Revenue: Fourth quarter revenue increased 14%, primarily from the TDL acquisition and higher volume of night-vision products. Full year revenue increased 20%, primarily from the TDL acquisition and higher volumes of legacy Broadband Communications programs, Tactical Communications and Public Safety products.

Operating Margin: Fourth quarter operating margin and segment operating margin¹ increased 120 bps primarily from the acquisition of TDL and efficiencies realized from higher volume. Full year segment operating margin increased 840 bps primarily from an impairment in the prior year. Full year segment operating margin¹ was comparable.

Aerojet Rocketdyne (AR)
		Fourth Quarter								Full Year								Guidance
	($ millions)	2023				2022		Change		2023				2022		Change		2024
	Revenue	$	597							$	1,052							$2,400 - $2,500
	Operating margin		11.1	%							11.6	%						high 11%*

* A reconciliation is not available. See the note on page 2 and Non-GAAP Financial Measures on page 6 for more information.

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