debt divided by the sum of total debt plus total equity as of year end. (c) Book value per share is calculated as total equity divided by total outstanding shares as of year end. (d) Includes independent research and development and Aerospace product-development costs. (e) Return on sales is calculated as net earnings divided by revenue. (f) Return on equity is calculated by dividing net earnings by our average equity during the year. (g) We believe earnings before interest, taxes, depreciation and amortization (EBITDA) is a useful measure for investors because it provides another measure of our profitability and our ability to service our debt. We calculate EBITDA by adding back interest, taxes, depreciation and amortization to net earnings. The most directly comparable GAAP measure to EBITDA is net earnings. (h) We believe free cash flow from operations is a useful measure for investors because it portrays our ability to generate cash from our businesses for purposes such as repaying maturing debt, funding business acquisitions, repurchasing our common stock and paying dividends. We use free cash flow from operations to assess the quality of our earnings and as a key performance measure in evaluating management. The most directly comparable GAAP measure to free cash flow from operations is net cash provided by operating activities. (i) We believe return on invested capital (ROIC) is a useful measure for investors because it reflects our ability to generate returns from the capital we have deployed in our operations. We use ROIC to evaluate investment decisions and as a performance measure in evaluating management. We define ROIC as net operating profit after taxes divided by average invested capital. Net operating profit after taxes is defined as net earnings plus after-tax interest and amortization expense, calculated using the statutory federal income tax rate. Average invested capital is defined as the sum of the average debt and shareholders' equity excluding accumulated other comprehensive loss. ROIC excludes goodwill impairments and non-economic accounting changes as they are not reflective of company performance. The most directly comparable GAAP measure to net operating profit after taxes is net earnings. EXHIBIT I BACKLOG - (UNAUDITED) DOLLARS IN MILLIONS Funded Unfunded TotalBacklog Estimated Potential ContractValue (a) Total EstimatedContract Value Fourth Quarter 2020: Aerospace $ 11,308 $ 318 $ 11,626 $ 2,800 $ 14,426 Marine Systems 23,646 26,336 49,982 4,876 54,858 Combat Systems 14,341 226 14,567 9,774 24,341 Technologies 9,488 3,826 13,314 27,727 41,041 Total $ 58,783 $ 30,706 $ 89,489 $ 45,177 $ 134,666 Third Quarter 2020: Aerospace $ 11,640 $ 324 $ 11,964 $ 2,888 $ 14,852 Marine Systems 23,958 17,124 41,082 14,666 55,748 Combat Systems 14,511 200 14,711 6,593 21,304 Technologies (b) 10,112 3,651 13,763 26,242 40,005 Total $ 60,221 $ 21,299 $ 81,520 $ 50,389 $ 131,909 Fourth Quarter 2019: Aerospace $ 13,168 $ 181 $ 13,349 $ 2,989 $ 16,338 Marine Systems 20,012 24,175 44,187 5,453 49,640 Combat Systems 14,474 439 14,913 4,322 19,235 Technologies (b) 9,876 4,620 14,496 26,485 40,981 Total $ 57,530 $ 29,415 $ 86,945 $ 39,249 $ 126,194 (a) 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. (b) Effective December 31, 2020, we have reorganized our Mission Systems and Information Technology business units into a single reporting unit Technologies to better reflect the way we are running the business, the overlap and commonality of customers, and customer demand for end-to-end solutions melding technology, hardware and software. EXHIBIT I-1 BACKLOG - (UNAUDITED) DOLLARS IN MILLIONS https://mma.prnewswire.com/media/1427217/Exhibit_I_1.jpg EXHIBIT I-2 BACKLOG BY SEGMENT - (UNAUDITED) DOLLARS INMILLIONS https://mma.prnewswire.com/media/1427218/EXHIBIT_I_2_Aerospace.jpg https://mma.prnewswire.com/media/1427219/EXHIBIT_I_2_Marine_Systems.jpghttps://mma.prnewswire.com/media/1427220/EXHIBIT_I_2_Combat_Systems.jpghttps://mma.prnewswire.com/media/1427221/EXHIBIT_I_2_Technologies.jpg https://mma.prnewswire.com/media/1427222/EXHIBIT_I_2_Segment_Key.jpg EXHIBIT J FOURTH QUARTER 2020 SIGNIFICANT ORDERS - (UNAUDITED) DOLLARS IN MILLIONS We received the following significant contract awards during the fourth quarter of 2020:Marine Systems: $9.5 billion from the U.S. Navy for construction of the first two Columbia-class submarines, as well as associated design and engineering support. $375 from the Navy to provide lead yard services for the Virginia-class submarine program. $265 from the Navy to provide maintenance and repair services for the San Antonio-class amphibious transport dock, Whidbey Island-class dock landing ship and Ticonderoga-class guided-missile cruiser programs. $215 from the Navy to provide engineering, technical, design and planning yard support services for operational strategic and attack submarines. $95 from the Navy to provide ongoing planning yard services for the Arleigh Burke-class (DDG-51) guided-missile destroyer program. $60 from the Navy to produce a large vertical array fixture for Navy submarine acoustic detection efforts. Combat Systems: $405 from the U.S. Army to upgrade Abrams tanks to the M1A2 System Enhancement Package Version 3 (SEPv3) configuration. The contract has a maximum potential value of $4.3 billion. $230 from the Army to produce Stryker Initial Maneuver Short-Range Air Defense (IM-SHORAD) vehicles. The contract has a maximum potential value of $1.2 billion. A contract from the Army to provide maintenance, training and support services for the Stryker fleet. The contract has a maximum potential value of $430. $215 from the Canadian government for various munitions and ordnance. $175 from the Army for various munitions and ordnance. $80 for the production of Pandur 6x6 wheeled combat vehicles for the Austrian Federal Ministry of Defence. $55 to produce ASCOD tracked combat vehicles for an international customer. Technologies: The Defense Enterprise Office Solutions (DEOS) contract from the General Services Administration in partnership with the Department of Defense (DoD) and Defense Information Systems Agency (DISA) to stand up cloud environments and support the migration of over 3.2 million existing DoD Office 365 users to the cloud. The contract has a maximum potential value of $4.4 billion. An IDIQ award from the U.S. Department of State to provide overseas consular services to support visa processing and other functions for U.S. embassies and consultants under the Global Support Strategy (GSS) program. The program has a maximum potential contract value of $3.3 billion among three awardees. A contract to provide enterprise information technology, communications and mission command support services to U.S. Army Europe. The contract has a maximum potential value of $695. $620 for several key contracts for classified customers. $110 to develop and deliver a digital engineering environment for the U.S. Air Force. $105 from the National Geospatial-Intelligence Agency (NGA) for network storage and data center services. $90 from the Navy to provide sustainment services for the Navy's next-generation Mobile User Objective System (MUOS) satellite communications system. EXHIBIT K AEROSPACE SUPPLEMENTAL DATA - (UNAUDITED) Fourth Quarter Twelve Months 2020 2019 2020 2019 Gulfstream Aircraft Deliveries (units): Large-cabin aircraft 34 35 105 114 Mid-cabin aircraft 6 9 22 33 Total 40 44 127 147 Aerospace Book-to-Bill: Orders* $ 2,347 $ 4,652 $ 7,091 $ 11,674 Revenue (excluding pre-owned aircraft sales) 2,435 2,774 8,075 9,509 Book-to-Bill Ratio 0.96x 1.68x 0.88x 1.23x * Does not include customer defaults, liquidated damages, cancellations, foreign exchange fluctuations and other backlog adjustments. SOURCE General Dynamics Related Links http://www.generaldynamics.com

Answer: General Dynamics Reports Fourth-Quarter and Full-Year 2020 Financial Results