4 th Quarter FY 2014 Conference Call

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1 Insert pictures into these angled boxes. Height should be 3.44 inches. 4 th Quarter FY 2014 Conference Call October 31, 2014

2 Safe Harbor Statement This presentation contains statements, including certain projections and business trends, that are forward-looking statements as defined in the Private Securities Litigation Reform Act of Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the financial condition of our customers, including bankruptcies; the health of the global economy, including potential deterioration in economic and financial market conditions; adjustments to the commercial OEM production rates and the aftermarket; the impacts of natural disasters and pandemics, including operational disruption, potential supply shortages and other economic impacts; cybersecurity threats, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; delays related to the award of domestic and international contracts; delays in customer programs; unanticipated impacts of sequestration and other provisions of the Budget Control Act of 2011 as modified by the Bipartisan Budget Act of 2013; the continued support for military transformation and modernization programs; potential adverse impact of oil prices on the commercial aerospace industry; the impact of terrorist events on the commercial aerospace industry; declining defense budgets resulting from budget deficits in the U.S. and abroad; changes in domestic and foreign government spending, budgetary, procurement and trade policies adverse to our businesses; market acceptance of our new and existing technologies, products and services; reliability of and customer satisfaction with our products and services; potential unavailability of our mission-critical data and voice communication networks; favorable outcomes on or potential cancellation or restructuring of contracts, orders or program priorities by our customers; recruitment and retention of qualified personnel; regulatory restrictions on air travel due to environmental concerns; effective negotiation of collective bargaining agreements by us and our customers; performance of our customers and subcontractors; risks inherent in development and fixed-price contracts, particularly the risk of cost overruns; risk of significant reduction to air travel or aircraft capacity beyond our forecasts; our ability to execute to internal performance plans such as productivity and quality improvements and cost reduction initiatives; achievement of ARINC integration and synergy plans as well as our other acquisition and related integration plans; continuing to maintain our planned effective tax rates; our ability to develop contract compliant systems and products on schedule and within anticipated cost estimates; risk of fines and penalties related to noncompliance with laws and regulations including export control and environmental regulations; risk of asset impairments; our ability to win new business and convert those orders to sales within the fiscal year in accordance with our annual operating plan; and the uncertainties of the outcome of lawsuits, claims and legal proceedings, as well as other risks and uncertainties, including but not limited to those detailed herein and from time to time in our Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof and the company assumes no obligation to update any forward-looking statement. 2

3 4th Quarter FY 2014 Results (in millions except EPS amounts) $1,219 Sales $1,402 Income from Continuing Operations, net of taxes $175 $173 (2) 15% increase 1% decrease EPS from Continuing Operations $1.28 $1.27 (2) Diluted Average Shares Outstanding % decrease Prior year amounts have been revised to exclude discontinued operations. (2) See slide 15 for non-gaap disclosures. 3

4 $571 CS Sales 12% increase $639 Commercial Systems ($ in millions) Sales $70 million OEM growth: 23% Higher delivery rates for Boeing 787 and 737 Increased customer funded development Higher sales for Chinese regional aircraft OEM programs Initial deliveries of equipment to support the Airbus A350 entry into service CS Operating Earnings $120 $141 $1 million Aftermarket increase Increased service and support Offset by the completion of a large head-up display retrofit and a large sale of simulation and training equipment, which both occurred in the fourth quarter of fiscal 2013 Operating Margins 21.0% 18% increase 22.1% Operating Earnings $21 million increase in operating earnings Higher sales volume Shift from company-funded R&D to customerfunded R&D Certain prior year amounts have been reclassified to the Information Management Services segment. See the supplemental schedule included in the press release filed on Form 8-K dated January 21, 2014 for a reconciliation of amounts reclassified. 4

5 $636 GS Sales 5% decrease $605 Government Systems ($ in millions) Sales Sales decline $31 million: (5)% Lower sales for the KC-46, KC-10 and E-2 programs Lower deliveries of international targeting systems Partially offset by increased Joint Helmet Mounted Cueing System sales and higher deliveries of JTRS Manpack radios GS Operating Earnings $151 $137 9% decrease Sales by product category: Avionics decrease (7)% Communication Products increase 11% Surface Solutions decrease (17)% Navigation Products decrease (7)% Operating Earnings Decrease in operating earnings and operating margin primarily due to: Lower sales Higher bid and proposal expense Operating Margins 23.7% 22.6% Prior year amounts have been revised to exclude the military satellite communications systems business (formerly known as Datapath), which is now reported as a discontinued operation. 5

6 IMS Sales Information Management Services ($ in millions) $158 Sales $144 million in sales from ARINC $14 million in sales from legacy flight services business $12 IMS Operating Earnings $21 Operating Earnings Increase in operating earnings primarily due to the acquisition of ARINC $2 Operating Margins 16.7% See slide 13 for non-gaap disclosures. 13.3% 6

7 $4,474 Sales $4,979 FY 2014 Results ($ in millions except EPS amounts) Income from Continuing Operations, net of taxes 11% increase $630 $618 (2) 2% decrease FY13 FY14 FY13 FY14 EPS from Continuing Operations $4.56 $4.52 (2) Operating Cash Flow from Continuing Operations $593 $660 1% decrease 11% increase FY13 FY14 Prior year amounts have been revised to exclude discontinued operations. (2) See slide 15 for non-gaap disclosures. FY13 FY14 7

8 Research and Development ($ in millions) R & D Investment $917 $934 Company-funded R&D efforts declined on various next generation business jet development programs % of Sales FY13 FY14 Company Funded R&D Customer Funded R&D Increase in Pre-production Engineering, Net 20.5% 18.8% Customer funded R&D increased due to the following: Higher international development programs in Commercial Systems Higher amortization of pre-production engineering costs Incremental R&D from ARINC acquisition Offset by development programs winding down in Government Systems Increased investment in pre-production engineering programs driven by: Boeing 737MAX Bombardier CSeries and Global 7000/8000 8

9 Capital Structure Status ($ in millions) 9/30/13 9/30/14 Cash and cash equivalents $ 391 $ 323 Short-term Debt (436) (504) Long-term Debt (563) (1,663) Net Debt $ (608) $ (1,844) Equity $ 1,623 $ 1,889 Debt To Total Capital 38% 53% Debt To EBITDA 0.9x 1.9x See slide 12 for non-gaap disclosures. 9

10 Status of Share Repurchases (shares in millions) Common Shares Outstanding million shares repurchased in fiscal year 2014 fourth quarter Cost of Purchases - $100 Million Average Cost per Share - $75.53 $705 million authorization remaining at the end of the fourth quarter 10

11 FY 2015 Guidance for Continuing Operations Total Sales $5.2 Bil. to $5.3 Bil. Total Segment Operating Margins 20.5% to 21.5% Earnings Per Share $4.90 to $5.10 Cash Flow from Operations $675 Mil. to $775 Mil. Research & Development Investment About $950 Mil. Capital Expenditures About $200 Mil. 11

12 Non-GAAP Financial Information The Non-GAAP ratio of debt to EBITDA information included on slide nine is believed to be useful to investors understanding and assessment of the Company s total capital structure and liquidity. The Company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures. The table below explains the debt to EBITDA calculation in more detail for the twelve-month period from October 1, 2012 through September 30, 2013 and the twelve-month period from October 1, 2013 through September 30, 2014 (unaudited, in millions). All businesses reported as discontinued operations have been excluded from the debt to EBITDA calculation. 12 months ended 9/30/13 9/30/14 Income from continuing operations before income taxes $ 865 $ 882 Interest expense Depreciation Amortization of intangible assets and pre-production engineering costs Earnings before interest, taxes, depreciation and amortization (EBITDA) $ 1,070 $ 1,166 9/30/13 9/30/14 Total debt $ 999 $ 2,167 Debt to EBITDA 0.9x 1.9x 12

13 Fourth Quarter 2014 ARINC Results ($ in millions) The Non-GAAP financial information included in the table below for earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA are believed to be useful to an investor's understanding and assessment of the ARINC acquisition. The Company does not intend for the Non-GAAP information to be considered in isolation or as a substitute for the related GAAP measures. The table below explains the impact that certain non-cash depreciation and amortization charges, and certain transaction and integration expenses, had on the financial results for ARINC during the three months ended September 30, The ASES business is treated as discontinued operations and is therefore excluded from the table (unaudited, in millions). Three months ended September 30, 2014 Corporate ARINC Costs (a) Total Sales $ 144 $ - $ 144 Income before income taxes $ 18 $ (10) $ 8 Depreciation and amortization expense Interest expense EBITDA Transaction and integration costs 1-1 EBITDA, adjusted $ 31 $ $ 30 Total EBITDA, adjusted as a percentage of sales 20.8% (a) The Company s definition of segment operating earnings excludes certain items, including interest and other general corporate expenses not allocated to business segments. Corporate costs for the three months ended September 30, 2014 include $9 million of interest expense primarily from the incremental interest on the debt issued in December 2013 to finance the acquisition. The remaining corporate costs of $1 million represent selling, general and administrative expenses related to ARINC that were incurred at the corporate level. 13

14 2014 ARINC Results ($ in millions) The Non-GAAP financial information included in the table below for earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA are believed to be useful to an investor's understanding and assessment of the ARINC acquisition. The Company does not intend for the Non-GAAP information to be considered in isolation or as a substitute for the related GAAP measures. The table below explains the impact that certain non-cash depreciation and amortization charges, and certain transaction and integration expenses, had on the financial results for ARINC during the twelve months ended September 30, The ASES business is treated as discontinued operations and is therefore excluded from the table (unaudited, in millions). Twelve months ended September 30, 2014 (b) Corporate ARINC Costs (a) Total Sales $ 421 $ - $ 421 Income before income taxes $ 56 $ (45) $ 11 Depreciation and amortization expense Interest expense EBITDA 89 (16) 73 Transaction and integration costs EBITDA, adjusted $ 90 $ (2) $ 88 Total EBITDA, adjusted as a percentage of sales 20.9% (a) The Company s definition of segment operating earnings excludes certain items, including interest and other general corporate expenses not allocated to business segments. Corporate costs for the twelve months ended September 30, 2014 include $14 million of deal related transaction and integration costs (primarily consisting of legal, accounting and advisory fees) and $29 million of interest expense primarily from the incremental interest on the debt issued in December 2013 to finance the acquisition. The remaining corporate costs of $2 million represent selling, general and administrative expenses related to ARINC that were incurred at the corporate level. (b) The Company acquired ARINC on December 23, Results for ARINC reflected in the table above are for periods subsequent to the completion of the acquisition 14

15 Non-GAAP Information ($ in millions, except per share amounts) The Non-GAAP information included in the table below is believed to be useful to an investor's understanding and assessment of the Company s on-going operations and to reflect certain non-operating items impacting comparability between periods. The company does not intend for the Non-GAAP information to be considered in isolation or as a substitute for the related GAAP measures. The Non-GAAP information is intended to clarify the impact certain items had on our year-over-year comparative results. ARINC's results of operations are included in the Company's operating results for the period subsequent to the completion of the acquisition on December 23, The table below reconciles the non-gaap financial measures used to reported GAAP financial measures (in millions, except per share amounts): Three Months Ended September 30, 2014 September 30, 2013 Net Income EPS Net Income EPS Net income and EPS from continuing operations, as reported $ 173 $ 1.27 $ 175 $ 1.28 Less: Benefit in income taxes from Federal R&D Tax Credit (2) (0.01) (7) (0.05) Less: Forfeitures of senior executive stock based compensation (1 ) (4) (0.03) Add: Service center consolidation and pension settlement charges Net income and EPS from continuing operations, as adjusted $ 177 $ 1.30 $ 164 $ 1.20 Year Ended September 30, 2014 September 30, 2013 Net Income EPS Net Income EPS Net income and EPS from continuing operations, as reported $ 618 $ 4.52 $ 630 $ 4.56 Less: Benefit in income taxes from Federal R&D Tax Credit (10) (0.07) (44) (0.32) Less: Gain on KOSI divestiture (9) (0.07) Less: Forfeitures of senior executive stock based compensation (1 ) (4) (0.03) Add: ARINC transaction costs Add: Service center consolidation and pension settlement charges Net income and EPS from continuing operations, as adjusted $ 617 $ 4.51 $ 583 $ 4.22 (1 ) In the fourth quarter of fiscal year 2013, stock-based compensation included a benefit related to the retirement of a senior executive and a favorable adjustment related to the Company's performance against targets on its long-term incentive plan. 15

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