This excitement, I think about new shepard, especially because Katy Perry went to space and for civilians who maybe want to have that moment like mark bezos had to. Do you think you'll go back to that at some point. Is it really just a pause.I think we will. I think there's still you know, we had multiple years of backlog and that was the easiest ticket to sell, was that. And so I think we'll likely go back into that into that business.But again, at the moment in time right now, it just makes more sense to ...

Financial Performance - Revenue for the quarter was $3.2 billion, reflecting normalized growth of 3% year-over-year [7][20] - Adjusted EBITDA was $263 million, with margins of 8.1%, representing a 40 basis points year-over-year increase [20] - Adjusted diluted earnings per share increased by 6% year-over-year to $0.54 [20] Business Line Performance - Digital Solutions segment generated revenue of $1.34 billion, a 4% increase, with adjusted EBITDA of $103 million and margins of 7.7% [20] - Global Engineering Solutions reported revenue of $1.9 billion, with adjusted EBITDA of $160 million and margins of 8.4% [20] Market Performance - The company secured $3.3 billion in net bookings, resulting in a book-to-bill ratio of 1x for the quarter and 1.1x for the last 12 months [8] - The backlog grew by 4% to over $47 billion, with $23 billion in proposals awaiting award [8] Company Strategy and Industry Competition - Amentum is focused on three accelerating growth markets: space systems and technologies, critical digital infrastructure, and global nuclear energy [12] - The company aims to prioritize higher-margin work and has seen robust demand in nuclear energy, with nearly $1 billion in awards in the first quarter [9][39] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal year 2026 outlook and long-term strategic growth objectives despite challenges from the government shutdown [5][16] - The company anticipates strong free cash flow in the second quarter and reaffirms full-year guidance for revenue and adjusted EBITDA [24][25] Other Important Information - The company has a healthy liquidity position with $247 million in cash and an undrawn $850 million revolver [22] - Amentum received a credit rating upgrade from Moody's, reducing interest expenses and enhancing financial flexibility [23] Q&A Session Summary Question: Free cash flow progression and potential receivables sales - Management noted that Q1 cash performance was impacted by timing-related factors, with expectations for strong free cash flow in the second quarter [28][29] Question: Award outlook by end market - Management highlighted an increase in funded backlog and expressed confidence in achieving a full-year book-to-bill greater than one [33][34] Question: Nuclear business impact on revenue and profit growth - Management indicated that while nuclear contracts will take time to significantly impact quarterly results, they expect positive contributions on a year-over-year basis [38][39] Question: Impact of joint ventures on cash flow - Management clarified that the large contributions to equity method investments in Q1 were due to initial capital contributions for joint ventures, which are expected to normalize [45] Question: Opportunities and challenges in NASA contracts - Management expressed excitement about supporting NASA's Artemis II mission and emphasized alignment with new leadership's goals for cost and schedule efficiency [81][84]

Core Insights - SpaceX remains the leading entity in commercial space launches, known for its cost-efficiency and high launch frequency, but the space economy is diversifying with multiple competitors emerging [1] - The evolving space race presents investment opportunities, despite many competitors being private companies [2] Group 1: Competitors to SpaceX - Blue Origin, founded by Jeff Bezos, is a significant competitor in the U.S. market, developing the New Glenn heavy lift rocket and competing for NASA and national security contracts [3] - United Launch Alliance (ULA), a joint venture between Boeing and Lockheed Martin, is a direct competitor for U.S. government launches, focusing on national security and NASA missions [4] - Rocket Lab has established itself as a credible launch provider with its Electron rocket and is expanding into larger payloads and deeper space missions, and it is publicly traded [6] - Northrop Grumman is a key player in launch systems and space infrastructure, competing for NASA and Department of Defense missions [7] Group 2: Investment Opportunities - Investment in Blue Origin is limited to private market funds or secondary marketplaces, primarily accessible to accredited investors [4] - Exposure to ULA can be gained through shares of its parent companies, Boeing and Lockheed Martin [5] - Rocket Lab can be invested in directly through its public shares or via space-themed exchange-traded funds (ETFs) [6]

What would it mean if China were to put humans back on the moon first. >> Of course, it'd be massively embarrassing. Scott Pace was executive secretary of the National Space Council during the first Trump administration and helped NASA develop the Aremis program.He says establishing a presence on the moon is important. Who gets there first this century is not. I don't downplay the embarrassment and bad headlines and everything else that would come from the Chinese, you know, returning to the moon before we' ...

NASA is preparing to launch a mission around the Moon, kicking off a new space race. But could China beat America to the lunar surface? Listen to “Babbage” https://t.co/xO2nBnChFf ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Global Theme Machine**, which evaluates the attractiveness of various investment themes across nearly 5,000 listed companies, analyzed by over 200 Citi Fundamental Analysts [1][8]. Core Insights - **Valuation Impact**: The attractiveness of AI themes is currently weighed down by valuation concerns, despite high interest [4][17]. - **Performance Recovery**: After two months of underperformance, the Global Theme Machine model rebounded, with attractive portfolios outperforming by nearly 2% [2][18]. - **Top Themes**: The 'Fintech' sector remains dominant, with **Mobile Payments**, **Digital Currency**, and **FinTech** in the top five themes. The **Space Race** theme was the best performer in December, increasing by nearly 10% [3][4][22]. - **AI Themes**: AI Enablers and AI Adopters rank just outside the top 10, primarily due to valuation issues. AI Enablers are ranked 13th, while AI Adopters are 15th [4][17]. Rankings and Changes - **Top Ranked Themes**: - **Risky Business** remains the top theme, followed by **Mobile Payments**, **Digital Currency**, and **FinTech** [12][40]. - **Infrastructure** has entered the top rankings, replacing **Defence**, which has dropped out of the top 10 [3][12]. - **Bottom Ranked Themes**: - **Greening the Home** continues to be the lowest-ranked theme, focusing on sustainable residential solutions [13][24]. - New entrants in the bottom 10 include **Feminine Health & Fem Tech**, **Biofuels**, and **Immunotherapy** [13]. Performance Metrics - **Monthly Performance**: The MSCI World index showed a return of 0.84% in the last month, with the **Space Race** theme leading at 9.36% [23][24]. - **Underperforming Themes**: Healthcare-related themes, including **Generics & Biosimilars** and **Immunotherapy**, were among the worst performers [24]. Additional Insights - **Theme Mapping**: The Global Theme Machine includes over 90 themes and provides a systematic framework for investors to evaluate and compare these themes quantitatively [8][9]. - **Macro Sensitivity**: The report highlights the macro sensitivities of themes, allowing investors to gauge interest levels and contextualize themes within broader economic conditions [9]. Conclusion - The Global Theme Machine continues to provide valuable insights into investment themes, with notable shifts in rankings and performance metrics. The focus on AI themes, while currently hindered by valuation concerns, remains a point of interest for future investment strategies [1][4][17].

LAST FEW HOURS, BILLIONAIRE ENTREPRENEUR JARED ISAACMAN AND VETERAN ASTRONAUT JARED ISAACMAN SWORN IN AS THE HEAD OF NASA AFTER THE SENATE CONFIRMED HIS NOMINATION YESTERDAY. 67 TO 30. ISAACMAN TAKING OVER THE REINS FROM SEAN DUFFY, WHO WAS DOING DOUBLE DUTY AS THE TRANSPORTATION SECRETARY AT THE SAME TIME.AND HIS TENURE STARTS AT A CRUCIAL MOMENT AS NASA NOW FACES A NEW SPACE RACE, THIS TIME WITH CHINA, WHICH HAS GOALS TO LAND HUMANS ON THE MOON BY THE END OF THE DECADE. PRESIDENT TRUMP SAID THAT ISAACMAN ...

Space Race Urgency - The space industry emphasizes the urgency for the US to win the space race against China, highlighting that delays could shift the balance of power on Earth [2] - The industry aims to land American astronauts on the moon before China, targeting the end of the decade [3][6] - The industry is considering the development of bases and potentially a Martian colony, including economy and quantum communication, to be the first on Mars [4] - The industry is comparing the urgency of space exploration to the Manhattan Project, suggesting a need for rapid development and innovation [4] Competition and Contracts - The industry supports competition between SpaceX and Blue Origin for the lunar lander contract, prioritizing speed and efficiency [6][7][9] - NASA aims to select the company that builds the lunar lander the fastest, emphasizing that open competition is beneficial [9] Isaacman's Position and Relationships - Isaacman clarified that he has no direct or indirect equity exposure to any aerospace company, including SpaceX [12] - Isaacman distanced himself from Elon Musk, stating he is not a close ally and has disclosed all financial ties to the ethics committee [14] - Isaacman's previous business relationships with SpaceX, including space flights and his company's business dealings, raised concerns about potential conflicts of interest [10][12][13]

Space Industry Development - South Korea achieved its first rocket launch led by a private company [1] - This event marks a milestone in South Korea's ambition to become a more significant participant in the global space race [1]

Industry Trend - The space race with China is driving an antenna-building boom in the Arctic [1]