Okay, we'll move right along. I'd like now to introduce Ms. Eileen Drake, CEO of Aerojet Rocketdyne. Aerojet Rocketdyne develops and manufactures propulsion and power systems for space launch vehicles and missiles for the Department of Defense and NASA. The company owns a large real estate asset in Northern California as well. Eileen joined Aerojet in 2015 as the Chief Operating Officer. She was previously with United Technologies. During her military career, Ms. Drake served on active duty for seven years as a US Army aviator. Aerojet has 80 million shares, trades around $43 for a $3.5 billion market cap and $100 million of net cash for a $3.5 billion full enterprise value. I'd like to welcome Eileen up here, and she'll give a short presentation. Thank you, Eileen. Morning, everybody. Hi, Mario. Thanks for inviting me back. It's nice to be here in person where we can all see each other versus behind the Zoom screen. The lawyers make me put this first slide up. It just kinda is our safe harbor statement. I think everybody knows that, kinda things that I say today could be impacted materially by other things that happen in the company, going forward. If you have any questions, you can also read our statement on the web. This is Aerojet Rocketdyne at a glance. I think everybody knows that we're a high technology company, primarily offering propulsion in both space and defense, as Tony mentioned. The company had sales of $2.2 billion over the last 12 months, and you can see our backlog. I'm pretty proud of that $6.9 billion as of June. That's driven primarily by some key contract wins that I'll talk a little bit more about. Very diverse portfolio with programs that you can see pictured here right now. Our space programs, which I'll go into a little bit more in detail, range from the smaller in-space thrusters, you know, the smallest ones are 0.2 pound of thrust. I kinda like to go all the way to our largest RS-25 engines that have 500,000 pounds of thrust, which are pretty cool, that are powering NASA's Space Launch System and Artemis. If you've seen the news for at least five minutes during the last two weeks, you'll notice that we had two attempts to launch an orbit around the moon. One, we had a cooling down issue, which was a launch space side issue with the interface to cool down the engines, primarily on engine number 3. Then most recently, our last try this past Saturday was a hydrogen leak on the vehicle side. We're all excited for the go for the launch, and I believe NASA has said next attempt is hopefully at the end of this month. Excited about that. The mission of Artemis, if you read much about it, Artemis was the twin of Apollo, and everybody remembers the last Apollo mission. The cool thing about the Artemis mission is it's gonna put astronauts back on the moon, but it's gonna be the first woman and the first person of color to step on the moon, which we're all pretty excited about. Our defense portfolio, which I'll talk a little bit more about. Missile defense, strategic, tactical systems. Everything we build protects our war fighter, our nation, and our allies. We're also investing very much in advanced programs. I'll talk a little bit more about that, specifically the Ground-Based Strategic Deterrent and the Next Generation Interceptor. We can't forget about our real estate piece of the business. Mario always asks me when I'm here, "How much is our real estate worth?" I'm sure he's gonna ask me that today. It's managed by our Easton Development Company, which is about 10 people in Sacramento, primarily focused on monetizing our excess real estate in Sacramento, which is about 5,600 acres. If we now turn to defense just a little bit more in-depth, you can see that we're strongly aligned with the Department of Defense, as well as the administration's priorities. It's really built on our legacy programs that we kinda call our franchise programs. Up at the top, the Standard Missile, THAAD, which is a Terminal High Altitude Area Defense, and the Patriot, which all provide roughly 30% of our overall sales. These legacy core programs are really what have had improved performance over the last couple years and contributed to our nice margin expansion that we've had over the last couple of years. These programs, along with the Guided Multiple Launch Rocket System or GMLRS, the TOW, and the Tomahawk, all provide our nation with the support that they need, as well as our allies in making sure that we keep all of our war fighters safe around the globe. That, again, if you've been watching the news any time in the last six months, a lot of what we produce at Aerojet Rocketdyne, and we're super proud that we produce the Stinger and the Javelin that right now the Ukraine is using to defend against Russia. As you can imagine, both of those products are in high demand as we really replenish the U.S. supply that is being shipped over to the Ukraine. Hypersonic is a very, very important part of our business, and it's really the administration's top priority as you look and see what's going on with China and Russia. We have a broad range of capabilities. We're both on the offensive and the defensive side of the hypersonic weapons systems. We provide really the entire value stream when it comes to propulsion. We do the scramjets. We do the warheads. We do the large solid rocket motors or the advanced solid rocket motors, as well as missile defense technologies. This past April, we were pretty proud that we set an endurance record for our scramjet on the HAWC program, which is the Hypersonic Air-breathing Weapon Concept for DARPA with the Air Force Research Laboratory, in conjunction with Lockheed Martin. Also had some exciting news in May, where Lockheed Martin selected us to build an advanced solid rocket motor for DARPA's OpFires program, Operational Fires program. I'm really excited about that. Also, to help with our hypersonics work, we've advanced our West Palm Beach facility in Florida, and we've also added to our 3DMT advanced manufacturing or additive manufacturing facility. That was an acquisition that we did back in 2019. It's totally focused on additive, and it really helps us meet the capabilities, the cost reduction, and the timing when it comes to hypersonics. On the bottom, Sentinel, and that was Ground-Based Strategic Deterrent. It's recently been renamed Sentinel. This is the Air Force's next generation deterrent system, which replaced the Minuteman. We're proud that we're on Northrop Grumman's national team. We have about half of that propulsion. Right now, we're in the EMD phase, which is the engineering, manufacturing, and development phase, and we have a critical design review at the end of this year. The Next Generation Interceptor, or NGI, and you'll notice we have a ton of acronyms. This is the Missile Defense Agency's $5 billion five-year program to replace the missile on the Ground-Based Midcourse Defense architecture, which is GMD. Aerojet Rocketdyne has been on the GMD program really since inception. Aside from this, we're also expanding our capability and our capacity in our existing factories, specifically in Camden, Arkansas, which is really our home of the solid, large solid rocket motor business. That's where we'll be doing the GBSD and the NGI big motors. We're also advancing in Huntsville, Alabama. A couple years ago, I mentioned we moved most of our defense work there. We built an advanced manufacturing facility focused on composites. Now we're actually looking at expanding that capacity to another building. A lot of work in Huntsville. We just completed our altitude test facility in Orange, Virginia, where we can test hypersonic motors. That was a huge accomplishment for the defense group over the last couple years. Turning to our space business, which is equally as exciting as the defense business. You can see our portfolio here. I mentioned the RS-25 engine, which is the largest contract right now that we have on the space business. Again, this is the main engine or the booster engine for the Space Launch System for NASA, the Artemis. This program alone represents between 15% and 20% of our business. We recently expanded our Los Angeles Canoga Park facility to meet the surge for our latest 18-engine contract award. The RL10 engine, that's the upper stage engine that we make in West Palm Beach, Florida. Right now this provides the upper stage propulsion on the Atlas and the Delta IV launch vehicle with ULA or United Launch Alliance. It's also the upper stage engine on ULA's Vulcan, their new launch vehicle. You might have seen where ULA was just awarded 60% of the launches under the National Security Space Launch Agreement. In turn, ULA awarded Aerojet Rocketdyne with the RL10 business, which we were super proud of. The RL10, we just had the largest contract really in the history of the RL10 business, when ULA awarded us the contract for the Kuiper business with Amazon, and that was just in this past April. On the SLS, we'll have between 1 and 4 RL10 engines per launch, depending on the mission configuration. If you look at the in-space propulsion, again, that's our smaller thruster work out of Redmond, Washington. Pretty proud that we've supported every single NASA rover landing on Mars, including you probably saw how Perseverance landed last year. Very proud to be a part of that program. We're really the world leader in electric propulsion systems, and our chemical propulsion systems are basically on every single domestic spacecraft that you see. We're maturing and advancing our medium-power solar electric propulsion offerings, and we're also extending our solar electric propulsion for smaller satellites and developing electric thrusters. You might have heard of NASA's Gateway program, which is really gonna enable our astronauts to go to and from the moon as they study it, as they land there too over the next couple of years. Commercial space, we provide a lot of different propulsion systems for Boeing's Starliner program, and you probably recently saw that they did an orbital flight test. It was uncrewed in May, and their goal is to do a crewed test flight at the end of this year. Turning to the financials, you can see in the six months our sales of $1.04 billion was pretty comparable to the prior year. Sales for the first half were impacted, as you probably heard on our earnings call, by the supply chain, predominantly on the RS-25 program in the space part of the business and the reversal of some revenue on a portion of the Standard Missile program. That contract moved into a loss position, and it was one portion of the Standard Missile. As we looked at that recognition of the contract loss really impacted the year-to-date adjusted EBITDAP dollars and margin rate, which you can see on the chart on the right. The supply chain issues on a portion of the Standard Missile program really combine with the U.S. outlook and the government and the primes outlook for the business of that product line. The annual rates really led us to the conclusion that we needed to increase the annual capacity and that was in the best course of action. Not only will it let us surge because there's a high demand for those products, it also lets us meet the current contracts on time or perhaps, you know, as I challenged the team even a little bit earlier. The RS-25, as I mentioned, with the supply chain issues. These are engines that we use in the main engine for the space shuttle. As you can imagine, that supply chain has been dormant for years. It's not necessarily getting the material into the supply chain and to us, it's completing what we call first article inspections or FAIs on those components before they can ship them to Aerojet Rocketdyne. As you can imagine, with human spaceflight, we have very critical to quality characteristics and requirements on these parts, so you have to get the first article inspections right. I will say we are not pacing the program. We already have engines for the next launches, but this is to make sure that we keep the pipeline where it needs to be. If you take out the EAC adjustment from sales and EBITDAP for all the periods, the underlying EBITDAP margin increased from 12%- 13.5% for the six-month period, which I think really reflects the profit expansion on our base programs. Overall, the remainder of the portfolio in both space and defense is very strong. We continue to expect low- to mid-single-digit top line growth and a margin rate if you take out the EACs between 13% and 13.5% by year-end. Moving to cash flow for the six months year to date, we've had an outflow, you can see, of $120 million compared to an inflow of the same period last year of $8 million. In the current year, negative free cash flow is largely impacted by working capital on the large multi-year fixed contracts in the defense business unit that I mentioned. The large multi-year contract wins for THAAD, Standard Missile and PAC-3 drove very strong cash flow in prior periods as milestone-based payments generated cash advances that are subsequently being deployed. In addition to some of the programmatic drivers that I mentioned, year-to-date, free cash flow reflects higher cash taxes than the prior year, which is really driven by the treatment for research and development, which is an issue that everybody in the industry right now is facing. Also invested in some of our manufacturing processes and capabilities, as I mentioned, particularly in Camden, Arkansas, Huntsville, Alabama, and Orange on the defense side, and then in LA on the space side, and West Palm Beach for the RL10 Kuiper award. Our standard target, as I always mention, for cash flow, is to meet or exceed 100% of net income for the year. However, you know, as I mentioned, these multi-year contracts that we've had over the last couple of years resulted in an average ratio of more than 160%, which is a great thing, but it makes 2022 and 2023 a tough compare, as we look at those multi-years. We expect this cycle again to go up with multi-year contracts beginning in 2024. For this year, we expect to finish the current year in a positive position. On the backlog, this has been a great story for Aerojet Rocketdyne. Our book-to-bill ratio was 1.2 in the first six months, bringing the total backlog to $6.9 billion. This is very close to our record high, and we also have approximately, as you can do the math, three times our annual sales. We also had an increase of $200 million from a year ago. Also, I think an important factor when you think about backlog is that $2.3 billion of that $6.9 billion will convert to revenue in the next 12 months. This is what gives you confidence in our sales growth. This very strong backlog, and you can kind of see the programs that drove that, reflects some major wins. Again, I mentioned including the RL10 contract signed by ULA for Amazon's Kuiper satellite system, as well as a number of key multi-year contracts such as the RS-25, which again is for NASA's SLS, the Standard Missile, PAC-3, and THAAD, which were all signed over the last couple of years. These large contract wins really demonstrate the confidence our customers have in our very diverse portfolio, both in space and defense. Really in summary, before we get to Q&A, Aerojet Rocketdyne is in a great spot, you know, we have great macro fundamentals at work. You know, right now the spending on both NASA and defense has increased. I mentioned that we're technically and well positioned to execute on the new work coming down, specifically on the Sentinel GBSD work, GBSD work, and the Next Generation Interceptor, along with the RS-25 and the RL10 work. We continue, you know, our number one priority is to focus on revenue, but also on profitability growth. We wanna grow profitably, obviously, and always to maintain our focus on shareholder value, which is our primary goal. With that, Tony, I think I turn it over to you. That was pretty fast and furious. I mean, that was a lot of information to get through. Thank you. That was very well done. If you'd like to come up here and sit down and join me for a little Q&A. You know, Aerojet's got a great line of businesses. I mean, you know, since February 24, I think, even more so with Putin's invasion of Ukraine, seeing increased demand. You've heard on the news, you make the propulsion for Javelin and Stinger. How much of an impact is that you're gonna see for Aerojet? And is that baked into your projections, your low- to mid-single digits of growth? And do you see any upside beyond? You know, we talked about before sort of after this big push for the Javelin and Stinger. What's the longer term view of that for those programs? The normal business on Stinger, I would say Javelin and also GMLRS are baked in to that low to mid-single digit revenue growth for organic growth. However, you know, we definitely see the demand signals. We haven't received that yet from DoD or from the primes. As you can imagine, you know, everything that we're shipping to the Ukraine is out of the US supply. Between 2023 and 2025, we have to replenish that supply. We definitely see some upside in the defense business related to those three product lines that's not in our current numbers. Yeah. How would you think about sales growth going forward and what kind of top line growth can we expect over the next five years? Where mostly will that come from? You know, we've always said low- to mid-single-digit, you know, growth is realistic. It's definitely most profitable probable for this year. As we think over the next 5 years, the space business is gonna have some moderate growth, specifically on RS-25 and RL10, and a little bit on the advanced space business. Really our biggest growth is gonna come on the defense side. With hypersonics, we expect that to become 5%-10% of our sales long term. The biggest growth will come from NGI, GBSD, a little bit more long term. Then we see upside, as we mentioned, on Stinger, Javelin and GMLRS to support the Ukraine replenishment. Good to hear some finally able to talk about some numbers with hypersonics. Those are some pretty good numbers. You know, maybe as a segue, you know, given your position on hypersonics, can you tell us maybe a little bit more about the specific programs, the timing of those, and you know, just maybe a little more in depth you talked about a little bit in your presentation? Hypersonics is a huge focus of ours. You know, it really comes from the legacy Rocketdyne side of the business when we were part of Pratt & Whitney and UTC. We've continued to invest in hypersonics even when, you know, we weren't sure where the administration was going or we didn't have a program of record. We're glad we've done that. I mentioned in my comments that, you know, we're on both the offensive and defensive side of the hypersonic weapons system. We have the entire value stream when it comes to the propulsion side from scramjets, where we just set an endurance record, as I mentioned, in April, that we're very proud of. Super big accomplishment for the team. Also just selected by Lockheed Martin on the OpFires program with DARPA, two major big wins. We also have the Missile Defense Technologies. We have the warheads. Really becoming a core part of our business. As I've said, I haven't been able to give that number in the past, but these programs are coming to fruition, where we estimate it to be between 5% and 10% of our business long term. You know, as you've seen a lot with COVID and the changing job market, how has that impacted Aerojet, particularly out in California? Are you seeing high levels of attrition? If so, how do you combat that? Yeah. We did really well during COVID. You know, we were mission essential, obviously. Our factories never stopped for one day. We managed it very effectively. I'm really proud that how we managed it, and we had very low transmission rate, you know, within our Aerojet Rocketdyne community, which was great. The attrition that we're really seeing is, you know, as people come back and, you know, the rates are ramping up, it's a war on talent, and you probably hear it from everybody in aerospace, defense and space. Our attrition rate's a couple% higher than normal. We also tend to have a more seasoned workforce, so we saw some retirements at the beginning of the year. I think some folks were waiting to see how the Lockheed Martin transaction would go, and they were holding off on their retirements. I mean, we have employees that have 30, 40 years at Aerojet Rocketdyne. Our average employee is in the late fifties. I'm just a little under that average number. but we're seeing a higher retirement rate. As you can imagine, with some of these programs ramping up, we're all looking at each other, you know, and stealing each other's talent, which is tough. We've put a lot of things in place between talent management, recruiting, to make sure that we can hire the people that we need for the ramp-up while maintaining the attrition rate. Because you bring them in, you don't want them to leave as fast as you bring them in. We managed through COVID really well. I think it's just the nature right now of the workforce and trying to get people in these tough jobs. If we could switch to, you know, obviously, there was a lot of discussion during the, you know, the proxy, the roadshows, for, you know, what the next step is. Has there been enough time for the board to review, sort of the strategic direction of the company? We have a brand new board. As you know, we actually have 4 members that were already on the board. That's General Chilton, General Lord, Tom Corcoran, and myself. We have 4 great new members. We have Charlie Bolden, who is a previous NASA administrator, astronaut, flew the shuttle, a bit of a rock star. We have Debbie Lee James, Secretary of the Air Force under the Obama administration. We have Marion Blakey, who ran the FAA and was the CEO of AIA. We have Gail Baker, who ran all of aftermarket for Collins or now Raytheon. A great board that knows our business. Again, it's a brand new board. We've had 1 board meeting so far, and we're actually bringing the board, the new collective board, through a 5-year plan, a 10-year plan. We're looking at, you know, capital allocation requirements. We're also looking at, you know, dusting off our M&A discussions and possible targets out there that was on pause during the Lockheed Martin transaction, and quite frankly, during the six months of the proxy contest where the board was deadlocked. Very, very involved board, and we're kind of walking them through all of our strategic opportunities right now. I will open up the floor to the audience if anyone would like to ask a question. Very unique industry that you operate in. What's the competitive market look like today? Follow-up to that would be, do you have any restrictions on working with Lockheed Martin after the blocked the deal? Good question. No restrictions with Lockheed Martin. They're our number one customer. They still remain our number one customer. You know, I get this question a lot of, you know, how's our relationship since the transaction was blocked by the FTC? I think it's even better, because we spent a year, a year and a half with them at a very close level working through the integration. We just received, as I mentioned, some great work on the hypersonics just recently. Zero restrictions. I think your other question was on competition. On the defense business, our largest competition is Legacy Orbital ATK that was bought by Northrop Grumman a couple of years ago. That remains our competition. On the engine side, it's some of the newcomers like Blue Origin on their BE-4 that competes with our boosters. The RL10 business, I'll be as bold to say I don't think there's a ton of competition out there. There's a lot of startups. That engine is a workhorse. We don't find anybody close to us on there. The in-space business, some small startup competition, but not a lot of competition in the in-space business, especially the chemical and the solar electric propulsion. We're really number one right there. Eileen, there's never enough time. It feels like this 30 minutes just flew, exploded by us. Thank you for the great review of Aerojet, and looking forward to hopefully having you back next year. Thanks, Tony. Thank you very much.