L3Harris Technologies’ Total Backlog (2018-2023)

This statistic highlights L3Harris Technologies’ Total Backlog, reported quarterly from Q3 2018 onwards.

L3Harris Technologies’ Total Backlog

The collection of unfinished jobs, projects, or features that have not been finished by the anticipated deadline is referred to as a backlog. It shows a list of things that must be done in order to satisfy client needs, corporate goals, or internal objectives.

Technology firms frequently have backlogs because of a variety of circumstances, including shifting priorities, resource limitations, competing projects, unforeseen problems, and changing consumer demands. They can happen in a variety of departments within the business, such as infrastructure, product management, quality control, and software development.

The backlog of L3Harris Technologies has been increasing over the years. The backlog in the third quarter of 2022 was 7.54% more than the backlog remaining in the second quarter of 2022. The backlog remaining in the fourth quarter of 2022 was 4.21% more compared to the third quarter’s backlog. The company witnessed an increase in the total backlog remaining in the first quarter of 2023 by 9.87% from the 2022 fourth quarter’s backlog.

Compared to $21.1 billion on December 31, 2021, with $15.2 billion in funded backlog, the company’s total backlog as of December 30, 2022, increased to $22.3 billion, including $16.2 billion in financed backlog. Around 55% of the total backlog’s revenue is expected to be recognized by the end of 2023, and approximately 75% by the end of 2024. However, the company cannot guarantee when, or if, the backlog will generate revenue, as it has no control over program cancellations or delivery delays. The remaining revenue will be recognized beyond the stated dates.

Funded backlog represents firm orders for goods and services that have received financing authorization and, in the case of U.S. Government customers, appropriations. The timing of financial authorizations and project reviews by the U.S. Government can influence the volume of order activity related to its programs. These factors, along with others, may sometimes impact year-over-year comparisons.

Unfunded backlog refers to firm orders for goods and services that have not yet received financial authorization, and in the case of U.S. Government clients, the allocated funds are not secured. Estimating the unfunded portion of the overall backlog is challenging, particularly when dealing with contracts involving customer needs and development, as well as production agreements with cost-reimbursable or incentive clauses.

About L3Harris Technologies Inc

L3Harris Technology was founded in the year 1895. The aerospace and defense sector’s trusted disruptor is L3Harris Technologies, Inc. It provides end-to-end technology solutions connecting the space, air, land, sea, and cyber domains with customers’ mission-critical demands in mind. It serves both government and commercial clients in more than 100 nations, with the U.S. government’s departments, agencies, and prime contractors being its largest clientele. Along with commercial uses, its goods and services also have applications in civil and military governance.

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