Financial Data and Key Metrics Changes - Q4 bookings reached a record of $342 million, with a book-to-bill ratio of 1.25, resulting in a record backlog of $1.4 billion, up 6% year over year [8][19] - Q4 revenue was $273 million, reflecting a 9.9% increase year over year, while full-year revenue was $912 million, up 9.2% year over year [8][22] - Q4 adjusted EBITDA was $51 million, with an adjusted EBITDA margin of 18.8%, and full-year adjusted EBITDA was $119 million, with a margin of 13.1% [8][24] - Free cash flow for Q4 was $34 million, contributing to a record full-year free cash flow of $119 million [8][24] Business Line Data and Key Metrics Changes - Significant contract awards in Q4 included $36.9 million for ground-based radar programs and a $22 million contract for sensor processing subsystems [10][11] - The company recognized $4.7 million of net adverse EAC changes, indicating maturing capabilities in program management and operations [9] Market Data and Key Metrics Changes - The company noted strong demand across various end markets, including land, sea, and space, with positive conversations with domestic and European primes [100][101] - The backlog margin is expected to improve as lower-margin programs are executed and replaced with new bookings aligned with targeted margins [12][17] Company Strategy and Development Direction - The company focuses on four priorities: performance excellence, driving organic growth, expanding margins, and improving free cash flow [6][8] - The strategic emphasis is on accelerating customer deliveries and improving operational efficiencies to enhance margins and cash flow [9][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market backdrop and the company's ability to deliver results in line with targeted profiles of above-market growth and improved margins [16][18] - For FY 2026, the company anticipates low single-digit revenue growth, with the first half expected to be relatively flat year over year [16][17] Other Important Information - The company ended Q4 with $309 million in cash, reflecting strong cash generation from operations [25] - Net working capital decreased by $90 million year over year, demonstrating improved efficiency [27][28] Q&A Session Summary Question: Regarding factory capacity allocation tied to unbilled receivables - Management indicated that while unbilled balances will improve cash flow, they have little impact on revenue, as most revenue has already been recognized [34][56] Question: On net working capital levels - Management stated that a normalized level for the business could be in the 35% range, with ongoing efforts to reduce working capital further [36] Question: On revenue pull-forward and execution - Management explained that improved execution and customer demand have allowed for the acceleration of deliveries, contributing to strong Q4 results [44][46] Question: On margin expectations - Management expects gross margins to continue increasing over time, although there may be fluctuations in individual quarters [72] Question: On annual guidance rationale - Management refrained from providing specific annual guidance due to uncertainties in delivery acceleration and market conditions, but remains positive about the outlook [78][80]