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Harris Corporation 2016 Annual Report Fy16 Business Segments

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Harris Corporation 2016 Annual Report Fy16 Business Segments CONNECT. INFORM. PROTECT. 2016 ANNUAL REPORT FINANCIAL HIGHLIGHTS FISCAL YEARS ENDED REVENUE DOLLARS IN BILLIONS DOLLARS IN MILLIONS, 2014 2015 2016 EXCEPT PER SHARE AMOUNTS JUNE 27 JULY 3 JULY 1 2016 $7.5 Revenue $5,012 $5,083 $7,467 2015 $5.1 GAAP Income from Continuing Operations $540 $334 $345 2014 $5.0 Non–GAAP Income from Continuing Operations* $540 $551 $715 EARNINGS PER SHARE IN DOLLARS GAAP Income Per Diluted Share from Continuing Operations $5.00 $3.11 $2.75 GAAP NON–GAAP* Non–GAAP Income Per Diluted Share $2.75 2016 $5.70 2016 from Continuing Operations* $5.00 $5.14 $5.70 $3.11 2015 $5.14 2015 $5.00 2014 $5.00 2014 GAAP Return on Invested Capital 20% 9% 6% Diluted Weighted Average DIVIDENDS PAID PER COMMON SHARE Common Shares Outstanding (Millions) 107.3 106.8 125.0 IN DOLLARS Worldwide Employment 14,000 22,300 21,000 $2.00 2016 Harris Corporation is a leading technology $1.88 2015 HARRIS innovator, solving customers’ toughest $1.68 2014 CORPORATION mission–critical challenges by providing solutions that connect, inform and protect. Harris supports customers in more than NYSE:HRS 100 countries and has approximately CASH FLOW DOLLARS IN MILLIONS $7.5 billion in annual revenue and 21,000 employees worldwide. The company is organized into four business segments: Communication Systems, Space and Intelligence Systems, Electronic Systems and Critical 2016 $772 $924 Networks. Learn more at harris.com. *Non–GAAP financial measures used in this Annual Report are defined and reconciled to the most directly 2015 $713 $854 comparable GAAP financial measures on page 5 of this Annual Report. GAAP refers to U.S. generally accepted accounting principles. 2014 $675 $849 FREE CASH FLOW* NET OPERATING CASH FLOW LETTER TO SHAREHOLDERS Fiscal Year 2016 was a transformative year for the company. We completed our first full year as “One Harris” following the successful acquisition of Exelis, a company which added scale and a broad portfolio of advanced technologies, opened new market opportunities and improved operating resilience. Executing Priorities At the outset we identified four key priorities for our first year as “One Harris.” The first was to successfully integrate Exelis. Within days of closing the acquisition, we appointed a new leadership team, organized into four customer– focused segments, and launched a series of integration initiatives. We quickly executed our strategy to close 2 million square feet of floor space, including consolidating tactical radio production into our world– class facility in Rochester, New York. Our disciplined execution drove faster and greater synergy savings than initially expected, and we exited FY2016 with an annualized net savings run–rate of $120 million – two years ahead of schedule. William M. Brown Disciplined execution drove faster Chairman, President and Chief Executive Officer and greater synergy savings than initially expected Foundation of Excellence and Innovation We executed these priorities while continuing to The second was to continue reshaping our portfolio to strengthen the cornerstones of our business – our focus on businesses where technology is a differentiator. commitment to operational excellence and innovation. In FY2016, we sold the legacy Exelis Aerostructures Harris Business Excellence (HBX) is our core operating business for $210 million – following the earlier system and simply put, it’s how we run our business. divestiture of our commercial broadcast and healthcare We use HBX tools to drive productivity and cost savings, businesses – continuing our drive to make Harris a targeting to achieve 2–3% of our cost base in net savings leaner, more focused company. every year; to increase asset velocity, and this past year Third was to maximize free cash flow. This year we we improved our working capital performance by generated a record $772 million of free cash flow – 4 days; and to improve quality and execution, increasing $924 million of operating cash flow – through a customer satisfaction. Going forward, we’ll leverage combination of tight capital spending and effective HBX principles to simplify core business processes, working capital management. consolidate shared services, and standardize IT systems to reduce complexity across the company. Fourth was to de–leverage. In FY2016 we retired $650 million of debt, about one–third of our 3–year debt reduction goal. Continued > 1 LETTER TO SHAREHOLDERS, CONTINUED We also maintained our strong commitment to We will focus on the activities we control – lowering technology and innovation, investing an industry– costs, improving efficiency, streamlining processes and leading 4% of revenue in company–funded R&D. improving customer satisfaction – while continuing Sustained investment in new product development to invest in R&D to grow our core franchises and is critical to future growth and it resulted in several address near adjacencies where our technology is a notable strategic successes this past year. We continued differentiator. to position the company well to capture U.S. DoD tactical radio modernization opportunities, winning positions on 2 multi–billion dollar U.S. Army programs We will continue to position the company – the HMS Manpack and Rifleman Radio – and a for long–term growth and shareholder sole–source award for the next generation handheld value creation radio for U.S. Special Operations. Each of these awards required substantial upfront investment to develop Key to our strategy is to re–shape our portfolio and products that would meet customer expectations, and focus management time and resources on businesses we’ve been working on them for several years. that drive long term shareholder value, and to deploy capital in a smart, shareholder–friendly way. We will We maintained our strong commitment continue to prioritize debt reduction until we achieve to excellence and innovation our target leverage ratio, while we re–balance our capital allocation and re–initiate share repurchases. Speed, creativity and deep mission knowledge are I would like to thank our 21,000 Harris employees, hallmarks of Harris’ technology development efforts, including 9,000 scientists and engineers, for their and the teams behind these and other innovations work dedicated efforts to deliver affordable, innovative tirelessly to provide the best technology possible to solutions to our customers. I am proud of our those who protect the security of our nation. longstanding commitment to be a responsible employer and a good corporate citizen – a company that fosters 2016 Financial Performance and Outlook diversity, provides a safe workplace and is trusted to operate with the highest ethics and integrity. Harris also delivered another year of solid financial performance. Revenue was $7.47 billion, while GAAP I would also like to recognize and thank Karen Katen income from continuing operations was $345 million and David Rickard, who retire from the Board of or $2.75 per diluted share, with GAAP operating Directors at the end of their current terms, for their margin of 10.5%. On a non–GAAP basis, earnings per many contributions and years of service to the company. share increased 11% to $5.70, with operating margin increasing 60 basis points to 16.2%. These strong results, My thanks also to our shareholders for their continued despite revenue challenges in our tactical radio business, support and confidence in our company. demonstrated the improved operating resilience of the new post–acquisition Harris and the benefits of increased balance in our business. We have the right team and the right strategy in place William M. Brown at Harris, and we will continue to position the company Chairman, President and Chief Executive Officer for long–term growth and shareholder value creation. August 29, 2016 HARRIS CORPORATION 2016 ANNUAL REPORT FY16 BUSINESS SEGMENTS Harris Corporation is a leading technology innovator, HARRIS CORPORATION NYSE: HRS solving customers’ toughest mission–critical challenges by providing solutions that connect, inform and protect. ~$7.5 BILLION IN ANNUAL REVENUE 7.5 5.4 5.5 4.7 5.1 5.0 5.1 4.0 4.4 FY 08 09 10 11 12 13 14 15 16 Communication Systems Integrated system solutions for U.S. and international defense and public safety CUSTOMERS IN MORE THAN networks including tactical ground and airborne radios, battlefield management 100 COUNTRIES software and night vision technology Space and Intelligence Systems 21,000 EMPLOYEES Complete Earth observation, environmental solutions, geospatial, space protection and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics 9,000 SCIENTISTS AND ENGINEERS Electronic Systems Extensive portfolio of solutions in electronic warfare, avionics, wireless REVENUE MIX technology, C4I and undersea systems Electronic Communication Systems Systems ~$7.5 billion annual revenue Critical Networks Managed services supporting air traffic management, energy and maritime Space and Critical communications, ground network operation and sustainment, as well as Intelligence Systems Networks high–value IT and engineering services 3 OFFICERS & DIRECTORS BOARD OF DIRECTORS William M. Brown Lewis Hay III 2, 4 James C. Stoffel, Ph.D. 3 » Chairman, President and CEO, » Operating Advisor, » General Partner, Harris Corporation Clayton, Dubilier & Rice Trillium International » Former Chairman and CEO, » Former Senior Vice President James F. Albaugh * NextEra Energy Inc. and CTO, Eastman Kodak Co. » Senior Advisor, The Blackstone Group 3 Vyomesh I. Joshi Gregory T. Swienton 1, 2 » Former President and CEO, » President and CEO, » Former Chairman and CEO, Boeing Commercial Airplanes 3D Systems, Inc. Ryder System Inc. » Former Executive Vice President, Hewlett–Packard Co. Peter W. Chiarelli 1 Hansel E. Tookes II 3, 4 » » CEO, One Mind 3 Former Chairman and CEO, Karen Katen Raytheon Aircraft Co. » General, U.S. Army (Ret.) » Senior Advisor, Essex Woodlands » Former Vice Chairman, Pfizer Inc. Thomas A. Dattilo 1, 4 BOARD COMMITTEES » Lead Independent Director, 2 1 Audit Committee Harris Corporation Leslie F. Kenne » Lieutenant General USAF (Ret.) 2 Finance Committee » Former Chairman, President and CEO, Cooper Tire & Rubber Co.
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