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    Justin Lang • Morgan Stanley

    Justin Lang's questions to Curtiss-Wright Corp (CW) leadership

    Justin Lang's questions to Curtiss-Wright Corp (CW) leadership • Q2 2025

    Question

    Justin Lang from Morgan Stanley asked if the economics for the U.S. large reactor opportunity would be similar to those in Eastern Europe and requested elaboration on the company's opportunities in the drone market.

    Answer

    President, CEO & Chair Lynn Bamford stated that she expects the economics for domestic and European large reactor projects to be similar. On drones, she highlighted Curtiss-Wright's long history and broad portfolio of compute options for various UAV sizes, as well as the significant opportunity in the growing counter-UAS market.

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    Justin Lang's questions to Gogo Inc (GOGO) leadership

    Justin Lang's questions to Gogo Inc (GOGO) leadership • Q2 2025

    Question

    Justin Lang asked for clarification on the drivers behind the change in CapEx guidance, the reason for a sequential decrease in HDX shipments, and more details on the mentioned delays in MilGov contract awards.

    Answer

    CFO Zachary Cotner explained the CapEx guidance change was due to accelerating some fully reimbursed spending for the FCC 'rip and replace' program into 2025, with no impact on the net figure. CEO Christopher Moore stated the HDX shipment decline was anticipated, as 2025 is a 'build year' focused on STC development ahead of the 2026 commercial ramp. Regarding MilGov, Moore attributed award delays to the slow nature of government contracting cycles but noted strong international growth and an expected pickup in Q4.

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    Justin Lang's questions to Gogo Inc (GOGO) leadership • Q1 2025

    Question

    Justin Lang asked for more detail on emerging near-term opportunities and trends in the Military/Government business, citing rising defense spending in the U.S. and Europe.

    Answer

    CEO Christopher Moore confirmed the company is seeing increased demand, particularly from overseas markets in Europe and Southeast Asia seeking more sovereign control over their networks. He noted the DoD is focused on a tech refresh away from legacy narrowband systems. Moore stated Gogo's strategy is to leverage its easy-to-install commercial platforms like HDX and FDX to provide cost-effective, high-performance solutions to this growing market, expressing strong optimism for the segment.

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    Justin Lang's questions to Iridium Communications Inc (IRDM) leadership

    Justin Lang's questions to Iridium Communications Inc (IRDM) leadership • Q2 2025

    Question

    Justin Lang of Morgan Stanley inquired about Iridium's addressable opportunity within the government's Golden Dome initiative and asked for an updated expectation on the impact of potential tariffs.

    Answer

    CEO Matthew Desch identified Golden Dome as an opportunity where Iridium can contribute, particularly with PNT, and confirmed discussions are underway. He highlighted the Space Development Agency contract as a key relationship-builder. Regarding tariffs, he stated the impact for 2025 is now expected to be minimal (less than $1 million) due to delays and mitigation efforts, making it more of a potential issue for 2026.

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    Justin Lang's questions to Viasat Inc (VSAT) leadership

    Justin Lang's questions to Viasat Inc (VSAT) leadership • Q4 2025

    Question

    Justin Lang from Morgan Stanley inquired if the strong growth in government satcom would continue in fiscal 2026 and asked how to reconcile the deleveraging priority with the forecast for a modest uptick in leverage.

    Answer

    Chief Financial Officer Garrett Chase responded that government satcom growth is expected to taper but will still be up slightly, remaining a significant high-margin contributor. He explained that while leverage may tick up slightly in fiscal 2026 due to the timing of major capital expenditures, the company will be on a much different deleveraging path in subsequent years as it achieves sustained free cash flow and the large ViaSat-3 spending cycle concludes.

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