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    Jan-Frans Engelbrecht • Baird

    Jan-Frans Engelbrecht's questions to BWX Technologies Inc (BWXT) leadership

    Jan-Frans Engelbrecht's questions to BWX Technologies Inc (BWXT) leadership • Q2 2025

    Question

    Jan-Frans Engelbrecht of Baird asked about the impact of the recent reconciliation bill on potential orders and inquired about the revenue recognition timeline for the BWRX-300 SMR project.

    Answer

    President, CEO & Director Rex Geveden confirmed the reconciliation bill was beneficial, with funding that supports key programs like defense enrichment and advanced reactors (Pele). For the BWRX-300, he reiterated the opportunity is around $100 million per reactor, with revenue recognized evenly over a roughly four-year period due to the long-lead nature of the components BWXT manufactures.

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    Jan-Frans Engelbrecht's questions to Leonardo DRS Inc (DRS) leadership

    Jan-Frans Engelbrecht's questions to Leonardo DRS Inc (DRS) leadership • Q1 2025

    Question

    Jan-Frans Engelbrecht of Baird asked if strong defense budget signals increase DRS's confidence to self-fund more product development and also requested clarification on the interest expense cadence for the rest of the year.

    Answer

    CEO William Lynn stated DRS will continue its existing path of increasing CapEx and R&D to proactively develop capabilities for customers. CFO Michael Dippold reinforced this, noting that R&D spend increased 40% year-over-year in Q1 to support key initiatives. Regarding interest expense, Dippold indicated a likely tailwind for the full year due to a strong cash position, resulting in a lower interest burden than the prior year.

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    Jan-Frans Engelbrecht's questions to CACI International Inc (CACI) leadership

    Jan-Frans Engelbrecht's questions to CACI International Inc (CACI) leadership • Q3 2025

    Question

    Jan-Frans Engelbrecht inquired about CACI's involvement in the GSA's cost-savings review and asked about the company's positioning and opportunities in the counter-unmanned systems (counter-UAS) market.

    Answer

    CEO John Mengucci confirmed CACI is not on the GSA's top 10 list and has not been formally contacted, but emphasized that CACI's strategy of delivering outcomes via agile software development inherently provides the cost savings the government seeks. On counter-UAS, he highlighted that CACI has over 5,000 systems deployed with confirmed kills and is well-positioned for future opportunities like the Golden Dome initiative and border security applications.

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    Jan-Frans Engelbrecht's questions to CACI International Inc (CACI) leadership • Q1 2025

    Question

    Jan-Frans Engelbrecht inquired about CACI's position on the Navy's Spectral contract following the Azure Summit acquisition and asked about expected changes to the company's contract mix (fixed-price vs. cost-plus) in the near future.

    Answer

    CEO John Mengucci detailed that Azure Summit is prime on a key Navy program that CACI's Spectral program builds upon, creating a dominant combined offering for the next decade. He also noted that while technology sales from acquisitions like Azure Summit are typically fixed-price, the EITaaS program is ramping up on a time & material basis, creating a mixed effect. CFO Jeffrey MacLauchlan added that the EITaaS T&M revenue is expected to continue growing.

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    Jan-Frans Engelbrecht's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership

    Jan-Frans Engelbrecht's questions to Kratos Defense and Security Solutions Inc (KTOS) leadership • Q4 2024

    Question

    Jan-Frans Engelbrecht of Baird asked about Kratos's position in the space market amid a government shift towards fixed-price contracts and requested more details on the Marine Corps aviation plan involving the Valkyrie drone.

    Answer

    CEO Eric DeMarco clarified that Kratos is comfortable with fixed-price production contracts but wary of fixed-price development work. He emphasized that the national security space opportunity pipeline is accelerating dramatically. Regarding the Marine Corps plan for Valkyrie, he stated he could not provide details beyond the prepared remarks due to customer confidentiality.

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