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    Ron Epstein • Bank of America

    Ron Epstein's questions to Rocket Lab USA Inc (RKLB) leadership

    Ron Epstein's questions to Rocket Lab USA Inc (RKLB) leadership • Q2 2025

    Question

    Ron Epstein asked for CEO Peter Beck's definition of a successful first Neutron launch, the drivers behind the strong Electron average selling price (ASP) in the quarter, and the potential for European national security opportunities.

    Answer

    CEO Sir Peter Beck defined a successful first Neutron launch as reaching orbit and being ready to scale, not just clearing the pad. CFO Adam Spice attributed the strong Electron ASP to a favorable mix of higher-priced Haste missions and improved pricing on commercial bulk buys. Beck confirmed that Europe is a key growth market, with the Monarch acquisition and ESA contracts serving as stepping stones for further expansion, including in national security.

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    Ron Epstein's questions to BWX Technologies Inc (BWXT) leadership

    Ron Epstein's questions to BWX Technologies Inc (BWXT) leadership • Q2 2025

    Question

    Ron Epstein from Bank of America asked for the breakdown of backlog growth between organic and acquisition-related contributions and inquired about any impact from critical mineral shortages.

    Answer

    SVP & CFO Mike Fitzgerald stated that the majority of the backlog growth was organic, with the Kinetrix acquisition contributing about $240 million. President, CEO & Director Rex Geveden noted the company is not seeing significant pressure from critical minerals, and Fitzgerald added that pricing is locked in for roughly 70% of material purchases, mitigating risk.

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    Ron Epstein's questions to AerCap Holdings NV (AER) leadership

    Ron Epstein's questions to AerCap Holdings NV (AER) leadership • Q2 2025

    Question

    Ron Epstein from Bank of America inquired about the impact of the tariff environment, the comparative return profiles of engines versus airframes, and whether AerCap needs to expand its wide-body order book.

    Answer

    CFO Pete Juhas noted a minimal impact from tariffs. CEO Aengus Kelly explained that engines have a lower initial yield but a shallower depreciation curve compared to airframes. He stated definitively that AerCap would not build its wide-body order book unless it met strict shareholder return criteria, famously adding that the 'cheapest wide bodies in the world' are AerCap's own shares.

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    Ron Epstein's questions to AerCap Holdings NV (AER) leadership • Q2 2025

    Question

    Ron Epstein of Bank of America inquired about the business impact of the global tariff environment, the comparative return profiles of engines versus airframes, and whether AerCap needs to expand its wide-body order book.

    Answer

    CFO Pete Juhas reported a very limited impact from tariffs and expressed optimism about recent US-UK and US-EU agreements setting a precedent for a "zero for zero" tariff regime. CEO Aengus Kelly explained that engines have a lower initial lease yield but a shallower long-term depreciation curve compared to airframes. Critically, he stated AerCap will not expand its wide-body order book unless it generates adequate shareholder returns, remarking that "the cheapest wide bodies in the world are available on the New York Stock Exchange under the ticker Alpha Echo Romeo."

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    Ron Epstein's questions to Leonardo DRS Inc (DRS) leadership

    Ron Epstein's questions to Leonardo DRS Inc (DRS) leadership • Q1 2025

    Question

    On behalf of Ron Epstein from Bank of America, an analyst asked about DRS's opportunity as European countries build domestic defense capabilities, the timeline for Navy opportunities to materialize, and the company's exposure through alternative shipyards like those in Korea.

    Answer

    CEO William Lynn identified a substantial near-term opportunity in Europe for advanced systems like counter-drone and sensing. He positioned DRS as an enabler for U.S. shipyards, helping to increase throughput rather than competing for work. Lynn noted DRS already operates on a largely fixed-price basis and proactively invests its own R&D. He also confirmed active engagement with the Korean Navy on new ship classes.

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