Aerojet Rocketdyne Holdings Inc
Aerojet Rocketdyne — Merger or Acquisition (December 2022)
19 slides from Aerojet Rocketdyne's merger presentation, Dec 19, 2022
Slide 1: L3Harris to Acquire Aerojet Rocketdyne: Maximizing Value for All AJRD Shareholders
L3Harris to Acquire Aerojet Rocketdyne: Maximizing Value for All AJRD Shareholders TRANSACTION OVERVIEW Premium $58 37% 14% Per Share to Unaffected to Proposed Lockheed Sale Price 2 3 Price Martin Sale Price 57% $4.7bn to Price Following Lockheed Transaction Martin Sale Termination4 Value1 Transacti
Slide 2: Important Additional Information and Where to Find It
Important Additional Information and Where to Find It In connection with the proposed transaction with L3Harris Technologies, Inc. (“L3Harris”), Aerojet Rocketdyne Holdings, Inc. (the “Company”) will file relevant materials with the Securities and Exchange Commission (the “SEC”). The Company’s stock
Slide 3: L3Harris to acquire Aerojet Rocketdyne
L3Harris to acquire Aerojet Rocketdyne December 18, 2022
Slide 4: Forward-looking statements
Forward-looking statements This presentation contains forward-looking statements that reflect management’s current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securit
Slide 5: Key takeaways…the right asset for L3Harris
Key takeaways…the right asset for L3Harris 1 Advances L3Harris’ Trusted Disruptor strategy and broadens reach in weapon systems and space 2 Aerojet Rocketdyne is a national asset closely aligned with U.S. security and budget priorities…highly skilled and engaged employee base also an asset 3 Access
Slide 6: Transaction overview
Transaction overview • Purchase price of $58 per share implies transaction value of $4.7B, inclusive of net debt Transaction Structure • 2024E adjusted EBITDA1 multiple of ~12x, including run rate cost synergies • Business will operate as part of a new standalone segment post-transaction • Advances
Slide 7: National asset with unique capabilities
National asset with unique capabilities By The Numbers $2.5B ~12% / ~14% Revenue1 EBIT / EBITDA margin1 $6.7B 14 Total Backlog2 Strategically Placed Facilities2 5,000+ 1,500+ Employees2 Engineers2 Revenue by Business3 Revenue by End User3 Full spectrum of propulsion for strategic, missile defense an
Slide 8: Market tailwinds to drive sustained demand
Market tailwinds to drive sustained demand $40B+ DoD’s FY23 NDAA for missile and missile defense systems $30B+ Approved U.S. funding for defense-related assistance to Ukraine in 2022 $10B+ Total approved FMS orders for Aerojet Rocketdyne systems in 2022 $25B+ NASA FY23 budget request, up 8%, support
Slide 9: Financially attractive…diversifies and enhances portfolio resilience
Financially attractive…diversifies and enhances portfolio resilience Revenue Backlog Adjusted EBITDA Adjusted EBITDA Margin Long / Short Cycle2 ~$18B ~$2B ~$20B ~$21B ~$7B ~$30B ~$3.8B ~$0.3B ~$4B ~21% ~14% 20%+ Increased Scale Improved Visibility Larger Earnings Base Maintain best in class margin E
Slide 10: Supporting information
Supporting information
Slide 11: Regulation G disclosures
Regulation G disclosures To supplement our condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we provide additional measures, including Adjusted EBITDA and Adjusted EBITDA Margin. L3Harris management believes that these non-
Slide 12: Reconciliation of non-GAAP financial measures
Reconciliation of non-GAAP financial measures Net Income $ 1,842 Adjustments: Income taxes 440 Net interest expense 265 Depreciation and amortization 967 L3Harris merger integration costs 128 Business divestiture-related (gains) losses (220) Impairment of goodwill and other assets and COVID-related
Slide 13: A Twitter post by the Company's Chief Executive Officer
A Twitter post by the Company’s Chief Executive Officer, dated December 18, 2022:
Slide 14: A LinkedIn post by the Company
A LinkedIn post by the Company, dated December 18, 2022:
Slide 15: A Facebook post by the Company
A Facebook post by the Company, dated December 18, 2022:
Slide 16: A Twitter post by L3Harris
A Twitter post by L3Harris, dated December 18, 2022:
Slide 17: A LinkedIn post by L3Harris' Chief Executive Officer
A LinkedIn post by L3Harris’ Chief Executive Officer, dated December 18, 2022:
Slide 18: A LinkedIn post by L3Harris
A LinkedIn post by L3Harris, dated December 18, 2022:
Slide 19: A Financial Times article covering the transaction
A Financial Times article covering the transaction, dated December 18, 2022: Financial Times US defence contractor L3Harris to buy Aerojet Rocketdyne for $4.7bn By Steff Chávez and Sylvia Pfeifer 18 December 2022 Deal comes after regulators blocked Lockheed Martin’s takeover of rocket maker associat
Aerojet Rocketdyne Holdings — Merger or Acquisition (December 2022) on 6ix