Financial Data and Key Metrics - Q4 2023 operating cash flow was 164.4million,downfrom237.7 million in 2022, while free cash flow was 124.2million,downfrom203.6 million in 2022 [5] - Depreciation and amortization expense was 77.4millioninQ42023,comparedto81.8 million in 2022 [122] - Net debt at the end of Q4 2023 was approximately 2.60billion,withtotaldebtof3.24 billion and cash of 48.3million[122]−Full−year2024GAAPEPSguidanceis17.15 to 17.53,andnon−GAAPEPSis20.35 to 20.68,withanestimatedtaxrateof22.5500,000-700,000annually[10]−Thecompanyispursuingsmallerbolt−onacquisitions,aslargerdealsremainexpensive[21][112]ManagementCommentaryonOperatingEnvironmentandFutureOutlook−Managementexpectsalinearrampinsalesandearningsthroughout2024,withaveragerevenuegrowthof4680 million of debt in 2023, reducing its net debt-to-EBITDA ratio to 1.9, with further reduction expected in 2024 [87] - The company expects to make additional tax payments in 2024, which impacted Q4 2023 cash flow [121] Q&A Summary Question: Can you provide more details on the growth assumptions for 2024? - The company expects 4% organic revenue growth, with instrumentation growing 3.5%, digital imaging above 4%, aerospace and defense 5%, and engineered systems 4% [13][82] Question: What is driving the margin improvement in 2024? - Margin improvement is driven by cost structure optimization, price increases, and growth in longer-cycle businesses [25][67] Question: How is the pricing environment evolving? - The company expects 2%-3% price increases in 2024, similar to 2023, with higher increases in non-government contracts [101][116] Question: What is the outlook for defense awards? - The company has a strong pipeline of defense programs, including new products like the Black Hornet 4 and space-based systems [40][123] Question: Are there plans for stock buybacks or splits? - The company prefers acquisitions over stock buybacks and has no current plans for a stock split [99][118]