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Kbr, Inc. (KBR) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Kbr, Inc.

CIK: 1357615 Ticker: KBR


EXHIBIT 99.1

KBR, Inc. First Quarter 2020 Financial Results Underscore Business Resilience

Strong business continuity; safe and effective transition to teleworking amidst COVID-19 
Healthy liquidity profile and cash flow underscore business resilience; credit rating upgrade
Operating Cash Flow $41 million, Adjusted Operating Cash Flow $65 million
Simplifying and Restructuring Energy Solutions; Q1 charge
Diluted loss per share $(0.73), Adjusted EPS $0.39 and Adjusted EBITDA of $112 million
kbrlogofinal2019a01.jpg
    
HOUSTON, Texas - April 29, 2020 - KBR, Inc. (NYSE: KBR), a global provider of differentiated, professional services and technologies across the asset and program life cycle within the government services and energy industries today announced first quarter 2020 financial results.

“I am pleased to announce the company's first quarter 2020 financial results," said Stuart Bradie, President and CEO of KBR. "With more than 85% of our portfolio supporting mission critical government services and delivering proprietary technology solutions, our business continues to be resilient amidst the COVID-19 pandemic and energy market downturn,” Bradie said.
Today, the company continues to maintain a healthy liquidity profile and produced strong free cash flow in the first quarter 2020. Our $500 million revolving credit facility remains essentially untapped, and based on expected free cash flow for the year, we do not plan to draw on this source of funds for operating purposes in 2020.  Additionally, management plans to maintain its regular quarterly dividend at $0.10 per share, reflecting the 25% increase announced earlier this year.
“We produced excellent cash flow in the quarter and core operating results were in line with our expectations. Strong liquidity combined with our ability to generate healthy free cash flow in the current environment is an indicator of the long-term sustainability and durability of our company,” Bradie said.  
Operational Update
“During these unprecedented times, our primary focus continues to be the health, safety and wellbeing of our people,” Bradie continued. “With operations in China and South Korea, we took the threat of coronavirus seriously early. In January we stood up our global crisis management team, began planning for various scenarios, tested our business resilience plans and IT infrastructure and started transitioning our people to telework arrangements. Today over 90% of our office personnel are successfully working from home,” continued Bradie. “Operationally, we remain laser focused on serving our clients. With a significant majority of our portfolio supporting mission critical operations for the U.S., U.K. and Australian governments, our people swiftly and deftly mobilized to ensure continuity of service,” Bradie continued.
Government Solutions delivered 1.3x book-to-bill (BTB), excluding the workoff of PFIs, defending its largest recompete of 2020 and achieving BTB of greater than 1x in each of its three major service lines. “Our Government Solutions customers across the world have been hugely supportive, and the vast majority of our government work continues on pace with our 2020 expectations. Our clients have worked closely with us as we transitioned and have gone to great lengths to support business as usual during unusual times,” said Bradie.
In February, the company acquired certain contracts from SMA in Australia under which we will deliver technical training, curriculum development, technical documentation, and data analysis to the Royal Australian Navy. Our Government Solutions Australia team has been successful in leveraging our highly specialized, technology-enabled capabilities as the Australian Department of Defence modernizes and renews its platforms.  The addition of these contracts providing white-collar, professional services is highly strategic as it further expands our footprint in this growing market. 
The Technology business continues to benefit from strong 2019 backlog. As expected, bookings in the first quarter were lower due to COVID-19 and have been further impacted with the disruptions in the



The following information was filed by Kbr, Inc. (KBR) on Wednesday, April 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Kbr, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Kbr, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Shareholders' Equity
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Changes By Component) (Details)
Accumulated Other Comprehensive Loss (Reclassification Out Of Aoci) (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquisitions
Acquisitions (Scientific Management Associates) (Details)
Basis Of Presentation
Basis Of Presentation (Balance Sheet Additional Disclosure) (Details)
Basis Of Presentation (Impact Of Adoption Of New Accounting Standards) (Details)
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Business Segment Information
Business Segment Information (Narrative) (Details)
Business Segment Information (Schedule Of Operations By Reportable Segment) (Details)
Business Segment Information (Tables)
Claims And Accounts Receivable
Claims And Accounts Receivable (Details)
Debt And Other Credit Facilities
Debt And Other Credit Facilities (Convertible Senior Notes) (Details)
Debt And Other Credit Facilities (Letters Of Credit, Surety Bonds And Guarantees) (Details)
Debt And Other Credit Facilities (Nonrecourse Project Debt) (Details)
Debt And Other Credit Facilities (Outstanding Debt Balances) (Details)
Debt And Other Credit Facilities (Schedule Of Commitment Fees) (Details)
Debt And Other Credit Facilities (Senior Credit Facility) (Details)
Debt And Other Credit Facilities (Tables)
Equity Method Investments And Variable Interest Entities
Equity Method Investments And Variable Interest Entities (Narrative) (Details)
Equity Method Investments And Variable Interest Entities (Related Party Disclosures) (Details)
Equity Method Investments And Variable Interest Entities (Schedule Of Equity In Earnings Of Unconsolidated Affiliates) (Details)
Equity Method Investments And Variable Interest Entities (Schedule Of Variable Interest Entities) (Details)
Equity Method Investments And Variable Interest Entities (Tables)
Fair Value Of Financial Instruments And Risk Management
Fair Value Of Financial Instruments And Risk Management (Carrying Value And Fair Value) (Details)
Fair Value Of Financial Instruments And Risk Management (Credit Losses) (Details)
Fair Value Of Financial Instruments And Risk Management (Foreign Currency Risk) (Details)
Fair Value Of Financial Instruments And Risk Management (Interest Rate Risk) (Details)
Fair Value Of Financial Instruments And Risk Management (Summary Of Changes In Fair Value Of Balance Sheet Hedges) (Details)
Fair Value Of Financial Instruments And Risk Management (Tables)
Goodwill And Goodwill Impairment
Goodwill And Goodwill Impairment (Changes In The Carrying Amount Of Goodwill By Segment) (Details)
Goodwill And Goodwill Impairment (Narrative) (Details)
Goodwill And Goodwill Impairment (Tables)
Income (Loss) Per Share
Income (Loss) Per Share (Narrative) (Details)
Income (Loss) Per Share (Schedule Of Basic And Diluted Weighted Average Common Shares Outstanding) (Details)
Income (Loss) Per Share (Tables)
Income Taxes
Income Taxes (Details)
Leases
Leases (Narrative) (Details)
Leases (Reconciliation) (Details)
Leases (Schedule Of Lease Maturity) (Details)
Leases (Schedule Of Leasing Activity) (Details)
Leases (Tables)
Other Commitments And Contingencies
Other Commitments And Contingencies (Details)
Recent Accounting Pronouncements
Restructuring Charges And Asset Impairments
Restructuring Charges And Asset Impairments (Narrative) (Details)
Restructuring Charges And Asset Impairments (Reconciliation Of Restructuring Liability) (Details)
Restructuring Charges And Asset Impairments (Tables)
Retirement Benefits
Retirement Benefits (Details)
Retirement Benefits (Tables)
Revenue
Revenue (Accounts Receivable, Contract Assets And Liabilities) (Details)
Revenue (Narrative) (Details)
Revenue (Remaining Performance Obligation) (Details)
Revenue (Revenue By Contract Type) (Details)
Revenue (Revenue By Geographic Destination) (Details)
Revenue (Tables)
Share Repurchases
Share Repurchases (Details)
Share Repurchases (Tables)
U.S. Government Matters
U.S. Government Matters (Details)
Unapproved Change Orders, And Claims, Against Clients And Estimated Recoveries Of Claims Against Suppliers And Subcontractors
Unapproved Change Orders, And Claims, Against Clients And Estimated Recoveries Of Claims Against Suppliers And Subcontractors (Narrative) (Details)
Unapproved Change Orders, And Claims, Against Clients And Estimated Recoveries Of Claims Against Suppliers And Subcontractors (Rollforward) (Details)
Unapproved Change Orders, And Claims, Against Clients And Estimated Recoveries Of Claims Against Suppliers And Subcontractors (Tables)
Ticker: KBR
CIK: 1357615
Form Type: 10-Q Quarterly Report
Accession Number: 0001357615-20-000132
Submitted to the SEC: Fri May 01 2020 6:00:38 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Heavy Construction Other Than Bldg Const Contractors

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