RBC Capital Markets 2017 Global Industrials Conference

Transcription

1 Oshkosh Corporation (NYSE:OSK) RBC Capital Markets 2017 Global Industrials Conference Jim Johnson President, Fire & Emergency Segment Patrick Davidson Vice President, Investor Relations SEPTEMBER 13, 2017

2 Forward-Looking Statements This presentation contains statements that the Company believes to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of All statements other than statements of historical fact, including, without limitation, statements regarding the Company s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this presentation, words such as may, will, expect, intend, estimate, anticipate, believe, should, project or plan or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies and construction seasons; the Company s estimates of access equipment demand which, among other factors, is influenced by customer historical buying patterns and rental company fleet replacement strategies; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and purchased materials; the expected level and timing of U.S. Department of Defense (DoD) and international defense customer procurement of products and services and acceptance of and funding or payments for such products and services; higher material costs resulting from production variability due to uncertainty of timing of funding or payments from international defense customers; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy; the impact of any DoD solicitation for competition for future contracts to produce military vehicles, including a future Family of Medium Tactical Vehicle production contract; the Company s ability to increase prices to raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to facilities expansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; global economic uncertainty, which could lead to impairment charges related to many of the Company s intangible assets and/or a slower recovery in the Company s cyclical businesses than Company or equity market expectations; projected adoption rates of work at height machinery in emerging markets; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its customers; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company s products; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to a data security breach; and risks related to the Company s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company s filings with the Securities and Exchange Commission, including the Form 8-K filed August 2, All forward-looking statements speak only as of August 2, The Company assumes no obligation, and disclaims any obligation, to update information contained in this presentation. Investors should be aware that the Company may not update such information until the Company s next quarterly earnings conference call, if at all. RBC Capital Markets 2017 Global Industrials Conference September 13,

3 Oshkosh Corporation Key Messages A different integrated global industrial MOVE Evolving to deliver more value Positioned for long-term success RBC Capital Markets 2017 Global Industrials Conference September 13,

4 OSHKOSH CORPORATION 100 YEARS STRONG A DIFFERENT INTEGRATED GLOBAL INDUSTRIAL

5 Making a Difference ACCESS EQUIPMENT DEFENSE FIRE & EMERGENCY COMMERCIAL Leading provider of specialty vehicles Celebrating 100 years in 2017 Focused on delivering value to customers and shareholders Serial innovator of gamechanging new products RBC Capital Markets 2017 Global Industrials Conference September 13,

6 Oshkosh Corporation Profile FY17 YTD* Revenue by Segment Revenue by Geography 45% Access Equipment 76% United States 15% Commercial 15% Fire & Emergency 25% Defense 6% Rest of World 15% EMEA 3% Other NA Revenue growth driven by defense segment - ramp of JLTV program and international M-ATV shipments * Through fiscal Q3, ended June 30, 2017 RBC Capital Markets 2017 Global Industrials Conference September 13,

7 Maintaining Industry Leadership GLOBAL RANK (1) Aerial Work Platforms/Telehandlers Military Tactical Wheeled Vehicles #1 #1 NORTH AMERICA RANK (1) Fire Apparatus Airport Products (ARFF/Snow Removal) Refuse Collection Vehicles Concrete Mixers/Batch Plants Wreckers & Carriers #1 #1 #1 #1 #2 Strong Brands Value Creation (1) Company estimates RBC Capital Markets 2017 Global Industrials Conference September 13,

8 Favorable and Diverse End Market Drivers Defense recovery JLTV ramp-up Solid U.S. base program funding International opportunities U.S. construction slowly improving, though uneven both residential and non-residential Municipal spending recovering Aging fleets in multiple markets Significant access equipment product adoption opportunities globally Despite current market challenges Population growth and urbanization Expect mid-single-digit FY16 to FY17 revenue growth despite Access Equipment Segment expected decline RBC Capital Markets 2017 Global Industrials Conference September 13,

9 Integrated Enterprise Approach Drives Opportunity/Efficiency Across Business Segments Global product development Enterprise-wide operations Global procurement and supply chain Leverage scale of OSK One Oshkosh culture People, Purpose, Performance Take Advantage of Opportunities Unavailable to Many Companies RBC Capital Markets 2017 Global Industrials Conference September 13,

10 MOVE EVOLVING TO DELIVER MORE VALUE

11 Evolving to Deliver More Value Grow profitably by maintaining intense focus on customer experience Optimize our costs and capital structure to provide value for customers and shareholders Lead in innovation over the product life cycle Drive international growth in targeted geographies RBC Capital Markets 2017 Global Industrials Conference September 13,

12 Market Leader Delighting Customers Grow profitably by maintaining intense focus on customer experience Enhance customer experience by: Increasing use of standard processes and tools to drive consistent customer experience Providing total customer care solutions over product life cycle Expanding use of Advanced Product Quality Planning Utilizing Voice of Customer to deliver superior products and solutions RBC Capital Markets 2017 Global Industrials Conference September 13,

13 Optimize Cost and Capital Structure Optimize our costs and capital structure to provide value for customers and shareholders Targeting ~$55 million yr/yr cost reduction in FY17 Build on current practices for product, process and overhead improvements Component commonality Supply chain optimization Weight reduction Incrementally improve margins independent of volume through simplification actions RBC Capital Markets 2017 Global Industrials Conference September 13,

14 Value Innovation Target 15-20% annual revenue (1) from new products in FY17 Continue innovation leadership JLTV Further development of value/global products Leverage benefits of multigenerational product and technology plans Next generation protection and mobility JLG 1500AJP Articulating Boom Lift Ascendant TM Aerial Ladder Meridian Front-end Loader RCV Game-changing 107 foot two-axle aerial Balances high payload, low body weight World s tallest articulating boom lift (1) Revenues from new products tracked through the first 24 months following the initial sale for all new products and new product development projects RBC Capital Markets 2017 Global Industrials Conference September 13,

15 Emerging Market Growth Drive international growth in targeted geographies Targeting 15-20% increase in international sales in FY17 From $1.5 billion in FY16 to an estimated $1.75 billion in FY17 Driving international to 25% - 30% of OSK sales Growth driven by Defense and Access Equipment Expanding our reach across the globe 50% 40% 30% 20% 10% 0% % of OSK Sales Outside U.S. 24% 25% - 30% 24% FY16 FY17E (1) RBC Capital Markets 2017 Global Industrials Conference September 13,

16 BUSINESS SEGMENT OVERVIEW & RECENT HIGHLIGHTS

17 Access Equipment Summary Targeting higher operating income margins across the cycle Global leader in access equipment Focused strategy built on simplifying the business, continuing to lead in innovation and expanding aftermarket parts and services Well positioned for long-term global success as near-term headwind of replacement demand cycle becomes a tailwind and product adoption grows RBC Capital Markets 2017 Global Industrials Conference September 13,

18 RBC Capital Markets 2017 Global Industrials Conference September 13, Access Equipment Recent Highlights Strong Q3 performance Improved customer sentiment in North America Improved rental market conditions Positive U.S. construction trends despite replacement demand headwinds Expect continued responsible rental company capital expenditure approach Solid market conditions in Europe and product adoption growth in Asia Restructuring actions on track

19 Current North America Fleet Replacement Demand Negatively impacted by low sales during last recession Composition of Rental Fleet in 2017 as Percent of Total Units (1) 20.0% 15.0% 10.0% Current Headwind 5.0% Model Year of Fleet Partial Expected to Drive Demand in Future Years 0.0% (1) Rouse Services: Age composition of Access Equipment of Rouse 8 fleets in North America as of 06/30/2017 RBC Capital Markets 2017 Global Industrials Conference September 13,

20 Defense Segment Summary Targeting high single-digit operating income margins over the next few years #1 provider of light, medium, MRAP and heavy tactical wheeled vehicles in the world (1) Winning strategy based on breakthrough technologies, operational agility, life cycle value and defense expertise that delivers exceptional technical, operational and economic value for our military customers Solid budget visibility for the multi-year, multi-billion dollar U.S. JLTV program, as well as international market potential (1) Company estimates RBC Capital Markets 2017 Global Industrials Conference September 13,

21 Defense Recent Highlights Strong Q3 results as international M- ATV and domestic JLTV sales ramped JLTV program progressing and achieving milestones Logging significant government test time Encouraged by interest in higher JLTV quantities Building solid base for FY18 Expect $1.7 billion sales visibility by September 30, 2017 Ongoing discussions with international customers for defense products and vehicle sustainment (timing expected to allow for sales beginning late FY18) Submitted FMTV recompete proposal 2017 U.S. Defense Budget signed; monitoring progress of 2018 U.S. Defense Budget request RBC Capital Markets 2017 Global Industrials Conference September 13,

22 Joint Light Tactical Vehicle (JLTV) 2 Door 4 Door Utility General Purpose Heavy Guns Carrier Close Combat Weapons Carrier Future Variants U.S. JLTV Production Contract Overview ~$6.7 billion initial announcement Base award plus 8 order years Program scope includes: 4 Mission Package Configurations Mission Kits Interim Contractor Support (ICS) Total Package Fielding (TPF) System Technical Support (STS) Technical Data Package Quantity: 18,000+ vehicles (1) Vehicle deliveries expected through 2024 (1) Source: FY17 U.S. President s Budget RBC Capital Markets 2017 Global Industrials Conference September 13,

23 U.S. JLTV Program Schedule FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Deliveries & Testing Armor Coupon Testing Ballistic Testing Full Rate Production Milestone Marine Corps Fielding Decision Army First Unit Equipped Performance, Reliability & Live Fire Testing LRIP (1) YR 1 LRIP YR 2 LRIP YR 3 FRP (2) YR 1 FRP YR 2 FY17 President s Budget Funding Request Order Quantity Expected Sales Quantity (3) FY FY17 2,020 ~650 to 750 FY18 (4) 2,637 ~1,500 to 2,000 FY19 (4) 4,737 ~3,000 FY20 (4) 5,190 ~4,500 FY21 (4) 3,838 ~5,000 Delivering unprecedented performance. On-time. On-budget. (1) Low Rate Initial Production (2) Full Rate Production (3) Estimates as of June 30, 2017 (4) FY18-FY21 Order Quantity values based on FY18 President's Budget Request RBC Capital Markets 2017 Global Industrials Conference September 13,

24 Global Light TWV Market Potential Today s HMMWV Installed Base (1) 240,000 HMMWVs 60 countries 30+ configurations JLTV is Next-Generation Protected Mobility for the Modern Battlefield 47% 53% Armor Capable HMMWV Unarmored HMMWV Jeep HMMWV JLTV The Oshkosh JLTV Will Shape the History of Light Military Vehicles (1) Source: Government publications, IHS Jane s, SIPRI, AM General Website RBC Capital Markets 2017 Global Industrials Conference September 13,

25 Delivering Long-Term Value HEMTT Heavy Expanded Mobility Tactical Truck 7,491 vehicles 35,000+ vehicles HEMTT A0 HEMTT A1 HEMTT A2 HEMTT Reset HEMTT A4 HEMTT Recap M-ATV Family of Vehicles Mine Resistant Ambush Protected All-Terrain Vehicle 2,244 vehicles 10,000+ vehicles Base Training UIK Upgrade RPG Upgrade M-ATV Family of Vehicles JLTV E Joint Light Tactical Vehicle 16,901 vehicles (1) 55,000+ vehicles (2) (1) Estimate of customer contractual requirements as of initial award date (2) Government stated estimate of quantity subject to funding and production contract recompete RBC Capital Markets 2017 Global Industrials Conference September 13,

26 Defense Revenue Expectations $8 $7 $6 $5 $4 $3 $2 $1 $0 Net Sales (in billions) Revenue JLTV Non-JLTV Targeting $1.7 - $2.0 billion of sales in FY17 FY19 JLTV approaching ~50% of sales by FY19 (1) (1) FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E Family of Heavy Tactical Vehicles (FHTV) Family of Medium Tactical Vehicles (FMTV) Joint Light Tactical Vehicle (JLTV) U.S. M-ATV Global MRAP All-Terrain Vehicle (M-ATV) Medium Tactical Vehicle Replacement (MTVR) Global Integrated Product Support (GIPS) - Aftermarket Logistics Vehicle System Replacement (LVSR) P-19R ARFF (1) Mid-point of revenue range expectations RBC Capital Markets 2017 Global Industrials Conference September 13,

27 Fire & Emergency Segment Summary Targeting double-digit operating income margins in the near term Leader in U.S. fire truck and global airport products (1) with industry-leading brands, products and distribution network Strategy focused on operational excellence, simplification and continuing to lead in innovation Aging fleets, technological changes and steady growth in municipal demand support solid outlook (1) Aircraft Rescue and Firefighting (ARFF) and Snow Removal RBC Capital Markets 2017 Global Industrials Conference September 13,

28 Fire & Emergency Recent Highlights Achieved >10% operating income margin in Q3 significant milestone Continued execution of proven formula Committed to achieving annual OI margin of 10% or more Multiple new Ascendant models launched at recent FDIC show U.S. fire apparatus market remains 20% - 25% below pre-recession level Strong U.S. dollar continues to challenge international business RBC Capital Markets 2017 Global Industrials Conference September 13,

29 Domestic Fire Truck Market Drivers Gaining Momentum Increasing Home Prices and Property Taxes Data through Q Housing prices and local property taxes have continued to recover Aging fleets coupled with improving state and local tax receipts have led to steady growth in municipal demand RBC Capital Markets 2017 Global Industrials Conference September 13,

30 Commercial Segment Summary Targeting 10% operating income margins over time Differentiated leader in North American refuse collection vehicle and concrete mixer markets with broad product lineup, operational scale and well-respected brands Strategy focused on innovation, simplification and supporting customers through the product life cycle Promising market fundamentals and elevated customer fleet ages drive performance opportunities RBC Capital Markets 2017 Global Industrials Conference September 13,

31 Commercial Recent Highlights Revenue growth driven by higher RCV sales Improved performance in the quarter vs. 1H FY17, but short of targets Continued focus on simplification activities Encouraged by opportunities Additional time needed to capture improvement U.S. RCV market climbed above pre-recession levels U.S. concrete mixer market remained 20% - 25% below normal pre-recession levels Positive longer term market outlook RBC Capital Markets 2017 Global Industrials Conference September 13,

32 Concrete Mixers and Refuse Collection Vehicles Aged fleets positively correlated with housing and waste generation Concrete mixers Fleet age is high; ~10 years Customers remain cautious near term North American rear discharge concrete mixer market still ~25% below long-term average Home ownership 2 up slightly from 50 year low in Average concrete mixer fleet age¹ Average fleet age in years RCVs Large operator fleet age >8 years 3 Share growth past 2 years Fleet volumes growing due to increase in waste generation Solid municipal funding as tax receipts rebound Expect waste hauling market consolidation to continue U.S. RCV market YOY Change 15% 5% -5% -15% -25% U.S. refuse collection vehicles and single-family housing starts YOY change 4 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 RCV domestic market YOY change Single Family Housing Starts YOY change 40% 20% 0% -20% -40% -60% Single-family housing starts YOY chang (1) Source: National Ready Mixed Concrete Association (NRMCA) (2) U.S. Census Bureau July 2017 (3) Estimates based on publicly traded refuse company information and OSK internal estimates (4) Refuse Collection Vehicles WASTEC, single-family housing starts as reported by HIS RBC Capital Markets 2017 Global Industrials Conference September 13,

33 POSITIONED FOR LONG-TERM SUCCESS

34 Responsible Capital Allocation Strategy Long-term targeted capital structure Reinvest in core business Debt to EBITDA target ~2.0X Drives sales and EPS growth Opportunistic levers to drive additional shareholder value Invest in external growth (M&A) Return cash to shareholders Reduce debt Hold cash RBC Capital Markets 2017 Global Industrials Conference September 13,

35 FY17 Estimates* - Growth from FY16 Revenues of ~$6.75 billion Adjusted operating income* of $480 million to $490 million Adjusted EPS* of $3.80 to $3.90 Segment information Measure Access Equipment Defense Fire & Emergency Commercial Sales (billions) Adj. Operating Income Margin ~ $2.95 ~ $1.825 ~ $1.025 ~ $ % %* 11.0% % ~9.7% 4.5% - 5.0% Additional expectations Corporate expenses of ~$150 million Adjusted tax rate* of ~32.5% CapEx of ~$90 million Free Cash Flow* of ~$150 million Assumes share count of ~76.0 million * Non-GAAP results. See appendix for reconciliation to GAAP results. RBC Capital Markets 2017 Global Industrials Conference September 13,

36 Positive Long-term Outlook Convergence of favorable market dynamics and benefits of MOVE position OSK to deliver strong results Favorable market dynamics JLTV provides multi-year visibility for Defense Current access equipment replacement demand headwind becomes future tailwind Fleet ages help to drive Fire & Emergency and Commercial Segment demand MOVE strategy will continue to drive results Expected strong free cash flow over the cycle provides capital allocation alternatives A Different Integrated Global Industrial Company RBC Capital Markets 2017 Global Industrials Conference September 13,

37 For information contact: Patrick N. Davidson Vice President, Investor Relations (920) Jeffrey D. Watt Director, Investor Relations (920)

38 Appendix: Access Equipment (Dollars in millions) Third Quarter Net Sales $980.2 $952.5 % Change 2.9% 2.1% Adjusted Operating Income $140.8* $122.1 % Change 15.3% (10.4)% % Margin 14.4% 12.8% Q3 Comments Sales impacted by: + Higher AWP volume Lower telehandler volume Adjusted operating income* impacted by: + Higher sales volume + Favorable mix + Favorable material usage Backlog up 39.6% vs. prior year to $523 million * Non-GAAP results. See appendix for reconciliation to GAAP results. September 13, 2017 RBC Capital Markets 2017 Global Industrials Conference 38

39 Appendix: Defense (Dollars in millions) Third Quarter Net Sales $482.7 $264.3 % Change 82.6% 36.1% Operating Income $62.4 $19.1 % Change 226.7% 369.3% % Margin 12.9% 7.2% Q3 Comments Sales impacted by: + M-ATV international sales + Ramp-up of JLTV program Lower FMTV sales Operating income impacted by: + Higher sales volume Backlog down 16.8% vs. prior year to $1.9 billion September 13, 2017 RBC Capital Markets 2017 Global Industrials Conference 39

40 Appendix: Fire & Emergency (Dollars in millions) Third Quarter Net Sales $282.9 $248.5 % Change 13.8% 24.4% Operating Income $30.8 $19.7 % Change 56.3% 105.0% % Margin 10.9% 7.9% Q3 Comments Sales impacted by: + Higher unit volume + Improved pricing Operating income impacted by: + Improved pricing + Higher sales volume Backlog up 4.8% vs. prior year to $894 million September 13, 2017 RBC Capital Markets 2017 Global Industrials Conference 40

41 Appendix: Commercial (Dollars in millions) Third Quarter Net Sales $295.2 $287.9 % Change 2.5% (2.1)% Operating Income $21.6 $23.8 % Change (9.2)% 6.2% % Margin 7.3% 8.3% Q3 Comments Sales impacted by: + Higher RCV unit volume Operating income impacted by: Operational inefficiencies Backlog up 61.6% vs. prior year to $333 million September 13, 2017 RBC Capital Markets 2017 Global Industrials Conference 41

42 Appendix: Non-GAAP to GAAP Reconciliation The table below presents a reconciliation of the Company s presented non-gaap measures to the most directly comparable GAAP measures (in millions): Three Months Ended June 30, 2017 Access equipment segment adjusted operating income (Non-GAAP) $ Restructuring-related costs (10.6) Access equipment segment operating income (GAAP) $ September 13, 2017 RBC Capital Markets 2017 Global Industrials Conference 42

43 Appendix: Non-GAAP to GAAP Reconciliation The table below presents a reconciliation of the Company s presented non-gaap measures to the most directly comparable GAAP measures (in millions, except per share amounts): Fiscal 2017 Expectations Low High Adjusted access equipment operating income margin (Non-GAAP) 9.75% 10.00% Restructuring-related costs (1.40%) (1.40%) Access equipment operating income margin (GAAP) 8.35% 8.60% Adjusted consolidated operating income (Non-GAAP) $ $ Restructuring-related costs (41.0) (41.0) Consolidated operating income (GAAP) $ $ Adjusted diluted earnings per share (Non-GAAP) $ 3.80 $ 3.90 Restructuring-related costs (0.47) (0.47) Diluted earnings per share (GAAP) $ 3.33 $ 3.43 September 13, 2017 RBC Capital Markets 2017 Global Industrials Conference 43

44 Appendix: Non-GAAP to GAAP Reconciliation The table below presents a reconciliation of the Company s presented non-gaap measures to the most directly comparable GAAP measures (in millions): Fiscal 2017 Expectations Net cash flows provided by operating activities $ Additions to property, plant and equipment (90.0) Proceeds from sale of equipment held for rental, net of additions 15.0 Free cash flow $ Adjusted effective income tax rate (Non-GAAP) 32.5% Impact of restructuring-related costs on effective income tax rate 2.0% Effective income tax rate (GAAP) 34.5% September 13, 2017 RBC Capital Markets 2017 Global Industrials Conference 44

45 Appendix: Commonly Used Acronyms ARFF Aircraft Rescue and Firefighting LVSR Logistic Vehicle System Replacement AWP Aerial Work Platform M-ATV MRAP All-Terrain Vehicle AMPS Aftermarket Parts & Service MRAP Mine Resistant Ambush Protected CapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada) CNG Compressed Natural Gas NOL Net Operating Loss DGE Diesel Gallon Equivalent NPD New Product Development DoD Department of Defense NRC National Rental Company EMD Engineering & Manufacturing Development OCO Overseas Contingency Operations EMEA Europe, Middle East & Africa OH Overhead EPS Diluted Earnings Per Share OI Operating Income FAST Act Fixing America s Surface Transportation Act OOS Oshkosh Operating System FDIC Fire Department Instructors Conference OPEB Other Post-Employment Benefits FHTV Family of Heavy Tactical Vehicles PLS Palletized Load System FMS Foreign Military Sales PUC Pierce Ultimate Configuration FMTV Family of Medium Tactical Vehicles R&D Research & Development GAAP U.S. Generally Accepted Accounting Principles RCV Refuse Collection Vehicle GAO Government Accountability Office RFP Request for Proposal HEMTT Heavy Expanded Mobility Tactical Truck ROW Rest of World HET Heavy Equipment Transporter SMP Standard Military Pattern (Canadian MSVS) HMMWV High Mobility Multi-Purpose Wheeled Vehicle TACOM Tank-automotive and Armaments Command IRC Independent Rental Company TDP Technical Data Package IT Information Technology TPV Tactical Protector Vehicle JLTV Joint Light Tactical Vehicle TWV Tactical Wheeled Vehicle JPO Joint Program Office UCA Undefinitized Contract Action JROC Joint Requirements Oversight Council UIK Underbody Improvement Kit (for M-ATV) JUONS Joint Urgent Operational Needs Statement UK United Kingdom L-ATV Light Combat Tactical All-Terrain Vehicle ZR Zero Radius LRIP Low Rate Initial Production RBC Capital Markets 2017 Global Industrials Conference September 13,