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L3 Technologies, Inc. 2016 Annual Report

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L3 Technologies, Inc. 2016 Annual Report Summit Financial Printing LLC sum134745a1_DisciplinedGrowth_COVER pg_1 Proof 2 DISCIPLINED GROWTH 2016 ANNUAL REPORT 600 THIRD AVENUE, NEW YORK, NY 10016 | WWW.L3T.COM Cyan Magenta Yellow Black PANTONE 2146 C PANTONE 2146 2nd HIT Summit Financial Printing LLC sum134745a2_DisciplinedGrowth_COVER pg_2 Proof 2 SELECT FINANCIAL HIGHLIGHTS CORPORATE INFORMATION (In millions, except per share amounts) CORPORATE HEADQUARTERS EQUAL OPPORTUNITY EMPLOYER You can contact the corporate headquarters by writing to: It is the policy of L3 Technologies, Inc. to be an equal opportunity employer and For the year ended December 31, 2016 (a) 2015 (a) 2014 (a) L3 Technologies to comply voluntarily with the concepts and practices of affirmative action. Net sales $10,511 $10,466 $10,986 600 Third Avenue In keeping with this policy, it is L3 Technologies’ objective to advertise for, New York, NY 10016 recruit, hire, train and promote into all job levels the most qualified applicants Operating income $1,008 $475 $1,012 or by calling 212-697-1111. To send a fax, dial 212-867-5249. without regard to race, color, religion, gender, age, national origin, genetic information, citizenship status, marital status, gender identity, sexual orientation, Segment operating income(b) $1,008 $890 $1,012 CORPORATE INFORMATION disability, protected veteran status or any other legally protected status. All such Operating margin 9.6% 4.5% 9.2% News media, analysts, shareholders and others seeking corporate decisions will be made in accordance with established personnel policies and information about L3 should contact corporate communications by utilizing objective standards based on the individual’s qualifications as they Segment operating margin(b) 9.6% 8.5% 9.2% at 212-697-1111. relate to the particular job vacancy. Diluted earnings per share (EPS) from continuing operations $8.21 $3.44 $7.20 PRINTED MATERIALS SAFE HARBOR STATEMENT UNDER THE PRIVATE Adjusted diluted earnings per share (EPS) from continuing operations(c) $8.21 $6.91 $7.20 Printed financial and governance materials can be obtained SECURITIES LITIGATION REFORM ACT OF 1995 without charge by written request to the corporate headquarters Except for historical information contained herein, the matters set forth Diluted shares outstanding 78.8 81.9 87.8 addressed to the Corporate Secretary or by calling in this Annual Report are forward-looking statements. Statements that are (866) INFO-LLL (866) 463-6555. predictive in nature, that depend upon or refer to events or conditions or that Net cash from operating activities (NCFOA) from continuing operations $1,097 $1,069 $1,088 include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” Cash dividends per common share $2.80 $2.60 $2.40 INTERNET “estimates” and similar expressions are forward-looking statements. The You can access quarterly and annual financial information, forward-looking statements set forth herein involve a number of risks and Common stock repurchased $373 $740 $823 news releases, job listings, information on becoming a supplier, uncertainties that could cause actual results to differ materially from any such and an overview of the company’s products and services on the statement, including the risks and uncertainties discussed in the Company’s L3 website at www.L3T.com. “Forward-looking Statements” included in the Company’s recent filings, (a) The years ended December 31, 2016, 2015, and 2014 give effect to the sale of National Security Solutions, which was completed on February 1, 2016, and is reported as including Forms 10-K and 10-Q, with the Securities and Exchange discontinued operations. STOCK EXCHANGE LISTING Commission. The forward-looking statements speak only as of the date made, (b) Segment operating income and margin represent earnings from L3’s business segments before the pre-tax losses related to business divestitures of $31 million and pre-tax L3’s common stock is listed on the New York Stock Exchange and the Company undertakes no obligation to update these forward-looking goodwill impairment charges of $384 million for the year ended December 31, 2015. (NYSE) under the symbol LLL. statements. For a discussion of other risks and uncertainties that could impair (c) Adjusted diluted EPS from continuing operations is a non-GAAP financial measure that excludes losses related to business divestitures and goodwill impairment charges. our results of operations or financial condition, see Part I - Item 1A -“Risk Please see the page that precedes the 10-K in this report for a reconciliation of this measure to GAAP and a discussion of why the company is presenting this information. ANNUAL MEETING Factors” and Note 18 to our audited consolidated financial statements The annual meeting of shareholders will be held at 2:30 p.m. on included in this Annual Report. Tuesday, May 9, 2017, at The Ritz-Carlton New York, Battery Park, Two West Street, New York, NY. CREDITS ADJUSTED NET CASH FROM CASH DIVIDENDS COMMON STOCK Design: Conjure, Chicago SALES DILUTED EPS OPERATING ACTIVITIES PER COMMON SHARE REPURCHASED SHAREHOLDER ASSISTANCE (In millions) from continuing operations from continuing operations (In millions) If you have questions concerning your shareholder account, Use of U.S. DoD and U.S. Coast Guard visual information does not imply or (In millions) please contact the stock transfer agent: constitute DoD/USCG endorsement. © 2017 L3 Technologies, Inc. REGULAR MAIL Printed in the U.S.A. on paper made with postconsumer recycled fiber from Computershare $823 $8.21 responsibly managed forests. $2.80 $1,097 P.O. Box 30170 $1,088 $1,069 $10,986 $2.60 $10,511 $740 $7.20 $10,466 College Station, TX 77842-3170 $2.40 $6.91 OVERNIGHT DELIVERIES Computershare 211 Quality Circle, Suite 210 $373 College Station, TX 77845 or call 877-282-1168 (781-575-2879 from outside the United States). For the hearing impaired, the phone number is TDD: 800-490-1493. 14 15 16 14 15 16 14 15 16 14 15 16 14 15 16 You can also contact the stock transfer agent at its website at This Summary Annual Report should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2016 included in this book. www.computershare.com. Cyan Magenta Yellow Black PANTONE 7685 C OPTIMIZING L3 FOR DISCIPLINED GROWTH INVESTING IN OUR CORE. EXPANDING ON OUR STRENGTHS. IMPROVING OUR OPERATIONS. BUILDING OUR TEAM. THIS IS HOW WE ARE POSITIONING OUR COMPANY FOR DISCIPLINED GROWTH. WE ARE NOW L3 TECHNOLOGIES—A NEW NAME THAT REPRESENTS BOTH OUR CAPABILITIES TODAY AND OUR VISION FOR THE FUTURE. DEAR FELLOW SHAREHOLDERS: IN 2016, L3 ACHIEVED SOLID FINANCIAL AND PROGRAM PERFORMANCE ACROSS THE BUSINESS. WE STRENGTHENED OUR PORTFOLIO WITH THE GOAL TO OPTIMIZE OPERATIONS, IMPROVE MARGINS AND ENHANCE VALUE. WE INTENSIFIED OUR FOCUS ON GROWTH MARKETS THAT BETTER ALIGN WITH OUR STRENGTHS AND OUR CUSTOMERS’ PRIORITIES. L3 IS NOW EMBARKING ON OUR NEXT PHASE — DISCIPLINED GROWTH. To achieve this objective, we have refined our business reorganized Electronic Systems, will enhance our strategy to address the global environment. The U.S. drive for higher levels of organic growth and defense budget is growing. Around the world, air traffic operational efficiency. continues to rise and our international allies have Throughout 2016, we improved our program increased security demands. We have positioned L3 to performance, strengthening our position for follow-on capitalize on these trends by expanding our business devel- work and new contracts with existing customers. We opment efforts, and by making thoughtful investments in also streamlined operations by continuing to selectively R&D and acquisitions in markets where we are strongest. consolidate business units, manufacturing facilities and 2017 marks L3’s 20th anniversary, an important back-office functions to reduce costs and combine milestone in our history. Over the last two decades, we capabilities. have built a company driven by continuous innovation The success of L3’s strategy showed in our perfor- and an unwavering commitment to developing technol- mance. We exceeded our 2016 financial plan in key ogies our customers need to execute their missions. We metrics, including sales, orders, earnings per share and started this year with a new name, L3 Technologies, Inc., free cash flow. We generated positive organic growth and to reflect our ascent into a well-respected industry leader margin improvement in all of our segments. We won and trusted partner with diverse capabilities that reach far major new contracts in the defense, commercial aviation beyond communications. and security markets, and we entered 2017 with positive momentum. L3 is fortunate to have a diverse and talented L3 is fortunate to have a diverse and talented workforce workforce of 38,000 employees who adhere to the highest standards of integrity, excellence and accountability. Their of 38,000 employees who adhere to the highest determination to deliver solutions for our customers is standards of integrity, excellence and accountability. unparalleled, and we owe L3’s continued success to their hard work and unwavering dedication. Also, effective March 1, 2017, we realigned our A RETURN TO GROWTH businesses to better pursue global opportunities by One of L3’s central objectives is to create value for our splitting our Electronic Systems segment in two. The shareholders and customers. By that measure, 2016 was new Sensor Systems segment develops market-leading a solid year. We achieved 2 percent organic growth, led technologies for gathering and securely sharing informa- by a 5 percent increase in our Department of Defense tion. L3’s segments, which include Aerospace Systems, (DoD) sales, which offset declines in our commercial and Communication Systems, Sensor Systems and the international end markets. Our defense business grew at a 2 L3 TECHNOLOGIES 2016 ANNUAL REPORT L3 continued to generate robust cash flow and deploy it strategically while maintaining a strong capital structure to support growth initiatives.
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