L3Harris Technologies, Inc. Jefferies Global Industrials Conference 2026

Sure. Look, I love Chris, and I have known him for a long time as well, Sheila. I think we both worked at the same firm eons ago, and I enjoyed my time with him. It was great joining L3Harris, and so look forward to building on what he did, candidly. I think we have a great portfolio. Sam would recognize that. I think we have gone through a lot of M&A, putting L3 together with Harris, then putting on two other acquisitions, including Aerojet Rocketdyne, and about 10 or 12 divestitures in the process. It is probably 13, I should count the latest one. I think all that has been dizzying for investors a little bit, and we have also reorganized the business.

I think where we are at right now today is let us build on the great stuff Chris has done and the great portfolio we have, because I think we do have a spectacular portfolio, very well-positioned. Sam would say, "Hey, look, I like the business. I like what we did when we reorganized it." We kind of lined ourselves up with multi-domain sensing, spectrum dominance, and then the missiles business. I think it is good. By the way, last earnings call, we talked a lot about the missiles portfolio because I think people viewed that as maybe we paid too much for a transaction. I think if people could pay was $4.7 billion for the business today, they would think that was a steal today. I think there is a lot of goodness in the business, and I think Sam is going to drive it and build off of it.

He would say, "Hey, look, when we're focused on driving the business, we get great results. Shareholders like it. When we get distracted and start chasing some things around, people don't like it as much." Our job is to get kind of normal and boring and drive the business.

Sure. I don't know if it's a lot different than Chris, and maybe if Ken Bedingfield was here, he'd probably have similar comments. It is a highly valuable asset, whether it's inside L3Harris or outside L3Harris. I think there's benefits of being inside L3Harris, and just given the fact that you have the ability to make the investments, you don't duplicate a lot of pieces, and you can focus on driving the business, meaning build the missile capacitization, while L3Harris is picking up some of the more administrative pieces. I think that makes sense. It's why when we talked about the IPO, we said we'd revisit it in mid-2027. We also have, I think everybody realizes this, some contractual requirements around the timing with that.

We're not required to do an IPO, but certainly take business efforts to do one, part of our Department of War investment. Not required to do an IPO, but certainly something we need to work through the process, which is what we're doing. By the way, this is something we put criteria together with Chris and Ken and Sam, and briefed it to the board. The board thought it was really thoughtful. We said we weren't going to go chase multiples. Everybody asked why we positioned this for mid-next year. I just think it makes sense. At the end of the day, we'll have six good quarters of performance. We'll get through some of this government, CRs and Blue Wave and 833 language, which was highly unhelpful.

Because I think our stock was down 7% that day, and we don't seem like we need any more bad news, so we get enough news, and we need to go fight through those things. So get through the government piece, get stuff under contract. We're talking about $20 billion of new contracts, and it's kind of mind-numbing. So how do we get them under? We had the first UCA yesterday. It went out $4.7 billion. And by the way, every time we have a press release, there's always more questions.

Yeah. I'll get better at press releases, I think, because I thought it was clear, but we're never clear, I guess. By the way, it wasn't aimed at your questions. I got more this morning. So I just think we have a great business and a great position. So let's go run it and drive value for the LHX shareholders.

Wow, you're giving me lots of options.