Lockheed Martin, every mention
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Verbatim, from the transcripts: the passages where Lockheed Martin comes up
Lockheed Martin (Audio) · Acquired
- ▶ 2:46:05 Ben Gilbert By all means, that should have gone to Lockheed Martin.
- ▶ 2:46:15 Ben Gilbert In a lot of the early competitions, but the government still gave the award to Northrop Grumman because there was some particular plane that the government said Northrop could manufacture a bunch of and then sell internationally and then…
- ▶ 2:47:39 Ben Gilbert Skunk Works is still a term that is used to describe a part of Lockheed Martin, but is it the Skunk Works of the fifties, sixties, seventies?
- ▶ 2:49:50 Ben Gilbert And, I mean, the F-二-two, much like the SR 71, there's not much we can complain about with the plane.
- ▶ 2:51:30 David Rosenthal Sega co-developed those boards with Lockheed Martin.
- ▶ 2:52:15 Ben Gilbert The company, the contractor, Lockheed, doesn't take any risk, and so who's holding the bag?
- ▶ 2:52:43 David Rosenthal It's the R&D, but also the tooling, like we were talking about with the Blackbird.
- ▶ 2:53:34 Ben Gilbert So, I think Lockheed has become world-class at understanding where their bread is buttered.
- ▶ 2:56:38 Ben Gilbert Lockheed won the contract,
- ▶ 2:57:03 Ben Gilbert So here's some of the stats from Lockheed's twenty-twenty-two annual report.
- ▶ 2:57:36 Ben Gilbert Lockheed Martin, this is an enormous win to win this program, and it is among us and our allies the largest ever purchase anyone has ever made for any piece of defense equipment.
- ▶ 2:57:53 David Rosenthal Everything we talked about in the story portion of the episode, this is a different world than the Lockheed of World War II and the Cold War, and the military of World War II and the Cold War.
- ▶ 2:58:25 Ben Gilbert I'll finish rounding out the national defense budget, just to put all this in context of what Lockheed sort of represents here.
- ▶ 3:00:35 Ben Gilbert About half of the defense budget is spent on contractors, like Lockheed Martin, and of that 400 that's spent on contractors, fifty billion goes to Lockheed.
- ▶ 3:00:46 Ben Gilbert They are the single largest recipient of federal spending as a contractor, full stop.
- ▶ 3:00:59 David Rosenthal I knew they were the largest defense contractor, but I didn't realize they were the largest government contractor, period.
- ▶ 3:01:05 Ben Gilbert Lockheed, then Boeing, then General Dynamics, then Raytheon, then Northrop, then McKesson.
- ▶ 3:01:14 Ben Gilbert So you've got that fifty billion that goes to Lockheed Martin from the federal government.
- ▶ 3:01:18 Ben Gilbert How much of their total revenue do you think that is?
- ▶ 3:01:25 Ben Gilbert So, uh, sixty-six billion dollars was Lockheed's total revenue last year, of which fifty billion came from the U.S. federal government.
- ▶ 3:01:42 Ben Gilbert Because the U.S. government basically has a rofer on anything and can put the kibosh on Lockheed exporting to anyone.
- ▶ 3:01:51 Ben Gilbert Their net income margin is eight percent, as we've been sort of talking about the whole time.
- ▶ 3:01:55 Ben Gilbert You can sort of like see the cost plus pricing right there at the bottom line of the company.
- ▶ 3:02:00 Ben Gilbert Lockheed Martin makes a bunch of money, and at the end they only have eight percent, and that's basically contractually figured out.
- ▶ 3:02:16 Ben Gilbert And that is exactly why their financial statements look the way they do is because that's exactly how the government decides to fund it.
- ▶ 3:05:37 Ben Gilbert Yeah, and it's probably fair to say, I didn't talk to anyone at Lockheed, I'm not judging anyone who works at Lockheed, but I think the reputation in the industry is, if you're a fantastic software engineer, you're probably gonna go to a…
- ▶ 3:08:49 David Rosenthal I also think there's another layer to this, which is really a huge theme of this journey with the research and doing this episode for me with Lockheed.
- ▶ 3:09:27 David Rosenthal Technology and society was pushed forward in America by the Cold War and by Lockheed as part of that.
- ▶ 3:09:37 Ben Gilbert Well, we've already done a bunch of playbook stuff, so before we get into that formally codified analysis section, let's just talk about, real quick, the segments of Lockheed Martin today.
- ▶ 3:09:46 Ben Gilbert So people understand, like, what do they actually do today?
- ▶ 3:10:23 Ben Gilbert Then there's three rotary and mission systems, which contains helicopters, and they bought Sikorsky, so it contains Sikorsky, the other helicopter company.
- ▶ 3:10:46 Ben Gilbert That was sort of forced upon both Boeing and Lockheed Martin, where they both independently were developing launch capabilities for the US government.
- ▶ 3:11:00 Ben Gilbert The US needed to contract launch services from someone, and so Lockheed and Boeing were both developing them.
- ▶ 3:11:17 Ben Gilbert And Lockheed Martin and Boeing came back and said, are you kidding me with that guy?
- ▶ 3:11:51 Ben Gilbert Lockheed had done this too.
- ▶ 3:11:57 Ben Gilbert Boeing was caught trying to steal proprietary data from Lockheed Martin.
- ▶ 3:13:09 Ben Gilbert I mean, fighter jets are their bread and butter at 40% of overall revenue, but missiles and space are each 17%, and rotary mission systems are 26%, and all of them are nine to 14% margins, so they all are double-digit percentage of revenue…
- ▶ 3:13:55 Ben Gilbert One, we know we did not tell the entire Lockheed Martin story, nor could we.
- ▶ 3:14:52 David Rosenthal I was really smiling as you were defining that as a persistent differential returns versus their competitors, because I'm not sure that Lockheed has differential returns versus their competitors.
- ▶ 3:16:19 David Rosenthal You can't just pick that up out of Lockheed and go put it somewhere else and expect it to function.
- ▶ 3:17:09 Ben Gilbert I mean, it's funny, like, Lockheed versus Northrup, there's not counter positioning, really.
- ▶ 3:17:30 Ben Gilbert Switching costs, I guess, but every time there's a new program, they re-bid it out, and the government's typically excited to give it to not the incumbent, because they actually, they want to rotate these programs around, so fighter jets…
- ▶ 3:17:57 Ben Gilbert Is Lockheed Martin's process versus Northrop Grumman's process?
- ▶ 3:18:58 Ben Gilbert One of the big ones is that Lockheed Martin has a dual purpose for existing.
- ▶ 3:29:58 Ben Gilbert When you look at Lockheed Martin as a business, they're gonna do just fine for a long time.
- ▶ 3:30:48 Ben Gilbert And it's very likely that the Skunk Works mentality ends up solving more problems for our country, but probably not from the Skunk Works division of Lockheed Martin.
- ▶ 3:32:27 Ben Gilbert It's Lockheed Martin exists
- ▶ 3:34:53 Ben Gilbert One is something that didn't quite fit anywhere in this episode, but if you love airplanes, and you are excited about the SR-seventy-one, you should google the SR-seventy-one Blackbird speed check story.
- ▶ 3:35:06 Ben Gilbert It's an awesome story that I'm not gonna spoil for you, but is, uh, about pilot jocks at their finest, and a triumphant Blackbird.
- ▶ 3:37:50 David Rosenthal If you're doing that now here with this Lockheed episode, definitely go check out some of our other episodes on other industries.
Spotify CEO Daniel Ek · Acquired
- ▶ 28:20 Ben Gilbert We create these serial episodes, and so if we go on a bender and do, uh, like we just did Lockheed Martin, and it hasn't, hasn't come out yet as we speak, but we could have done eight Lockheed Martin episodes, and we chose two particular…
Qualcomm · Acquired
- ▶ 34:02 David Rosenthal Like that is a gravy train that like, yeah, Raytheon, Lockheed, Boeing, all these companies.
Nvidia: The GPU Company (1993-2006) · Acquired
- ▶ 18:19 David Rosenthal Defense companies, Lockheed Martin, and the like, um, but lots of other companies now, too, are coming to LSA Logic and the other ASICS companies and saying, hey, we want to create these systems of chips.
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