Q2 Beat Driven by Stellar Blu Acquisition; Weak 1H Organic Growth to Reverse in 2H. 
 
Blowout Q2 results. Revenues and AEBITDA grew 37% and 17%, beating the consensus forecast by 5% and 28%, respectively.  Management raised low end revenue and AEBITDA guidance, raising midpoint guide by 2% and 3%.
Stellar Blu delivers. Despite a slow start and a key component shortage, revenues ramped from $25M to $36M sequentially.  Full-year target of $120-150M intact.
Organic sales down 10%.  Excluding Peru, organic revenues declined 17%, with defense flat and commercial down 24%.  Management guidance assumes mid-teens growth in 2H, supported by $141M of press-released orders during Q2 (B2B of 1.3x, PR-only).