L3Harris Technologies, Inc.

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the third quarter 2025 L3Harris Technologies earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star then the number one on your telephone keypad. I would now like to turn the call over to Dan Gitsevich, Vice President, Investor Relations and Corporate Development. Dan, please go ahead.

Thank you, Tiffany, and good morning, everyone. Joining me are Chris and Ken. Earlier this morning, we issued our third quarter earnings release outlining our results and our increased 2025 guidance, along with a detailed presentation available on our website. We'll also be filing our 10-Q later today. Before we begin, please note that today's discussion will include forward-looking statements subject to risks, assumptions, and uncertainties that could cause actual results to differ materially. For more information, please refer to our earnings release and SEC filings. We will also discuss non-GAAP financial measures, which are reconciled to GAAP measures in the earnings release. With that, let me turn it over to Chris.

Thank you, Dan, and good morning. Our position as a leading defense innovator has never been stronger. The pace of change across the ecosystem is accelerating, and we're transforming to respond with speed and agility. Our purpose-built portfolio sits at the center of a mission-critical modernization effort, supporting war fighters across every domain for the U.S. and its allies. As the Department of War has made clear, The nation needs to transform its acquisition processes to enable an innovative, fast-moving industrial base. The goal is to shorten decision cycles, eliminate bureaucracy, deepen collaboration, and deliver more resilient, rapidly deployable solutions to meet increasing demand. These dynamics underscore the essential role of a trusted, disruptive defense partner, and L3Harris is delivering innovation when and where it matters most. We are the company that has the scale and the speed of relevance and the right mix between established primes and new technology entrants. We continue to execute well, staying tightly aligned with customer priorities and delivering solutions rapidly. That focus is translating into results. This quarter, we delivered double digit organic growth, 15.9% margins, and a book to bill of 1.2 proof that our strategy is working. Our business growth is accelerating and we are confident in achieving our increased 2025 guidance, exceeding our original 2026 financial framework, and positioning L3Harris for durable, profitable growth well beyond 2026. We are fully aligned with the administration's priorities for developing a next generation missile defense architecture, our actions to date, advancing our missile warning and tracking franchise, and investing ahead of demand demonstrate that L3Harris is ready to lead. With satellites in orbit, in production, and in backlog, we are building on our proven record of designing and delivering missile warning and tracking systems across multiple SDA tranches. As new contracts are awarded, we're positioned to accelerate production and integration with work on additional satellites expected to begin soon. This progress reinforces our role as a trusted, proven partner in advancing the nation's layered, next-generation Homeland Defense Network. These efforts are the product of deliberate, forward-looking investments when we have conviction and customer demand. We've expanded capacity across our space portfolio from Palm Bay, Florida to Fort Wayne, Indiana, strengthening our ability to execute as new missions are awarded. The foundation is in place The teams are ready, and when called upon, L3Harris will deliver with speed, precision, and the resilience our nation demands. Equally important in our strength is the missile and propulsion domain. Our Aerojet Rocketdyne business continues to see exceptional demand, a reflection of both near-term restocking requirements and the longer-term investments and deterrents. In particular, the demand for interceptors is exceedingly strong. we are on every major interceptor program. Standard Missile, PAC-3, THAAD, as well as Next Gen Interceptor and Glide Phase Interceptor. We are looking forward to continuing to work with the Department of War to address this need. We are also on critical strategic missile programs such as Sentinel, as well as certain classified programs and see those growing for decades to come. This quarter, AR reached a record financial backlog of $8.3 billion, the majority of which is to support the increased demand for solid rocket motors. An example of expanded production in response to growing demand is for the PAC-3 missile, where we are increasing capacity. As the sole manufacturer of solid rocket motors for PAC-3, we understand our critical role in scaling capacity across our facilities to meet the heightened and sustained demand for both U.S. and allied customers. This is a positive first step as the nation looks to significantly increase missile production in the years ahead. Reconciliation spending is pending and awards are expected soon. Against the backdrop of the continuing government shutdown, ongoing budget challenges, and the potential for a prolonged continuing resolution, We're staying focused on what we can control, execution and readiness. We have the right portfolio, the right leadership, and the right investments in place. When funding is released, we're prepared to continue to invest and move swiftly to deliver for our customers and our nation. We agree with Treasury Secretary Besant's push for a new wave of industrial investment. We're already executing our plan aligned with that vision. Over the past year, we've expanded our domestic manufacturing footprint in Alabama, Arkansas, Virginia, Indiana, and Florida, investing in new space and solid rocket motor manufacturing capacity to meet national defense demand. We've increased capital expenditures and continue to direct the substantial portion of free cash flow towards IRAD expansion and modernization. But to fully realize this national re-industrialization effort, what's needed now is to convert clear demand signals into multi-year contracts that give industry the confidence to invest and scale. Our facilities, workforce, and supply chain are ready. And when these demand signals are formalized, we'll move immediately to the next tier of investment and capacity expansion. At the same time, we share Army Secretary Driscoll's sense of urgency around modernization. His call to win with silicon and software perfectly captures the transformation already underway across L3 Harris. We're moving faster than ever, partnering with emerging technology companies, co-developing AI-enabled mission systems, and fielding software-defined resilient communication equipment that can be updated as threats evolve. This is not a theoretical capability or one that we need to validate in technology demos. It is proven and happening real time in Ukraine by our allies in the face of advanced Russian EW threats. This technology is integral to soldiers' survival and mission success. Our advantage is speed and adaptability. We combine deep mission understanding with a network of agile partners from Silicon Valley to the defense tech ecosystem. As the services modernize their acquisition process, we see that as an opportunity to expand our role as a trusted integrator of choice, delivering open, software-defined, resilient capabilities at the pace of relevance. Our approach remains balanced in discipline, returning capital responsibly while reinvesting in growth infrastructure that directly supports national security. We're fully aligned with the country's reinvestrialization and modernization agenda and we're ready to deliver once that demand is formalized. With that, I'll turn it over to Ken.