L3Harris Technologies, Inc. is a defense technology company that delivers end-to-end solutions across space, air, land, sea, and cyber domains. The company supports government customers in over 100 countries, with a significant focus on the U.S. government and its prime contractors. L3Harris's core business model involves providing mission-critical technology solutions, and its primary revenue streams are derived from sales of products, systems, and services to defense and civil government customers, as well as commercial applications. The company operates in highly competitive markets and focuses on technological capabilities, product quality, and cost-effectiveness to maintain its market position.

• Employees: Approximately 50,000 (as of December 29, 2023)
• Geographic Footprint: More than 100 countries
• Headquarters: Melbourne, Florida
• Founded: Not explicitly stated in filing
• Number of locations/facilities: Approximately 300
• Revenue: $19.419 billion (FY2023)
• Market Capitalization: Not explicitly stated in filing
• Key Subsidiaries/Brands: Not explicitly stated in filing

• CEO: Christopher E. Kubasik (Chair and CEO since June 29, 2022)
• CFO: Kenneth L. Bedingfield (CFO since December 11, 2023)
• Other Key Executives:
  • Samir B. Mehta (President, CS)
  • Scott T. Mikuen (Senior Vice President, General Counsel and Secretary)
  • Corliss J. Montesi (Vice President and Principal Accounting Officer)
  • Ross S. Niebergall (President, AR)
  • Melanie Rakita (Vice President and Chief Human Resources Officer)
  • Jonathan P. Rambeau (President, IMS)
  • Sean J. Stackley (Senior Vice President, Strategy & Growth)
  • Edward J. Zoiss (President, SAS)

Key leaders have extensive experience in the aerospace, defense, and technology sectors.

• Annual Revenue: $19.419 billion (FY2023)
• Net Income: $1.198 billion (FY2023)
• Total Assets: $41.687 billion (as of December 29, 2023)
• Number of Employees: Approximately 50,000 (as of December 29, 2023)
• Key Financial Highlights:
  • Revenue increased by 14% compared to fiscal 2022, driven by the acquisitions of AJRD and TDL, as well as organic growth in the CS and SAS segments.
  • Gross margin decreased from 29% to 26% of total revenue.
  • Operating income increased from $1.127 billion to $1.426 billion.

L3Harris provides a wide array of products and services, categorized as follows:

• Space & Airborne Systems (SAS): End-to-end mission solutions for intelligence, surveillance, and reconnaissance (ISR), position, navigation, and timing, weather and climate monitoring, missile defense, and ground-based space surveillance networks. Also includes situational awareness, intelligence systems, and advanced wireless solutions for classified intelligence and defense customers. Sensors, processors, hardened electronics, release systems, antennas for aircraft platforms, communications and networking solutions for air traffic management, and threat warning and countermeasures for airborne, ground and maritime platforms.
• Integrated Mission Systems (IMS): Differentiated mission capabilities and prime systems integration for air, land, and sea domains. Includes ISR, maritime, electro-optical, and commercial aviation solutions.
• Communication Systems (CS): Resilient communication solutions for warfighters, including tactical radios, software, satellite terminals, and end-to-end battlefield systems. Also includes broadband communications, integrated vision solutions, and public safety communication equipment.
• Aerojet Rocketdyne (AR): Propulsion technologies and armament systems for strategic defense, missile defense, hypersonic and tactical systems, as well as space propulsion and power systems for national security, space, and exploration missions.

L3Harris operates through four main business segments:

• Space & Airborne Systems (SAS): Provides solutions in the space, airborne, and cyber domains.
• Integrated Mission Systems (IMS): Delivers mission capabilities and prime systems integration for air, land, and sea domains.
• Communication Systems (CS): Offers resilient communication solutions for various customers.
• Aerojet Rocketdyne (AR): Focuses on propulsion, power, and armament products and systems.

Revenue breakdown by segments is available in the 10-K filing.

Effective for fiscal 2023, the Agile Development Group (ADG) business was transferred from the IMS segment to the SAS segment. On October 1, 2023, the Electronic Warfare sector and the majority of the ADG sector were combined within the SAS segment to create a new sector, Advanced Combat Systems (ACS).

L3Harris's current strategic priorities include:

• Focusing on program execution and continuous improvement.
• Strengthening risk management.
• Integrating recent acquisitions (TDL and AJRD).
• Attracting, developing, and retaining a skilled workforce.

The company aims to enhance organizational agility and performance through its LHX NeXt program, which involves leveraging scale and relationships across segments, driving operational efficiency, and competitiveness. L3Harris also invests in enterprise tools and optimized processes to expand margins and create shareholder value. The company plans to continue investing in growth opportunities and sustain a culture of innovation while delivering on commitments to investors and customers.

L3Harris operates in highly competitive markets sensitive to technological advances. The company competes with large defense companies like BAE Systems, Boeing, General Dynamics, Lockheed Martin, Northrop Grumman, RTX, Thales, and non-traditional defense contractors. Key market trends affecting the business include the growing need for advanced technology solutions in defense and national security, as well as increasing geopolitical tensions. The company focuses on product and system quality, technological capabilities, service, past performance, the ability to develop and implement complex integrated solutions, the ability to meet delivery schedules, and cost-effectiveness to maintain its market position.

• Macroeconomic and Governmental Risks: Dependence on U.S. Government contracts, potential reductions in government funding, and changes in spending priorities.
• Operational Risks: Supply chain disruptions, subcontractor and supplier performance issues, and the ability to attract and retain qualified personnel.
• Cybersecurity Risks: Potential security breaches, cyber-attacks, insider threats, and disruptions to IT networks and related systems.
• Financial Risks: Changes in accounting estimates, cost overruns on fixed-price contracts, indebtedness levels, and fluctuations in interest rates.
• International Risks: Exposure to political and economic instability, changes in trade regulations, and risks associated with doing business in less-developed countries.