154c9e50a59a69d1284d4a9d41865a98b96e58bfe9bf97ca2a07c1101b9d2385

TransDigm Group Incorporated (TDG) is a leading global designer, producer, and supplier of highly engineered proprietary aerospace components, which are critical to the operation of nearly all commercial and military aircraft worldwide **[0001260221-24-000021_tdg-20231230.htm:23]**. The company is organized into three reporting segments: Power & Control, Airframe, and Non-aviation **[0001260221-24-000083_tdg-20240930.htm:178]**. Approximately 90% of TDG's net sales are generated by proprietary products, with a significant portion of revenue coming from aftermarket sales, which account for about 55% of net sales **[0001260221-24-000083_tdg-20240930.htm:5]**. The company's business strategy includes a focus on obtaining profitable new business, improving cost structures, and pricing products to reflect their value **[TDG_3372464_1]**.

1. **Power & Control** - Focuses on systems and components that provide or control power in aircraft, including actuators, ignition systems, and power conditioning devices.
2. **Airframe** - Develops components for non-power airframe applications, such as latching devices, cockpit security systems, and interior surfaces.
3. **Non-aviation** - Caters to markets outside aviation, offering products like seat belts for ground transportation and actuators for space applications.

9e77390210b033829708bfd02a9af77bc50169f06dd944c690f8f61665c9e44e

f5c79457b1d55a0752d6d918a61b38d459ed119b0869381acb277e84917c90b8

| Segment/Quarter | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Power & Control ($M)** | **725**  **[0001260221-23-000007_tdg-20221231.htm:38]**  | **816**  **[0001260221-23-000040_tdg-20230401.htm:42]**  | **861**  **[0001260221-23-000058_tdg-20230701.htm:45]**  | N/A | **885**  **[0001260221-24-000021_tdg-20231230.htm:38]**  | **914**  **[0001260221-24-000046_tdg-20240330.htm:44]**  | **1,023**  **[0001260221-24-000069_tdg-20240629.htm:47]**  | N/A |
| **Airframe ($M)** | **637**  **[0001260221-23-000007_tdg-20221231.htm:38]**  | **733**  **[0001260221-23-000040_tdg-20230401.htm:42]**  | **835**  **[0001260221-23-000058_tdg-20230701.htm:45]**  | N/A | **862**  **[0001260221-24-000021_tdg-20231230.htm:38]**  | **959**  **[0001260221-24-000046_tdg-20240330.htm:44]**  | **974**  **[0001260221-24-000069_tdg-20240629.htm:47]**  | N/A |
| **Non-aviation ($M)** | **35**  **[0001260221-23-000007_tdg-20221231.htm:38]**  | **43**  **[0001260221-23-000040_tdg-20230401.htm:42]**  | **48**  **[0001260221-23-000058_tdg-20230701.htm:45]**  | N/A | **42**  **[0001260221-24-000021_tdg-20231230.htm:38]**  | **46**  **[0001260221-24-000046_tdg-20240330.htm:44]**  | **49**  **[0001260221-24-000069_tdg-20240629.htm:47]**  | N/A |
| **Total Net Sales ($M)** | **1,397**  **[0001260221-23-000005_exhibit991tdg2023q1earning.htm:0]**  | **1,592**  **[0001260221-23-000040_tdg-20230401.htm:42]**  | **1,744**  **[0001260221-23-000058_tdg-20230701.htm:45]**  | **1,852**  **[0001260221-23-000077_exhibit991tdg2023q4earning.htm:0]**  | **1,789**  **[0001260221-24-000021_tdg-20231230.htm:38]**  | **1,919**  **[0001260221-24-000046_tdg-20240330.htm:44]**  | **2,046**  **[0001260221-24-000069_tdg-20240629.htm:47]**  | N/A |

278d59ba96c36ea4d6767a99723d1143fe29623c818a1a3569f657236af64f2e

1. Given that you're paying higher multiples for acquisitions now than a few years ago, how do you reconcile this with your commitment to disciplined M&A and achieving a 20% IRR on every deal, especially as valuations have increased?  **[TDG_3406644_26]** 

2. With defense sales being lumpy and difficult to forecast, and the possibility of uneven growth over 2025, how are you adjusting your strategy to manage this volatility and ensure consistent performance?  **[TDG_3406644_6]** 

3. Considering that freight flights have only recently returned to growth and it's hard to predict when this will translate into revenue growth, what specific measures are you taking to mitigate uncertainty in the freight market and align your operations accordingly?  **[TDG_3406644_23]** 

4. You've mentioned ample capacity for M&A, including larger deals, to reach your target net leverage ratio; given that, can you provide more clarity on your priorities between pursuing large acquisitions versus returning capital to shareholders through buybacks or dividends?  **[TDG_3406644_18]** 

5. Your forecasting approach relies on a bottoms-up analysis without imposing top-down assumptions like RPM growth; in light of this, how do you ensure that your operating units' forecasts are aligned with broader market trends and that you're not missing critical macro indicators that could impact your business?  **[TDG_3406644_10]** 

818dfcf562923db30afff19c7073586a198430c2b65698ffa6c8c87930356916

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

36856993a3979884213d1b97c270429ef02c075bb99144010003f52ec6b9c97a

Power & Control

- Commercial and non-aerospace OEM

- Commercial and non-aerospace aftermarket

- Defense

- Esterline

Airframe

Non-aviation

Total Revenue

60b6a50f56583880a9f55420efaf5703c554e89e7d3df71e84d65db9b4689947

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

United States

Foreign Countries

58096546b4f76ec847e9e20a5080c7dd8e56bea52eb75dbde7ab42c18f413be2

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: FY 2025
- **Guidance**:
  1. **Revenue**: Midpoint of **$8.85 billion**, approximately **11%** increase  **[TDG_3406644_2]** .
  2. **EBITDA**: Midpoint of **$4.685 billion**, approximately **12%** increase, margin of **52.9%**  **[TDG_3406644_2]** .
  3. **Adjusted EPS**: Midpoint of **$36.32**, approximately **7%** increase  **[TDG_3406644_2]** .
  4. **Commercial OEM Revenue Growth**: Mid-single-digit percentage range  **[TDG_3406644_2]** .
  5. **Commercial Aftermarket Revenue Growth**: High single-digit to low double-digit percentage range  **[TDG_3406644_2]** .
  6. **Defense Revenue Growth**: High single-digit percentage range  **[TDG_3406644_2]** .
  7. **Net Interest Expense**: About **$1.54 billion**, weighted average interest rate of **6.1%**  **[TDG_3406644_7]** .
  8. **Tax Rates**: GAAP cash and adjusted tax rates of **22% to 24%**  **[TDG_3406644_7]** .
  9. **Weighted Average Shares Outstanding**: **58.4 million shares**  **[TDG_3406644_7]** .
  10. **Free Cash Flow**: Around **$2.3 billion**  **[TDG_3406644_7]** .
  11. **Net Debt-to-EBITDA Ratio**: Close to **4x**  **[TDG_3406644_7]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **EBITDA**: Midpoint of **$4.13 billion**, approximately **22%** increase, margin of **52.3%**  **[TDG_3396599_3]** .
  2. **Adjusted EPS**: Midpoint of **$33.02**, approximately **28%** increase  **[TDG_3396599_3]** .
  3. **Free Cash Flow**: Slightly above **$2 billion**  **[TDG_3396599_7]** .
  4. **Revenue**: Midpoint of **$7.9 billion**, approximately **20%** growth  **[TDG_3396599_2]** .
  5. **Defense Market Growth**: High teens percentage range  **[TDG_3396599_2]** .
  6. **Commercial OEM Growth**: Around **20%**  **[TDG_3396599_2]** .
  7. **Commercial Aftermarket Growth**: Mid-teens percentage range  **[TDG_3396599_2]** .
  8. **Acquisitions Contribution**: About **$125 million** to revenue, margin approaching **30%**  **[TDG_3396599_2]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Sales**: Midpoint of **$7.74 billion**, approximately **18%** increase  **[TDG_3386809_3]** .
  2. **EBITDA**: Midpoint of **$4.045 billion**, approximately **19%** increase, margin of **52.3%**  **[TDG_3386809_3]** .
  3. **Adjusted EPS**: **$32.42**, approximately **25%** increase  **[TDG_3386809_7]** .
  4. **Free Cash Flow**: Approximately **$2 billion**  **[TDG_3386809_7]** .
  5. **Defense Market Growth**: Mid-teens percentage range  **[TDG_3386809_3]** .
  6. **Commercial OEM Growth**: Around **20%**  **[TDG_3386809_3]** .
  7. **Commercial Aftermarket Growth**: Mid-teens percentage range  **[TDG_3386809_3]** .
  8. **Interest Expense**: Decreased by **$60 million**  **[TDG_3386809_7]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Revenue**: Midpoint of **$7.665 billion**, approximately **16%** increase  **[TDG_3372464_2]** .
  2. **EBITDA**: Midpoint of **$3.985 billion**, approximately **17%** increase, margin of **52%**  **[TDG_3372464_2]** .
  3. **Adjusted EPS**: Midpoint of **$30.85**, approximately **19%** increase  **[TDG_3372464_2]** .
  4. **Free Cash Flow**: Close to **$2 billion**  **[TDG_3372464_6]** .
  5. **Defense Market Growth**: High single-digit to low double-digit percentage range  **[TDG_3372464_2]** .
  6. **Commercial OEM Growth**: Around **20%**  **[TDG_3372464_2]** .
  7. **Commercial Aftermarket Growth**: Mid-teens percentage range  **[TDG_3372464_2]** .
  8. **Interest Expense**: Increased by **$130 million**  **[TDG_3372464_6]** .

213e00aa232fb2274c4ff1248fee8ddebcebbb0dae66da62e1c2236c7d805184

| Name            | Position                                              | Start Date       | Short Bio                                                                                                                                                                                                 |
|-----------------|-------------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Kevin Stein     | President, Chief Executive Officer, and Director      | April 2018       | Kevin Stein has been serving as the **President, Chief Executive Officer, and Director** of TransDigm Group Incorporated since **April 2018**. He was appointed President in **January 2017**. Prior to his current role, Mr. Stein served as Chief Operating Officer from January 2017 to March 2018 and as Chief Operating Officer of the Power and Control segment from October 2014 to December 2016. Before joining TransDigm, he was the President of the Structurals Division and Executive Vice President of Precision Castparts Corp. from 2009 to 2014  **[0001260221-23-000081_tdg-20230930.htm:89]** **[0001260221-24-000083_tdg-20240930.htm:88]** **[0001260221-24-000015_tdg-20240125.htm:29]** . |
| Michael Lisman  | Co-Chief Operating Officer                            | May 2023         | Michael Lisman was appointed as **Co-Chief Operating Officer** of TransDigm Group Incorporated in **May 2023**. Before this role, he served as the **Chief Financial Officer** from **July 2018 to May 2023** and as an **Executive Vice President** from **January 2022 to May 2023**. He also held positions such as Vice President of Mergers and Acquisitions and Business Unit Manager for the Air & Fuel Valves business unit at Aero Fluid Products, a wholly-owned subsidiary of TransDigm Inc. Prior to joining TransDigm, Mr. Lisman gained experience in private equity and investment banking roles at Warburg Pincus, The Carlyle Group, and Morgan Stanley  **[0001260221-23-000081_tdg-20230930.htm:89]** **[0001260221-24-000083_tdg-20240930.htm:88]** **[0001260221-24-000015_tdg-20240125.htm:34]** . |
| Joel Reiss      | Co-Chief Operating Officer                            | May 2023         | Joel Reiss serves as the **Co-Chief Operating Officer** at TransDigm Group Incorporated. He was appointed to this position in **May 2023**. Prior to this role, Mr. Reiss served as **Executive Vice President** from **October 2015 to May 2023**. He has also held positions as President of Hartwell Corporation from **July 2012 to October 2015**, President of Skurka Aerospace from **July 2010 to July 2012**, and Director of Operations of Adams Rite Aerospace from **July 2000 to July 2010**  **[0001260221-23-000081_tdg-20230930.htm:89]** **[0001260221-24-000083_tdg-20240930.htm:88]** **[0001260221-24-000015_tdg-20240125.htm:34]** . |
| Sarah Wynne     | Chief Financial Officer                               | May 2023         | Sarah Wynne was appointed as the **Chief Financial Officer (CFO)** of TransDigm Group Incorporated in **May 2023**. Prior to her role as CFO, she served as the **Chief Accounting Officer** from **November 2018 to May 2023**. Before that, she was the **Group Controller** from **April 2015 to October 2018** and the **Controller of the Aero Fluid Products division** of AeroControlex Group, Inc., a wholly-owned subsidiary of TransDigm Inc., from **October 2009 to March 2015**. She has held various other accounting roles within the company  **[0001260221-23-000081_tdg-20230930.htm:89]** **[0001260221-24-000083_tdg-20240930.htm:88]** **[0001260221-24-000015_tdg-20240125.htm:34]** . |
| Jessica L. Warren | General Counsel, Chief Compliance Officer, and Secretary | February 2023    | Jessica L. Warren was appointed as **General Counsel, Chief Compliance Officer, and Secretary** of TransDigm Group Incorporated in **February 2023**. Prior to this role, she served as Associate General Counsel from **December 2018 to February 2023**. Before joining TransDigm, Ms. Warren maintained a private legal practice focusing on providing services to technology-driven businesses, including providing counsel to TransDigm on various matters  **[0001260221-24-000015_tdg-20240125.htm:34]** **[0001260221-23-000081_tdg-20230930.htm:90]** **[0001260221-24-000083_tdg-20240930.htm:88]** . |

4ccf872243ae826605a99ad0403ecb96580ea197a444e933316d9694adc4c024

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | January 27, 2022  **[0001260221-24-000083_tdg-20240930.htm:177]** **[0001260221-24-000083_tdg-20240930.htm:48]**  |
| End Date/Duration        | No expiration date  **[0001260221-24-000083_tdg-20240930.htm:177]** **[0001260221-24-000083_tdg-20240930.htm:48]**  |
| Total additional amount  | **$2,200 million**  **[0001260221-24-000083_tdg-20240930.htm:177]** **[0001260221-24-000083_tdg-20240930.htm:48]**  |
| Remaining authorization amount | **$1,288 million** as of September 30, 2024  **[0001260221-24-000083_tdg-20240930.htm:177]** **[0001260221-24-000083_tdg-20240930.htm:48]**  |
| Details                  | Replaced previous $650 million program authorized on November 8, 2017  **[0001260221-24-000083_tdg-20240930.htm:177]** **[0001260221-23-000081_tdg-20230930.htm:173]** **[0001260221-22-000065_tdg-20220930.htm:163]** **[0001260221-24-000083_tdg-20240930.htm:48]** **[0001260221-23-000058_tdg-20230701.htm:13]** **[0001260221-22-000065_tdg-20220930.htm:45]** **[0001260221-23-000040_tdg-20230401.htm:12]** **[0001260221-23-000040_tdg-20230401.htm:69]** **[0001260221-24-000021_tdg-20231230.htm:59]** **[0001260221-23-000081_tdg-20230930.htm:46]**  |

550c46b26ee6e8c2a67fce6d4988c8becbff34e8f6ceb56bdbbe0980ba7aad6f

**Annual guidance for FY 2025:**
- **Revenue growth**: 11%  **[TDG_3406644_2]**  (lowered from 20%  **[TDG_3396599_2]** )  
- **EBITDA growth**: 12%  **[TDG_3406644_2]**  (lowered from 22%  **[TDG_3396599_3]** )  
- **Adjusted EPS growth**: 7%  **[TDG_3406644_2]**  (lowered from 28%  **[TDG_3396599_3]** )  
- **Free Cash Flow**: $2.3B  **[TDG_3406644_7]**  (raised from slightly above $2B  **[TDG_3396599_7]** )  
- **Defense revenue growth**: High single-digit  **[TDG_3406644_2]**  (lowered from high teens  **[TDG_3396599_2]** )  
- **Commercial OEM revenue growth**: Mid single-digit  **[TDG_3406644_2]**  (lowered from ~20%  **[TDG_3396599_2]** )  
- **Commercial Aftermarket revenue growth**: High single-digit to low double-digit  **[TDG_3406644_2]**  (lowered from mid-teens  **[TDG_3396599_2]** )  

- **Net Interest Expense**: $1.54B  **[TDG_3406644_7]**  (no prior guidance)  
- **Tax Rates**: 22% to 24%  **[TDG_3406644_7]**  (no prior guidance)  
- **Weighted Average Shares Outstanding**: 58.4 million  **[TDG_3406644_7]**  (no prior guidance)  
- **Net Debt-to-EBITDA Ratio**: ~4x  **[TDG_3406644_7]**  (no prior guidance)  

b19def0c6f4e0bebc551913c69c5a5f321a9d17d831846a515679d9593046978

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 2004  **[0001260221-24-000083_tdg-20240930.htm:130] [0001260221-24-000083_tdg-20240930.htm:85]**  | Present  | Current auditor   |

06045bcf75dd9301f41054adf704ff3e36995607c295fa9951ed02f98638ef68

7f8d15ee5ffdba64c8c3dbb0fc30695192854fcaa7df09dfb57892773c433b53

- Total Revenue: $2,186 million (+18% YoY)  **[0001260221-23-000081_tdg-20230930.htm:56]** **[0001260221-24-000083_tdg-20240930.htm:58]** **[0001260221-24-000083_tdg-20240930.htm:180]**   
- Power & Control: $1,119 million (+22% YoY)  **[0001260221-23-000081_tdg-20230930.htm:56]** **[0001260221-24-000083_tdg-20240930.htm:58]** **[0001260221-24-000083_tdg-20240930.htm:180]**   
- Airframe: $1,014 million (+14% YoY)  **[0001260221-23-000081_tdg-20230930.htm:56]** **[0001260221-24-000083_tdg-20240930.htm:58]** **[0001260221-24-000083_tdg-20240930.htm:180]**   
- Non-aviation: $53 million (+8% YoY)  **[0001260221-23-000081_tdg-20230930.htm:56]** **[0001260221-24-000083_tdg-20240930.htm:58]** **[0001260221-24-000083_tdg-20240930.htm:180]**   
- Interest Expense: $343 million (+17% YoY)  **[0001260221-23-000081_tdg-20230930.htm:131]** **[0001260221-23-000081_tdg-20230930.htm:134]** **[0001260221-24-000083_tdg-20240930.htm:132]**   
- Net Income: $467 million (+13% YoY)  **[0001260221-23-000081_tdg-20230930.htm:131]** **[0001260221-23-000081_tdg-20230930.htm:134]** **[0001260221-24-000083_tdg-20240930.htm:132]**   
- **EPS (Diluted): $5.81 (-20% YoY)**  **[0001260221-23-000081_tdg-20230930.htm:131]** **[0001260221-23-000081_tdg-20230930.htm:134]** **[0001260221-24-000083_tdg-20240930.htm:157]**   

577065fbdaa91bc21cc0baf5a9bed53f6c91e3b6f98424f3ee2f0afd180b76ec

0395d196568ae2eda52f1f7bbc1dd1adeb93905dd84cb2962bcc147b95df6745

Annual Operational Performance per Diluted Share (Maximum Vesting 17.5% Growth) for 2025 (USD per diluted share)

Annual Operational Performance per Diluted Share (Minimum Vesting 10% Growth) for 2026 (USD per diluted share)

Annual Operational Performance per Diluted Share (Maximum Vesting 17.5% Growth) for 2026 (USD per diluted share)

Annual Operational Performance per Diluted Share (Minimum Vesting 10% Growth) for 2027 (USD per diluted share)

Annual Operational Performance per Diluted Share (Maximum Vesting 17.5% Growth) for 2027 (USD per diluted share)

Annual Operational Performance per Diluted Share (Maximum Vesting 17.5% Growth) for 2028 (USD per diluted share)

Annual Operational Performance per Diluted Share (Maximum Vesting 17.5% Growth) for 2029 (USD per diluted share)

611630bc6c63243e163cacc2288ac1859e379602646455524522279bd84a5317

| Year | Amount Due (in millions) | Debt Type                  | Interest Rate | % of Total Debt |
|----------|------------------------------|---------------------------------|-------------------|----------------------|
| 2025     | $595                         | Short-Term Debt (Trade Receivable Securitization Facility, Term Loans, Finance Leases) | Term SOFR + 1.45% **[0001260221-24-000083_tdg-20240930.htm:159]** **[0001260221-24-000083_tdg-20240930.htm:72]** **[0001260221-24-000083_tdg-20240930.htm:61]** | 2.4% = (595 / 24,880) * 100 **[0001260221-24-000083_tdg-20240930.htm:60]** **[0001260221-24-000083_tdg-20240930.htm:159]** **[0001260221-24-000083_tdg-20240930.htm:72]** **[0001260221-24-000083_tdg-20240930.htm:61]** |
| 2027     | $2,650                       | 5.50% Senior Subordinated Notes | 5.50% **[0001260221-24-000083_tdg-20240930.htm:68]**     | 10.6% = (2,650 / 24,880) * 100 **[0001260221-24-000083_tdg-20240930.htm:60]** **[0001260221-24-000083_tdg-20240930.htm:68]** |
| 2028     | $3,971                       | Secured Notes, Tranche I Term Loans | 6.75%, Term SOFR + 2.75% **[0001260221-24-000083_tdg-20240930.htm:68]** **[0001260221-24-000083_tdg-20240930.htm:67]** | 16.0% = (3,971 / 24,880) * 100 **[0001260221-24-000083_tdg-20240930.htm:60]** **[0001260221-24-000083_tdg-20240930.htm:68]** **[0001260221-24-000083_tdg-20240930.htm:67]** |
| 2029     | $4,700                       | 4.625% Senior Subordinated Notes, 6.375% Secured Notes, 4.875% Senior Subordinated Notes | 4.625%, 6.375%, 4.875% **[0001260221-24-000083_tdg-20240930.htm:68]** | 18.9% = (4,700 / 24,880) * 100 **[0001260221-24-000083_tdg-20240930.htm:60]** **[0001260221-24-000083_tdg-20240930.htm:68]** |
| 2030     | $3,149                       | 6.875% Secured Notes, Tranche K Term Loans | 6.875%, Term SOFR + 2.75% **[0001260221-24-000083_tdg-20240930.htm:68]** **[0001260221-24-000083_tdg-20240930.htm:67]** | 12.7% = (3,149 / 24,880) * 100 **[0001260221-24-000083_tdg-20240930.htm:60]** **[0001260221-24-000083_tdg-20240930.htm:68]** **[0001260221-24-000083_tdg-20240930.htm:67]** |
| 2031     | $4,632                       | 7.125% Secured Notes, Tranche J Term Loans | 7.125%, Term SOFR + 2.50% **[0001260221-24-000083_tdg-20240930.htm:68]** **[0001260221-24-000083_tdg-20240930.htm:67]** | 18.6% = (4,632 / 24,880) * 100 **[0001260221-24-000083_tdg-20240930.htm:60]** **[0001260221-24-000083_tdg-20240930.htm:68]** **[0001260221-24-000083_tdg-20240930.htm:67]** |
| 2032     | $3,700                       | 6.625% Secured Notes, Tranche L Term Loans | 6.625%, Term SOFR + 2.50% **[0001260221-24-000083_tdg-20240930.htm:68]** **[0001260221-24-000083_tdg-20240930.htm:67]** | 14.9% = (3,700 / 24,880) * 100 **[0001260221-24-000083_tdg-20240930.htm:60]** **[0001260221-24-000083_tdg-20240930.htm:68]** **[0001260221-24-000083_tdg-20240930.htm:67]** |
| 2033     | $1,500                       | 6.00% Secured Notes             | 6.00% **[0001260221-24-000083_tdg-20240930.htm:68]**     | 6.0% = (1,500 / 24,880) * 100 **[0001260221-24-000083_tdg-20240930.htm:60]** **[0001260221-24-000083_tdg-20240930.htm:68]** |

47dc320562a6746a1c0f9783b17ab9d7b6368fe116d78acdae288a634917b67c

e1ff72ed48a1517b211091cb484551558be4c4f2dd7afb728d46ed919c06248d

- **Increased capital expenditures on productivity projects, such as cobots and robots, are expected to improve margins and cost structure.**  **[TDG_3406644_27]**
- **TransDigm maintains a disciplined approach to M&A, targeting businesses that fit their model and aiming for a 20% IRR on deals, despite higher multiples.**  **[TDG_3406644_26]**
- **Strong growth in the engine aftermarket sector is outpacing airframe, with expectations for this trend to continue next year due to high demand in engine MRO.**  **[TDG_3406644_21]**

8c6d980702aa8ef6366649ed14f1fe8a774b39adbb02c18bdf2d4f8f5172a9d3

- The company is increasing its capital expenditures to approximately **3% of sales**, up from about 2% historically, which may impact cash flow and indicates higher spending needs.  **[TDG_3406644_27]**
- Management acknowledges that **acquisition multiples are up**, meaning they have to pay more for acquisitions now than a few years ago, potentially affecting future returns on investments.  **[TDG_3406644_2]**
- The company does not provide a top-down forecast or assumptions for **commercial airline revenue passenger miles or ASMs growth**, which may indicate limited visibility into macroeconomic factors affecting their business.  **[TDG_3406644_10]**

ea806df01c053c31be19e861a166d94639f40c3e266deaacdaeefe95ef10c9af

1. **Aftermarket Growth and Freighter Impact**  
   **Q:** How will freighter decline affect aftermarket growth?  
   **A:** Despite a **15% decline in freight aftermarket** due to a shift from full freighters to belly cargo in passenger aircraft, strong bookings in passenger and interior segments support a **mid-teens percentage growth** in the commercial aftermarket for the year.  **[TDG_3386809_8]** 

2. **Defense Sales Growth Outlook**  
   **Q:** What's driving the defense sales growth outlook?  
   **A:** Defense sales are expected to grow in the **mid-teens percentage range** this year, driven by broad strength across units, including Armtec's shipments on the **155-millimeter artillery program**, with growth likely to continue for a couple of years.  **[TDG_3386809_10]** 

3. **EBITDA Margin Outlook**  
   **Q:** Why might EBITDA margins drop in the second half?  
   **A:** While pleased with higher EBITDA margins this quarter, the company remains conservative and acknowledges business can be lumpy; thus, guidance reflects potential fluctuations, but there are no concerning trends affecting margins.  **[TDG_3386809_13]** **[TDG_3386809_21]** **[TDG_3386809_26]** 

4. **Boeing Production Expectations**  
   **Q:** Did you reduce Boeing expectations, and how does Airbus factor in?  
   **A:** The outlook incorporates potential risk around Boeing's rate changes but maintains confidence in **around 20% growth** for commercial OEMs, with **Airbus performing better** and helping offset any Boeing shortfall.  **[TDG_3386809_18]** 

5. **M&A Pipeline Outlook**  
   **Q:** How active is the M&A pipeline currently?  
   **A:** The M&A pipeline is the busiest it has ever been, with many small to medium-sized opportunities; the company remains optimistic but selective, having announced two smaller, accretive deals recently.  **[TDG_3386809_14]** 

6. **Aftermarket Growth Drivers**  
   **Q:** What are the main drivers of aftermarket growth amid freight decline?  
   **A:** Strong growth in passenger and interior segments is offsetting freight softness, with bookings indicating continued strength, leading to overall aftermarket growth acceleration in the second half.  **[TDG_3386809_8]** **[TDG_3386809_20]** 

7. **Capital Allocation Plans**  
   **Q:** How will excess cash be deployed if no deals occur?  
   **A:** The company prioritizes investing in businesses and M&A; if no incremental deals arise, they will consider options like paying a special dividend or share buybacks, with a decision likely in **Q4**.  **[TDG_3386809_28]** 

8. **Productivity Gains and Head Count**  
   **Q:** How are productivity gains affecting margins?  
   **A:** Through automation and efficiency projects, head count is **15% below 2019 levels**, contributing to improved margins, and the company continues to invest in productivity enhancements.  **[TDG_3386809_21]** **[TDG_3386809_26]** 

9. **Supply Chain Status**  
   **Q:** What's the current state of the supply chain?  
   **A:** Supply chain conditions are improving but not yet back to 2019 levels, with lingering issues in electronics, castings, and certain materials, though progress continues.  **[TDG_3386809_17]** 

10. **Pricing Changes in Aftermarket**  
    **Q:** Did pricing change significantly in the aftermarket recently?  
    **A:** Pricing remains consistent, aiming to stay slightly ahead of inflation; no appreciable changes occurred in the second quarter.  **[TDG_3386809_20]** 

11. **Defense Guidance Conservatism**  
    **Q:** Why is defense guidance conservative for the second half?  
    **A:** Due to lumpiness and unpredictability in defense orders, the company remains cautious despite strong first-half performance, expecting moderation in growth rates.  **[TDG_3386809_11]** 

12. **Aftermarket by Region**  
    **Q:** Any regional trends in aftermarket, especially China?  
    **A:** While specific regional data is limited, the highest growth rates are seen in **China and Asia**, benefiting the company indirectly through distributors and supporting booking strength.  **[TDG_3386809_16]** 

13. **PMA SKU Business Impact**  
    **Q:** What's the impact of PMA SKUs on the business?  
    **A:** PMA parts are not a significant impact; with around **500,000 part numbers**, the company continues to be the largest creator of PMAs in their space, seeing opportunities to replace other suppliers.  **[TDG_3386809_27]** 

14. **Capital Investment Focus**  
    **Q:** Where is capital investment being focused?  
    **A:** Investments are directed toward productivity and automation projects, such as cobots and machining centers, reducing head count and cost footprint, leading to better margins.  **[TDG_3386809_32]** 

15. **Boeing MAX Production Rates**  
    **Q:** What production rate assumptions for the MAX are in your guidance?  
    **A:** Production rates vary by unit; estimates are around **38 aircraft per month**, factoring in adjustments based on customer demand, with confidence in the overall guidance.  **[TDG_3386809_33]** 

2bc9c584b8a45fe90bda6c54786ca74402db4d457f2ead6e146dafb3166bf69e

1. **Aftermarket Growth Outlook**  
   **Q:** How should we calibrate aftermarket growth in Q2?  
   **A:** Management forecasts **mid-teens percentage** aftermarket growth in Q2, with potential for upward revision. Q1 saw strong bookings and a sequential increase in shipments, and this positive trend is expected to continue.  **[TDG_3372464_7]** 

2. **M&A Pipeline and Capital Deployment**  
   **Q:** How does the M&A pipeline look and what are the opportunities to deploy capital after CPI?  
   **A:** The M&A pipeline is robust with many targets, including unexpected ones. TransDigm plans to deploy capital closer to the end of the fiscal year, focusing on **highly engineered aerospace products with aftermarket access**. There are many small and medium-sized targets that are easiest to execute.  **[TDG_3372464_9]** 

3. **Margin Expansion Expectations**  
   **Q:** Is the expectation of 100 basis points of organic margin expansion still valid?  
   **A:** Management believes the business will continue to support **100–150 basis points** of margin expansion annually. Despite potential changes in mix, margins are expected to expand sequentially.  **[TDG_3372464_26]** 

4. **Supply Chain and Production Rates**  
   **Q:** Are supply chain issues affecting your ability to meet production rates?  
   **A:** Supply chain challenges persist industry-wide, but TransDigm's team has navigated these well. Previous issues with castings and electronic components have largely been resolved. Assumptions are aligned with Boeing's and Airbus's production rates, adopting a conservative approach.  **[TDG_3372464_23]** 

5. **Input Costs and Pricing Power**  
   **Q:** Have input costs started to ease, and how does that affect pricing?  
   **A:** Input costs, particularly labor, may be starting to ease, though it's early in the fiscal year to see significant changes. The company continues to focus on market-based pricing to offset inflationary pressures, with costs and pricing remaining closely matched.  **[TDG_3372464_10]** **[TDG_3372464_37]** 

6. **Capital Allocation and Cash Balance**  
   **Q:** How do you think about the appropriate cash balance going forward?  
   **A:** The company isn't anchored to a specific cash amount and is comfortable keeping cash on hand to support acquisitions like CPI and other investment opportunities.  **[TDG_3372464_36]** 

7. **CPI Acquisition Timing**  
   **Q:** Has there been any change in the timing of closing the CPI deal?  
   **A:** There is no significant change; the acquisition is expected to close within the fiscal year. The approval process is ongoing, and management remains positive about the outcome.  **[TDG_3372464_8]** 

8. **Defense Business Trends**  
   **Q:** How is the defense aftermarket performing compared to OEM?  
   **A:** Defense aftermarket growth outpaced OEM, though the difference wasn't significant. The defense aftermarket had a solid quarter, benefiting from multiple platforms.  **[TDG_3372464_14]** 

9. **CapEx Increase**  
   **Q:** What's driving the significant step-up in CapEx this year?  
   **A:** CapEx is increasing due to investments in infrastructure, productivity improvements, and new projects like **solar programs**, which offer great payback and add to CapEx needs.  **[TDG_3372464_35]** 

10. **Automation Opportunities**  
    **Q:** How much automation can you incorporate into the business over time?  
    **A:** While challenges exist due to high-mix, low-volume manufacturing, management is optimistic about increasing automation as costs come down. Significant progress has been made in automating processes like painting, polishing, and brazing.  **[TDG_3372464_36]** 

72cfbe3ceeb4ebc0a953bad33ed1227a214c0953461ca8f8903fcbba18711e9c

- **TransDigm's commercial aftermarket business had a strong Q1, with sequential increases in shipments and bookings, and they anticipate continued growth, projecting mid-teens percentage revenue growth.**  **[TDG_3372464_7]**
- **The defense aftermarket showed solid performance across multiple platforms, including the F-35, with TransDigm present on effectively every platform, contributing to robust and diversified defense revenue.**  **[TDG_3372464_38]**
- **The company is actively pursuing a balanced M&A pipeline of commercial and defense assets, signaling potential for future growth through strategic acquisitions.**  **[TDG_3372464_18]**

5559ff0cf101e1882d54583bc94b88cd6e8096889660ddba0ea845705818b0fd

1. **Margin Expansion Outlook**  
   **Q:** Why isn't margin expanding more next year?  
   **A:** Despite achieving a **52.6% EBITDA margin** in the past quarter, the forecast includes dilution from recent acquisitions, which impacts overall margins. The company targets **100 to 150 basis points** of margin improvement annually, but the full-year impact of acquisition dilution leads to a more modest margin expansion in the guidance. ** **[TDG_3406644_11]** **[TDG_3406644_12]** **

2. **M&A Opportunities**  
   **Q:** Do you expect bigger M&A opportunities ahead?  
   **A:** The company remains disciplined in its acquisition strategy and is prepared to pursue attractive assets if they become available. While multiples have increased, they still target a **20% IRR** on deals. The recent year was a record for transactions, and they do not anticipate a slowdown. ** **[TDG_3406644_14]** **[TDG_3406644_15]** **[TDG_3406644_26]** **

3. **OEM Contract Negotiation**  
   **Q:** What's the status of the OEM contract renewal?  
   **A:** Negotiations are ongoing and actively progressing. The impact of the negotiation is factored into the guidance, and they aim to resolve it in the near term. **[TDG_3406644_13]**

4. **Capital Deployment and Leverage**  
   **Q:** How will you deploy capital to reach target leverage?  
   **A:** With net leverage expected to end the year at **4 times**, the company has ample capacity to pursue M&A opportunities or return capital to shareholders. They prioritize investing in their businesses, disciplined M&A, and then shareholder returns. **[TDG_3406644_18]**

5. **Aftermarket Growth Outlook**  
   **Q:** Can you discuss growth expectations in aftermarket segments?  
   **A:** The company expects high single-digit to low double-digit growth in the commercial aftermarket next year. The passenger segment grew nearly **20%** in 2024 and is expected to remain positive but decelerate slightly. Interiors underperformed but is expected to accelerate in 2025. **[TDG_3406644_9]**

6. **Commercial Aerospace Outlook**  
   **Q:** Why was Q4 aftermarket below expectations?  
   **A:** The company observed timing-related booking softness in Q4, potentially due to airlines adjusting inventory levels. This will impact Q1 phasing, but they feel confident about the full-year guidance aligning with market trends. **[TDG_3406644_16]**

7. **Defense Business Outlook**  
   **Q:** Where did defense outperformance come from, and any upside in 2025?  
   **A:** Defense growth was strong across all units, with particular strength at Avtech and Armtech. Consistent outlays and the threat landscape contributed to growth. With strong bookings in 2024, they are confident in achieving high single-digit defense growth in 2025. **[TDG_3406644_24]**

8. **CapEx Increase**  
   **Q:** Why is CapEx increasing to 3% of sales?  
   **A:** The increase is driven by investments in new acquisitions and productivity projects, including automation like cobots and robots. These investments support margin improvements and operational efficiency. **[TDG_3406644_27]**

9. **Supply Chain Resilience**  
   **Q:** How are you managing supply chain challenges post-strike?  
   **A:** The company assesses its supply landscape to avoid stressing smaller suppliers. They're prepared to meet demand if build rates for Boeing and Airbus come in higher than forecasted. **[TDG_3406644_22]**

10. **Distribution Inventory Levels**  
    **Q:** What's the trend in inventory levels in distribution channels?  
    **A:** Inventory levels are about where they should be in terms of months on hand. The company aims to maintain proper inventory to meet end-user demand as they enter the next year. **[TDG_3406644_25]**

11. **Engine vs Airframe Aftermarket Growth**  
    **Q:** How does aftermarket revenue break down between engine and airframe?  
    **A:** The company is market-weighted between engine and airframe segments. Engines outpaced airframe growth this year, particularly in businesses like Harcos and Auxitrol, and this trend may continue into next year due to high demand in engine MRO. **[TDG_3406644_21]**

12. **Freight Market Outlook**  
    **Q:** When will freight market growth translate into revenue?  
    **A:** As the freight market stabilizes and transitions back to growth, revenue impact is hard to time exactly but could take a couple of quarters before translating into positive growth. **[TDG_3406644_23]**

13. **Bookings Softness Impact on Q1**  
    **Q:** How will booking softness affect Q1?  
    **A:** Due to some timing-related softness in Q4 bookings, Q1 may see lower percentage growth, but the annual guidance remains robust, with expectations aligned with market trends. **[TDG_3406644_16]**

14. **Margin Expansion Details**  
    **Q:** Can you elaborate on margin expansion given acquisition impact?  
    **A:** The recent acquisitions closed towards the end of the year, so their full-year dilution is included in fiscal 2025 guidance, explaining the modest margin expansion despite higher margins in the past quarter. **[TDG_3406644_12]**

15. **Pricing Assumptions in Forecast**  
    **Q:** Did you assume normal price increases in the aftermarket forecast?  
    **A:** The company continues to aim for pricing slightly ahead of inflation, which is consistent with their historical approach. **[TDG_3406644_17]**

16. **M&A Discipline Amid Valuations**  
    **Q:** Are you maintaining discipline given higher valuation multiples?  
    **A:** Yes, they remain disciplined, focusing on high-IP, commercial businesses, and still model for a **20% IRR** despite paying higher multiples. **[TDG_3406644_26]**

17. **OEM Build Rate Assumptions**  
    **Q:** Did you assume flat Boeing output due to strike recovery?  
    **A:** The forecast is built from the op unit level based on specific customer dialogue. They are conservative in OEM guidance due to prior strike impacts and are prepared to meet higher demand if it materializes. **[TDG_3406644_20]**

18. **Defense Aftermarket vs OE Mix**  
    **Q:** What's the mix of defense between aftermarket and OE?  
    **A:** The defense business is roughly split half and half between OEM and aftermarket, similar to the commercial side, with consistent growth in both areas. **[TDG_3406644_24]**

7de3695fd0cdc8b235412523b60c3d0b61ef56c7f67260860dca6f3240646ae7

- **The acquisition of Calspan is dilutive to margins**, and there is uncertainty about long-term improvement. TransDigm's management acknowledged that Calspan is dilutive compared to the overall company margins and are unsure about its future margin trajectory.  **[TDG_3372464_24]**
- **Delays in interior refurbishment programs** may impact growth in the interiors aftermarket segment. Some programs expected to happen earlier have been postponed, potentially slowing anticipated growth in this area.  **[TDG_3372464_33]**
- **Increased belly cargo capacity has been a drag** on the cargo market, which experienced a slight decline in 2023. This could continue to negatively impact TransDigm's freight submarket revenues.  **[TDG_3372464_41]**

ad0fa9f92551966366617670c1a8766bb6cac21673806b0053294fc9fa2ffe6c

- **Lower commercial aftermarket growth compared to peers:** TransDigm's commercial aftermarket revenue increased by **8%** in the quarter, which is below the average **15%** growth reported by peers. This underperformance raises concerns about the company's competitiveness in this segment.  **[TDG_3386809_24]**
- **EBITDA margin deceleration despite productivity gains:** Although the company achieved significant productivity improvements with headcount **15%** below 2019 levels and sales significantly higher, **EBITDA margins are expected to decelerate by 100 basis points** in the second half. This suggests that cost savings may not be translating into improved profitability as expected.  **[TDG_3386809_26]**
- **Uncertainty and lack of visibility in defense revenue growth:** The company expressed caution about defense revenue growth in the second half due to the lumpiness and unpredictability of defense orders. This **lack of visibility** could impact future financial performance in the defense segment.  **[TDG_3386809_11]**

4dc3c56aefc79b6fb92870751995cc7999f0241a93dfa5829e2e6b0df36e2485

- **TransDigm's book-to-bill ratio is well above 1, indicating strong demand and growth across the business, especially in defense and commercial aftermarket sectors.**  **[TDG_3396599_16]**
- **Recent acquisitions, such as Calspan and CPI, are performing at or ahead of expectations, contributing positively to earnings and aligning with TransDigm's disciplined acquisition strategy.**  **[TDG_3396599_42]**
- **Supply chain issues have significantly improved over the past two years, and TransDigm's decentralized structure effectively manages any remaining challenges, supporting operational efficiency and growth.**  **[TDG_3396599_14]**

10e5a64970671c65ea069f550d412bc3faaa5578347590fb5a56a12dde7aba8d

1. **M&A Activity**  
   **Q:** Will potential changes in administration affect M&A plans?  
   **A:** Sarah Wynne stated that TransDigm has a **few billion dollars** in cash and will decide on capital deployment as they close out fiscal '24. Heading into fiscal '25, they may look at M&A opportunities, possibly by the end of the calendar year.  **[TDG_3396599_8]** 

2. **OEM Contract Negotiations**  
   **Q:** How are OEM contract renegotiations progressing?  
   **A:** Joel Reiss explained that their operating units negotiate contracts individually, with only a couple being corporate-driven, like a Boeing contract expiring at the end of this year. They always have some OEM contracts up for renewal, typically every **3 to 5 years**.  **[TDG_3396599_27]** **[TDG_3396599_30]** 

3. **Aftermarket Growth Outlook**  
   **Q:** Is aftermarket growth sustainable in fiscal '25?  
   **A:** Kevin Stein mentioned they are still evaluating fiscal '25 but expect the market to remain **growing and exciting**. They will provide more details next quarter but believe they shouldn't have any problem achieving **mid-teens** growth for the year.  **[TDG_3396599_31]** **[TDG_3396599_20]** 

4. **EBITDA Guidance**  
   **Q:** Why does EBITDA guidance imply little Q4 improvement?  
   **A:** Kevin Stein said they aim to be conservative. After recent acquisitions, they need to integrate them fully. Additionally, growth is more in defense, where they make less money. They are not predicting a difficult Q4 but are being cautious.  **[TDG_3396599_19]** 

5. **M&A Pipeline**  
   **Q:** Are you widening your M&A aperture?  
   **A:** Kevin Stein clarified that while they are slightly broadening their focus within aerospace and defense, the **vast majority** of acquisitions will remain in their traditional component business with aftermarket content.  **[TDG_3396599_21]** **[TDG_3396599_25]** 

6. **Supply Chain Issues**  
   **Q:** Any current supply chain concerns?  
   **A:** Joel Reiss noted issues are improving but still exist with **castings and electronic components**. Their decentralized structure allows **50 teams** to address supply chains closely, and overall, they continue to see improvements.  **[TDG_3396599_14]** 

7. **Airline Cost Pressures**  
   **Q:** Are airlines tightening belts on spending?  
   **A:** Kevin Stein observed that their aftermarket products, priced at a couple **thousand dollars** per part, don't attract strict scrutiny. They haven't seen significant impact from airline cost pressures but remain watchful.  **[TDG_3396599_37]** 

8. **PMA Competition**  
   **Q:** Are you seeing increased PMA competition?  
   **A:** Kevin Stein stated they monitor PMA activity closely and haven't seen anything that causes concern. Their products are **complex with low volumes**, not lending themselves to PMA.  **[TDG_3396599_22]** 

9. **Freight Market Impact**  
   **Q:** Is freight market affecting aftermarket revenues?  
   **A:** Joel Reiss explained that as freight shifts back to **belly capacity** from dedicated freighters, it impacts lower-margin products like **ULDs**. While revenue is affected, the **EBITDA impact is significantly less**.  **[TDG_3396599_10]** **[TDG_3396599_17]** 

10. **OEM Inventory Levels**  
    **Q:** Are OEM inventories building up?  
    **A:** Joel Reiss mentioned that with **50 operating units**, experiences vary. They try to negotiate with OEMs to adjust orders but must ship per delivery dates if changes aren't possible. They work hard to manage inventory fluctuations.  **[TDG_3396599_18]** 

11. **Hiring Trends**  
    **Q:** How are hiring and retention progressing?  
    **A:** Joel Reiss reported improvements, with turnover returning to **2019 levels** and hiring significantly better across most units. Highly skilled engineers remain harder to find, but overall, it's better than a couple of years ago.  **[TDG_3396599_28]** 

12. **Business Jet Market**  
    **Q:** What is your outlook on the biz jet market?  
    **A:** Joel Reiss noted FAA data shows takeoffs and landings have moderated from **120%** to about **103–104%** of 2019 levels. They expect this slowing to translate into lower shipments, making it a watch item.  **[TDG_3396599_36]** 

13. **Debt Restructuring Opportunities**  
    **Q:** Any plans to reduce interest costs if rates drop?  
    **A:** Sarah Wynne said they're **75% hedged** and have done significant financing this year. With the next maturity in **2027** and potential breakage fees, they would consider refinancing if rates drop substantially and the math makes sense.  **[TDG_3396599_11]** 

14. **Interiors Business**  
    **Q:** When will interior retrofits accelerate?  
    **A:** Joel Reiss stated they initially thought it would improve this year but now are unsure. Challenges include not enough aircraft being pulled from service and OEMs not delivering enough new aircraft to allow for retrofits.  **[TDG_3396599_13]** 

15. **Bookings vs. Shipments**  
    **Q:** Are bookings ahead of shipments?  
    **A:** Joel Reiss confirmed that bookings were ahead of shipments this quarter and year-to-date, including in the freight market, indicating strong demand.  **[TDG_3396599_16]** **[TDG_3396599_32]** 

5084f50bc4cc929611e76bd96eccb7d77146392df87e127e923e1cfefe78b2d8

- **Persistent Supply Chain Issues Could Impact Production and Costs:** The company acknowledges ongoing supply chain challenges, particularly with **castings and electronic components**, which are **not yet back to pre-2019 levels**. These issues could affect production efficiency and increase costs.  **[TDG_3396599_4]**
- **Commercial OEM Segment Faces Challenges with Lower Production Rates:** TransDigm notes that commercial OEM aircraft production rates remain **well below pre-pandemic levels**, and there are concerns about the pace of ramp-up, especially with the **737 MAX**. This could adversely affect the company's revenues from the OEM segment.  **[TDG_3396599_16]** ,  **[TDG_3396599_4]**
- **Inflation Pressures May Squeeze Margins if Not Mitigated:** The company indicates that they have seen **significant inflation** impacting costs and are working on **renegotiating contracts** to account for this. Failure to adequately pass on these costs could compress margins in the OEM business.  **[TDG_3396599_42]**

8a1e25b283d2d314bd70953fe62c74e1bd31f87bae41467f0f7e78a194a45c1a

- **TransDigm has significantly improved productivity, reducing headcount by thousands while maintaining or increasing volumes, positively impacting EBITDA.**  **[TDG_3386809_22]**
- **The company is experiencing strong bookings across all segments, including commercial OEM and aftermarket, and remains optimistic about future growth.**  **[TDG_3386809_33]** **[TDG_3386809_26]** **[TDG_3386809_25]**
- **TransDigm has a strong cash position and is evaluating capital allocation options, including potential M&A opportunities or returning capital to shareholders.**  **[TDG_3386809_29]**

7963ab7c26647e0639a503e3153c81a40bc06ca1d97d01b4ad4fface7741be85

TransDigm Group Inc (TDG)

Financials