Revenue for the first quarter increased 168% versus prior-year GAAP due to the post-merger inclusion of L3 operations in operating results and increased 5% versus prior-year pro forma from growth across the businesses. GAAP EPS decreased 51% versus prior-year GAAP primarily due to an impairment of goodwill and other assets and other COVID-19 related charges, amortization of merger intangibles and a less favorable program mix, partially offset by productivity and integration savings. GAAP EPS decreased 43% versus prior-year pro forma, driven by the costs and charges noted above, partially offset by higher volume, strong operational performance and integration savings. Non-GAAP EPS⁴ increased 21% versus prior-year adjusted pro forma, driven by the favorable factors noted in the prior sentence. Net income margin decreased 990 bps and 490 bps versus prior-year GAAP and pro forma, respectively. Adjusted EBIT⁴ margin increased 170 bps to 17.5%.

Segment Results

Integrated Mission Systems

	($ millions)	First Quarter
		1Q20				1Q19				Change
	(GAAP to GAAP comparison)
	Revenue	$	1,370			$	14			n/m
	Operating income	$	201			$	3			n/m
	Operating margin	14.7		%		21.4		%
	(GAAP to pro forma comparison)
	Revenue	$	1,370			$	1,362			1%
	Operating income	$	201			$	165			22%
	Operating margin	14.7		%		12.1		%		260bps
__________________ n/m: Not meaningful

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