Jason Gursky

Kevin said regulatory changes haven't been raised by DOD/DLA in working group discussions. Very early days, TDG prefers to react to actual changes rather than speculate.

Kevin said no meaningful increase in PMA competitive activity. TDG's product nature makes it a smaller target for PMA efforts. Nothing of note in recent quarters.

Joel confirmed interiors recovery depends on airlines taking planes out of service. Not a significant piece of total business but the one area still lagging 2019.

Kevin said conservative OEM guide reflects supply chain confusion. Not getting clear directed input from OEMs. Joel noted operating units build bottoms-up forecasts accounting for potential over-shipping.

Mike acknowledged limited visibility into airline inventory. Distribution partners are at about normal months-on-hand supply levels.

Kevin acknowledged higher M&A multiples but said discipline is about targeting high-IP businesses and maintaining 20% IRR hurdle on every deal.

Warden said Northrop spans the full continuum from exquisite to attritable except very low-cost fully disposable units. Beacon approach enables new teaming constructs.

Warden described Beacon as an autonomous mission test bed leveraging 500,000 flight hours of data, partnering with smaller companies to accelerate autonomous capabilities.

Warden noted broad set of acquisition strategies matching different needs, emphasizing leading technology still essential for top capabilities.

Warden outlined three priorities: technology differentiation for warfighter, efficiency improvements working with government, and smart capital deployment.

Deep attributed NASSCO EAC to flood damage reducing to one production line plus subsequent rework issues, expects resolution by year-end with both lines restored

Expressed strong support for new Office of Shipbuilding, cited productive conversations on accelerating throughput and commercial shipbuilding opportunities

Supportive of acquisition reform goals, emphasized importance of preserving what works while removing impediments and cost drivers

Larry highlighted Avio Aero as native European defense position with exposure to Eurofighter, Eurodrone, and GCAP. International contracts structured more like commercial agreements with better margins. Open to partnerships but likes current positioning.

Rahul highlighted FMS reform benefiting F110, T700, and F-15EX export programs, and acquisition process improvements reducing bureaucratic barriers.

Larry said FLIGHT DECK is driving waste reduction but inbound material disruptions prevent full translation into on-time delivery and productivity metrics.

Calio highlighted 25% backlog growth since end of 2023, $25B each for Golden Dome and effectors in reconciliation bill. Investing $250M in capacity this year.

Mitchill steered to net impact as most important, noting USMCA and military duty-free mitigate significantly. Calio called procurement reform streamlining a net positive.

Calio outlined three priorities: executing $218B backlog, driving productivity (11% sales vs 2% headcount growth), and Iron Dome as significant opportunity.

Bedingfield confirmed 30-40% margin retention rate unchanged. Kubasik highlighted weather satellite technology with military applications and international expansion opportunities.

Kubasik advocated for FAR reform, raising TINA threshold to $500M-$1B, eliminating cost accounting standards, and commercial-like DoD practices.