Final col-2014-investor-conference-presentation

© 2014 Rockwell Collins. All rights reserved.

Rockwell Collins Investor Conference March 6, 2014 Kelly Ortberg Chief Executive Officer and President

Accelerating growth

© 2014 Rockwell Collins. All rights reserved. 2

Safe harbor statement

This presentation contains statements, including certain projections and business trends, that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the financial condition of our customers, including bankruptcies; the health of the global economy, including potential deterioration in economic and financial market conditions; adjustments to the commercial OEM production rates and the aftermarket; the impacts of natural disasters, including operational disruption, potential supply shortages and other economic impacts; cybersecurity threats, including the potential misappropriation of assets or sensitive information, corruption of data or operational disruption; delays related to the award of domestic and international contracts; delays in customer programs; unanticipated impacts of sequestration and other provisions of the Budget Control Act of 2011 as modified by the Bipartisan Budget Act of 2013; the continued support for military transformation and modernization programs; potential adverse impact of oil prices on the commercial aerospace industry; the impact of terrorist events on the commercial aerospace industry; declining defense budgets resulting from budget deficits in the U.S. and abroad; changes in domestic and foreign government spending, budgetary, procurement and trade policies adverse to our businesses; market acceptance of our new and existing technologies, products and services; reliability of and customer satisfaction with our products and services; favorable outcomes on or potential cancellation or restructuring of contracts, orders or program priorities by our customers; recruitment and retention of qualified personnel; regulatory restrictions on air travel due to environmental concerns; effective negotiation of collective bargaining agreements by us and our customers; performance of our customers and subcontractors; risks inherent in development and fixed-price contracts, particularly the risk of cost overruns; risk of significant reduction to air travel or aircraft capacity beyond our forecasts; our ability to execute to our internal performance plans such as our productivity and quality improvements and cost reduction initiatives; achievement of ARINC integration and synergy plans as well as our other acquisition and related integration plans; continuing to maintain our planned effective tax rates; our ability to develop contract compliant systems and products on schedule and within anticipated cost estimates; risk of fines and penalties related to noncompliance with laws and regulations including export control and environmental regulations; risk of asset impairments; our ability to win new business and convert those orders to sales within the fiscal year in accordance with our annual operating plan; and the uncertainties of the outcome of lawsuits, claims and legal proceedings, as well as other risks and uncertainties, including but not limited to those detailed herein and from time to time in our Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof and the company assumes no obligation to update any forward-looking statement.


2014 Investor Conference

Agenda

8:30 a.m. Overview

Commercial Systems

Government Systems

Break

Information Management Services

Financial overview

Closing remarks

Panel Q&A

Break

Lunch

1:30 p.m. Adjourn

3


A leader in communication and electronic solutions

4

Commercial aviation and military applications including:

  Integrated avionics

  Communications

  Navigation

  Displays & surveillance systems

  Information management solutions

  Flight support services

  Integrated mission & training solutions

  Flight control

  Global service & support

Portfolio mix (Pro forma FY14)

Commercial Systems

44%

Government Systems

44%

12% Information

Management Services

Commercial 56%

Defense 44%


Strategies to drive increased shareowner value

  Accelerate growth ‒  Market share gains on new OEM

platforms entering service

‒  Expanding international business

‒  Positioning for new defense environment

‒  New growth platform with information management solutions

  Expand free-cash flow ‒  Incremental margin on top-line growth

‒  Changing investment cycle with large programs winding down

  Capital deployment with priorities on growth and shareowner return

5


We’ve managed through dynamic markets

Challenges

Our response

6

5-year recap

  Rebalanced portfolio toward avionics and leveraged commercial capabilities

  Reshaped cost structure

  Shifted focus to emerging international markets

  Invested through cycle and gained market share

  Increased investments in air transport   Increased balance in high end of

business aviation

Global recession

U.S. defense budget cycle

Unprecedented number of new aircraft developments


The market outlook is improving

  Air transport market is in a prolonged upcycle

  Business aviation market is bottoming out

  Bipartisan Budget Act is providing some certainty

for DoD investment

  International defense markets are growing

  Increasing demand for information management solutions

7


We’re positioned to take advantage of market growth

  Strong customer focus drives supplier-of-choice relationships

  Positioned on long-cycle programs for the future

  Operating model leverages common investments across markets

  Reduced cost structure provides leverage for future growth

  Expanding positions in international markets

  Broadest portfolio of information management offerings

8


We’re growing our international business

  Growing positions with international OEMs and airlines

  Expanding JVs and partnerships to capture future growth

  Gaining share in international defense markets

  Strong global presence in information management services

9

Domestic 60%

International 40%

Domestic 50%

International 50%

2013

2018

Domestic 50%

International 50%


ARINC accelerates our growth

10

  Allows Rockwell Collins to capture the growing service link of the value chain

  Provides scale for incremental growth ‒  Customer base

‒  Products and services

‒  Breadth to provide complete solutions

  Synergistic with industry-leading avionics business


5-year outlook

Revenue

Operating CashFlow

Last 5 Years Next 5 Years

Earnings Per Share

$-‐

$2,500

$5,000

$7,500

2009 2010 2011 2012 2013

$-‐

$250

$500

$750

$1,000

2009 2010 2011 2012 2013

$-‐

$2.00

$4.00

$6.00

$8.00

2009 2010 2011 2012 2013

2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

Mid-‐to-‐high single digit growth

Double-‐digit growth


11


Business presentations

Patrick Allen Senior Vice President and Chief Financial Officer

Kent Statler Executive Vice President and Chief Operating Officer Commercial Systems

Phil Jasper Executive Vice President and Chief Operating Officer Government Systems

Jeff Standerski Senior Vice President Information Management Services

12


Kent Statler Executive Vice President and Chief Operating Officer

Commercial Systems


What we do

  Integrated flight decks

  Head-down and head-up displays

  Communication, navigation and surveillance systems

  Information management systems

  Flight control

  Global customer service and support

14


Markets we serve

Air transport OEMs

15

FY13 revenue $2.2B

WB IFE* 4%

Business and regional OEMs

Aftermarket

Business and

regional 45%

Air transport

51%

OE 56%

Aftermarket 40%

WB IFE* 4%

* Widebody in-flight entertainment


Overall market outlook looks positive

  Robust backlogs

  Historically high production

  Strong aftermarket

16

Air Transport Business and Regional

  Delivery rates are bottoming

  New models entering service

  Aftermarket will improve with increased aircraft utilization


Commercial Systems is positioned to deliver profitable growth

  Captured positions in growing markets

  Differentiated products and services

  Accelerated profitable growth

17

75% of investments for captured positions behind us; 90% of revenue ahead


What drives our growth

18

Innovative technologies

Accelerated profitable growth

Superior customer value


Innovative technologies aligned with customer needs

19

Empowering user

interface

Extensive situational awareness

Information management

systems

Large format displays Touch screen displays

Synthetic vision Enhanced vision Compact head-up display

Synthetic vision approach to 100’

Flight path hazard avoidance

Synchronized aircraft Information security Air-to-ground connectivity

Secure aircraft data networks

Graphical flight planning


Bombardier

Boeing

Delivering superior customer value is foundational to growth

Deliver high quality products

on time

Superior customer

value

Airbus

Customer aligned goals

Competitive costs

New programs and expanded content

New programs and expanded content

B737 MAX B787 B777X opportunity

Global 5000/6000

Global 7000/8000

CSeries

A350

20

Next-generation aircraft opportunity A380

Challenger family

Superior customer service


Captured standard positions deliver growth

21

5 unannounced programs

Boeing 787

Airbus 350

Bombardier CSeries

Boeing 737 MAX

COMAC C919

Boeing 777X (future opportunity)

Embraer Legacy 500

Embraer Legacy 450

Bombardier Learjet 85

COMAC ARJ21

Bombardier Global 7000

Bombardier Global 8000

Gulfstream G280

Air transport aircraft

Business and regional aircraft

E n t r y i n t o s e r v i c e / r a t e s a c c e l e r a t i n g t h r o u g h 2 0 1 9

Mitsubishi MRJ


New standard positions bring increased content

Widebody ~2.0X

Narrowbody ~1.5X

Business aviation ~2.0X (light to heavy Jets)

22


Expanding our global presence to capture future business

  Geographically diverse customer base provides >50% in international revenues

  Major share at emerging international OEMs

  Launched JVs in China to capture

future growth

  Systems engineering co-located with

customers including Canada, France,

Brazil and China

  MRO service centers strategically

positioned around the globe

Domestic 55%

International 45%

Domestic 48% International

52%

Domestic ~ 40%

International ~ 60%

FY08

FY13

FY18

Commercial Systems


Commercial Systems continues to deliver growth

High single-digit

growth

15% decline

OE OE

Aftermarket

Aftermarket

Widebody IFE

CAGR

24

High single-digit

growth

2013 Next 5 Years

Revenue growth rate 2X above market

An

nu

al re

ven

ue


Commercial Systems is positioned to deliver…

25

  High single-digit revenue growth through captured standard positions

  Margin expansion with increased volume and Lean focus

  Increased cash flows as large development programs wind down

–  75% investment complete

–  90% of revenue in the future

  Share gains to fuel growth beyond next five years


Phil Jasper Executive Vice President and Chief Operating Officer

Government Systems


What we do

27

  Integrated avionics for manned and unmanned aircraft

  Head-down, head-up and helmet displays

  Integrated mission and training solutions

  Networked communication

  Precise navigation and targeting


Markets we serve

Fixed Wing

Rotary Wing

Ground Forces

28

FY13 revenue $2.4B

Fixed Wing 56%

Ground Forces 24%

Rotary Wing 20%

Domestic 71%

Int’l 29%


Market outlook

  Domestic market stabilizing

  New airborne platforms transitioning to production

  KC-46, KC-390, dual-use helicopters and F-35

  Fewer new platform developments drive incremental upgrades to legacy fleets

  Shift from traditional development model to commercial procurement

  Increased international spending on border security and surveillance

29


Government Systems is positioned to return to growth

30

FY10 revenue $2.9B

FY10

FY13 revenue $2.4B

FY13

Fixed Wing 49%

U.S. Army Ground 20%

Rotary Wing 17%

Fixed Wing 56%

ROW Ground 16%

Rotary Wing 20%

U.S. Army Ground 8%

ROW Ground 14%

  Less reliance on U.S. Army ground forces provides stability

  Rest of the world (ROW) ground positioned in growing markets

– International targeting and ISR systems

CAGR

FY10 FY13

An

nu

al re

ven

ue

U.S. Army Ground

Rotary

Fixed

(4%)

1%

(1%)

US Army Grd

Rotary

Fixed

ROW Ground

(31%)

ROW Ground



Leverage Commercial

Systems technology

Return to growth

Breadth of mission solutions

31

Captured positions


New development programs

Captured positions deliver growth

32

International C-130 KC-10

KC-135

P-3

USCG aircraft

E-6

UH/MH-60 & 47

F-35 avionics & simulation

Incumbent programs with long service life remaining

Long-range strike

T-X

UCLASS

CRH

VXX

JTRS HMS

International targeting

Saab Gripen US/NATO AWACS CH-53K KC-46

MIDS-J ARC-210

I n c u m b e n c y d r i v e s u p g r a d e a d v a n t a g e

Captured programs yet to enter production

KC-390

AW101, 169, 189, 609

International C-130 JPALS MGUE TTNT


Leveraging Commercial Systems investments creates differentiation

  Common systems and capability developed once, used many times

  Cost of reused elements is 25% of the original investment

  Limits customer cost to missionization

Source: U.S. Army

33

Application of commercial technology results in decreased program costs

Norm

aliz

ed a

pplic

atio

n c

ost

SOA MH-60/47

Army UH-60M

Army CH-47F

USMC VH-60

USCG HH-60


Networked communication

  Military H/U/VHF radios

  Tactical data links

  Satellite communication

  Software defined radios

and waveforms

  Electronic warfare

34

Precision navigation and targeting

  Secure GPS receivers

  Digital anti-jam receivers

  Precision weapons

  Airborne radio

navigation

  Digital targeting

High-integrity computing

  Multi-level security

microprocessors

  High assurance guards

  Sensor data processing

and integration

  Image processing

Strong mission product portfolio drives increased content


Coupling Commercial Systems and military technology expands platform content

120% increase in shipset content

Tanker cockpit

  Tactical data links   Sensor integration   Image processing   Military radios

35

Mission integration provides value of $20M

per aircraft

E-6 products

  SATCOM   Multi-level security   Integrated mission

systems   Nuclear C2

100% increase in content

KC-390 cockpit

  Military HF   SATCOM   Radio navigation   Tactical data links


36

FY13

FY18

Domestic 71%

Int’l 29%

Int’l 35%

Domestic 65%

FY08

Domestic 79%

Int’l 21%

International revenue growth remains strong

  Use of Commercial Systems technology lowers export risk

  International growth accelerated through export of captured OEM positions

  Installed base, OEM wins and aircraft retrofits generate:

‒  Mid single digit growth in Asia and Europe

‒  Double digit growth in Middle East

Government Systems


FY10 FY13 Next 5 Years

Low-mid single-digit growth

Government Systems is positioned to return to growth

37

Rotary

Fixed Fixed

Rotary

Fixed

Rotary 1%

(1%)

(31%) U.S. Army Ground

ROW Grd (4%)

US Army Grd

ROW Grd

Low single-digit decline

US Army Grd

ROW Grd

CAGR

Low-mid single-digit growth

Low single-digit growth

An

nu

al re

ven

ue


Government Systems is positioned for profitable growth

  Captured positions and strong product portfolio deliver growth

  International growth remains strong

  Portfolio much less reliant on U.S. Army modernization

  Industry-leading margins through application of Commercial Systems technology

38


accelerating growth


Kelly Ortberg Chief Executive Officer and President



Increasing demand for information enablement

Double-digit market growth: •  Increasing fleet size •  Increasing percentage of information-enabled aircraft •  Increasing applications and services

2030

information-enabled “smart aircraft”

80% information enabled

84,700 (1) active commercial aircraft

2020 2010 2000

• Advanced avionics • Connectivity & services • Apps & content • Security

33,800 (1) active commercial aircraft

15-20% information enabled

(1) – Air transport, regional and business aviation aircraft

41


Passenger network

Secure data network

Smart router

Communication radios

Cyber security firewall

Computers& servers

Satellite communications

Air-to-ground communications

OEM services

Information services

Maintenance services

Airline/business aviation operations eCommerce

Aviation authorities


services


systems

Information management provides new platform for growth

Information enablement

Rockwell Collins network operations


Jeff Standerski Senior Vice President



Information Management Services (IMS)

+ Employees: 1,800 Primary locations:   Annapolis, Maryland   London   Singapore

Employees: 250 Primary location:   Houston, Texas

Flight services


41%

22%

21%

16% Rail/security

Airports

Business aviation

Airline aviation Domestic

55%

International 45%

2013 2013


  Airline and business aviation communications

  Air-to-ground voice and data network

  Ground-to-ground network

  Business aviation flight support services

  Airport operational efficiency systems

  Rail and security command and control systems

45

What we do


The network

  Mission critical private network ‒  Global coverage ‒  High assurance and high availability ‒  Connects 100s of legacy airline systems ‒  1100+ ground stations ‒  Satellite communications service

  Revenue generated by usage and value-added applications

Community of users

Air-to-ground network

46

Ground-to-ground network


(Landing) (Preflight to take-off)

Airline to aircraft

Passenger to airline Airline to airline Passenger to TSA Airline to flight status displays

Airline to customs & immigration

47


A day at airline and airport operations

Private ground- to-ground network

$

$

$

$

$ $

$

(Enroute)

$

$ $


(Enroute) (Postflight)

(Preflight to take-off)

Flight operations management

Airport information IMS flight operations

48


A day within business aviation flight support services

Trip logs

Real-time weather Flight plan

upload

Flight following Fuel management

Agent network

$$$

$

$

$ $$ $

$ $

$

$

Passenger to Internet

$

Private ground- to-ground network


Market outlook

49

Airline aviation

  Growth in air traffic and total fleet   Increased broadband data usage

  Improved global airspace operations (e.g., FAA NextGen)

Business aviation

  Integrated global service offerings   Adoption of mobile devices for graphical weather,

charts and maps

  Increased passenger connectivity demands

Airports

  Integrated airport environment   Increased data exchange between airports

and airlines

  Automated security and customs processes


Strong market presence around the globe

  #1 in North American airline and business aviation communications market

  Leader in business aviation flight support services

  FAA DataComm / NextGen

  Positioned in 50+ leading airports (e.g., Dallas, Las Vegas and Vancouver)

Americas

  Exclusive provider of airline and business aviation communications in China and Thailand

  Fleet-wide information management enablement and services at Cathay Pacific

  Positioned in 20+ leading airports (e.g., Tokyo, Hong Kong and Seoul)

Asia Pacific

  Virgin Atlantic, Emirates and South African Airways are examples of key customers

  Positioned in 40+ leading airports (e.g., Heathrow, Dubai and Doha)

Europe, Middle East & Africa

Long-term customers. Renewal rates > 95%



51

Accelerated revenue growth

Enhanced data / services drive

demand Synergies


Enhanced data / services drive demand

3.  More types of users – aviation “eco-system”

1.  Airline aviation traffic growth

Air-to-ground messages

2.  More data per airline & business aviation aircraft

10x increase in data generated

52

B767 B787

Sources: Airbus & Boeing

Air traffic doubles every 15 yrs

5% CAGR since 1980

5% CAGR projected for next 15 years

Core business

Current Future

High single digit growth

IMS revenue


Identified synergies drive over $125M in revenue through 2018

  Service expansion through airline channel relationships

  Flight support services growing through combined, complementary service offerings in business aviation

  Airline and business aviation communication services to drive increased information enablement, applications and content

53

2015

2018

$10M/year

$50M+/year


Creating a one-stop shop for business aviation flight support services

54

Flight Services

International trip support

Regional trip support

Regional trip support

Connectivity services

Weather services

Connectivity services

International trip support

Integrated solution

Revenue synergy drive growth 1.  International trip support and weather services provided to ARINC Direct customers

2.  Regional trip support and connectivity services provided to Ascend customers

3.  Market share gain from strength of complementary portfolios


Leveraging communication services to deliver enablement, applications and content

55

Cabin apps & content Passenger connectivity Credit card transactions Audio-video distribution

Aircraft apps & content Graphical weather Electronic charts Maintenance data

Ground-to-ground network, applications and infrastructure

On-board system

Cathay Pacific’s eEnabled aircraft


Strong core business with identified synergies and further expansion potential

  High single-digit revenue growth in core business – further enhanced by synergies

  High incremental margins from more data users / usage over existing network infrastructure

  Long-term stable cash flow generation from connectivity and app subscription business

Core business

Synergies

Current Future

IMS

reven

ue

High single-digit growth

Double-digit growth


Patrick Allen Senior Vice President and Chief Financial Officer

2014 Rockwell Collins Investor Conference


Business & regional aircraft deliveries down 40%

- 200 400 600 800

1,000 1,200 1,400 1,600 1,800

2008 2009 2010 2011 2012 2013

Business & Regional Aircraft Deliveries

$-

$50

$100

$150

$200

$250

$300

2008 2009 2010 2011 2012 2013

DOD Investment Accounts (Base + OCO Investment)

($ Billions)

-

200

400

600

800

1,000

1,200

1,400

2008 2009 2010 2011 2012 2013

Air Transport Aircraft Deliveries

DOD investment spend down 33%

Air transport deliveries up 50%

Core revenues remained flat despite 2 of 3

markets declining

58

Over the last five years


We remained focused on our core performance

Maintain profitability

Cash flow performance

Invested in emerging markets

Offset market declines

  Sustained average operating margins above 20%

  Decreased headcount ~10%   Closed 17 facilities

Generated 126%(1) average operating cash flow as a percent of net income (before deferred investments)

Focus Area Result

  Increased headcount in emerging markets by 60%

  Three new joint ventures in emerging markets

Business jet market share gains offset four years of market declines

(1) – See Non-GAAP Financial Information table at the end of this presentation.


While deploying our cash

Invested 20% of sales in R&D for core growth

Purchased ARINC Complementary business adds $550 million of revenue growing high single digits organically

Focus area Result

  Commercial Systems poised to grow 2X market

  Government Systems leverages commercial technologies for mission systems

Returned capital to shareowners

  Maintained dividend payout ratio   Repurchased 36 million shares

Leveraging a return to growth for company and investors


  Air transport market is in a prolonged upcycle

  Business jet production is bottoming out

  More budget certainty for DoD investment accounts

  International defense markets are growing

61

The market outlook is improving


Pro Line Fusion

62

  Pro Line Fusion on 18 commercial platforms

  Competitive product offering for light business jets

R&D investments are paying off

Key investments Payoff

Air Transport investments:   Displays   Information management   Communication, navigation and

surveillance systems

  Leveraged 787 win onto A350 and 737 MAX

Government Systems investments:   Utilize Fusion/AT investments   Networked radios   Precision targeting solutions

  Deployed commercial technologies across military platforms

  Developed solutions to address U.S. and international markets


  A350

  CSeries

  Global 5000/6000

  Global 7000/8000

  737 MAX

  Gulfstream 280

  Learjet 85

  Embraer 450/500

  Agusta 149

  Saab Gripen

  $18 billion in revenue over the lifecycle of these programs

  $7 billion in operating profit

Pre-production engineering investments are paying off

Key programs Payoff

$-

$200

$400

$600

$800

2014 2015 2016 2017 2018

Pre-production engineering program sales

($ Millions)


Pre-production engineering starts to deliver

~75% of the spend is behind us and over 90% of the revenue is in front of us

$-‐

$100

$200

$300

$400

$500

$600

$700

$800

$900

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Sales Commi7ed pre-‐produc=on engineering spend


Long-term ARINC expectations:

  Organic sales growth in high-single digits

  Revenue synergies expand ARINC sales

growth to double-digits

  EBITDA margins expanding to greater than

20%(2); incremental margins of 40%-50%

  ARINC initially increases Rockwell Collins’

cash flow by about 10% and accelerates

thereafter

  Capital expenditures as a percent of

sales ~6%

Acquisition of ARINC adds platform for growth

Rockwell Collins combined business is 56% commercial and growing

$-‐

$100

$200

$300

$400

$500

$600

2011 2012 2013

ARINC Sales (1)

(1)  Excludes sales for ARINC's Aerospace Systems Engineering and Support business, which is in the process of being divested. (2)  See ARINC Projected Financial Information table in Rockwell Collins’ first quarter results press release dated January 21, 2014.

10% CAGR


  R&D ~18-20% of sales   Bolt-on acquisitions   Capital expenditures ~3% of sales

66

Invest in growth

Repay majority of short-term debt

  Expected to take ~2 years

Continue shareowner friendly capital

deployment

  Dividend payout of 20%-25% of net income

  Resume “normal” share repurchases after debt pay down

Capital deployment going forward


5-year outlook

Revenue

Earnings Per Share

Operating CashFlow

2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

Mid-‐to-‐high single-‐digit growth



67

•  Commercial Systems high single-digit growth

•  Government Systems low single-digit growth

•  Information Management Services accelerating to double-digit growth

•  Deferred investments decreasing •  Pension headwinds abating

•  Expanding margins with sales growth •  Resume share repurchases


accelerating growth


Non-GAAP Financial Information

69

Five Years EndingSeptember 30, 2013

Operating cash flows, as reported 3,152$

Add: Increase in pre-production engineering costs, net 548 (a)

Add: Amortization expense for pre-production engineering costs 80 (b)

Operating cash flows, as adjusted 3,780$

Income from continuing operations, as reported 3,002$

Adjusted operating cash flows as a percent of income from continuing operations 126%

(b) Represents the amortization expense for pre-production engineering costs of $25 million, $18 million, $15 million, $15 million and $7 million for the twelve months ended September 30, 2013, 2012, 2011, 2010 and 2009, respectively.

The Non-GAAP information included in this presentation is believed to be useful to an investor's understanding and assessment of our on-going operations. The company does not intend for the Non-GAAP information to be considered in isolation or as a substitute for the related GAAP measures.

The following table is intended to show operating cash flows as a percent of net income for the last five years excluding the impact of pre-production engineering investment for the last five years (unaudited, in millions):

(a) Represents the net increase in pre-production engineering costs capitalized within inventory. Pre-production engineering costs capitalized within inventory were $714 million and $166 million at September 30, 2013 and September 30, 2008, respectively.

Investor Relations

Final col-2014-investor-conference-presentation