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2014 Annual Report Financial Highlights

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2014 Annual Report Financial Highlights LOCKHEED MARTIN CORPORATION 2014 ANNUAL REPORT FINANCIAL HIGHLIGHTS In millions, except per share data 2014 2013 2012 Net Sales $45,600 $45,358 $47,182 Segment Operating Profit 5,588 5,752 5,583 Consolidated Operating Profit 5,592 4,505 4,434 Net Earnings From Continuing Operations 3,614 2,950 2,745 Net Earnings 3,614 2,981 2,745 Diluted Earnings Per Common Share Continuing Operations 11.21 9.04 8.36 Net Earnings 11.21 9.13 8.36 Cash Dividends Per Common Share 5.49 4.78 4.15 Average Diluted Common Shares Outstanding 322 327 328 Cash and Cash Equivalents $ 1,446 $ 2,617 $ 1,898 Total Assets 37,073 36,188 38,657 Total Debt 6,169 6,152 6,308 Stockholders’ Equity 3,400 4,918 39 Common Shares Outstanding at Year-End 314 319 321 Net Cash Provided by Operating Activities $ 3,866 $ 4,546 $ 1,561 NOTE: For additional information regarding the amounts presented above see the Form 10-K portion of this Annual Report. A reconciliation of Segment Operating Profit to Consolidated Operating Profit is included on the page preceding the back cover of this Annual Report. On the Cover: Orion’s First Step on a Journey to Mars On December 5, 2014, the Orion spacecraft travelled further into space than any spacecraft built for human flight in over 40 years, flawlessly completing its first test flight. The test evaluated top design challenges associated with deep space travel, and provided data critical to the safety of future astronauts. Orion is designed to transport humans to never before visited destinations in deep space such as asteroids, the dark side of the moon, and eventually Mars. The photo shows the Orion capsule inside its protective paneling atop a Delta IV Heavy rocket on the launch pad at Cape Canaveral Air Force Station, Fla. Learn more about Orion and watch thrilling video of the spacecraft’s launch and re-entry at www.lockheedmartin.com/orion. DEAR FELLOW STOCKHOLDERS: >ŽĐŬŚĞĞĚDĂƌƟŶĚĞůŝǀĞƌĞĚĂŶŽƚŚĞƌLJĞĂƌŽĨƐŽůŝĚƉĞƌĨŽƌŵĂŶĐĞŝŶϮϬϭϰ͘tĞƌĞŵĂŝŶĞĚ ĨŽĐƵƐĞĚŽŶĚĞůŝǀĞƌŝŶŐŽŶĐŽŵŵŝƚŵĞŶƚƐƚŽŽƵƌĐƵƐƚŽŵĞƌƐǁŚŝůĞŐĞŶĞƌĂƟŶŐĞdžĐĞƉƟŽŶĂů ǀĂůƵĞĨŽƌŽƵƌƐƚŽĐŬŚŽůĚĞƌƐ͘ ƐƚŚĞǁŽƌůĚ͛ƐůĞĂĚŝŶŐŐůŽďĂůƐĞĐƵƌŝƚLJĂŶĚĂĞƌŽƐƉĂĐĞĐŽŵƉĂŶLJ͕ŝŶŶŽǀĂƟŽŶĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞĂƌĞĂƚƚŚĞĐŽƌĞŽĨĞǀĞƌLJƚŚŝŶŐǁĞĚŽ͘/ŶϮϬϭϰ͕ǁĞƉƵƐŚĞĚƚŚĞďŽƵŶĚĂƌŝĞƐŽĨ ŝŶŶŽǀĂƟŽŶǁŝƚŚďƌĞĂŬƚŚƌŽƵŐŚĂĐŚŝĞǀĞŵĞŶƚƐĂĐƌŽƐƐŵĂŶLJƉĂƌƚƐŽĨŽƵƌďƵƐŝŶĞƐƐ͘ƚƚŚĞ ƐĂŵĞƟŵĞ͕ǁĞĐŽŶƟŶƵĞĚƚŽƐƵĐĐĞƐƐĨƵůůLJĞdžĞĐƵƚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚƉƌŽĚƵĐƟŽŶŵŝůĞƐƚŽŶĞƐ ŽŶŽƵƌŵĂũŽƌƉƌŽŐƌĂŵƐ͘tĞĞdžƉĂŶĚĞĚŽƵƌĐŽƌĞĐĂƉĂďŝůŝƟĞƐŝŶƚŽŶĞǁŵĂƌŬĞƚƐ͕ĞdžƚĞŶĚĞĚ ŽƵƌŝŶƚĞƌŶĂƟŽŶĂůƌĞĂĐŚ͕ĂŶĚĚƌŽǀĞĂīŽƌĚĂďŝůŝƚLJĂŶĚĞĸĐŝĞŶĐLJƚŚƌŽƵŐŚŽƵƚŽƵƌŽƉĞƌĂƟŽŶƐ͘ KƵƌƉĞƌĨŽƌŵĂŶĐĞŝŶϮϬϭϰLJŝĞůĚĞĚƐƚƌŽŶŐƌĞƚƵƌŶƐĨŽƌLJŽƵͶŽƵƌƐƚŽĐŬŚŽůĚĞƌƐ͘džĞĐƵƟŽŶŽĨ ŽƵƌƐƚƌĂƚĞŐLJƚƌĂŶƐůĂƚĞĚƚŽƐŽůŝĚŽƉĞƌĂƟŶŐŵĂƌŐŝŶƐǁŝƚŚƐƚƌŽŶŐĐĂƐŚŇŽǁĂŶĚďĂĐŬůŽŐ͘DŽƐƚ ŝŵƉŽƌƚĂŶƚůLJ͕ǁĞĚĞůŝǀĞƌĞĚƚŚĞƐĞƌĞƐƵůƚƐǁŚŝůĞŚŽůĚŝŶŐĮƌŵƚŽƚŚĞĞƚŚŝĐƐ͕ŝŶƚĞŐƌŝƚLJ͕ĂŶĚ ǀĂůƵĞƐƚŚĂƚŚĂǀĞŵĂĚĞƵƐƐƵĐĐĞƐƐĨƵůĨŽƌŵŽƌĞƚŚĂŶĂĐĞŶƚƵƌLJ͘ Our Leadership Team (from left to right): ZŝĐŚĂƌĚ,͘ĚǁĂƌĚƐ͕džĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚ͕DŝƐƐŝůĞƐĂŶĚ&ŝƌĞŽŶƚƌŽů͖KƌůĂŶĚŽW͘ĂƌǀĂůŚŽ͕džĞĐƵƚŝǀĞsŝĐĞ WƌĞƐŝĚĞŶƚ͕ĞƌŽŶĂƵƚŝĐƐ͖ZŝĐŚĂƌĚ&͘ŵďƌŽƐĞ͕džĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚ͕^ƉĂĐĞ^LJƐƚĞŵƐ͖ƌƵĐĞ>͘dĂŶŶĞƌ͕džĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌ͖ DĂƌŝůůLJŶ͘,ĞǁƐŽŶ͕ŚĂŝƌŵĂŶ͕WƌĞƐŝĚĞŶƚĂŶĚŚŝĞĨdžĞĐƵƚŝǀĞKĨĨŝĐĞƌ͖WĂƚƌŝĐŬD͘ĞǁĂƌ͕džĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚ͕>ŽĐŬŚĞĞĚDĂƌƚŝŶ/ŶƚĞƌŶĂƚŝŽŶĂů͖^ŽŶĚƌĂ>͘ ĂƌďŽƵƌ͕džĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚ͕/ŶĨŽƌŵĂƚŝŽŶ^LJƐƚĞŵƐΘ'ůŽďĂů^ŽůƵƚŝŽŶƐ͖ĂŶĚĂůĞW͘ĞŶŶĞƚƚ͕džĞĐƵƚŝǀĞsŝĐĞWƌĞƐŝĚĞŶƚ͕DŝƐƐŝŽŶ^LJƐƚĞŵƐĂŶĚdƌĂŝŶŝŶŐ͘ This letter includes references to segment operating profit, segment margin, and free cash flow, which are non-GAAP financial measures. For reconciliations between our non-GAAP measures and the nearest GAAP measures, please refer to the page preceding the back cover of this Annual Report. Additionally, this letter includes statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on Lockheed Martin’s current expectations and assumptions. For a discussion identifying important factors that could cause actual results to vary materially from those anticipated in the forward-looking statements, see the Corporation’s filings with the SEC including, but not limited to, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in the Form 10-K portion of this Annual Report. I 2014 Annual Report Lockheed Martin Chairman, President and CEO Marillyn Hewson speaks with employee Caron Hooper in Gloucestershire, UK. dŚƌŽƵŐŚŽƵƚϮϬϭϰ͕ǁĞŐĞŶĞƌĂƚĞĚƐƚƌŽŶŐĐĂƐŚĂŶĚ EXCEPTIONAL VALUE FOR OUR ƌĞƚƵƌŶĞĚĂƐŝŐŶŝĨŝĐĂŶƚƉŽƌƚŝŽŶŽĨŝƚƚŽŽƵƌƐƚŽĐŬŚŽůĚĞƌƐ͘ STOCKHOLDERS tĞƉĂŝĚŽƵƚΨϭ͘ϴďŝůůŝŽŶŝŶĚŝǀŝĚĞŶĚƐŝŶϮϬϭϰ͕ŽƵƌ ƚǁĞůĨƚŚĐŽŶƐĞĐƵƚŝǀĞLJĞĂƌŽĨĚŽƵďůĞͲĚŝŐŝƚĚŝǀŝĚĞŶĚ /ŶĂLJĞĂƌŽĨĚLJŶĂŵŝĐŐůŽďĂůƐĞĐƵƌŝƚLJĐŚĂůůĞŶŐĞƐĂŶĚ ŐƌŽǁƚŚ͘tĞĂůƐŽƌĞƉƵƌĐŚĂƐĞĚϭϭ͘ϱŵŝůůŝŽŶƐŚĂƌĞƐŽĨ ĐŽŶƚŝŶƵĞĚďƵĚŐĞƚƉƌĞƐƐƵƌĞƐ͕ǁĞƌĞŵĂŝŶĞĚĨŽĐƵƐĞĚŽŶ ƐƚŽĐŬĨŽƌΨϭ͘ϵďŝůůŝŽŶ͘/ŶƚŽƚĂů͕ǁĞƌĞƚƵƌŶĞĚϭϮϭйŽĨĨƌĞĞ ĚĞůŝǀĞƌŝŶŐŽƵƚƐƚĂŶĚŝŶŐƌĞƚƵƌŶƐĨŽƌŽƵƌƐƚŽĐŬŚŽůĚĞƌƐ͘ ĐĂƐŚĨůŽǁƚŽƐƚŽĐŬŚŽůĚĞƌƐŝŶϮϬϭϰ͘ KƵƌƐƚŽĐŬƉƌŝĐĞŝŶĐƌĞĂƐĞĚϯϬƉĞƌĐĞŶƚŝŶϮϬϭϰ͘tĞ tĞŝŶǀĞƐƚĞĚŝŶŽƵƌĨƵƚƵƌĞǁŝƚŚΨϴϰϱŵŝůůŝŽŶŝŶ ŐĞŶĞƌĂƚĞĚŵŽƌĞƚŚĂŶϯϯƉĞƌĐĞŶƚƚŽƚĂůƐƚŽĐŬŚŽůĚĞƌ ĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐƚŽĨƵƌƚŚĞƌĞŶŚĂŶĐĞƚŚĞƋƵĂůŝƚLJ ƌĞƚƵƌŶͶƐŝŐŶŝĨŝĐĂŶƚůLJŽƵƚƉĂĐŝŶŐƚŚĞ^ΘWϱϬϬĂŶĚ^ΘW ĂŶĚĞĨĨŝĐŝĞŶĐLJŽĨŽƵƌŽƉĞƌĂƚŝŽŶƐ͕ĂƉƉƌŽdžŝŵĂƚĞůLJ ϱϬϬĞƌŽƐƉĂĐĞΘĞĨĞŶƐĞ/ŶĚŝĐĞƐͶƚŚƌŽƵŐŚƐƵƐƚĂŝŶĞĚ ΨϵϬϬŵŝůůŝŽŶŝŶĂĐƋƵŝƐŝƚŝŽŶƐƚŽƐƚƌĞŶŐƚŚĞŶŽƵƌĐŽƌĞ ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͕ƐƚƌŽŶŐĚŝǀŝĚĞŶĚLJŝĞůĚ͕ĂŶĚƐŚĂƌĞ ďƵƐŝŶĞƐƐĞƐĂŶĚĞdžƚĞŶĚŽƵƌĐĂƉĂďŝůŝƚŝĞƐŝŶŶĞǁŵĂƌŬĞƚƐ͕ ƌĞƉƵƌĐŚĂƐĞƐ͘tĞĂĐŚŝĞǀĞĚƚŚŝƐǁŚŝůĞĚĞůŝǀĞƌŝŶŐďĞƚƚĞƌ ĂŶĚΨϳϱϭŵŝůůŝŽŶŝŶŝŶĚĞƉĞŶĚĞŶƚƌĞƐĞĂƌĐŚĂŶĚ ƚŚĂŶĂŶƚŝĐŝƉĂƚĞĚƌĞƐƵůƚƐŝŶƐĞǀĞƌĂůŬĞLJĂƌĞĂƐ͘ ĚĞǀĞůŽƉŵĞŶƚƚŽƐƚƌĞŶŐƚŚĞŶŽƵƌƉŽƌƚĨŽůŝŽĂŶĚƉŽƐŝƚŝŽŶ ƵƐĨŽƌĨƵƚƵƌĞďƵƐŝŶĞƐƐŐƌŽǁƚŚ͘ &ŝŶĂŶĐŝĂůŚŝŐŚůŝŐŚƚƐŝŶĐůƵĚĞ͗ OUTSTANDING PERFORMANCE FOR OUR • ^ĂůĞƐŽĨΨϰϱ͘ϲďŝůůŝŽŶ͕ƵƉŽŶĞƉĞƌĐĞŶƚ ǀĞƌƐƵƐϮϬϭϯ͖ CUSTOMERS • ^ĞŐŵĞŶƚŽƉĞƌĂƚŝŶŐƉƌŽĨŝƚŽĨΨϱ͘ϲďŝůůŝŽŶ͖ • ^ĞŐŵĞŶƚŵĂƌŐŝŶŽĨϭϮ͘ϯƉĞƌĐĞŶƚ͖ KƵƌĐƵƐƚŽŵĞƌƐĐŽƵŶƚŽŶƵƐƚŽƉƌŽǀŝĚĞƚŚĞƐŽůƵƚŝŽŶƐ • ZĞĐŽƌĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĨƌŽŵ ƚŚĞLJŶĞĞĚƚŽŬĞĞƉƚŚĞŝƌĐŝƚŝnjĞŶƐƐĂĨĞĂŶĚƚŽĚĞůŝǀĞƌ ĐŽŶƚŝŶƵŝŶŐŽƉĞƌĂƚŝŽŶƐŽĨΨϭϭ͘Ϯϭ͖ ĞƐƐĞŶƚŝĂůƐĞƌǀŝĐĞƐ͘ƐƚŚĞLJĨĂĐĞĚĞǀĞƌͲŝŶĐƌĞĂƐŝŶŐ • EĞǁŽƌĚĞƌƐŽĨΨϰϯ͘ϯďŝůůŝŽŶ͕ĞŶĚŝŶŐƚŚĞLJĞĂƌ ďƵĚŐĞƚƉƌĞƐƐƵƌĞƐŝŶƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ͕ĂŶĚĂŶƵŶĞǀĞŶ ǁŝƚŚďĂĐŬůŽŐŽĨΨϴϬ͘ϱďŝůůŝŽŶ͖ ĞĐŽŶŽŵŝĐƌĞĐŽǀĞƌLJĂƌŽƵŶĚƚŚĞǁŽƌůĚ͕ǁĞƐƚŽŽĚďLJ • EĞƚĞĂƌŶŝŶŐƐĨƌŽŵĐŽŶƚŝŶƵŝŶŐŽƉĞƌĂƚŝŽŶƐ ŽƵƌĐŽŵŵŝƚŵĞŶƚƚŽĚĞůŝǀĞƌƚŚĞŵŽƐƚĂĚǀĂŶĐĞĚŐůŽďĂů ŝŶĐƌĞĂƐĞĚϮϯйƚŽΨϯ͘ϲďŝůůŝŽŶ͖ĂŶĚ ƐĞĐƵƌŝƚLJƐŽůƵƚŝŽŶƐǁŝƚŚƚŚĞƉĞƌĨŽƌŵĂŶĐĞĂŶĚǀĂůƵĞƚŚĞLJ • ĂƐŚĨƌŽŵŽƉĞƌĂƚŝŽŶƐŽĨΨϯ͘ϵďŝůůŝŽŶ͕ĂĨƚĞƌŵĂŬŝŶŐ ĞdžƉĞĐƚĨƌŽŵ>ŽĐŬŚĞĞĚDĂƌƚŝŶ͘ ƉĞŶƐŝŽŶĐŽŶƚƌŝďƵƚŝŽŶƐŽĨΨϮ͘ϬďŝůůŝŽŶ͘ Lockheed Martin Corporation II ĐƌŽƐƐƚŚĞĞŶƚĞƌƉƌŝƐĞ͕ǁĞĚĞůŝǀĞƌĞĚƌĞŵĂƌŬĂďůĞ /ŶϮϬϭϰ͕ǁĞĂĐƋƵŝƌĞĚ͗ ĂĐŚŝĞǀĞŵĞŶƚƐŝŶƐƵƉƉŽƌƚŽĨŽƵƌĐƵƐƚŽŵĞƌƐŝŶϮϬϭϰ͗ • /ŶĚƵƐƚƌŝĂůĞĨĞŶĚĞƌ͕ĂůĞĂĚĞƌŝŶĐLJďĞƌƐĞĐƵƌŝƚLJ Delivering the world’s most advanced fighter: dŚĞ&Ͳϯϱ ƐŽůƵƚŝŽŶƐĨŽƌĐŽŶƚƌŽůƐLJƐƚĞŵƐŝŶƚŚĞŽŝůĂŶĚŐĂƐ͕ >ŝŐŚƚŶŝŶŐ//ƉƌŽŐƌĂŵŵĂĚĞŐƌĞĂƚƐƚƌŝĚĞƐŝŶĚĞǀĞůŽƉŵĞŶƚ ƵƚŝůŝƚLJ͕ĂŶĚĐŚĞŵŝĐĂůŝŶĚƵƐƚƌŝĞƐ͖ ƚĞƐƚŝŶŐ͕ƉƌŽĚƵĐƚŝŽŶĚĞůŝǀĞƌŝĞƐ͕ĂŶĚŝŶƚĞƌŶĂƚŝŽŶĂůŽƌĚĞƌƐ͘ • KEdZ͕ĂƉƌŽǀŝĚĞƌŽĨĂĚǀĂŶĐĞĚƐLJƐƚĞŵƐĨŽƌ tĞĚĞůŝǀĞƌĞĚϯϲ&ͲϯϱƐͶƚŚĞŵŽƐƚĞǀĞƌŝŶĂƐŝŶŐůĞ ŝŶƚĞŐƌĂƚĞĚƉůĂŶŶŝŶŐĂŶĚĚĞŵĂŶĚĨŽƌĞĐĂƐƚŝŶŐƚŽŽůƐ LJĞĂƌͶŵĞĞƚŝŶŐŽƵƌƚĂƌŐĞƚĨŽƌϮϬϭϰ͘dŚĞ&ͲϯϱĐĂƌƌŝĞƌ ĨŽƌĐŽŵŵĞƌĐŝĂůĂŝƌƉŽƌƚƐƚŚĂƚĐŽŵƉůĞŵĞŶƚƐƚŚĞ ǀĂƌŝĂŶƚƐƵĐĐĞƐƐĨƵůůLJĐŽŵƉůĞƚĞĚŝƚƐĨŝƌƐƚƉŚĂƐĞŽĨŽŶͲƐŚŝƉ ƉƌŽĚƵĐƚƐƵŝƚĞǁĞĂĐƋƵŝƌĞĚǁŝƚŚŵŽƌ'ƌŽƵƉŝŶ ƚƌŝĂůƐĂďŽĂƌĚƚŚĞh^^Eŝŵŝƚnj͕ĂĐŚŝĞǀŝŶŐϭϬϬƉĞƌĐĞŶƚ ϮϬϭϯ͖ĂŶĚ ŽĨƚŚĞƚŚƌĞƐŚŽůĚƚĞƐƚƉŽŝŶƚƐ͘ŶĚǁĞĂƌĞŽŶƚƌĂĐŬƚŽ • ^LJƐƚĞŵƐDĂĚĞ^ŝŵƉůĞ͕ĂŶĞdžƉĞƌƚŝŶƐĞĐƵƌĞ ƐƵƉƉŽƌƚƚŚĞ/ŶŝƚŝĂůKƉĞƌĂƚŝŽŶĂůĂƉĂďŝůŝƚLJŽĨƚŚĞ&Ͳϯϱ ŝŶĨŽƌŵĂƚŝŽŶĞdžĐŚĂŶŐĞ͕ĚĂƚĂĂŶĂůLJƚŝĐƐ͕ĂŶĚŽƚŚĞƌ ^ŚŽƌƚdĂŬĞͲKĨĨĂŶĚsĞƌƚŝĐĂů>ĂŶĚŝŶŐǀĂƌŝĂŶƚĨŽƌƚŚĞ /dƐŽůƵƚŝŽŶƐĨŽƌƚŚĞĨĞĚĞƌĂůŚĞĂůƚŚĐĂƌĞŝŶĚƵƐƚƌLJ͘ h͘^͘DĂƌŝŶĞŽƌƉƐŝŶϮϬϭϱ͘ >ŽĐŬŚĞĞĚDĂƌƚŝŶ͛Ɛ/ŶĨŽƌŵĂƚŝŽŶ^LJƐƚĞŵƐΘ'ůŽďĂů DĞĂŶǁŚŝůĞ͕ƚŚĞZĞƉƵďůŝĐŽĨ<ŽƌĞĂƐĞůĞĐƚĞĚƚŚĞ&Ͳϯϱ ^ŽůƵƚŝŽŶƐďƵƐŝŶĞƐƐǁĂƐƐĞůĞĐƚĞĚďLJƚŚĞƵƐƚƌĂůŝĂŶ ĨŽƌŝƚƐĨƵƚƵƌĞĨŝŐŚƚĞƌĚĞĨĞŶƐĞŶĞĞĚƐ͕ƐŝŐŶŝŶŐĂ>ĞƚƚĞƌŽĨ ĞƉĂƌƚŵĞŶƚŽĨĞĨĞŶĐĞƚŽĐƌĞĂƚĞĐĞŶƚƌĂůŝnjĞĚĚĂƚĂ ĐĐĞƉƚĂŶĐĞĨŽƌϰϬĂŝƌĐƌĂĨƚ͘>ŽŶŐƚŝŵĞƉĂƌƚŶĞƌƵƐƚƌĂůŝĂ ƉƌŽĐĞƐƐŝŶŐĐĂƉĂďŝůŝƚLJͶŽƵƌůĂƌŐĞƐƚŝŶƚĞƌŶĂƚŝŽŶĂů/d ĂŶŶŽƵŶĐĞĚŝƚƐŝŶƚĞŶƚŝŽŶƚŽƉƵƌĐŚĂƐĞϱϴĂĚĚŝƚŝŽŶĂů ĐŽŶƚƌĂĐƚƚŽĚĂƚĞ͘dŚĞƉƌŽŐƌĂŵǁŝůůĐŽŶƐŽůŝĚĂƚĞƚŚĞ &ͲϯϱƐ͘ŽƚŚŽĨƚŚĞƐĞĂĐƚŝŽŶƐĚĞŵŽŶƐƚƌĂƚĞƚŚĞŝŶĐƌĞĂƐŝŶŐ ĞƉĂƌƚŵĞŶƚ͛ƐϮϴϬĚĂƚĂĐĞŶƚĞƌƐŝŶƚŽϭϰ͕ƐŝŐŶŝĨŝĐĂŶƚůLJ ĐŽŶĨŝĚĞŶĐĞŝŶƚŚĞƉƌŽŐƌĂŵĨƌŽŵĐƵƐƚŽŵĞƌƐĂƌŽƵŶĚ ŝŵƉƌŽǀŝŶŐƚŚĞĞĨĨŝĐŝĞŶĐLJŽĨŝŶĨŽƌŵĂƚŝŽŶƉƌŽĐĞƐƐŝŶŐ͘ ƚŚĞǁŽƌůĚ͘ Enabling the Next Giant Leap in Space Exploration: Redefining the Combat Ship:KƵƌ>ŝƚƚŽƌĂůŽŵďĂƚ^ŚŝƉ ϮϬϭϰǁĂƐĂŶŚŝƐƚŽƌŝĐLJĞĂƌĨŽƌƐƉĂĐĞĞdžƉůŽƌĂƚŝŽŶ ƉƌŽŐƌĂŵŝƐƌĂƉŝĚůLJĂĚǀĂŶĐŝŶŐ͕ďŽƚŚŝŶƉƌŽĚƵĐƚŝŽŶĂŶĚ ĂŶĚ>ŽĐŬŚĞĞĚDĂƌƚŝŶǁĂƐŽŶƚŚĞůĞĂĚŝŶŐĞĚŐĞ͘dŚĞ ŝŶĚĞƉůŽLJŵĞŶƚ͘dŚĞƵŶŝƋƵĞŵŽĚƵůĂƌĐŽŶĨŝŐƵƌĂƚŝŽŶĂŶĚ ƐƵĐĐĞƐƐĨƵůĨŝƌƐƚĨůŝŐŚƚƚĞƐƚŽĨƚŚĞKƌŝŽŶƐƉĂĐĞĐĂƉƐƵůĞ ŽƉĞŶĂƌĐŚŝƚĞĐƚƵƌĞŽĨĨĞƌƐƵŶŵĂƚĐŚĞĚĨůĞdžŝďŝůŝƚLJĨŽƌĂ ĐĂƉƚƵƌĞĚƚŚĞŝŵĂŐŝŶĂƚŝŽŶƐŽĨƉĞŽƉůĞĂƌŽƵŶĚƚŚĞ ƌĂŶŐĞŽĨŵŝƐƐŝŽŶƐ͕ǁŚŝĐŚŝƐďĞŝŶŐĚĞŵŽŶƐƚƌĂƚĞĚŝŶƚŚĞ ǁŽƌůĚ͘dŚĞůĂŶĚŵĂƌŬĨůŝŐŚƚƐƵĐĐĞƐƐĨƵůůLJƚĞƐƚĞĚƚŚĞ ĨŝĞůĚƚŽĚĂLJǁŝƚŚƚŚĞh͘^͘EĂǀLJ͘ ŐƌŽƵŶĚďƌĞĂŬŝŶŐŝŶŶŽǀĂƚŝŽŶƐƚŚĂƚǁŝůůƉŽǁĞƌKƌŝŽŶ͛Ɛ ĨƵƚƵƌĞŵŝƐƐŝŽŶƐŝŶƚŽĚĞĞƉƐƉĂĐĞ͘KƌŝŽŶŝƐƚŚĞĨŝƌƐƚ tĞůĂƵŶĐŚĞĚƚŚĞĨŽƵƌƚŚ&ƌĞĞĚŽŵͲĐůĂƐƐƐŚŝƉ͕ƚŚĞĨƵƚƵƌĞ ƐƉĂĐĞĐƌĂĨƚĚĞƐŝŐŶĞĚƚŽƚĂŬĞŚƵŵĂŶƐďĞLJŽŶĚůŽǁĂƌƚŚ h^^ĞƚƌŽŝƚŝŶKĐƚŽďĞƌ͘dŚĞh^^&ŽƌƚtŽƌƚŚďĞŐĂŶĂ ŽƌďŝƚĂŶĚŽŶŵŝƐƐŝŽŶƐƚŽĞdžƉůŽƌĞĂƐƚĞƌŽŝĚƐ͕ƚŚĞŵŽŽŶ͕ ϭϲͲŵŽŶƚŚĚĞƉůŽLJŵĞŶƚŝŶEŽǀĞŵďĞƌ͕ĂŶĚǁĂƐƋƵŝĐŬůLJ ĂŶĚĞǀĞŶƚƵĂůůLJDĂƌƐ͘ ƉƵƚŝŶƚŽĂĐƚŝŽŶƉĞƌĨŽƌŵŝŶŐƐĞĂƌĐŚĂŶĚƌĞƐĐƵĞĞĨĨŽƌƚƐ ŝŶ^ŽƵƚŚĞĂƐƚƐŝĂ͘dŽĚĂƚĞ͕ǁĞŚĂǀĞƌĞĐĞŝǀĞĚĐŽŶƚƌĂĐƚƐ ůŽƐĞƌƚŽĂƌƚŚ͕>ŽĐŬŚĞĞĚDĂƌƚŝŶǁĂƐĂǁĂƌĚĞĚĂ ĨŽƌĞŝŐŚƚƐŚŝƉƐŽĨƚŚĞϭϬͲƐŚŝƉďůŽĐŬďƵLJ͘^ŝdž>ŽĐŬŚĞĞĚ ĐŽŶƚƌĂĐƚƚŽƉƌŽǀŝĚĞŽƵƌ^ƉĂĐĞ&ĞŶĐĞƐŽůƵƚŝŽŶƚŽ DĂƌƚŝŶ>ŝƚƚŽƌĂůŽŵďĂƚ^ŚŝƉƐĂƌĞĐƵƌƌĞŶƚůLJŝŶƚĞƐƚŝŶŐ ŝŵƉƌŽǀĞƚŚĞǁĂLJŽďũĞĐƚƐĂƌĞĚŝƐĐŽǀĞƌĞĚĂŶĚƚƌĂĐŬĞĚ ŽƌƵŶĚĞƌĐŽŶƐƚƌƵĐƚŝŽŶ͘tĞĂƌĞĂůƐŽǁĞůůͲƉŽƐŝƚŝŽŶĞĚ ŝŶƐƉĂĐĞ͘/ƚǁŝůůŝŶĐƌĞĂƐĞŽƵƌĂďŝůŝƚLJƚŽĂǀŽŝĚƐƉĂĐĞͲ ƚŽƐƵƉƉŽƌƚƚŚĞEĂǀLJ͛ƐĨƵƚƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌĂƐŵĂůů ďĂƐĞĚĐŽůůŝƐŝŽŶƐ͕ǁŚŝĐŚĐŽƵůĚƚŚƌĞĂƚĞŶƐĂƚĞůůŝƚĞƐŽƌƚŚĞ ƐƵƌĨĂĐĞĐŽŵďĂƚĂŶƚ͕ďĂƐĞĚŽŶƚŚĞ>ŝƚƚŽƌĂůŽŵďĂƚ /ŶƚĞƌŶĂƚŝŽŶĂů^ƉĂĐĞ^ƚĂƚŝŽŶ͘dŚĞƐLJƐƚĞŵ͛ƐĂĚǀĂŶĐĞĚ ^ŚŝƉĚĞƐŝŐŶ͘ ŐƌŽƵŶĚͲďĂƐĞĚƌĂĚĂƌǁŝůůĞŶŚĂŶĐĞƚŚĞǁĂLJƚŚĞh͘^͘ ĚĞƚĞĐƚƐ͕ĐĂƚĂůŽŐƐ͕ĂŶĚŵĞĂƐƵƌĞƐŵŽƌĞƚŚĂŶϮϬϬ͕ϬϬϬ Building the Next Generation of Ground Mobility: ŽďũĞĐƚƐŝŶĂƌƚŚ͛ƐŽƌďŝƚ͘ŽŵƉůĞŵĞŶƚŝŶŐ^ƉĂĐĞ&ĞŶĐĞ >ŽĐŬŚĞĞĚDĂƌƚŝŶ͛Ɛ:ŽŝŶƚ>ŝŐŚƚdĂĐƚŝĐĂůsĞŚŝĐůĞ ĂƌĞŽƵƌƐƉĂĐĞŽďũĞĐƚƚƌĂĐŬŝŶŐƐŝƚĞƐƚŚĂƚĂƌĞĂďůĞƚŽ
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