The Aerospace segment experienced strong order activity across all Gulfstream aircraft models, contributing to a book-to-bill ratio of 1.2-to-1 for the year. This indicates robust demand for the company's business jets.

The defense segments secured several notable contract awards, including $3 billion from the U.S. Navy for advance procurement and other work for the Virginia-class submarine program, supporting long-term growth expectations.

The company received awards to expand its metal parts production capacity from 18,000 to 86,000 rounds per month by 2025 and expand existing propellant capacity from 4 million to 16 million pounds per year by 2028, supporting the U.S. Army's effort to accelerate artillery production.

The company's Aerospace segment experienced supply chain challenges that paced its ability to ramp up production and caused out-of-sequence manufacturing, increasing costs and decreasing operational efficiency.

The COVID-19 pandemic resulted in supply chain challenges and impacted the regional availability of skilled labor, which the company continues to experience, particularly in its Marine Systems segment.

The company continues to invest in the development of new aircraft products and technologies in the Aerospace segment, as well as in the development of next-generation platforms and technologies to meet customers' emerging requirements in Combat Systems.

The company's U.S. government revenue is subject to agency budgets that operate on a fiscal year basis, and any funding is subject to disruption or delay due to the annual budget process. The government can also operate under a continuing resolution or shutdown if the annual budget is not approved.

The company faces various cybersecurity threats, including threats to its IT infrastructure and attempts to gain unauthorized access to proprietary or classified information. These threats could have a materially adverse impact on the company.

The company's non-U.S. operations are subject to various risks that may be associated with doing business in foreign countries, including economic, legal, and political instability, as well as changes in foreign government policies and priorities.

The company's leadership positions in attractive business aviation and defense markets enable it to deliver superior and enduring shareholder returns, with a focus on innovation, affordability, and speed to market.

The company faces competition from numerous domestic and non-U.S. companies, as well as smaller companies that specialize in a particular technology or capability. Key competitive factors include technical excellence, reliability, safety, and cost competitiveness.

The company believes that Gulfstream competes effectively in all areas of the business jet market, including aircraft safety, reliability and performance, comfort and in-flight productivity, service quality, global footprint and responsiveness, technological and new-product innovation, and price.

The company experienced supply chain challenges that have paced its ability to ramp up production in the Aerospace segment and caused out-of-sequence manufacturing, which increases costs and decreases operational efficiency.

The company seeks to deliver superior operating results by building industry-leading franchises, investing in advanced technologies, pursuing a culture of continuous improvement, and striving to be the low-cost, high-quality provider in each of its markets.

The Marine Systems segment's operating margin decreased due to supply chain impacts to the Virginia-class submarine schedule and cost growth on the Arleigh Burke-class (DDG-51) guided-missile destroyer program.

The company is committed to continual investment in R&D to create new aircraft that consistently broaden customer offerings while raising the bar for safety and performance, as well as developing next-generation platforms and technologies in other segments.

The company's Technologies segment develops tailorable digital solutions and services developed specifically to meet mission needs in its customers' operating environments, including zero trust, artificial intelligence (AI) for mission applications, and hybrid multi-cloud.

The company is expanding its platform capabilities through continued investment in robotic and autonomous vehicle technology, including the Multi-Utility Tactical Transport (MUTT) and the Tracked Robot 10-ton (TRX) prototype.

The company's capital deployment priorities include investments in products and services to drive long-term growth, a predictable dividend, strategic acquisitions, and opportunistic share repurchases.

The company's board of directors declared an increased quarterly dividend of $1.32 per share, the 26th consecutive annual increase, demonstrating a commitment to returning value to shareholders.

The company repurchased $434 million of its outstanding shares in 2023, with 4.7 million shares remaining authorized for repurchase, indicating an opportunistic approach to capital allocation.

The company's Aerospace segment places a priority on sustainability throughout its manufacturing and service operations, producing aircraft that maximize fuel efficiency and offering customers options to reduce their carbon footprints.

The company has been at the forefront of the industry by adopting and expanding the availability of SAF, which achieves as much as an 80% reduction in carbon dioxide emissions per gallon over its lifecycle compared to petroleum-based jet fuel.

The company is committed to ethical business practices and promotes strong workplace practices with opportunities for development and training, as well as a diverse and inclusive work environment.

The company has been impacted by global events, including the COVID-19 pandemic, the Russia-Ukraine conflict, and the war between Israel and Hamas, which have caused supply chain challenges and inflationary pressures.

With approximately 70% of its revenue from the U.S. government, the company's financial performance is influenced by government spending levels, particularly defense spending, and the absence of a defense appropriations bill for the current fiscal year.

The company sees opportunities for its non-U.S. operations and exports from its North American businesses due to international demand for military equipment and technologies, although there are risks to doing business in foreign countries.