Welcome to the afternoon sessions. My name is Chris Pierce in the Needham Research Department, covering everything EV-related, from vehicles to charging, and it's my pleasure to welcome Mark Mesler, Archer Aviation CFO, to talk about EVs in a different form, eVTOLs. He's gonna walk us through a 20-minute or so presentation for Archer. Then we'll pop back on. We'll have some light Q&A to end the session. If anyone has any questions, feel free to pop them in the chat box you see on the below the screen there, and I'm happy to work those in the conversation as well. Mark, thanks for joining us, and take it away when you're ready. Yeah. Thanks, Chris, and thanks for having me and appreciate everyone joining this afternoon. As Chris said, I'm Mark Mesler. I'm the CFO here at Archer Aviation. Archer Aviation is a developer and manufacturer of an electric vertical take-off and landing aircraft, and this is a picture of that. This is our Midnight production aircraft in test flight in our Salinas flight facility. And I'll talk through, you know, the use cases for our aircraft, I'll talk through the economics of the aircraft, and just what the commercial opportunities are. But it's a pretty exciting technology. I think that euphemistically, people have thought about this as sort of Jetsons-like, but I'm here to tell you that the technology is clear and present for us to have the opportunity to get to commercialization of operating these aircraft in 2025 and beyond in urban air environments. So but let's just jump in here. So Archer, you know, we've raised over $1 billion of capital heretofore. We went public on the NYSE in 2021. We're approaching about 700 people in our workforce. We're headquartered here in San Jose. We've got flight test facilities in Salinas, California, and you'll see here also that we've begun construction of our high-volume manufacturing facility on a 100-acre site in Covington, Georgia. I think some of the key highlights for our team and for Archer in general is that the trajectory of our business has largely caught up to this industry over the past four years. It's a new industry. There's some players that have been around a lot longer, but for all intents and purposes, the trajectory of our technology platform has put us in a place where we're now working on certification of our aircraft with the FAA, with the goal of becoming commercialized or commencing into operations next year in 2025. We've got some really talented people that have joined us, that have enabled that trajectory that I just talked about. We've got our COO and chief engineer have been in this industry. Our COO is almost employee number one in this industry, and they've got significant experience and scars from a lot of the work that they've done previous to Archer. And they've, between the two, I have here, that they've built seven air-eVTOL aircraft each, so between them, you know, 12-14 aircraft. So we've got a really talented team that is setting up our company to you know get this nascent industry into commercial operations next year. So speaking of commercialization, what does that mean? So we've largely, over the past couple of years, between now and next year, have worked on certifying our aircraft with the FAA. So Midnight is our production aircraft, is called, is optimized for a 20-50-mile business cases we're going to be talking about. And we're working alongside the FAA right now and standing up our manufacturing such that we can reach commercialization in 2025. 2025-2028 is where you'll see the infancy of this industry take shape. We'll be operating in urban air environments, operating routes that we've announced that I'll talk through, and we'll really be using existing aviation assets that will be redeployed for EVTOLs. So, municipal airports, we'll be installing charging infrastructure. Heliports in New York City, we'll be putting infrastructure in, and we'll also be, during this time, working on ramping our manufacturing volumes. Then 2028 and beyond is where I think this industry will be operating at scale. One of the key drivers of 2028 is an initiative that was initiated by the FAA, specifically by Billy Nolen, who's now Archer's chief safety officer, who was previously the head of the FAA, the administrator of the FAA, Billy Nolen. There is a forcing function for this industry in 2028 that's called Innovate28. Innovate28 was an FAA initiated program where they want eVTOL aircraft, specifically, you know, Archer's aircraft and other operators' aircraft, to be a meaningful part of the 2028 Olympics. So in order to operate in the 2028 Olympics at scale, not just like onesies and twosies or tens, but upwards, you know, hundreds of aircraft being operated around that time, you really need to start and commence operations in 2025 and 2026, and to enable 2028. So that's the forcing function that we see that is enabling the build-out of this industry and the beginning of scale for the industry. Target use cases, I mean, clearly, we're coming out of the gate focused on aerial ride-sharing. So we're... we'll talk about our go-to-market strategy, but it's moving passengers. I think there's other use cases for these, so cargo and logistics. We have a contract with the Department of Defense to build out use cases for the DoD in their AFWERX program. Cargo and logistics and non-kinetic military applications, such as search and rescue and things like that, are other use cases for this aircraft. But urban air mobility is really the sweet spot. I mean, 20-50-mile use cases displacing that 1.5-2-hour congested ride. I mean, every time I go to New York, I fly into and out of Newark, it's an hour and a half through the tunnel to get to the airport. So, you know, that's an hour and a half that we're trying to transition into a 7-15-mile flight in urban air environments. Those use cases of airport to city center or city center to high populated areas like, you know, Greenwich, Connecticut, Long Island, et cetera, those are the real sweet spots for this technology. The technology was specifically designed around that, and I'll get into more detail around the specifications of the aircraft, but these are the markets we're going in. These just aren't U.S.-based markets either, right? You think of like, of the Indias of the world and the Middle East, some of these large, highly populated areas where there's really good target use cases for the tech. So, we are in flight test right now. I'm gonna share a video of our Midnight aircraft in flight. That's our Midnight aircraft at our Salinas test facility, going through some downwash tests for the FAA. So, you can see these are flying, clear and present flying. It's a really beautiful aircraft. These are the specs for it. So range is up to 100 miles, but it's optimized for 20-mile rapid back-to-back trips, minimal charge time, speed 150 miles per hour. One of the key differentiating factors here and enables the economics of the market is to have four passengers, charging for four passengers. So our payload is four passengers plus a pilot. In terms of safety, you know, relative to a helicopter, because these have the attributes of both a fixed-wing aircraft and a helicopter, we have multiple points of redundancy. Helicopters have single points of failure. We do not have any single point of failure on our aircraft. Clearly, this is all electrical, so there's no emissions. I think one of the things that is also a key differentiator relative to helicopters that I get questions about is noise. This is 100 times quieter than a helicopter and, yeah, we'll talk about pricing, but these are, these are the specs for our Midnight aircraft. Certification is the thing that we're working on right now with the FAA. To enable a safe passenger flight, all aircraft have to go through a certification process with the Federal Aviation Administration. As I said, Billy Nolen, who is the former administrator, is now our Chief Safety Officer, so he's helping us navigate this framework with the FAA as well. But we're rapidly advancing through the first three stages, and they're administrative stages with the FAA. There's a number of tests that we have to agree to, a number of papers we have to agree to, but the goal is to fly conforming aircraft later this year. So conforming aircraft meaning aircraft that are enabled to start FAA testing with a pilot, and that's our goal. And I think the industry's goal is largely that as well. From a manufacturing standpoint, we are building out our high-volume manufacturing facility in Covington, Georgia. This factory will have capacity in phase one up to 650 aircraft per year. There's an option for a phase two, where we can manufacture up to 2,300 aircraft per year. We have a really good operating partner in Stellantis, the number 3 by revenue auto manufacturer in the world that's helping us stand this factory up, helping us think about volume and unlocking scale, and de-risking that path to scale manufacturing as well. Stellantis is not only an operating partner, recall Stellantis is, you know, iconic nameplates such as Jeep, Maserati, Ram. They're an investor in the company, and they're an operating partner as well. So we've built out some really good partnerships with them. They're helping us stand up the factory in Georgia. And the initial aircraft, the first six conforming aircraft, will be produced here in our manufacturing and test facility around the corner from me now in San Jose, and then the scale will transfer to Georgia. Another shot of our Georgia plant. They're actually starting to pour concrete this week, and we'll get our certificate of occupancy here in mid-2024. Let's pivot to discussing commercial ops and where the use cases are. We have three vectors of commercial operations targets. So we've got domestic ops, we've got international, and then we've got some DoD opportunity as well. So domestically, the other significant partner of ours is United. United was an initial investor in when we went public. They followed up with an investment last year when we raised a PIPE, a $250 million PIPE. They're also a very good operating partner. So Oscar Munoz, who is the former United CEO and chairman, is on our board of directors. United is also a customer of ours. We have an agreement with them for up to 300 aircraft at $5 million each, so a greater than a $1 billion opportunity there with them. They did provide us with a $10 million pre-delivery payment last year for the first 100 aircraft that they'll be deploying. We've done a number of things with them. We've announced our first two routes, point-to-point eVTOL routes, from Manhattan to Newark Liberty International Airport, which was announced in November of 2022. Last year, we announced the Chicago O'Hare to Downtown Chicago route with them. So a lot of the United hubs are gonna deploy these aircraft to move passengers to the terminal, and United is really helping us think through that. We also have a joint eVTOL advisory committee with them, so think about some of the very tactical things that we have to go through, like pilot training and service operations at vertiports, et cetera. So United's helping us think through those as well. We awarded the largest DoD contract to an eVTOL provider, $142 million last July. We're working with the DoD on use cases for eVTOL within the Air Force. As I said, think, you know, logistics, base-to-base logistics, inter-base logistics, recovery, search, rescue. There's a number of use cases in the military, which we call non-kinetic, means, you know, non-combative, that could be very valuable for the military. So I think the $142 million is a call option on helping to develop some type of generational program with the DoD. So we are working with them very closely. And last quarter, we delivered some flight simulator to them as they're starting to train out on this technology and think about what the use cases are. More recently, we've announced some international initiatives. One of the first ones we discussed and announced was we're launching an air taxi service in the UAE in partnership with ADIO, or the Abu Dhabi Investment Office, and others, other partners there to launch commercial services in the UAE. It's a good gateway into other areas in the Middle East. Mubadala has been a long-time investor in Archer, and so, you know, UAE will be a very good, a very good market for us and open up some additional markets for us. Air Chateau is an operator in UAE. We announced an agreement to purchase up to 500 aircraft with up to $500 million of aircraft with them last fall. Air Chateau is one of the leading private aviation operators in the UAE. And then, more recently, also discussed an air taxi service in India by partnering with InterGlobe, which is one of the leading travel conglomerates in India, to finance and purchase up to 200 aircraft there. So we're starting to also look at what the possibilities and use cases are. These are very, these are very clear and present contracts as well, to begin service as early as 2026. So, with all that commercial, those commercial opportunities behind us, you know, thinking about how we go to market, and we look at two potential revenue streams that we just talked through here. There's selling aircraft into operators, and there's also us, Archer, operating them in urban air mobility environments as well. So, we call it Archer Air internally, and then Archer Direct. We look at that as, you know, initially, 50% of our revenue coming from each one of those areas. It's a little bit of a hybrid market because we believe the UAM side or urban air mobility side is gonna be more organic and grow out in a pace that is maybe a little different than just selling to operators. So initially, that's how we're going to market. I think the market will drive, you know, the direction going forward of where that lands. But we do believe, you know, with an aerial ride-sharing service and leveraging the Archer brand and the customer experience with Archer going forward, that's where a lot of value is in the business. And so I think with that, those are my prepared remarks, Chris. So just under 20 minutes, and happy to pivot to questions. Kind of led with, you know, putting some soft timeframes out there, 2025 U.S., 2026 internationally. What does 2024 look like to kind of make sure you're kind of checking the boxes you need to check to get to 2025? And what are we talking about in 2025? We're starting—are we seeing flights on those routes that you spoke about, or do I have... Am I too aggressive in that timeframe, the flights that—in the U.S.? Yeah, so I would think about 2024 as definitely prepping the battlefield for commercial operations in 2025. And there's you know 3-4 primary vectors around that. One is continuing to build out the commercial side of that, you know? Such that by the time 2025 hits, we're ready. I mean, the bigger lift there and the other vector is getting the FAA certification, right? So we're working right now with the FAA, hand-in-hand with the FAA, to get a certification for the aircraft itself. There's also a Type 135 certification, which means that's the certificate from the FAA that allows us to operate the aircraft in these urban air mobility environments. And then there's a manufacturing certification, which you can think of as sort of like an ISO 14001 type certification in the manufacturing sector. So, those are. So we're working on the certification process. We're working on the commercial operations to allow us to be able to deploy these once we get to commercialization. Separately, we also have to be able to manufacture these, and in order for us to manufacture them, we will have to have a manufacturing facility stood up. And so as I said, we're building that out right now. We'll take certificate of occupancy for our Covington, Georgia, factory in mid this year. And then finally, we're continuing to advance the tech itself, which is. You know, you see the flight tests that I gave a demonstration of. So 2024, a lot of work such that we can when we get to 2025, and the goal is to have, you know, our airworthiness certification with the FAA, that we can commence commercial operations, which you're not incorrect in that, you know, we would our goal is, and we endeavor to operate the, you know, the New York City route, the Chicago route, with ones we've announced with our partner, United. And what, what's the right way to think about Covington? You talked about pouring concrete, taking certificate of occupancy, 650 vehicles per year in phase one. Are the vehicles that are gonna be running these routes sort of pre-planned to be built in the San Jose location, or is it... are you, you know, you're kind of getting things out the factory door in early 2025? And then how many eVTOLs are at each location? Just so I have a sense of what is 650. And I know you're not going to run to 650 in 2025, but what does that look like in terms... Sure Of locations, eVTOL by location, potential locations? So, the first part of your question, our LRIP facility here, the low volume facility, will produce tens of aircraft per year. So it'll purely build the first six conforming aircraft that we'll be flight testing and maybe a handful of aircraft after that for, you know, for certain use cases. The volume manufacturing will come out of Covington, Georgia, you know, which will be shortly thereafter getting certification. So that's the distinguishing between the two, you know, between the two sites. With respect to scale and what does it look like, in terms of aircraft, you know, I take New York City, take New York City as a... We have modelled, you know, 10-15 nodes within the New York City metropolitan area. That would be Long Island, Connecticut, New Jersey, New York, you know, Westchester County, et cetera. So you've got, let's say, 8-12 nodes that would be operating gondola-like, gondola-like operations with our aircraft. So, you know, think, you know, 30-50 aircraft flying between those 8-12 nodes, depending on the throughput. It really depends on, you know, the capacity on any one route, or any route, the number of nodes. Each node for one specific airport? Yeah. Or would I go from Long Island to Manhattan, to Manhattan to Newark, depending on where I am in, like, Long Island? Yeah, depending on where you are, you'd pick the vertiport that would take you directly to... Okay. Like JFK or Newark. So that could be out of a Greenwich maybe to directly to. It could be out of, downtown, Manhattan. It could be from New Jersey somewhere. So, we call those trunk routes, the city center to, to the airport. And then there's, there's high-value routes as well, from, like, city center to a high populated area like Greenwich. Those are probably equally as good routes. It's just there's, you know, there's, like, something like 50 million trips between New York and those airports in New York. That's why those are high value, hero trunk routes. The last one you framed, Midtown Manhattan to Greenwich, Connecticut, is that to an airport, or that's just getting people home on their day-to-day? Just so I under.. That'd be just getting people home. Okay. That's... So it's another commute option? That's another commute option, yeah. Okay. These aren't, these aren't just for airport commuters. Got it. These are, these are commute options as well. Okay. And then the 20-50 mile kind of range that you cited, and the sweet spot being closer to 20, what, what does that look like as time goes on? Is it going to be... You know, we've seen auto EVs increase range by X% over the years. We've seen bigger batteries that can take faster charges. Are we talking about... Could this- could these be 100-mile trips? Longer? Like, what's the right way to think about the opportunity? Because that increases sort of the TAM and the routes that you can possibly run with these vehicles. Yeah, it's a good question. So, I think there's two dynamics there. One is we did the data and the market work that showed that 20-50-mile mission right now is a sweet spot. I mean, so, you know, regardless of where the tech could go, we believe that 20-50-mile mission is a sweet spot and will continue to be. And the good news is the current battery technology and other technologies support that, the charging technologies, et cetera, support that. However, there is a trade-off that is to be made as battery- ... power, improves or battery's improving. Okay, we're back. Thanks for your patience, everyone. Mark, you were about to hit on battery technology? Yeah, I apologize for that. So, you know, the market does support current tech, but that said, as battery technology improves, because it does, you know, you- we've seen in EVs that battery tech seems to improve like, you know, 5%-6% a year. And so what that means is for us, for eVTOLs, it's really a trade-off between range and payload. You know, the battery tech will enable greater range, it'll also enable greater payload. I think the easier thing to do is, you know, you would continue to increase the range with battery power if that's, if... That's the easiest thing, 'cause you can just okay, instead of flying an average of a 25-mile mission, if you felt and had conviction that there were economics around a 35-mile mission or something like that, you could increase those. The other way to do it is increase payload from 4 passengers to maybe 6 passengers. So that would be a bigger design, you know, a bigger design change in the aircraft. But that's the type as we think about how batteries improve, how do we trade off between range and payload, and what the economics are around that. But I do want to stress that the economics do support, you know, that 20-50-mile mission. So we're talking about growth in the market that you're targeting before you even need to think about moving on to... Yeah. Higher payloads or longer range. Okay. That's right. Just want to make sure I had that right. Yeah, 'cause a four. Question. Yeah, 4-passenger payload is a sweet spot in our models. If you can, you average 3-4 passengers a trip, you've got a really good economic, you know, outcome for the technology. Since we're talking about that, has pricing been disclosed, or has a range of pricing been disclosed? Yeah, there has been. Yeah. I mean, our goal is to price this like a, you know, a ride share. So for example, every time I fly to Newark, it's $100-$120 for a cab ride or an Uber ride into the city. That's about 15 miles. So for that ride, that's roughly $6 a seat mile, roughly. So that's a typical Uber Black-ish type, Uber Black pricing profile. Our models show that we can generate economic profits at those rates, and that's what we want to do. We want this to be a technology that is available to everybody, not just, you know, not just a certain class of folks who can afford it. So, we are endeavoring to price this like ride sharing. Think Uber Black. And it depends on the market. You know, we'll definitely price to what the market will bear. But our goal is to be able to turn a profit even in, you know, some of the lower, you know, sort of down the road to, you know, a typical Uber in that $4 a seat mile as well. Since we're talking about Uber and Lyft, how do you think about them as potential partners, potential competitors? Since that's sort of a large portion of their business. Well, I shouldn't say large, I'm not sure what portion of their business it is, but I do know that airport rides are, that's when I use Uber the most, let's put it that way. Yeah. So, how do you think about the rideshare companies as they exist now? Yeah, they could be a partner for us. If you think about like that first and last mile, take that sort of goal of like an 8-12 node network in New York City, you have to have a way to get to the vertiports, right? So our goal to have a, you know, have a vertiport within 10, 15 minutes of wherever you are in order to make the whole trip compelling. So if it's a typical 1.5-hour trip, you have to get to a vertiport under the eVTOL model. You gotta get to a vertiport, 7-10-minute flight, you get to the airport, and then when you get to your destination, there's a, you know, there's an Uber or a Lyft option as well. So, I mean, they could potentially be partners. We're thinking about that whole customer experience and what that first and last mile looks like. And, while we haven't sort of committed one way or the other on that, we're thinking about what Archer's customer experience is and how that could play into partnering with an Uber or Lyft for the first or last mile. We sort of, you know, we know where Uber and Lyft get their drivers from. You know, pretty much everyone over 16 in the United States. Well, I shouldn't say that, but most everyone knows how to drive a car. I got a question coming in about where are you gonna get the pilots, and the sourcing and the training for the pilots for the vehicles? Yeah, pilots are. It's a really good question. Right now it's general aviation rules that govern the requirements for an eVTOL aircraft. The FAA is gonna probably ensure that those requirements, but we don't see them changing materially. So right now, 250 hours of experience coming out of a flight school is all that's needed under general aviation rules. We've talked to United about potentially and United has a training program called United Aviate, and we've talked to them about how to potentially leverage and benchmark off of their school for training pilots for eVTOL. eVTOL's actually pretty interesting because it could be a stepping stone between flight school and to getting into big commercial operations, commercial airline operations as well. Because in order to get to the large commercial airliner status with the airlines, you have to have a minimum of 1,500 flight hours, more likely 2,500 hours or above. And so this could be a good stepping stone for pilots who come out of flight school, want to accumulate hours in order to be able to get to the next level of training. Now, specifically, you know, we will be training pilots and sourcing pilots from flight schools, et cetera. We'll be training them on site with simulators. I've got a gentleman who's starting to build out that capability and that ability to do that and the curriculum around it. We think we can be an attractive market for pilots because of the ability to potentially generate flight hours that they would not otherwise be able to generate. And then on the partnership side of the world, you talked about... It's very intuitive why United would want to be in this business. You know, they're bringing customers to the airport, where they're gonna hop on a plane. I'm just kind of curious, what's if you think about Stellantis versus manufacturing vehicles on the road, I'm just kind of—how did they come about as a partner and kind of how did the conversation start there? Stellantis views themselves as a mobility company. And, you know, as much as they're an auto manufacturer now, Carlos and his team are forward-thinking as well. They have a whole division that thinks about this, and, you know, that they think about sort of that Lyft, Uber, autonomous vehicle type scenarios as well. So I think that's what's got us started talking. At the end of the day, though, they're a manufacturer, and they look at themselves as potentially becoming a contract manufacturer for this space and specifically for Archer. And we've had a lot of conversations, and we've publicly discussed them helping us be that contract manufacturer. So, you know, I talked about phase one, phase two of manufacturing operations. The good news is that I think about how do I unlock scale and de-risk capacity, having a great operating partner like Stellantis, who understands how to manufacture autos at scale. I look at our manufacturing process as not too inconsistent. I mean, you've got carbon, you've got engines, you've got battery packs, you've got wiring harnesses, which is very similar to what Stellantis is already manufacturing with their autos. So I think there's a natural fit. But they do look at themselves as a future mobility company, and the ability to potentially manufacture eVTOL, eVTOL aircraft was attractive to them. Then just last question. I guess, what do you, what do you see in, not necessarily a perfect world, but in a bullish scenario, what is airport transportation, or not necessarily airport, like high-leverage transportation, like downtown-Midtown Manhattan to Greenwich, Connecticut? What does that look like in five years, in 10 years? What's the right, right way to think about that? Yeah, I think you think about the nodal model that I was discussing in, you know, the Chicagos, the Miamis, the New Yorks, the Delhis, having a network of vertiports. And I'll give you sort of like my future vision, where a lot of the vertiports are flagship or very, very future-type vertiports, where you're not spending a lot of time in there, but the customer experience as you walk through them with biometric scans, et cetera. If you're going to the airports, you can pass through TSA right there at the vertiport versus having to do it at the airport. For those routes that are going to airports, you're landing directly at the terminal you're going to, so Newark, Terminal C, if you're a United customer. And that seamless operation and customer experience to get to the airport. But also, the other routes are in place that you're cutting down on your commuting time, and, you know, operating in these major cities, 40-50 aircraft per city, at least in the U.S., and having the gondola-like operation that is moving people, you know, every 10-15 minutes between these nodes is really the goal of the company. And having that Archer brand and having that lifestyle of an Archer brand to free up time for yourself as you're not sitting in traffic for three hours a day, but only in traffic for your, you know, half hour each way. You know, full... Shared vertiports, then, it would be Archer specific, it wouldn't be shared with other operators, like the way, like, shuttle services kind of share the same parking lot, that type of thing. It would be Archer specific? I think it's both. I think, you know, you get into these municipal areas, like the 34th Street helipad in New York, I think that could be a shared one just because it's occupied by a municipality. But I may choose to invest into, like, Greenwich, and if it's my investment, it's my vertiport, and it would be exclusive to me. So I think that there's gonna be a hybrid there between shared and exclusive. And then just one more since we have the time. You know, an airport, airplane's not the right term for 30,000 feet, but how high up are we talking as far as, like, these 10-15-minute flights? How high up are you going? Is it where you... It's an incredible view and scenic and that type of thing, too, or are you kind of above the clouds? Like, what's the right way to think about it? Well, I think.. If you think about it, it's actually just an incredible experience itself. Yeah. I know that as time goes by and it becomes commonplace, then people will just stare at their phones. But the first few flights, you'd think most people would be looking out the window. I'm just kind of curious what they're seeing. Actually, you're starting to hit the nail on the head with respect to how we look at the experience. So the specific answer is these will operate between 1,500 ft and 2,500 ft. So you're gonna get a really good view of the of your surroundings. I think the second thing is we do think about that. And, you know, think about a route from Sausalito to SFO. I mean, that's a, that's an amazing it would be an amazing journey for somebody. So everybody in Marin County here in California, which is north of the Golden Gate Bridge, could have a commute that takes them, you know, over the Golden Gate Bridge, past San Francisco, and lands at, you know, Terminal 3, United Terminal in San Francisco. That'd be an amazing experience. Then level on top of that is if we could do some things where we could put some technology in the glass of the aircraft that says, points you to, like, the key points of interest. Like, "Hey, here's the Golden Gate Bridge," and it's all, like, holographic images on the glass. And we've thought through that in terms of... So it would be an amazing experience. That's why I say that customer experience long term could be a key differentiator for the industry. Okay. Well, as someone about to get in an Uber and stare at my phone, that sounds amazing. You'll have an Archer app one day. Okay. Well, thank you for the time. Hope you had some good meetings and have some good meetings coming up, and we'll talk soon. Thanks, Chris. Appreciate the opportunity. Okay, great. Bye-bye.