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    Cai von Rumohr • TD Cowen

    Cai von Rumohr's questions to Rocket Lab USA Inc (RKLB) leadership

    Cai von Rumohr's questions to Rocket Lab USA Inc (RKLB) leadership • Q3 2024

    Question

    Cai Von Rumohr asked why Electron's gross margin improved despite a lower average selling price (ASP) in the quarter, and questioned if the company had considered adding penalties for customer-caused launch delays to improve cadence.

    Answer

    CFO Adam Spice attributed the margin improvement to production efficiencies more than offsetting the ASP mix, which was impacted by multi-launch discounts. CEO Peter Beck explained that while some contracts have delay provisions, enforcing them can damage long-term customer relationships. He emphasized that the flexibility to accommodate customer schedules is a key feature of their premium dedicated launch service, and delayed missions remain in the backlog.

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    Cai von Rumohr's questions to Eve Holding Inc (EVEX) leadership

    Cai von Rumohr's questions to Eve Holding Inc (EVEX) leadership • Q3 2024

    Question

    Cai von Rumohr asked for details on the SFAR's diversion and vertiport requirements, the status of servicing competitor aircraft, and Eve's competitive position in services.

    Answer

    CEO Johann Bordais explained the SFAR's energy reserve rules align with helicopter standards but allow for more efficient, tailored reserves on approved routes, which suits urban mobility. He confirmed Eve discusses servicing other OEMs' aircraft at customer request and is a proponent of industry standards like common chargers. He asserted that Eve is unique in its deep, early focus on a complete service ecosystem, leveraging Embraer's DNA to ensure operational readiness.

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    Cai von Rumohr's questions to Parsons Corp (PSN) leadership

    Cai von Rumohr's questions to Parsons Corp (PSN) leadership • Q3 2024

    Question

    Cai Von Rumohr asked about the drivers behind the 70% growth in the engineering portion of Federal Solutions, specifically the Critical Infrastructure protection market. He also questioned the potential risk of a large, confidential contract sunsetting and its impact on future growth.

    Answer

    CEO Carey Smith attributed the growth to a key confidential contract, industrial-base modernization work like Army ammunition plants, biometrics efforts, and wins in the INDOPACOM region. Regarding the confidential contract, Smith confirmed the customer is considering whether to exercise a final option year or recompete it. She expressed confidence in Parsons' ability to win a recompete, citing a 95% average win rate, and noted the company's overall recompete exposure for 2025 is expected to be a manageable 5% to 15%.

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    Cai von Rumohr's questions to Leidos Holdings Inc (LDOS) leadership

    Cai von Rumohr's questions to Leidos Holdings Inc (LDOS) leadership • Q3 2024

    Question

    Cai Von Rumohr questioned the sustainability of the Health segment's high profitability in its upcoming recompete and asked if the Dynetics business is a key factor in the forecast for low growth in 2025 followed by acceleration.

    Answer

    CEO Thomas Bell expressed confidence in maintaining Health profitability, citing technology and innovation like trusted mission AI as key differentiators. Regarding Dynetics, CFO Chris Cage confirmed it is "definitely in that bucket," with its growth momentum expected to build as programs move toward full-rate production in the coming years. Bell added that the Defense segment had a book-to-bill over 3x, highlighting the restart of the Small Glide Munitions line as a key success.

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    Cai von Rumohr's questions to Boeing Co (BA) leadership

    Cai von Rumohr's questions to Boeing Co (BA) leadership • Q3 2024

    Question

    Cai von Rumohr of TD Securities asked if Boeing would consider an external hire for the head of its defense business and if it would divest valuable Global Services assets like Jeppesen to supplement a capital raise.

    Answer

    President and CEO Kelly Ortberg responded that while he would look internally first for leadership roles, he is not averse to bringing in external talent. Regarding divestitures, he confirmed that such options are part of the ongoing portfolio review to determine if assets would create more value elsewhere, but he declined to comment on any specific business like Jeppesen.

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    Cai von Rumohr's questions to Spirit AeroSystems Holdings Inc (SPR) leadership

    Cai von Rumohr's questions to Spirit AeroSystems Holdings Inc (SPR) leadership • Q1 2024

    Question

    Cai von Rumohr of TD Cowen asked about labor availability and attrition challenges, specifically in Wichita where it competes with Textron, and in Northern Ireland for the A220 production surge.

    Answer

    CEO Pat Shanahan acknowledged that labor scarcity is a major industry challenge but stated that attrition has not been a problem for Spirit. He noted that while hiring is competitive in both Wichita and Northern Ireland, the company is adapting its recruitment and training, finding new hires to be highly capable once trained.

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