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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________

FORM 10-Q
__________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 28, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 1-38643
__________________________
PAE INCORPORATED
(Exact name of registrant as specified in its charter)
__________________________
Delaware82-3173473
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

7799 Leesburg Pike, Suite 300 North, Falls Church, Virginia 22043
(Address of principal executive offices) (Zip Code)

(703) 717-6000
(Registrant’s telephone number, including area code)
__________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Class A Common StockPAENasdaq Stock Market
WarrantsPAEWWNasdaq Stock Market


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒
The number of shares of the registrant’s common stock outstanding as of May 5, 2021 was 93,069,815

 




PAE Incorporated
Form 10-Q
Table of Contents

Page No.






PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

PAE Incorporated
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)

Three Months Ended
March 28,March 29,
20212020
Revenues$748,567 $617,253 
Cost of revenues566,666 465,208 
Selling, general and administrative expenses145,291 137,326 
Amortization of intangible assets12,215 8,047 
Total operating expenses724,172 610,581 
Program profit 24,395 6,672 
Other operating income, net1,801 785 
Operating income 26,196 7,457 
Interest expense, net(12,514)(20,948)
Other income, net1,200 30,112 
Income before income taxes
14,882 16,621 
Expense (benefit) from income taxes2,609 (9,529)
Net income
12,273 26,150 
Noncontrolling interest in earnings of ventures(1,111)166 
Net income attributed to PAE Incorporated
$13,384 $25,984 
Net income per share attributed to PAE Incorporated:
   Basic $0.14 $0.43 
   Diluted$0.14 $0.43 
Weighted average shares outstanding:
    Basic92,613,057 59,807,549 
    Diluted95,128,326 59,807,549 
See accompanying notes to condensed consolidated financial statements



PAE Incorporated
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)

Three Months Ended
March 28,March 29,
20212020
Net income $12,273 $26,150 
Other comprehensive loss:
Change in foreign currency translation adjustment, net of tax(994)(976)
Other, net(1)281 
Other comprehensive loss(995)(695)
Comprehensive income 11,278 25,455 
Comprehensive (loss) income attributed to noncontrolling interests(1,254)498 
Comprehensive income attributed to PAE Incorporated$12,532 $24,957 
See accompanying notes to condensed consolidated financial statements




PAE Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except share and par value amounts)
March 28,December 31,
20212020
Assets
Current assets:
Cash and cash equivalents$118,150 $85,908 
Accounts receivable, net562,398 585,511 
Prepaid expenses and other current assets69,902 61,607 
Total current assets750,450 733,026 
Property and equipment, net27,652 27,615 
Investments19,400 18,272 
Goodwill591,209 590,668 
Intangible assets, net245,995 258,210 
Operating lease right-of-use assets, net183,276 191,370 
Other noncurrent assets10,283 10,209 
Total assets$1,828,265 $1,829,370 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$177,911 $152,962 
Accrued expenses121,274 114,222 
Customer advances and billings in excess of costs74,197 106,475 
Salaries, benefits and payroll taxes158,841 145,186 
Accrued taxes15,186 15,582 
Current portion of long-term debt, net5,920 5,961 
Operating lease liabilities, current portion47,163 46,756 
Other current liabilities42,393 45,037 
Total current liabilities642,885 632,181 
Deferred income taxes, net6,587 4,389 
Long-term debt, net861,057 860,306 
Long-term operating lease liabilities136,473 145,569 
Warrant liability49,267 50,467 
Other long-term liabilities32,441 30,273 
Total liabilities1,728,710 1,723,185 
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 1,000,000 shares authorized;
no shares issued and outstanding
  
Common stock, $0.0001 par value per share: 210,000,000 shares authorized; 93,069,815 and 92,040,654 shares issued and outstanding as of March 28, 2021 and December 31, 2020, respectively
9 9 
Additional paid-in capital167,898 188,685 
Accumulated deficit(103,237)(116,621)
Accumulated other comprehensive income881 1,876 
Total PAE Incorporated stockholders' equity 65,551 73,949 
Noncontrolling interests34,004 32,236 
Total liabilities and stockholders’ equity$1,828,265 $1,829,370 
See accompanying notes to condensed consolidated financial statements



PAE Incorporated
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(In thousands, except share data)

Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive (Loss) / IncomeTotal PAE Incorporated Stockholders’ EquityNoncontrolling InterestsTotal Stockholders’ Equity
SharesAmount
Balance at December 31, 2019282,047 $3 $101,742 $(145,371)$(134)$(43,760)$31,851 $(11,909)
Retrospective application of the Recapitalization20,845,776 (1)1 — — —  
Adjusted balance at December 31, 201921,127,823 2 101,743 (145,371)(134)(43,760)31,851 (11,909)
Net income— — — 25,984 — 25,984 166 26,150 
Other comprehensive income, net— — — — (695)(695)— (695)
Distributions to venture partners and other— — — — — — — — 
Equity contributions from venture partners— — 13 — — 13 152 165 
Equity infusion from Gores46,999,787 5 307,936 — — 307,941 — 307,941 
Private placement23,913,044 2 212,908 — — 212,910 — 212,910 
Payment to Shay stockholders— — (424,243)— — (424,243)— (424,243)
Balance at March 29, 202092,040,654 9 $198,357 $(119,387)$(829)$78,150 $32,169 $110,319 
Balance at December 31, 202092,040,654 9 $188,685 $(116,621)$1,876 $73,949 $32,236 $106,185 
Net income (loss)— — — 13,384 — 13,384 (1,111)12,273 
Other comprehensive income, net— — — — (995)(995)— (995)
Equity contributions from venture partners— — — — — — 467 467 
Deconsolidation of venture— — — — — — 188 188 
Purchase of noncontrolling interest— — (17,398)— — (17,398)2,224 (15,174)
Stock-based compensation tax withholding obligation— — (5,659)— — (5,659)(5,659)
Stock-based compensation— — 2,270 — — 2,270 — 2,270 
Balance at March 28, 202192,040,654 $9 $167,898 $(103,237)$881 $65,551 $34,004 $99,555 
See accompanying notes to condensed consolidated financial statements



PAE Incorporated
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Three Months Ended
March 28,March 29,
20212020
Operating activities
Net income (loss)$12,273 $26,150 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property and equipment2,268 2,583 
Amortization of intangible assets12,215 8,047 
Amortization of debt issuance cost777 6,063 
Stock-based compensation2,270  
Net undistributed (loss) income from unconsolidated ventures(2,411)(663)
Deferred income taxes, net2,818 (9,896)
Change in fair value of warrant liability(1,200)(33,599)
Other non-cash activities, net(140)270 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net22,685 20,869 
Accounts payable25,037 (2,417)
Accrued expenses7,335 (292)
Customer advances and billings in excess of costs(32,276)18,223 
Salaries, benefits and payroll taxes13,951 (21,307)
Prepaid expenses and other current assets(8,555)(1,579)
Other current and noncurrent liabilities(10,632)(4,545)
Investments1,374 750 
Other noncurrent assets7,999 4,729 
Accrued taxes(392)(2,473)
Net cash provided by operating activities55,396 10,913 
Investing activities
Expenditures for property and equipment(2,434)(404)
Proceeds from sales of property222  
Acquisition of noncontrolling interest(14,300) 
Other investing activities, net(372) 
Net cash used in investing activities(16,884)(404)
Financing activities
Net contributions from noncontrolling interests490 150 
Borrowings on long-term debt20,000 60,000 
Repayments on long-term debt(20,000)(196,544)
Payment of debt issuance costs (964)
Recapitalization from merger with Gores III 605,708 
Payment of underwriting and transaction costs (27,268)
Distribution to selling stockholders (419,548)
Stock-based compensation tax withholding obligation(5,659) 
Net cash (used in) provided by financing activities(5,169)21,534 
Effect of exchange rate changes on cash and cash equivalents(1,101)(288)
Net increase in cash and cash equivalents32,242 31,755 
Cash and cash equivalents at beginning of period85,908 68,035 
Cash and cash equivalents at end of period$118,150 $99,790 
Supplemental cash flow information
Cash paid for interest$11,977 $10,900 
Cash paid for taxes$471 $1,523 
See accompanying notes to condensed consolidated financial statements
6


PAE Incorporated
Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Description of Business
PAE Incorporated, formerly known as Gores Holdings III, Inc. (“Gores III”), was originally incorporated in Delaware on October 23, 2017 as a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more target businesses. On September 11, 2018, Gores III consummated its initial public offering (the “IPO”), following which our shares began trading on the Nasdaq Stock Market (“Nasdaq”). Unless the context otherwise indicates, references herein to the “Company" or “PAE” refer to PAE Incorporated and its consolidated subsidiaries.

On February 10, 2020 (the “Closing Date”), the Company completed the previously announced business combination (the “Business Combination”) in which Shay Holding Corporation (“Shay”) was acquired by Gores III. The transaction was completed in a multi-step process pursuant to which Shay ultimately merged with and into a wholly-owned subsidiary of Gores III, with the Gores III subsidiary continuing as the surviving company. As a result of the Business Combination, each share of common stock of Shay was cancelled and converted into the right to receive a portion of the consideration payable in connection with the transaction and Gores III acquired Shay (as it existed immediately prior to the Second Merger, as such term is defined in that certain Agreement and Plan of Merger, dated November 1, 2019, by and among Gores III, EAP Merger Sub, Inc., EAP Merger Sub II, LLC, Shay, and Platinum Equity Advisors, LLC (in its capacity as the stockholder representative) (the “Merger Agreement”)) and its subsidiaries. Additionally, the stockholders of Shay as of immediately prior to the transaction held a portion of the common stock of the Company.

For accounting purposes, the Business Combination is treated as a reverse acquisition and recapitalization (the “Recapitalization”), in which Shay is considered the accounting acquirer (and legal acquiree) and Gores III is considered the accounting acquiree (and legal acquirer).

Accordingly, as of the Closing Date, Shay’s historical results of operations replaced Gores III’s historical results of operations for periods prior to the Business Combination and the results of operations of both companies are included in the accompanying condensed consolidated financial statements for periods following the Closing Date. See Note 6 - “Business Combinations and Acquisitions” for additional information.

PAE provides a wide variety of integrated support solutions, including defense and military readiness, diplomacy, intelligence support, business process outsourcing, counter-terrorism solutions, peacekeeping, development, host nation capacity building, aircraft and ground equipment maintenance and logistics, and operations and maintenance of facilities and infrastructure. Customers include agencies of the U.S. Government, such as the Department of Defense (“DoD”) and Department of State (“DoS”), the National Aeronautics and Space Administration (“NASA”), Department of Homeland Security, intelligence community agencies and other civilian agencies, as well as allied foreign governments and international organizations.

The Company’s operations are currently organized into the following two reportable segments:

Global Mission Services (“GMS”): GMS provides infrastructure and logistics management, international logistics and stabilization support, and aircraft and vehicle readiness and sustainment support. The segment focuses on customer relationships with DoD, DoS, NASA, and other government agencies for work both in the United States and outside of the United States.
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National Security Solutions (“NSS”): NSS provides counter-threat solutions, business process outsourcing, adjudication support services and full life cycle support for complex legal matters. NSS focuses on customer relationships in the areas of intelligence, defense and security, and with civilian agencies.

The Company separately presents the costs associated with certain corporate functions as “Corporate”, which primarily include costs that are not reimbursed by the Company’s U.S. Government customers.
2. Significant Accounting Principles and Policies
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for annual financial information. In management’s opinion, all adjustments, consisting of only normal recurring adjustments, considered necessary for a fair presentation have been included.

The Company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business process, which were on March 28, 2021 and March 29, 2020, respectively. The condensed consolidated financial statements and disclosures included herein are labeled based on that convention. This practice only affects interim periods, as the Company’s fiscal year ends on December 31.

The condensed consolidated financial statements include the accounts of PAE Incorporated and subsidiaries and ventures in which the Company owns more than 50% or otherwise controls. All intercompany amounts have been eliminated in consolidation.

Use of Estimates

These consolidated financial statements are prepared in conformity with U.S. GAAP, which requires the use of estimates and assumptions, including assumptions to determine the fair value of acquired assets and liabilities, recoverability of long-lived assets, goodwill, valuation allowances on deferred taxes, inputs used in stock based compensation, inputs in the valuation of the warrants liability and anticipated contract costs and revenues utilized in the earnings recognition process, which affect the reported amounts in the consolidated financial statements and accompanying notes. Due to the size and nature of many of the Company’s programs, the estimation of total revenues and cost at completion is subject to a wide range of variables, including assumptions for timing and risks. Actual results may differ from management’s estimates and changes in these estimates are recorded when known.

Restatement of Previously Issued Financial Statements

As described on our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2020, filed with the SEC on May 7, 2021, the Company has restated its financial statements as of and for the year ended December 31, 2020 (“Form 10-K/A”), as well as the unaudited condensed financial statements for the three month period ended March 29, 2020, the three and six month periods ended June 28, 2020 and the three and nine month periods ended September 27, 2020. The decision to restate was reached after considering the SEC Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) issued on April 12, 2021 (the “Staff Statement”). The Staff Statement addressed certain accounting considerations for the accounting for warrants of SPACs. The Staff Statement referenced Accounting Standard Codification 815-40, Contracts in Entity’s Own Equity, which states that warrant instruments that do not meet certain criteria to be
8


considered indexed to an entity’s own stock shall be initially classified as derivative liabilities at their estimated fair values. In periods subsequent to issuance, changes in the estimated fair value of the derivative instrument should be reported as gains or losses in the consolidated statement of operations. The restatement is the result of misapplication of the accounting guidance for warrants, which was identified by the Staff Statement.

The impact of the restatement on the condensed consolidated balance sheets, statement of operations, statement of comprehensive income and statement of cash flows for the prior periods included in this Quarterly Report is presented below:



Three Months Ended March 29, 2020
As filedRestatement adjustmentsAs Restated
Revenues$617,253 $ $617,253 
Cost of revenues465,208  $465,208 
Selling, general and administrative expenses137,326  137,326 
Amortization of intangible assets8,047  8,047 
Total operating expenses610,581  610,581 
Program profit 6,672  6,672 
Other operating income, net785  785 
Operating income 7,457  7,457 
Interest expense, net(20,948) (20,948)
Other income, net 30,112 30,112 
Income (loss) before income taxes(13,491)30,112 16,621 
Expense (benefit) from income taxes(8,714)(815)(9,529)
Net income (loss) (4,777)30,927 26,150 
Noncontrolling interest in earnings of ventures166  166 
Net income (loss) attributed to PAE Incorporated$(4,943)$30,927 $25,984 
Net income (loss) per share attributed to PAE Incorporated:
   Basic $(0.08)$0.51 $0.43 
   Diluted$(0.08)$0.51 $0.43 
Weighted average shares outstanding:
    Basic59,807,549 59,807,549 59,807,549 
    Diluted59,807,549 59,807,549 59,807,549 


9


Three Months Ended March 29, 2020
As filedRestatement adjustmentsAs Restated
Net (loss) income $(4,777)$30,927 $26,150 
Other comprehensive income (loss):
Change in foreign currency translation adjustment, net of tax(976) (976)
Other, net281  281 
Other comprehensive loss(695) (695)
Comprehensive (loss) income(5,472)30,927 25,455 
Comprehensive income attributed to noncontrolling interests498  498 
Comprehensive (loss) income attributed to PAE Incorporated$(5,970)$30,927 $24,957 

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December 31, 2020
As filedRestatement adjustmentsAs Restated
Assets
Current assets:
Cash and cash equivalents$85,908 $ $85,908 
Accounts receivable, net585,511  585,511 
Prepaid expenses and other current assets61,607  61,607 
Total current assets733,026  733,026 
Property and equipment, net27,615  27,615 
Deferred income taxes, net   
Investments18,272  18,272 
Goodwill590,668  590,668 
Intangible assets, net258,210  258,210 
Operating lease right-of-use assets, net191,370  191,370 
Other noncurrent assets10,209  10,209 
Total assets$1,829,370 $ $1,829,370 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$152,962 $ $152,962 
Accrued expenses114,222  114,222 
Customer advances and billings in excess of costs106,475  106,475 
Salaries, benefits and payroll taxes145,186  145,186 
Accrued taxes15,582  15,582 
Current portion of long-term debt, net5,961  5,961 
Operating lease liabilities, current portion46,756  46,756 
Other current liabilities45,037  45,037 
Total current liabilities632,181  632,181 
— 
Deferred income taxes, net4,389  4,389 
Long-term debt, net860,306  860,306 
Long-term operating lease liabilities145,569  145,569 
Warrant liability 50,467 50,467 
Other long-term liabilities30,273  30,273 
Total liabilities1,672,718 50,467 1,723,185 
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 1,000,000 shares authorized;
no shares issued and outstanding
   
Common stock, $0.0001 par value per share: 210,000,000 shares authorized; 92,040,654 and 21,127,823 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively
9  9 
Additional paid-in capital252,612 (63,927)188,685 
Accumulated deficit(130,081)13,460 (116,621)
Accumulated other comprehensive income (loss)1,876  1,876 
Total PAE Incorporated stockholders' equity 124,416 (50,467)73,949 
Noncontrolling interests32,236  32,236 
Total liabilities and stockholders’ equity$1,829,370 $ $1,829,370 
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Three Months Ended March 29, 2020
As filedRestatement adjustmentsAs Restated
Operating activities
Net income (loss)$(4,777)$30,927 $26,150 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of property and equipment2,583  2,583 
Amortization of intangible assets8,047  8,047 
Amortization of debt issuance cost6,063  6,063 
Net undistributed (loss) income from unconsolidated ventures(663) (663)
Deferred income taxes, net(9,081)(815)(9,896)
Change in fair value in warrant liability (33,599)(33,599)
Other non-cash activities, net270  270 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net20,869  20,869 
Accounts payable(2,417) (2,417)
Accrued expenses(3,779)3,487 (292)
Customer advances and billings in excess of costs18,223  18,223 
Salaries, benefits and payroll taxes(21,307) (21,307)
Inventories, net1,342  1,342 
Prepaid expenses and other current assets(2,921) (2,921)
Other current and noncurrent liabilities(4,545) (4,545)
Investments750  750 
Other noncurrent assets4,729  4,729 
Accrued taxes(2,473) (2,473)
Net cash provided by (used in) operating activities10,913  10,913 
Investing activities
Expenditures for property and equipment(404) (404)
Net cash used in investing activities(404) (404)
Financing activities
Net contributions from noncontrolling interests150  150 
Borrowings on long-term debt60,000  60,000 
Repayments on long-term debt(196,544) (196,544)
Payment of debt issuance costs(964) (964)
Recapitalization from merger with Gores III605,708  605,708 
Payment of underwriting and transaction costs(27,268) (27,268)
Distribution to selling stockholders(419,548) (419,548)
Net cash provided by (used in) financing activities21,534  21,534 
Effect of exchange rate changes on cash and cash equivalents(288) (288)
Net increase (decrease) in cash and cash equivalents31,755  31,755 
Cash and cash equivalents at beginning of period68,035  68,035 
Cash and cash equivalents at end of period$99,790 $ $99,790 
Supplemental cash flow information
Cash paid for interest$10,900 $ $10,900 
Cash paid for taxes$1,523 $ $1,523 


Update to Significant Accounting Policies

There have been no material changes to the Company’s significant accounting policies described in the Company’s Form 10-K/A filed with the SEC on May 7, 2021.
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3. Recent Accounting Pronouncements
Accounting Pronouncements Adopted
In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 is effective in 2021 and interim periods within that year and permits for an early adoption. The Company adopted ASU 2019-12 effective January 1, 2021. The adoption of the guidance did not have a material impact on its financial statements and related disclosures.
Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by the reference rate reform. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. The Company’s 2020 Credit Agreements provide for $890.0 million term loan facility and a $175.0 million senior secured revolving credit facility priced at LIBOR. The Company is currently evaluating the impact this guidance will have on its condensed consolidated financial statements and related disclosures.
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4. Revenues
Disaggregated Revenues
Disaggregated revenues by customer type were as follows (in thousands):

Three Months Ended March 28, 2021
GMSNSSTotal
DoD$162,433 $82,200 $244,633 
Other U.S. government agencies268,785 120,095 388,880 
Commercial and non-U.S. customers90,343 24,711 115,054 
Total$521,561 $227,006 $748,567 

Three Months Ended March 29, 2020
GMSNSSTotal
DoD$187,605 $67,178 $254,783 
Other U.S. government agencies250,042 70,722 320,764 
Commercial and non-U.S. customers19,797 21,909 41,706 
Total$457,444 $159,809 $617,253 

Revenues by contract type were as follows (in thousands):

Three Months Ended March 28, 2021
GMSNSSTotal
Cost-reimbursable$260,920 $90,093 $351,013 
Fixed-price181,304 82,517 263,821 
Time and materials79,337 54,396 133,733 
Total$521,561 $227,006 $748,567 

Three Months Ended March 29, 2020
GMSNSSTotal
Cost-reimbursable$266,080 $36,903 $302,983 
Fixed-price162,038 68,958 230,996 
Time and materials29,326 53,948 83,274 
Total$457,444 $159,809 $617,253 
Disaggregated revenues by geographic location were as follows (in thousands):
14


Three Months Ended March 28, 2021
GMSNSSTotal
United States$288,772 $225,870 $514,642 
International232,789 1,136 233,925 
Total$521,561 $227,006 $748,567 

Three Months Ended March 29, 2020
GMSNSSTotal
United States$248,909 $158,139 $407,048 
International208,535 1,670 210,205 
Total$457,444