L3harris Technologies, Inc. (LHX) CEO Christopher Kubasik on Q2 2022 Results - Earnings Call Transcript

L3harris Technologies, Inc. (NYSE:LHX) Q2 2022 Earnings Conference Call July 29, 2022 8:30 AM ET

Company Participants

Rajeev Lalwani - VP, IR

Christopher Kubasik - Chairman & CEO

Michelle Turner - SVP & CFO

Conference Call Participants

David Strauss - Barclays Bank

Sheila Kahyaoglu - Jefferies

Richard Safran - Seaport Research Partners

George Shapiro - Shapiro Research

Peter Skibitski - Alembic Global Advisors

Noah Poponak - Goldman Sachs Group

Kristine Liwag - Morgan Stanley

Michael Ciarmoli - Truist Securities

Robert Spingarn - Melius Research

Douglas Harned - Sanford C. Bernstein & Co.

Peter Arment - Robert W. Baird & Co.

Robert Stallard - Vertical Research Partners

Operator

Greetings. Welcome to the L3Harris Technologies Second Quarter Calendar Year 2022 Earnings Call. [Operator Instructions]. As a reminder, this conference call is being recorded.

It is now my pleasure to introduce your host, Rajeev Lalwani, Vice President of Investor Relations. You may begin.

Rajeev Lalwani

Thank you, Rob. Good morning, and welcome to our second quarter 2022 earnings call. We published our investor letter after the market closed yesterday, a streamlined format that we're pleased to continue, given the positive feedback. So today's call will be focused primarily on answering your questions.

Joining me for the call are Chris Kubasik, our CEO; and Michelle Turner, our CFO. A few words on forward-looking statements and non-GAAP measures.

Forward-looking statements involve risks, assumptions and uncertainties that could cause actual results to differ materially. For more information, please see our investor letter and SEC filings.

A reconciliation of non-GAAP financial measures to comparable GAAP measures is included in the Investor Relations section of our website, which is l3harris.com, where a replay of this call will also be available.

With that, Chris, I'll turn it over to you for some brief comments.

Christopher Kubasik

Okay. Thank you, Rajeev, and good morning, everyone. I'm encouraged by our progress as we continue to execute our trusted disruptor strategy. We're investing in targeted capabilities in and outside of the company, and we've had over $1 billion of notable prime awards this month alone. And we're pursuing international expansion as our customers need mission-critical solutions in a rapidly changing threat environment.

We're also encouraged by how budgets are shaping up globally. The threats are evident, and there's growing urgency to support defense spending in the U.S., NATO and elsewhere. This is a stark contrast to a couple of years ago, where budgets were expected to be flat at best.