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General Dynamics Reports First Quarter 2020 Results; Phebe Novakovic Quoted
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General Dynamics Reports First Quarter 2020 Results; Phebe Novakovic Quoted
General Dynamics Reports First Quarter 2020 Results; Phebe Novakovic Quoted

General Dynamics has reported first-quarter 2020 net earnings of $706 million on $8.75 billion in revenue. On a per share basis, diluted earnings per share (EPS) were $2.43, the company announced on Thursday.

"Since the onset of the COVID-19 crisis, we have supported our government customers and implemented multiple safety measures to keep our people as safe as possible," said Phebe N. Novakovic, chairman and chief executive officer and six-time Wash100 Award recipient. "We are responding to the COVID travel restrictions' impact on Gulfstream and are managing our costs throughout our business."

The company noted that travel restrictions due to the COVID-19 pandemic delayed deliveries of business-jet aircraft, which resulted in a $549 million decline in revenue for the Aerospace segment. Nevertheless, the segment's backlog remains strong, up $1.1 billion over last year’s quarter.

The defense businesses on a combined basis posted revenue of $7.1 billion and operating earnings of $705 million, 2.2 percent above the last quarter, and margin of 10 percent, an expansion of 20 basis points over the year-ago quarter.

General Dynamics repurchased 3.4 million of its outstanding shares in the first quarter to cover dilution from the exercise of stock options. The company’s board of directors increased the quarterly dividend 8 cents to $1.10 per share, which was the company's 23rd consecutive annual dividend increase.

General Dynamics’ total backlog at the end of first-quarter 2020 was $85.7 billion, up 23.9 percent year-over-year. The estimated potential contract value, representing management's estimate of value in unfunded indefinite delivery, indefinite quantity (IDIQ) contracts and unexercised options, was $38.1 billion. 

The company secured multiple awards in the quarter, including an IDIQ contract with a maximum potential value of $885 million to modernize the U.S. Army's training programs and $875 million for the construction of two additional U.S. Navy John Lewis-class (T-AO-205) oilers. 

In addition, General Dynamics won an IDIQ contract with a maximum potential value of $505 million to provide supercomputing resources to the National Oceanic Atmospheric Administration's (NOAA) Weather and Climate Operational Supercomputing System (WCOSS) and a $300 million from the Army to upgrade Abrams tanks to the M1A2 System Enhancement Package Version 3 (SEPv3) configuration and $225 million for parts and support for Stryker armored fighting vehicles.

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; combat vehicles, weapons systems and munitions; IT services; C4ISR solutions; and shipbuilding and ship repair. 

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SBA Awards Consult DSA $5.5M Contract to Report Emergency Effects of COVID-19
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SBA Awards Consult DSA $5.5M Contract to Report Emergency Effects of COVID-19
SBA Awards Consult DSA $5.5M Contract to Report Emergency Effects of COVID-19

The Small Business Administration (SBA) has awarded a $5.5 million contract to Consult DSA, a woman-owned small business based in Gaithersburg, Maryland, to implement improvements amid the COVID-19 pandemic, the agency reported on Friday. The contract is set to run for a base of 12 months, with four one-year add-on options.

Consult DSA will work to validate the findings in previous reports “to ensure future disaster response efforts continue to be efficient and effective,” implement sound improvements from those reports and validate and implement findings from future reports.

The Office of Disaster Assistance “anticipates completing similar after-action reports for future large-scale disasters that may occur, and ODA is seeking contractor assistance with other process improvements identified during these reviews,” the SBA stated. 

With SBA’s role in disbursing emergency aid in response to the COVID-19 outbreak, the pandemic will likely be included in one of those future reports.

The award has been issued through a solicitation for “Ongoing Process Improvement Validation and Implementation.” The SBA selected Consult DSA to analyze the effects of the 2017 hurricane season, one of the worst years on record and the agency’s “second-largest disaster to date,” according to the solicitation.

In addition to the SBA’s contract with Consult DSA, Jovita Carranza, administrator of the agency, has launched the $349 billion Paycheck Protection Program, an emergency loan program created last week with the President's signing of the Coronavirus Aid, Relief, and Economic Security Act, the SBA announced in April 2020. 

"These loans will bring immediate economic relief and eight weeks of financial certainty to millions of small businesses and their employees," Carranza said. "We urge every struggling small business to take advantage of this unprecedented federal resource – their viability is critically important to their employees, their community, and the country." 

The program will provide forgivable loans up to $10 million to small businesses left financially distressed by the Coronavirus (COVID-19) pandemic. The loans will be administered at the local level by a national network of banks and credit unions and are designed to maintain the viability of millions of small businesses struggling to meet payroll and day-to-day operating expenses.

About SBA

Created in 1953, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. The SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.

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Deloitte Partners with UiPath to Deliver DIDP to Accelerate Data Processing; David Wright, Cheryln Chin Quoted
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Deloitte Partners with UiPath to Deliver DIDP to Accelerate Data Processing; David Wright, Cheryln Chin Quoted

Deloitte Partners with UiPath to Deliver DIDP to Accelerate Data Processing; David Wright, Cheryln Chin Quoted

Deloitte and UiPath have partnered to deliver Deloitte Intelligent Document Processing (DIDP), an on-premise or cloud-based automation accelerator, delivering a capability which captures documents before extracting, classifying, and verifying their data for processing, Deloitte reported on Monday.

“Using Deloitte Intelligent Document Processing, our clients can reduce document processing time significantly, boosting productivity and allowing teams to focus on more business-critical tasks,” said David Wright, partner at Deloitte.

The partnership will integrate technology, including Optical Character Recognition (OCR), Human-in-the-Loop (HITL), Machine Learning (ML) and the UiPath RPA. DIDP will handle multiple document types by processing any type of structured or semi-structured document, ranging from invoices to contracts.

“Complicated risk processes that currently rely on data in unstructured documents and time-consuming analysis can be improved, such as in financial spreading, financial prospecting, tax returns, bank statements, contracts, and more,” added Wright.

DIDP will process thousands of invoices from 124 different vendors and has increased capacity by more than 30 percent for invoice processing. DIDP will capture invoices using UiPath, then extract, classify and validate invoice data using machine learning (ML) for ongoing training of invoices.

If there is data that cannot be matched, this goes for verification but the points that need to be checked are clearly highlighted, to reduce time. The invoice is then processed in the ERP system using UiPath. With DIDP, the number of errors when processing invoices have been reduced and there has been an increase in productivity.

Deloitte and UiPath have been working together to implement RPA and intelligent automation technologies for clients across a wide array of industries and sectors, including financial services, supply chain, human resources, and procurement.

“Working together on the Deloitte Intelligent Document Processing offering underscores how we have approached automation as an enterprise-wide challenge by taking RPA and OCR to the next level of sophistication and introducing machine learning powered extraction and analysis. We look forward to collaborating further to deliver real transformational outcomes that address the dynamic challenges facing clients,” said Cheryln Chin, a global vice president at UiPath.

About Deloitte 

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 5,000 private and middle-market companies.

Our people work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them.

About UiPath

UiPath is leading the ’automation first’ era—championing a robot for every person and enabling robots to learn new skills through artificial intelligence (AI) and machine learning (ML). Through free and open training, UiPath brings digital era skills to millions of people around the world, improving business productivity and efficiency, employee engagement, and customer experience.

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Leidos, Paramount USA, Vertex Aerospace Partner to Support Special Operations Command Armed Overwatch Prototype Program; Gerry Fasano, Ed Boyington Quoted
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Leidos, Paramount USA, Vertex Aerospace Partner to Support Special Operations Command Armed Overwatch Prototype Program; Gerry Fasano, Ed Boyington Quoted
Leidos, Paramount USA, Vertex Aerospace Partner to Support Special Operations Command Armed Overwatch Prototype Program; Gerry Fasano, Ed Boyington Quoted

Leidos has announced a strategic agreement with Paramount Group USA and Vertex Aerospace under a new contract to deliver the Bronco II, a purpose-built, multi-mission aircraft, to support the U.S. Special Operations Command's Armed Overwatch program, the company reported on Monday. 

"Leidos has a long history as a premier provider of airborne solutions," said Gerry Fasano, Leidos Defense Group president and 2020 Wash100 Award Recipient. "The Bronco II demonstrates our commitment to providing the best-of-breed in technology, as well as our agility in meeting the needs of our country's national security missions. This offering will leverage each company's expertise to deliver cost-effective innovations for the warfighter."

Under the strategic relationship, Leidos will serve as the prime contractor, partnering with Paramount and Vertex as primary teammates. The companies will combine its experience integrating, manufacturing and delivering cutting-edge airborne solutions to the warfighter. 

The Bronco II was designed specifically for asymmetrical warfare and will operate at a fraction of the procurement and lifecycle costs of an aircraft with similar mission applications and capabilities. The multi-mission aircraft will be manufactured in Crestview, Fla. 

Leidos will build upon the Bronco II to meet the specific needs of U.S. Special Operations Command. Paramount Group will utilize its capabilities to enable U.S Air Force Special Operations Command to effectively manage the challenges of modern day asymmetrical warfare.

"We are proud to team with Leidos and Paramount, as we share a commitment to deliver affordable state-of-the-art capabilities to combat the challenges posed by modern, multi-domain operations," said Ed Boyington, Vertex Aerospace CEO and President. "With a long track record of delivering excellence to our customers, we look forward to producing and supporting the purpose-built Bronco II aircraft and weapons system as a transformational tool for our warfighters."

About Leidos

Leidos is a Fortune 500® information technology, engineering, and science solutions and services leader working to solve the world's toughest challenges in the defense, intelligence, homeland security, civil, and health markets. The company's 36,000 employees support vital missions for government and commercial customers. Headquartered in Reston, Va., Leidos reported annual revenues of approximately $11.09 billion for the fiscal year ended January 3, 2020.

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Brooks Tucker Named VA Acting Chief of Staff
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Brooks Tucker Named VA Acting Chief of Staff
Brooks Tucker
Brooks Tucker

Brooks Tucker, assistant secretary for the Department of Veterans Affairs’ Office of Congressional and Legislative Affairs, has been appointed to serve as the VA chief of staff on an acting basis.

Tucker, a retired U.S. Marine Corps lieutenant colonel, provides advice to the department secretary on legislative issues and coordinates its activities with Congress as part of his responsibilities in OCLA, the VA said Friday.

He previously supported Donald Trump’s presidential transition team for veteran policy, a deputy staff director on the Senate VA Committee and senior policy adviser to Richard Burr, R-N.C., on national security and veterans affairs matters.

The two-decade USMC veteran worked at Merrill Lynch and Deutsche Bank after his initial active duty service.

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Trump Eyes Ban on Federal Savings Investment in Chinese Stocks
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Trump Eyes Ban on Federal Savings Investment in Chinese Stocks

Trump Eyes Ban on Federal Savings Investment in Chinese Stocks

President Trump is considering plans to bar a federal retirement savings fund from making investments in Chinese equities that pose a risk to national security, Bloomberg reported Friday. A source said the White House’s action could be implemented through an executive order.

The Thrift Savings Plan is expected to transfer by mid-2020 about $50 billion of its international fund in an effort to mirror an MSCI All Country World Index, which tracks stocks from China and other emerging markets.

The Federal Retirement Thrift Investment Board oversees TSP and decided three years ago to facilitate the fund transfer by the middle of this year.

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New Executive Order Seeks to Protect US Bulk-Power System From Foreign Adversaries
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New Executive Order Seeks to Protect US Bulk-Power System From Foreign Adversaries

New Executive Order Seeks to Protect US Bulk-Power System From Foreign Adversaries

President Donald Trump on Friday signed an executive order declaring a national emergency to address cyber threats and other risks posed by foreign adversaries to the U.S. bulk-power system.

The order will prohibit the acquisition and installation of bulk-power system electric equipment designed, developed or supplied by foreign adversaries.

The new policy directs the secretary of the Department of Energy to work with the secretary of the departments of Homeland Security and Defense and the Director of National Intelligence to develop within 150 days rules and regulations to implement the order.

The EO authorizes the creation of a task force tasked with establishing a set of energy infrastructure acquisition policies, evaluating methods to integrate national security considerations in the development of cybersecurity and energy security policies, conducting studies and offering recommendations. The task force should also submit to the White House an annual report of its findings, progress and recommendations.

“It is imperative the bulk-power system be secured against exploitation and attacks by foreign threats,” Energy Secretary Dan Brouillette said in a statement released Friday. “This Executive Order will greatly diminish the ability of foreign adversaries to target our critical electric infrastructure.”

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Brig. Gens. John Newberry, Dale White to Serve as Air Force Bomber, Fighter PEOs
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Brig. Gens. John Newberry, Dale White to Serve as Air Force Bomber, Fighter PEOs
Brig. Gens. John Newberry, Dale White to Serve as Air Force Bomber, Fighter PEOs

The U.S. Air Force has assigned Brig. Gen. John Newberry as program executive officer for bombers and Brig. Gen. Dale White as POE for fighters and advanced aircraft as part of reorganization efforts within the military service's acquisition mission area.

Both officers will work at Wright-Patterson AF Base in Ohio, the Department of Defense said Friday.

Newberry has led the tanker directorate at the AF Life Cycle Management Center over the past year with responsibility over lifecycle activities for the branch's aerial refueling aircraft fleet.

He also held the positions of KC-146 system program manager and deputy PEO of the mobility directorate during his previous assignments at Wright-Patterson AFB.

His career also included stints at the Pentagon as branch chief for strategic and tactical systems and as joint warfighting capabilities analyst within the Joint Chiefs of Staff J8 directorate.

He previously supported contractor logistics operations for 69 aircraft as commander of the 546th Aircraft Sustainment Squadron at the Oklahoma City Air Logistics Center.

White assumed the advanced aircraft PEO role in October 2019 after he led the intelligence, surveillance, reconnaissance and special operations forces programs at Wright-Patterson AFB.

Previously, he was senior materiel leader and system program director of the B-21 Raider program in USAF's Rapid Capabilities Office.

His previous staff assignments included time as executive officer to the chief of Air Force Materiel Command and to the military deputy for the assistant secretary of the Air Force for acquisition.

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Julie Dunne Offers Updates on GSA’s E-Commerce Initiative, Alliant 2 Small Business Contract
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Julie Dunne Offers Updates on GSA’s E-Commerce Initiative, Alliant 2 Small Business Contract
Julie Dunne
Julie Dunne

Julie Dunne, commissioner of the General Services Administration’s (GSA) Federal Acquisition Service, said FAS is now moving forward with the e-commerce marketplace initiative after delaying the program during the first few weeks of the coronavirus pandemic, Federal News Network reported Friday.

She provided updates on the small business track of the $15 billion Alliant 2 contract vehicle for information technology services, which was awarded in December 2017.

Dunne said Alliant 2 is in the middle of litigation and that FAS hopes to share some developments in the next couple of weeks. “GSA’s leadership is fully committed to small business and making sure they are a part of our industrial base,” she added.

She noted that the assisted acquisition services pilot as part of the Small Business Innovation Research program is now permanent and helped expedite an award within the defense sector to address a supply chain risk management requirement.

Julie Dunne Offers Updates on GSA's E-Commerce Initiative, Alliant 2 Small Business Contract

Julie Dunne of the U.S. General Services Administration (GSA) will serve as a keynote speaker during Potomac Officers Club’s 2020 Procurement Forum on June 9th. Register here to join Potomac Officers Club for its 2020 Procurement Forum on June 9th.

Soraya Correa, chief procurement officer of the Department of Homeland Security (DHS), will also serve as a keynote speaker during the forum. During her keynote address, she will discuss the short term and long term strategies, acquisition, workforce initiatives, tech modernization and collaboration between government and industry.

Register here to join Potomac Officers Club for its 2020 Procurement Forum on June 9th.

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Trump to Nominate Michael Walsh as Commerce Dept General Counsel, Jason Weida as HHS IG
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Trump to Nominate Michael Walsh as Commerce Dept General Counsel, Jason Weida as HHS IG

Trump to Nominate Michael Walsh as Commerce Dept General Counsel, Jason Weida as HHS IG

President Trump intends to nominate Michael Walsh, chief of staff at the Department of Commerce, to be general counsel of the same department, the White House announced Friday. Jason Weida, an assistant U.S. attorney in Boston, is also set to receive nomination for the inspector general position at the Department of Health and Human Services.

Walsh, who has concurrently served as acting general counsel since August 2019, joined the Commerce Department early in 2018 after he worked as a partner O’Melveny & Myers, where he represented corporate clients in various legal proceedings such as internal and regulatory investigations. He is a former pro bono partner for his own firm’s office in Washington, D.C.

Weida, who has overseen multiple investigations in the health care sector, previously worked in the Department of Justice’s legal policy office. The attorney also practiced at Jones Day and at Skadden, Arps, Slate, Meagher & Flom.

He took on pro bono cases as a litigation associate and his office was a recipient of the Massachusetts Supreme Judicial Court Certificate of Recognition for Pro Bono Service.

Earlier in his career, Weida was a law clerk at the U.S. Court of Appeals for the First Circuit, the Rhode Island Supreme Court and the U.S. District Court for the District of Rhode Island.

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