Hi, everyone. Good afternoon. My name is Jack Ayers. I'm an analyst here at TD Cowen. And today we have—we're fortunate to have AerSale here. CEO Nick Finazzo. Afternoon. I think maybe you have a presentation to go through, understand the story of AerSale in greater detail. Okay, I do. Good afternoon, everyone. Thanks for listening. I'm going to go through this. I'll try not to do it too quickly, but I do want to leave time for Q&A. So the company's been in business for 15 years. Over the last 10 years, we've had a fairly good compound annual growth rate, 6.7%. What do we do at AerSale? That's what I'm going to talk about here in the coming slides. What we've built is a diverse platform that is vertically integrated. We're multidimensional, meaning as we acquire products, we've got ways to monetize them that aren't just a single way. We don't just buy and sell parts. We have multiple ways of extracting value out of the flight equipment that we purchase. If you look back and look at our revenue that we did in, and I can't really disclose anything beyond the third quarter, so I have to read these numbers, but if you look at our trailing 12 months as of the last earnings calls we did in the third quarter of last year, revenue was approximately $344 million, adjusted EBITDA of $26.4 million, gross margin 28.6%. If you break that out between the Asset Management side and the TechO ps side of the business, the majority of it was in the Asset Management side, $216 million of revenue, gross margin almost 36%. TechO ps side, $128 million, gross margin of almost 17%. So what do we do? So we run our business across two different verticals. And this gets into kind of everything that we do, but we do Asset Management and TechO ps. Within Asset Management, we acquire flight equipment, we break it down into the piece parts, and we can sell airframe parts, engine parts, and also, using our Tech Ops group, we can take unserviceable flight equipment and put it back together as serviceable flight equipment, whether that be engines or airframes, and they put the two together, and now you've got an airplane, so within the Asset Management group, we will acquire an aircraft or a fleet of aircraft. We'll decide what's the best and highest use for that flight equipment. We'll break it down, if necessary, if it has greater value as piece parts than it does as whole assets, and we'll sell it at the piece part level. If we feel that it has greater value by putting it back together as a whole asset, then we'll put it back together, make a whole engine, a whole airplane. Then we will basically sell, sell, lease, or even if it's an aircraft, we might even convert it to cargo, which I'll talk about in a minute. On the Tech Ops side, the Tech Ops side of the business was built around having the capability to service the products that we own and also third-party products. Now, the majority of the work that we do is for third parties. Within Tech Ops is our Engineered Solutions group, which again, I'll talk about in a little more detail. The Engineered Solutions group, besides the Tech Ops group that does on-airport and off-airport MRO on aircraft, off-airport component MRO on structures, landing gear, and components, our Engineered Solutions group manufactures kits that take an aircraft and will comply with a regulatory mandate. We have three different kits that we're talking about that I'll talk about in a minute. A little confusing to me, this slide, but what this shows is that most of our customers, three quarters approximately of our top 100 customers, take advantage of the goods and services that we offered. We're not just selling them parts. We could be overhauling those parts for the airline. We could be providing an aircraft to lease them or an engine to lease them. We could be buying an engine or aircraft from an airline that we lease to. So there's a lot of. The key to the way we built this business was, again, to be multidimensional, fully vertically integrated. And when I mean integrated, I mean that each business unit talks to the other. And we find, as we're selling, we cross-sell. So if a customer needs landing gear, we're also talking to them about USM parts. A customer needs USM parts, we're talking about leasing a whole engine, so having this very well-integrated business is what differentiates us from almost all of our peers, both big and small. Bigger companies, they can compete with us, but they don't do it in an integrated manner like we do. Smaller companies generally are one-dimensional, and they may try to be multidimensional as we have become. This isn't the first time I've built a business like this. I had previously a very successful one called AeroTurbine, which was merged into AerCap and became part of AerCap when it went public. It's a very difficult thing to acquire businesses that do different things and get them to work in an integrated manner, and I think that we did that successfully at our former company, and the challenge here at AerSale is to do that again here. And we've done it, but it's difficult. So when we see competition out there being funded by private equity or family offices that think you can take a one-dimensional company that sells parts or services a particular component and put those together, you just have two separate businesses if they're well-run that will continue to run well separately. But what they are missing is the integration and the ability to cross-sell effectively. Maybe you can get some synergies and cost savings, but without the full integration, I think that's for us, that's the magic for what we do. That allows us to buy things and pay more and sell for less and still make a margin. We focus primarily on mid-life, mid-technology flight equipment. So if it's brand new on the Asset Management side, we're generally not playing with brand new 737 MAXs or A320neos or 787s or A350s. We're generally dealing on the Asset Management side with A320s, the non-NEO, the 737NGs, and then all of the other mid-life aircraft and engines kind of that you see in the middle of this chart in the light blue. The left side is the new equipment. Now, on the Tech Ops side, we are servicing new equipment. We've had a number of A320neos and 737 MAXs that we do work on at our various facilities. So on the narrowbody side, we work on new-gen equipment or brand new equipment. But on the trading side and the Asset Management side is generally mid-life, mid-technology. To the right, the gray bars, the gray circles, older flight equipment, we tend to stay away from that. Where we do our Asset Management business is we've got offices in Memphis, Miami, the United Kingdom, Dublin, and Singapore. So we've got sales offices in all those locations. And we are focused on leasing, purchasing, outright sales, parts procurement, et cetera. MRO services, as I mentioned, we have six different MRO facilities spread across. This is airframe, by the way. So on the airframe side, we've got facilities in Goodyear, Arizona. We've got eight hangar bays there. Roswell, New Mexico, one hangar bay that'll accommodate two narrowbody airplanes, including a widebody. By the way, we can do widebodies as well in Goodyear. And Millington is a new facility that just came online for us. It's a single hangar, but it will accommodate two narrowbody airplanes. On the component MRO side, as I mentioned before, well, I think I did, in Rio Rancho, we do landing gear. So we can do landing gear anything from 737, A320, 767, 757. I'm now working on regional jet landing gear for the Embraer 170 series, 170, 190 series. On the structure side, we pretty much do everything. We do that in Miami, Florida. Also on the structure side, we have two facilities, one that is primarily aero structures, and the other one is component repair, pneumatics, hydraulics, and those types of things, and on the pneumatic side, we have the latest and greatest state-of-the-art test equipment. We can do anything, even on brand new aircraft. I think I just went over this. OK, Engineered Solutions. Started talking earlier about mentioning Engineered Solutions. What is Engineered Solutions? What does that have to do with what you guys do at AerSale? Well, when we started leasing aircraft and we had customer requirements to incorporate products that complied with a regulatory mandate, as an example, fuel tank flammability reduction following an explosion on TWA Flight 800 off of Long Island, New York. FAA came out with a mandate, said, "We've got to find a way to stop these empty fuel tanks with fuel vapors from having a catastrophe." We developed a product called AerSafe that complies with that. Why did we do that? Because we had 737s we wanted to lease. And the lead time to get a different compliance system that the OEMs made would be a year or more and wasn't available for 737 Classics that we had. So we had to develop a system. So we used our own internal engineering, got STCs from the FAA. That's a supplemental type certificate. It allows us to alter the type certificate the airplane was manufactured under. And we were able to incorporate a fuel tank flammability methodology in a whole variety of aircraft, 737s, A320s, 777s, 767s, 757s, working on the A330 right now. AerTrak. When the FAA stopped tracking aircraft via old technology radar, and they did it through GPS, or they intended to do it through GPS, we incorporated third-party products, antennas, and transponders, put it in a 737 similar requirement. We had a customer that said, "I can't take your 737-800 if I don't have ADS-B Out installed." And that's what AerTrak is. It allows air traffic control to track the airplane because the airplane is sending a signal out through the GPS, and it's landing at the other end at air traffic control. That's called ADS-B In that they receive. We are able to install that in a 737 and the other aircraft types I mentioned that complies with that regulatory requirement. AerAware is something different. AerAware consists of customers who have come to us based on kind of the aspirations of the next-generation air traffic control system paperwork. The whole thought behind that was developing new innovative technologies that will assist air traffic control in improving efficiency for airport operations and overall safety. AerAware does that. That is a system that it just does not compare to anything else that is available out there. What AerAware is, and there is going to be a short 30-second video at the end of this, is both pilot and co-pilot put on a head-wearable display. You will see it. That allows the pilots to see through a camera that is mounted in the front of the airplane. They can see through the weather, so they can land in weather conditions that other pilots wouldn't be able to see. It gives them enhanced visibility, not just through adverse weather conditions, but at night when you're flying and you have no terrain. But with this, you can see terrain. It's coupled with synthetic vision. We're working on multiple ways to improve that product to continue to add capability to that product, such as ADS-B In, which would allow the airplane actually to see what air traffic control sees because they have ADS-B In to receive the ADS-B Out signals. Further runway length, which doesn't display in our system now, but we've had customers say, "Hey, can you display the runway length? Can you tell us when we may have a situation where the, drawing a blank here, on a tail strike indication?" So if the airplane's going to have a tail strike because the crew's over-rotating, then we'll get a tail strike indication on that. So as customers are telling us, "Hey, it's great. Your system sees through the weather, but we'd like to have these additional capabilities." The nice thing about that is we've done the hardware, and we're teamed with Elbit Systems, which is obviously an Israeli industrial defense manufacturer, but they've developed products that have application to commercial. And that's what we do. We've partnered with Elbit. They produce the kits, the hardware. We produce the install kits. We got the STC. We went to the FAA. We modified the aircraft. It's a partnership that, with Elbit's backing on their subsidiary, Universal, which is who we deal with primarily here in the States, the ability to expand what we can do with AerAware is really extreme. It creates a lot of opportunity to add more capability to make the system attractive to airlines. Those are just some components. It's hard to look really at that. The head-wearable display on the left is not a really good picture. That's a camera on the right that mounts to the radome. That's some of the pictures that you would see, one with the naked eye, one with not. I think you'd better see it in the video, which is actually right. We're going to end with this and then questions. Ok, this is just a short video. I really suggest if you have an interest in looking at this, you go on our website, on the AerSale website, because we've got a longer video which gives more detail and some pilot testimonials that really discuss the advantage of the system as it stands today. That's the camera that's mounted at the radome. That's the head-wearable display. This is the pilot and co-pilot. This is what the pilots are seeing if they have the system active on the right and with the naked eye on the left. Again, too short for you really to see much, but I just wanted you to see what it looked like, what the pilots are seeing. Let me see if we have anything else after that. Some of these, I think, were pulled out of a slide. I really can't talk about them now because we've got our final fourth quarter results coming up, and you'll hear more about progress on these in a couple of weeks if you want to listen. Ok, that's all I got for here. Back to the beginning. Awesome. Perfect. Well, yeah. Sorry, I rushed that. No, no. Thank you. That was a great overview. I think people are maybe new to the story, so it's definitely helpful to get the overview, see what you guys are doing, and I guess that kind of leads to my first question. Just at a high level, your bread and butter, what you guys do, acquiring flight equipment, maybe talk about the backdrop today, boots on the ground, how demand is, and maybe put it in a context of Boeing, Airbus production rates and weighing on retirements, and maybe just give us an overview of what's going on in that core AMS business. Sure. So as I mentioned, we acquire flight equipment for resale in different ways. So we're 100% dependent, with the exception of our Engineered Solutions group. The only thing we manufacture is the install kits on the Engineered Solutions side of the business. That's the AerSafe, AerTrak, and AerAware. So putting that aside, everything else depends on availability of feedstock in the market. The market today, and primarily we deal with narrowbody aircraft, so 737s and A320s. We do also deal with widebodies, but kind of the mainstay of our business comes from narrowbody flight equipment that we would acquire for their value as whole aircraft and engines and at the piece part level. Today, that market is extremely pressed for availability. I mean, airlines can't get narrowbody airplanes today. The issues that Boeing has had with the 737 MAX deliveries has prolonged airlines using 737NGs, which is their aircraft that we would typically buy for feedstock. Likewise, on the A320, even though Airbus hasn't had the problems like Boeing has had with the regulatory authorities, the geared turbofan has been a big problem. It's not lasting long on wing. There were manufacturing issues that covered a number of aircraft. You've got even new aircraft that are being delivered by Airbus that can't fly today because we have, I think, over 60 of them parked at our facilities and more where the engines are being pulled off and sent to the shop, and six months later, the engines are coming back, then the airplane needs a check. It's actually good for us in a way because on the MRO side, we're doing work, and we're storing and doing work on those airplanes, and we'll ultimately return those to service. That's kind of where you get a little bit of this is where you get the synergy of dealing with multiple methodologies of how you extract value out of equipment. So whether we own it or somebody else owns it, the fact that we could do multiple things for an airline or a leasing company helps. So, tough market. Everything that is available seems to be overpriced. We have historically been extremely disciplined on what we buy. What do I mean by that? We've got target IRRs of 25% when we buy something. That's unlevered IRR, not levered IRR. So if we see something that doesn't fit that profile, it's pretty rare that we'll step up and we'll buy it. Yet we're seeing deals today because there's so little available. We're seeing deals today that are happening that exceed the sell price of what we think we could get for it. What we would buy it for is one thing. What we would sell it for is another. We're seeing people that we're competing against that are paying as much as we think we could sell it for. Now, if you're an airline or you're an engine shop and you're buying that for your own consumption, OK, I understand that. But we're not losing it to airlines and engines buying for their own consumption. We're losing deals like this to companies that do not have the infrastructure we have. So I don't know how they're going to extract the same value out of it that we do. They seem to be one-dimensional but have accessed private equity money or family office money. So super tough market today to acquire feedstock. Now, having said that, we're still acquiring feedstock. It's just not as much as it could be today if we were dealing in a more rational market. How do we acquire feedstock today? Again, because we can extract greater value out of it than almost all of our peers. If an airplane comes and it needs a lot of work, it needs an engine overhaul, it needs landing gear overhaul, it needs a heavy check, it needs APU overhaul, components are run out, then that becomes less attractive for companies that are more or less one-dimensional. We can figure out ways to monetize all of that. And if it's a big transaction, 20, 30, 40, 50 airplanes, $100 million deal, it separates with our balance sheet. We're separated from the competition, the smaller competition, because we can take a big-scale transaction and monetize it. Got it. And that 25% IRR, is there a subsequent annual target of feedstock that AerSale targets every year just to kind of fuel the flywheel of your business? You know, we are always targeting as much as we could get. I don't know what the upper limit would be. I mean, we have credit facility constraints, but we've done years where we've been close to $200 million worth of feedstock acquisitions. And I would say that our target on average is about $150 million, but no upper limit to that. If we feel there's opportunity for $200 million-$300 million worth of feedstock, we'll acquire it. Now, what's going to change, by the way? What's going to change the current dynamic? OEMs have to catch up. And when the OEMs catch up, what's going to happen is you're going to see a flood of older aircraft retire. When you see a flood of older aircraft retiring, prices are going to drop. And when prices drop, you've got to be able to get all the value out of that. So if you've been overpaying and not been disciplined as we're going through a very tough market right now, you're going to regret it when there's a flood of new equipment that hits the market that displaces a ton of older equipment. We monetize that fairly quickly. And again, because we have multiple ways to extract value, I think we can sell it for less than our competition and still make money with it. Not at the level we want today, but that's coming. So for the future, we feel having a very broad platform that can extract value is going to give us a big advantage when we get into the OEMs catch up and retirements kick out the older aircraft, and that's going to fall right into our lap. Got it. And that is kind of a competitive advantage, right? To your point, all your business segments kind of talk to each other, so you guys can kind of extract more value as opposed to maybe unsophisticated buyers. Maybe talk about that just quickly. We see this all the time as we look at potential acquisitions of companies and we say, oh, this company's in the parts business. Well, what else do they do? They're just in a parts business. If you're one-dimensional and all you are is in a parts business, how do you get inexpensive parts? If you can't buy an airplane, figure out whether you're going to keep that airplane as a flyer, whether you're going to break it down to the piece part level and be able to overhaul the pieces. And what are you going to do with the engines? You have to find an engine buyer because engines are expensive. That's two-thirds of the value of an airplane that you're buying at that point. So if you can't extract value out of all those subpieces, then how do you win a deal? You have to end up buying parts from somebody else that bought an airplane that maybe doesn't understand the value of the piece parts that are coming off it, and maybe you can pick up some of those. The one-dimensional parts companies always struggle because they can't get enough feedstock because they have no advantage to buy it. Yeah. And on that, and just some context about the 757 program, it seemed more opportunistic. That's what you guys do. You acquired some 757s. And just maybe talk about that program, converting them to passenger freighter and where we are there. COVID hits. What happens to our businesses? Nobody wants components repaired because airplanes are parked, shelves are still full of serviceable components. Nobody wants to buy used serviceable material because the airplanes aren't flying very much. What happened to on-airport MRO? Oh, all of a sudden, we're storing 500 airplanes across our facilities, and you didn't think you'd make any money storing airplanes. If you're storing a few airplanes, you don't make much money. But when you're storing 500 airplanes, that was generating one heck of a lot of revenue for us, and we were able to get the labor to service all those aircraft. MRO immediately picked up at our on-airport facilities, and that involved putting aircraft into storage, long-term storage, short-term storage, eventually being torn down, and then returned to service at some subsequent point. Those businesses, several of our component businesses that suffered. Our on-airport did well. OK, maybe the two offset each other. There's a lot of countercyclicality in the way we built a business. How do we make any money? What are we going to buy in this space? There's airplanes parked everywhere. If we buy them, what are we going to do with them? There's no demand at this point. We had 26 757s parked at our facility in Roswell that we were storing for American Airlines. American said, I'm not flying the 757s anymore. They put them out for bid. We bid on them. We weren't even the highest bidder. We were the third highest bidder. We won the bid. Why? We understood the airplanes. We made it easy for American to sell them to us. We did everything for them. Very easy transaction. Closed everything within a year. They thought it would take two years, and we had the capital to close it. The two bidders that bid higher than us were questionable as to their ability to close, so having the balance sheet, having the reputation, having on-airport facilities produced the availability of 26 narrowbody 757s at the peak of COVID. Are you nuts? What are you going to do with 26 narrowbody? Well, two of them were for parts, so we already knew we were going to be down to 24 serviceable airplanes, 24 spare engines that went with them. All of them need a little bit of work to put back into service. Where's the demand for 24 757s at the peak of COVID? Flying passengers? These were passenger airplanes. No. The demand was on the freighter side. Because as you all know, when COVID hit, the e-commerce market boomed. Freight was in high demand. And all the e-commerce companies, like the companies that served Alibaba in China and all the U.S. domestic for Amazon, they were just sucking up all available capacity of narrowbodies to be able to service that freight. So our view was, hey, what are we going to do with these airplanes? Well, a few of them will keep as passenger airplanes, which we did and sold them. A few of them we will break down for parts, which we did. And the balance of them will likely be converted and sold to companies that will get them converted in China, or we'll convert them ourselves at our facility in Goodyear, where we had the ability to take a 757 and convert it to a passenger one and convert it to a freighter. So 18 of the airplanes that we bought ended up being converted as freighter aircraft, 18 of the 24. The balance went on the passenger side or got parted out. So we basically consumed the entire package. What did that do for us? In 2021 and 2022, the company had its two best years ever, even though the other parts of the business were just starting to recover. But the demand for 757 freighters at that time was tremendous, and it allowed us to generate best returns the company had ever made in 2021 and 2022. 2023 is a different story. Things start catching up. We converted six more airplanes after that. In hindsight, it probably would have waited on those. We still have some freighters left, and I'll be able to give more detail at our next earnings call. But these are still the latest 757s out there. They're relatively new, low hours, one single quality operator, American Airlines, and very high-spec airplanes freshly overhauled, and we only have seven of them, so we're not at all concerned about having too much product there. Got it. That's helpful. I guess we do have 10 minutes left here, and I definitely want to hit on AerAware. But first, just on Tech Ops more broadly. You kind of hit on what you do, but just demand trends you're seeing there. Yeah, and the business with aftermarket activity strong. So the Tech Ops side of the business is very strong and continuing to get stronger. Why? Primarily, we're servicing mid-technology flight equipment. And the bad part of this is kind of the countercyclical part, right? So you're struggling to get parts. You're struggling to buy aircraft to get parts and engines to be able to sell or lease, or even at the USM, to break it down to the USM parts. So that part of the business is challenged. But the other parts of the business, all the MRO side of the business, with all those airplanes flying, they need parts. They need component repair. They need landing gear. So all of those segments of the business are doing very well. We opened our third facility in our third on-airport MRO in Millington, Tennessee, really to accommodate the demand for aircraft maintenance. All the facilities are continuing. We're seeing continued improvement in the amount of inputs. In some cases, we may be at capacity. In some cases, we still have lots of capacity, lots of room to grow. Got it. And within there and Engineered Solutions, I guess, at a high level, just how this segment kind of evolved over time. And then secondly, AerAware, just maybe talk about the potential TAM. And I know we're still anxiously awaiting that sort of first order, maybe an update on how current campaigns are going with airlines. OK. I think I touched on this, but it doesn't hurt to be a little repetitive if I am. So why did we get into the Engineered Solutions business to basically enable us to put our aircraft out on lease? And when new regulatory mandates came out, then we needed to find a solution because the OEM solutions could take a year, and then we would lose the business. And there are OEM solutions to what we do, but they're far more expensive than the products that we offer, AerSafe and AerTrak, and they take longer. As a matter of fact, we're discussing with multiple OEMs right now about supplying our equipment to some of their customers so that they can comply with their delivery requirements because even getting sourcing material from their own company, they can't do it. That's when you talk about a big company versus a smaller company. I mean, we're pretty nimble, and we can move very quickly. We can supply generally what airlines need if it's within kind of the framework of our capability. So that's how we got into it. The AerAware product, which is our enhanced flight vision system, that came about as a result of Elbit Systems through its Universal subsidiary saw what we had done on integrating AerTrak and AerSafe and realized that we were good at taking other people's hardware and incorporating it on flight equipment that would get certified to operate in the U.S. Elbit makes the black boxes. Elbit Universal makes the black boxes. We incorporate them in the airplane. We take those black boxes, and we make sure that they comply with the FAA requirements, and we go through the certification process with the FAA. I would say we're good at that. We have expertise at taking third-party products and getting that may not be certified to fly on any airplane. There's none of the products that we've taken from Elbit at this point are certified to fly on U.S.-registered aircraft. So now they are. Now we've got the camera, the head-wearable displays, and the computers. All of those are certified as part of our system to be operated on 737s. So OK, it's a great system. What does it do? As you saw in the quick little video, the pilots put it on. You contrast that. Some of you may have head-up displays in your car. Head-up display displays from your dashboard onto your window, and you can see your speed and maybe various things. That's a head-up display. In an airplane, that technology has been around for almost three decades. What that is is there's a visor that goes like a just imagine like a sun visor that old cars would pull down, and you could see through it. There's a projector behind the pilot. The projector projects flight deck instrumentation on the visor. That's called a head-up display. Today, aircraft that have head-up displays primarily have it only on the pilot side. Because of the space limitations on the co-pilot side, there really isn't a bulkhead back there for them to have a camera projecting on the co-pilot side. The co-pilot side, if they have airplanes, which most of them don't. I'm sorry, if airplanes have the head-up displays, the co-pilot side is not present on most of those because it's just not centered with the view angle of the co-pilot. The advantage of the head-wearable display is it doesn't matter. If you want to take advantage of the head-up display, you have to be looking straight ahead. Got to be looking through that little circle. With the head-wearable display, you can be looking forward, up, down, left, right, and with all the things that have been happening in the world today, safety is super important. So having good visibility of your surroundings, situational awareness of what is around you, is it terrain? Is it another aircraft? Did you land at the wrong airport because you didn't realize that, based on the lighting situation, that that was a different airport than what you would see through the camera, which would give you better visibility? Are you flying at night, again, landing in mountainous terrain? Are you having not just a pilot's view, but a co-pilot's view, so you've got a dual-pilot system, which adds a level of safety. And then the icing on the cake and what really makes this a system that should be something that an airline says, this is going to make money for me and save me money, which is the ability to see through the weather. So if you can land in airports that have half the visibility, there are minimum requirements. You have to have a certain minimum requirement of visibility to land at an airport when you dispatch. With our system, we get 50% visual advantage, meaning it's the only system out there that has it. Meaning, whatever the weather minimums were, you can reduce that by 50%, and you can dispatch to that airport. So airlines that have to cancel flights because the minimums at the destination airport are below minimum, as long as it's not 50% below minimum, can be dispatched with our system. It's safety, situational awareness, the ability to land in adverse weather conditions with lower minimums. And why is that? Because the pilots see the runway. It could be pea soup out there, but they put the head-wearable display on there, and they see what's ahead of them. And to me, that's a huge safety. That's just a huge safety item. Then there's another thing. It's called energy management, which is if you put the flight path vector, which is a little circle that the pilots can put on their head-wearable display, wherever you put that is where your airplane's going to land. So you fly to the flight path vector circle. You put it on the runway that you can't see with the naked eye, but you see with our system. You're going to land right there. Today, with airplanes running off the runway, landing short, landing long, even events where there's other traffic on the airport, you may not be able to see it with the naked eye until it's too late. You'll be able to see it with our system well in advance. Again, it's weather capability and safety, and I don't know which is more important. I mean, safety clearly is more important, but weather capability is important too. Got it. And have you guys sized the potential TAM? Are we talking one for one? Potentially over time, you could get into every sort of cockpit? Right now, it's certified on the 737 NG. MAX is an easy one. We'll do that as soon as we get an available MAX to do the certification on. That's going to be small as far as the timeline goes. We definitely will expand this to include the A320 family. And we have multiple customers asking about 757s, 767s, other aircraft types. Right now, the addressable market on the 737, which we have certification for, is about 7,000 airplanes. It's more than that if you include the A320. Then you can add on top of that the 757, 767, 777. However, for us, if it's not a fairly large addressable market, it's probably not something that we want to go after because the time it takes to do it and the investment in the R&D, if we get support for that, we probably would do the R&D on a different aircraft type. But we're going to stay with the large installed base. So that'd be 737, A320, and maybe some of the wide body that have significant installed base. Awesome. Well, it looks like we're out of time. I wish we went longer here, but thank you so much for your time today and supporting our conference here. OK. You're welcome. Thanks. Thanks for listening.