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    Pete Skibitski • Alembic Global Advisors

    Pete Skibitski's questions to Mercury Systems Inc (MRCY) leadership

    Pete Skibitski's questions to Mercury Systems Inc (MRCY) leadership • Q4 2025

    Question

    Pete Skibitski questioned why programs with unbilled receivables consume so much factory capacity and why the FY26 free cash flow guidance is only 'positive' rather than stronger, given the focus on these cash-generating activities.

    Answer

    CEO William Ballhaus clarified that these older programs generate cash but little new revenue upon shipment, as revenue was previously recognized. EVP & CFO David Farnsworth added that these programs had less favorable legacy contract terms. Regarding FY26 free cash flow, he noted that a significant cash acceleration into Q4 2025 and the deferred revenue balance are moderating factors for the upcoming year.

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    Pete Skibitski's questions to Mercury Systems Inc (MRCY) leadership • Q3 2025

    Question

    Pete Skibitski of Alembic Global Advisors inquired about the revenue mix between development and production, the drivers behind strong growth in the radar segment versus others, and the potential impact of tariffs on the company's supply chain.

    Answer

    CEO Will Ballhaus explained that the revenue mix is shifting towards production, following the trend in bookings, but did not provide a specific breakout. He noted the radar segment's growth is partly due to lapping prior periods with negative EAC adjustments and that other areas are affected by timing, not weakness. Regarding tariffs, he stated no material impact is expected in FY'25, citing exclusions and mitigation strategies for both cost and sourcing.

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    Pete Skibitski's questions to Curtiss-Wright Corp (CW) leadership

    Pete Skibitski's questions to Curtiss-Wright Corp (CW) leadership • Q2 2025

    Question

    Pete Skibitski of Alembic Global Advisors asked about the company's direct foreign military sales (FMS), questioning if they are concentrated in a specific segment and which segment is expected to see the fastest growth.

    Answer

    President, CEO & Chair Lynn Bamford explained that while not broken out by segment, the top area for FMS is Defense Electronics, with products like stabilization systems for vehicles such as the Boxer tank. She also highlighted arresting systems and aircraft landing equipment in the Naval & Power segment. She projected direct FMS would grow to 10% of total company revenue in 2025.

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    Pete Skibitski's questions to Curtiss-Wright Corp (CW) leadership • Q3 2024

    Question

    Pete Skibitski inquired about the primary drivers behind the increased guidance for aerospace defense, asking whether it was from new builds, aftermarket, or upgrades, and questioned if the company was seeing any negative impacts from the ongoing government continuing resolution (CR).

    Answer

    CFO Chris Farkas explained that the aerospace defense guidance increase was mainly due to securing customer funding for R&D programs, which shifted spending from internal to customer-funded projects. CEO Lynn Bamford added that the company is not currently feeling the impact of the CR due to its strong backlog, though a prolonged CR could eventually affect new program starts.

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    Pete Skibitski's questions to BWX Technologies Inc (BWXT) leadership

    Pete Skibitski's questions to BWX Technologies Inc (BWXT) leadership • Q2 2025

    Question

    Pete Skibitski of Alembic Global Advisors questioned the motivation behind the recent pace of Navy contract awards and sought clarification on the company's interest in commercial nuclear fuel opportunities.

    Answer

    President, CEO & Director Rex Geveden clarified that the contract timing was not accelerated; a prior award was late while the recent one was on time, validating the Navy's commitment to the supply chain. He also noted that while past interest was low, there is now an emerging, albeit small, commercial demand for TRISO fuel that BWXT is positioned to serve, along with potential commercial outlets from its defense enrichment work.

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    Pete Skibitski's questions to RBC Bearings Inc (RBC) leadership

    Pete Skibitski's questions to RBC Bearings Inc (RBC) leadership • Q1 2026

    Question

    Pete Skibitski of Alembic Global Advisors asked for management's confidence level in sustained mid-single-digit industrial growth given recent PMI data, and also inquired about any positive or negative impacts from tariffs.

    Answer

    Dr. Michael Hartnett, Chairman, President & CEO, responded that industrial strength is sector-dependent, with consumable-driven markets like food & beverage performing well while larger OEM markets remain slow. Regarding tariffs, he stated that RBC has effectively neutralized the P&L impact through price adjustments and contractual pass-through agreements with customers.

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    Pete Skibitski's questions to Textron Inc (TXT) leadership

    Pete Skibitski's questions to Textron Inc (TXT) leadership • Q2 2025

    Question

    Pete Skibitski from Alembic Global Advisors asked about the potential implications for Citation's long-term growth following the announced expansion by its engine supplier, Williams International.

    Answer

    Scott C. Donnelly, Chairman, CEO & President, praised Williams International as a very important and good supplier that delivers a great product. While not commenting on Williams' specific plans, he affirmed the strong relationship and expressed his expectation that it will continue to grow and support Textron's new product programs in the future.

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    Pete Skibitski's questions to AeroVironment Inc (AVAV) leadership

    Pete Skibitski's questions to AeroVironment Inc (AVAV) leadership • Q4 2025

    Question

    Pete Skibitski of Alembic Global Advisors asked for clarification on whether the higher CapEx guidance was a one-year event and followed up on the total backlog decline, seeking to reconcile the change with reported revenue.

    Answer

    CFO Kevin McDonnell stated that while CapEx should trend down over time, he made no firm predictions due to significant growth opportunities. CEO Wahid Nawabi emphasized that the investment is crucial for scaling production in key areas. Regarding the backlog, management reiterated that no programs were canceled. A later clarification from the CFO explained that a large unfunded contract vehicle expired as purchasing authority shifted to a new DoD group, accounting for the change.

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    Pete Skibitski's questions to HEICO Corp (HEI) leadership

    Pete Skibitski's questions to HEICO Corp (HEI) leadership • Q2 2025

    Question

    Pete Skibitski questioned the sustainability of the Flight Support Group's (FSG) 24%+ operating margin and asked about the potential impact of a 10%+ increase in U.S. defense spending on the Electronic Technologies Group (ETG).

    Answer

    EVP & CFO Carlos Macau advised that the optimal FSG margin range remains 23-24% and that the current high-end performance should not be extrapolated higher too quickly. Co-CEO Victor Mendelson stated that a 10% defense spending increase would bode 'extremely well' for ETG, though the exact impact depends on where the funds are deployed.

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