Lockheed Martin Corporation (NYSE:LMT) Morgan Stanley 11th Annual Laguna Conference September 14, 2023 2:40 PM ET
Company Participants
Jim Taiclet - CEO
Jay Malave - CFO
Conference Call Participants
Kristine Liwag - Morgan Stanley
Kristine Liwag
Hi, everyone. Welcome to our last session of our Morgan Stanley 11th Annual Laguna Industrials Conference. I'm Kristine Liwag, your Head of Aerospace and Defense Research here at Morgan Stanley, and I'm very excited to have Lockheed Martin here with us. And before we kick off with the introduction of standard disclosures. For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. And if you have any questions, please reach out to your Morgan Stanley sales representative.
With that, I'm very excited to welcome Jim Taiclet, CEO of Lockheed Martin; and Jay Malave, CFO of Lockheed Martin. Welcome, guys.
Jim Taiclet
Thank you, Kristine.
Jay Malave
Thank you. Great to be here. Got to make it just a quick housekeeping statement myself. Okay. Sure. Statements made today that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities law. Actual results may differ materially from those projected in the forward-looking statements. Please see Lockheed Martin's SEC filings, including its 2022 Form 10-K and subsequent 10-Qs and 8-Ks for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements. Okay.
Question-and-Answer Session
Q - Kristine Liwag
Great. So we'll dive right into Q&A, and then we'll have a little time at the end. So if you have any questions, save it, and we'll get to you. So maybe starting off, Jim and Jay on the budget environment. We saw the debt ceiling negotiations be resolved this summer. But we do have fiscal year '24 budget cap at 3%, the '25 budget capped at
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