Morning, everyone. Welcome. Appreciate you coming out to ATSG's Investor Day today. Just want to say thanks to Nasdaq for hosting us today. My name is Ross Collins. Really happy to have everyone here today, and I'm excited to present the team from ATSG to walk through and give you a deep dive into their business and their outlook. Just one quick reminder, we will be giving some forward-looking outlook statements today, and they're, you know, governed by the four Safe Harbor Statements as well. We'll also be referring to some non-GAAP measures as well in here. Please refer to the reconciliation tables in the appendix on those. Happy to welcome five members of the leadership team here today. Rich Corrado, President, CEO, Mike Berger, Chief Strategy Officer. Also happy to have Paul Chase, Chief Commercial Officer, as well as Joe Payne, Chief Legal Officer, and I'm sure you all know Quint Turner, CFO as well. Just to give you a little highlight on the day today, give you a little bit of overview and strategy with Rich. And then we're going to have Paul come up and talk through the leasing business for you. Mike's gonna walk through some of the details on the flying segment, as well as our support services. And then Paul will come back and talk about some of our customer relationships for you. Joe will give an overview on our ESG efforts, highlighting some of the key elements of sustainability that we see at ATSG. Give you guys a break here, come back and have Quint close with the financial outlook, and some details there. Then Rich will seal it all up with some closing comments for you. And then we'll have a panel-style Q&A here. Ed will come up and join the team for that, and we'll work through that. And then following that session, what we'll do is we're going to break and have an informal lunch, and the team will come down and spread out with you. We have additional members from the ATSG team here as well that will mix in and be able to talk to you as well. So really looking forward to that. A couple of logistical items. Everybody should have a backpack that they got on the way in, and there's information sheet along with contact info, as well as links to the event on our website. Wi-Fi info on your table, as well, as you should need it. And then, the other thing out in the lounge area there, if you get a chance, either during the break or during the lunch, we've got a virtual reality tour set up that you can do of one of our hangars, where you can actually get a 360 view of the hangar and the airplane. So that should be exciting. Welcome. And with that, I'll turn it over to Rich to kick us off. Thanks, Rich. Good morning, everybody, and thank you for coming to our first Investor Day. And I know that it's exciting for us. There's a lot of things going on at ATSG, but this is actually our 20th anniversary as a public company was last month, so. And first of all, they said it wouldn't last. And a couple times, they actually did say that, and I'll get into some of our history a little bit later, but we're pretty excited. We've got some other great news about some of the future fleet things we've done. We delivered our first 2 A321s in July. We're pretty excited about that. We'll get into that when we talk about the leasing business. And our first A330 goes into conversion next month, so the future's here, and we're, we're excited about the future. We're, we're staying the course with the 767 and the A330 and the A321 will be nice additions to the platforms and successor airplanes to the same types of markets that we're in right now. So this is our, our first Investor Day. You know, it's a, a chance for us to, to help you learn a little bit more about the company, our future returns, our outlook, those types of things. And we believe, you know, our model and plan will deliver excellent returns for our shareholders, opportunities for our people, and more value for our customers, but there's more to discuss. And really want to talk about why we're here today. We're going to talk about all those things, but we believe we represent an attractive, differentiated value and investment proposition, synergizing leasing, air operations, and support services. And what we mean by that is we're not just a leasing company, and we're not just an airline, and we're not just a collection of aviation services that is menu-driven, that customers can buy. What we are is really a synergy among those three segments: leasing, airline services, and support services. And we offer these things so that our customers can orchestrate and optimize them. And you'll get to see that, and you'll see how our customers have embraced the model going forward, but it's really the synergy of these things coming together where the value is created. We believe our stock is significantly undervalued and represents an opportunity for investors to realize significant appreciation. We realize there's a bit of complexity to our model, and we realize we're a little bigger than a small cap, but we're hoping that today we'll let you look under the hood and see our leasing business, that it's different. We just don't go to the used freighter store and get a freighter and go out and lease it. We have to build these things. We have to add value and create value when we do that. And then you'll see our another look at our airline sector that we believe is capital-light and asset-light. And so you'll see how that works, and the fact that the amount of freighters that we have in service in our airlines are really provided to us by our customers. Not only that, but they fly in a network that's a lot more resilient than your general air cargo. We don't pay for fuel, we don't have to fill the airplane with freight. That's all done by our customers. So you can see that asset-light model on the airline segment is a lot less risky than your traditional airline segment. We've talked a lot about individually with the folks that we really have no peers for the full breadth of services that we offer. There's folks in the airline business, there's some in the obviously in the leasing business, and there's a lot of companies offering different types of services. Some companies combine one or two of those segments together, but there's no one really focusing on the segment like we do and synergize those services together. Quint will give you a view of how we view that from a valuation standpoint. We're different than a traditional leasing company. When you look at the way that we create value with freighters, when you look at the life cycle of a freighter versus a new build, and when you look at the residual values that other leasing companies use that we don't, different depreciation schedules that we use. When you look at those things, it brings a little bit more into focus some of the valuation questions, going forward. You'll learn more about the lower risk in our flying segment than a traditional airline. And we'll hope that you'll see... Quint's going to go over kind of a practical view of a sum- of- the- parts valuation in looking at those different segments, how they fit together from a valuation standpoint. And lastly, we'll share our projections for free cash flow generation after growth CapEx investment, and update guidance for 2025. Up till now, I think, most of you who follow us know that, we've talked a lot in the last couple of years about adjusted free cash flow, and in doing so, I mean, we've generally taken that free cash flow and plowed it right back into buying more feedstock airplanes, converting them to freighters and leasing them out and growing the company. But I think what you'll see, going forward, in this outlook is that, we're going to continue to grow. We're going to continue to buy feedstock and invest in growth freighters, but we're going to do that in such a way that we will be producing free cash flow by 2025. With that, let me get right into it. I'm going to kind of go over what our strategy is, how we built it. I'm going to talk a little bit about our, about our history because I think it's, it's very, germane to who we are today and why we're so unique, and why we lead the segments that we do. Right out of the box, we're the world's largest freighter lessor. And if you look at the, the box on the bottom left, it's not even close. It's number two, and that's AerCap. And if you recall, AerCap, merged with GECAS a couple of years ago, and, and they have over 3,000 total aircraft, in their book, but we're larger on the freighter segment. This is an outcome. It's not a goal. We didn't set out to, to be the largest freighter lessor. It's a result of us driving, combining our services, synergizing our offerings, and providing solutions to some of the best companies on the planet, and that's driven growth in both the leasing business and the flying business. Next, we're the top e-commerce flying network provider in the United States. We're the largest flying airline for DHL. We're the largest airline for Amazon. And again, both of these companies provide us with airplanes. Although we lease the vast majority of the aircraft that they provide to us, they also provide aircraft that they either own or they lease from another party. We currently fly 63 freighter aircraft in the DHL and Amazon Air networks. That's a big... That's a lot of airplanes. They're all 767 freighters. And again, this is an asset-light model. They lease the airplane from Cargo Aircraft Management, our leasing company, and then they sublease it to our airline. They're welcome to sublease that airplane to any other provider that they have. In fact, we're flying airplanes that another provider, who also flies airplanes for them, leased to them. So this company leased them some airplanes, but instead of giving them back to that airline, they provided them to us to fly. That's a testament to the quality of our service. We're global. We now lease into nine different countries. This is important, in 2023 and 2024, our order book right now is about 75% of the aircraft that we're going to produce as freighters and lease out are going to foreign countries, 75%. And why is that important? Because outside this country, the market's growing a little bit faster than inside this country. So if you look at the mature markets that you've got with FedEx, UPS, DHL, Amazon, more mature networks, they're still growing. You know, yeah, there's a COVID adjustment this year, but they'll come out of that, and you'll hear from Mike and Paul on what the market looks like in terms of growth going forward. These airlines that we lease to in other parts of the world generally fly for the same customers. They fly for DHL, they fly for UPS, FedEx, and Amazon in other parts of the world. So that means although we're not getting the good credits that we, that we have with Amazon and with, with DHL and UPS, their customer we know very well, because their customer is also our customer. And this all produces strong, recurring cash flow. And what do I mean by that? We're growing the freighter portfolio, we're growing the operating portfolio. If you combine the leases, which are individual aircraft contracts, that generally run from 7-10 years. So if you combine our leases, along with our two major operating agreements, the first one with DHL, and the second one with Amazon, and then you look at the flying that we do for CRAF and for other government agency, which, by the way, the CRAF contract is a six-year agreement that has two two-year check-ins for financials and extensions. If you combine those three groups, that represents 80% of our EBITDA. So when you look at long-term, highly visible cash flows and strong cash flows, you're not gonna get any stronger than that. So we feel we have a really strong model. It's buoyed by our ability to combine the services going forward, and we look forward to doing that with the new freighters as well, going forward. Okay, now, this is the part where some of you may know this story really well. I'm gonna talk about our history, and the reason I'm gonna do that is because it's really important to understand why we've gained these leadership positions that we have. Why are we the biggest airline provider to DHL and Amazon? Why are we the biggest lessor to DHL and Amazon? Why do we lease planes to UPS? Why do we fly for UPS during peak? All those questions about what is it about us, the quality that we offer. If you go back to 1980, we were founded as ABX Air. We were the wholly owned subsidiary of Airborne Express. And if any of you remember Airborne Express, we helped them grow to be the third largest air express company in the country, only third to UPS and FedEx. The airline got to be very big, over 100 airplanes, 115 airplanes, 767s, DC-8s, and DC-9s. We had a large hub, which we still have in Wilmington, Ohio. That hub is now operated as an Amazon regional hub. We ran that hub twice a day. We sorted 1.5 million packages a day, air, ground, and two-day packages. We had 11 sort hubs around the country. We employed 12,000 people. Large operation. We had three large hangars. We had 1,300 people in our maintenance group. We had 4,000 people in our ground group. That, that included, you know, loading and unloading the airplanes and the sortation group. It was a very big operation. You fast-forward to 2003, and, Airborne Express, Airborne Incorporated, public company, sold the commercial operations to DHL. And when they did that, they spun off ABX Air as a public company. The reason they did that was DHL, at that time, and still, was a foreign coun- foreign company, German company, and they could not, and still can't, own a domestic US airline. The safest way to allow this transaction to move forward was to make ABX, a public company, which they did. So what we did at that point in time, we negotiated as part of this big transaction, when we went public, we negotiated a contract, a cost-plus agreement with DHL to do all the same things we did with Airborne Express. So we ran the airline, we ran the sort hubs, and it was a similar thing. DHL bought Airborne because they wanted to come into the United States, and they wanted to compete with FedEx and UPS. A bold move, right? And we were the largest network, obviously, that they could have purchased, and they did. Excuse me. During that time, between 2003 and 2009, from the strong cash flows that that agreement threw off, we bought a company called Cargo Holdings International. Excuse me. Cargo Holdings International. That brought with it Cargo Aircraft Management, our leasing company, and also Air Transport International, one of our airlines. Cargo Aircraft Management, or CAM, only had three or four aircraft under lease at the time. It was a small leasing company. They leased some internal airplanes as well, but the external business was kind of small. Air Transport International flew for Bax Global or Schenker, another integrator in the United States that was German, that pulled out two years later, after DHL closed down, you know, downsized. So we bought—So we, we—now we have ATI, now we have the leasing company, but we're really not doing much with the leasing company. Fast-forward to 2009, DHL, after going head-to-head with FedEx and UPS, decides they FedEx and UPS all of a sudden got price competitive, but they had never been price competitive with Airborne Express, really. But they felt a threat from DHL, and DHL really couldn't compete. They made the decision in 2009 to get out of the domestic business, but stay in the United States and be able to, you know, have a network for international packages going out and international packages coming in. When they downsized, it devastated our company. You know, we had 12,000 employees. We laid off about 9,000 of those employees. We looked at, we had to look at the company and try to understand what pockets of value we had to reconstitute and grow. We were located in Wilmington, Ohio, which is about a mile north of, about a mile, about an hour north of Cincinnati. And it's in the middle of literally, it's in the middle of cornfields. It still is today in the middle of cornfields. There are literally cornfields at either end of our runway. But the bottom line, it's always been a corporate value of ours to be a solid community citizen. And one of the things that we looked at through this downsizing is we wanted to, you know, see if we could salvage the businesses and keep as many people employed as we could. What we did is, we took our maintenance group, as I told you, it was over 1,300 people. We did have to downsize that down to about, I don't know, 400 or 500. And we created a new company, Airborne Maintenance and Engineering Services, and they exist today. Now they're much bigger today. But they're a full-service MRO. You know, keep in mind, as Airborne Express and as ABX Air, we've always flown used aircraft that have been converted to freighters. When you do that, your MRO needs to be tuned to keep those older planes reliable and also to be able to keep them flying in some cases. So going forward, we spun off the MRO. We took the air park services group that was responsible for maintaining all the facilities, running all the logistics. You know, they do a lot of different things, de-ice, they plow snow, they cut lawns, they clean bathrooms, they do material handling, equipment maintenance, and we split that off as our logistics group. And then we had the two airlines, and we were looking at where the value was in the corporation, and this is the key point. What we saw was the real value in the company were the 767s that we had. And so rather than get into another cost-plus arrangement on an ACMI basis with DHL, we took a step back, and we said: Look, we're going to lease the airplanes to DHL. We're going to get a separate operating agreement. And that was the beginning of the A+CMI model that we run today. So we pioneered that A+CMI model. We spun off the MRO. We had the two airlines, and we had the support services in the logistics and Airborne to today's model. So today, we've got the leasing, the world's largest freighter leasing company. We also do engine leasing and power-by-the-cycle services for our customers. We have three airlines. We bought Omni Air, the largest mover of US troops, commercial mover of US troops in the world, in 2018. We offer CMI services. That's the asset-light model that I spoke about. Wet-to-dry transitioning, which we'll talk about later, in the airline segment. It's a way that we fly on an ACMI or wet lease basis for an airline so that they can test out the airplane, and then we'll lease them another airline if it's successful. And we-- that's been a great program for us. And then the support services group. This group, you know, does everything from they run gateway operations for Amazon, they run two postal sort units, they provide ground services, they do de-ice, they pump jet fuel. One of the big things they do is design, implement, and maintain material handling equipment. That's the sort belts and the sort equipment you see in a lot of different places, and they do that for DHL, FedEx, UPS, and Amazon. So we've really got a nice portfolio of services that we've synergized together. We offer as a single solution or individually. And the great thing about this, if you look at what our heritage is, as ABX Air, the wholly owned subsidiary of Airborne Express, we understand this market better than anybody. We understand DHL, we understand Amazon. We used to be DHL and Amazon. We understand our customers, we understand our customers' customers. Our employees know, our employees know that when an airplane doesn't take off on time and arrive on time, it's not one delay. It's 20,000 promises that might be in that plane for our customer, and they take that serious. So what that means is when we're out providing air services to these companies, we're the top dog. There's no one that comes close to us. We get told that time and time again, that our service is better, and you'll see the service statistics when we get to Mike's section. So today, from a market strategy perspective, you know, we call our services Lease+Plus. Why? Because everything starts with a lease. We want to lease the airplane first. We'll fly it for you if you want. We'll fly it for you if you want to test it out. We've had customers that lease planes, and they were looking to get ETOPS. They had a couple of planes from us. They leased another plane. They wanted to get ETOPS. They couldn't fly the third plane, so we stepped in and flew it for them. And we ended up doing it for two years, but I digress. So we're the world's largest lessor. I think you've heard that from me three times. You'll probably hear it 10 more times by the end of the day. We invest our capital in feedstock airplanes. We convert those airplanes to freighters, and then we lease them out. You'll hear from Paul today about that process. It's not easy. It's not simple. It's probably why we don't have a lot of competitors that want to go out and create the value that we create, we convert those freighters. But again, the revenue and the highly visible cash flows we get from those leases is outstanding. Flying with a backbone, again, of the express networks in the United States. It's a capital-light model, it's an asset-light model, they're multiyear agreements, and they again have highly visible cash flow. The synergy of those two segments, along with the knitting we can do with our support services and the critical ancillary services that we have, is what separates us. It's what creates this model that's not just a leasing company, it's not just an airline, it's something completely different. Synergy is the key to what we offer. As far as today's market goes, this provides an even more compelling value proposition. The reason for that is that this time in the market, we have the bundle of services that can meet the needs of companies worldwide. First off, midsize freighters are the asset of choice in these e-commerce driven regional air networks. If you look around the world, the 767 right now is the most prolific freighter out there. There's over 400 of them in service. It's the main backbone for FedEx, UPS, DHL, Amazon, SF Express out of China, some of the biggest cargo airlines in the world, and we focus on those midsize freighters. Even the A330 that we have coming as the successor aircraft to the, to the 767, we're staying in our lane, right? That's the market we know. Those are the customers we have. And when they can't find a 767 any longer, they'll need an A330. DHL is already into the A330, and Amazon is already into the A330 as well. And again, strong cash flow is a result from those leases. Global e-commerce, and you'll hear this, on the, in the airline section. Global e-commerce demand is expected to grow 38% through 2027. It's growing faster than general air cargo, which is down around 3%, projected to be 3%-3.5% going forward. If you recall, even before the pandemic, brick-and-mortar retail outlets were closing, and that's because e-commerce was taking the place of general retail, and it's gonna continue, and it's growing faster outside this country. We're going global now. You'll see more detail on that when we get to the airline section, and the leasing section, I'm sorry, and we're positioned nicely to meet that demand. Additional aircraft types will be needed. The 757, up until about three years ago, was the most prolific aircraft in the market. And that aircraft hasn't been built since 2005, and we have 4 of them. So I can tell you, they're getting very expensive to operate. The engines, and the maintenance on the airplane is growing. We've got the A321. We own the STC of that airplane. We developed it along with Precision, and a joint venture along with Precision Conversions out of Portland, Oregon, who happen to be the largest converter of 757s. And so we're ready with the new aircraft types to give those to the operators. Conversion economics are much better than OEM-manufactured freighters. And what do I mean by that? If you went to Boeing right now, they're still gonna sell. They're still selling original manufactured freighters, if you can get in line to get one, and they'll be selling them through 2027. It's gonna cost about 3x more than a converted freighter, and we get 20 years of life out of a converted 767. So the economics are better. We've managed more conversions, if you go back to the Airborne days, than anybody else in the market. And that's. Believe me, when you see Paulo go over the how it works, it's a skill set. It's an experience set. It's not something... We've seen our customers try to do it, and some of them have done it, and they learn very quickly that it's not for the faint of heart. Conversion slots and feedstock are limited, and we'll talk a little bit about that when we talk about our future outlook, in terms of some of the things going on in the market, like the Geared Turbofan problem with Airbus products, and how that impacts us. You know, some of the things going on with the OEM manufacturers not delivering planes like they used to. And so what that's doing is it's making the feedstock a little bit more scarce. But we have conversion feedstock, and we have slots. In fact, we do our own conversions of the A321 at our MRO in Pemco, and we're a leader in that respect. So if you look at the market and you look at the offerings that we have, how have our customers embraced this? Well, if you look at the market right now, and we've broken this down into three segments on the graphic. On the left, you see leasing segment came in the middle because everything revolves around the lease, literally. Say that 5 times fast. You see the, in the gray, the flying segment, ABX Air, Air Transport International, and Omni Air, our flying segment, and then in the support services in red, our MRO, Airborne Maintenance and Engineering Services, Pemco, and, 321 Precision, our conversion operations, and then Logistics Services, which is our Swiss Army knife that does just about everything to support parcel and air cargo movements. So if you look at Amazon, Amazon's pretty much they're the largest lessee that we have, and we fly more airplanes for them than anybody else. They're our second largest MRO customer. We maintain all of the 767s that we fly for them. And so they all, all the heavy maintenance is done at our in our hangars. The flying piece, in fact, if you go back to 2015, we actually were the original test case for Amazon to prove out their Amazon Air model. We ACMI'd 5 airplanes to them. We put up a sort center at our hub in Wilmington, Ohio, and we opened the first 5 or 6 gateway operations around the country, which grew to be about 17 over a couple of years. And then, at the same time, we got an opportunity to lease them 20 and to fly the 20 as well. So we again used every part of our service to basically give them an airline and a and a an express airline in a box. DHL, since 2003, you know, we used to be, we used to run their whole hub and multiple hubs for them. They've since taken that back into Cincinnati. We're still the largest lessor to them globally and the largest flyer to their US network. And we do a number of support services with them. We do a lot of sort center material handling equipment maintenance. We for several years managed all of the ground service equipment around the country. We today do C checks for them and a lot of the different maintenance. So you can see, and I can go down the line and give you similar stories for everybody. Our customers have embraced the full model. It's a synergistic model that allows them to de-risk their getting into the 767 model and growing the business. But it's not just those customers. If you look at this, again, broken down by leasing, flying, and support services, you can see the big three in each section, Amazon, UPS, and DHL. UPS, on the support services side, we outfitted 66 DHL 767s with brand-new flat panel cockpits. We provided FedEx, I think, 125 757 flat panel cockpit kits. Say that 5 times fast. Flat panel cockpit kits. So a lot of different things. On the leasing side, you know, we could talk about Maersk. Maersk owns, has owned an airline in Europe for a long time called Star Air, that they just rebranded to Maersk. They are UPS's European airline, and so we've leased five airplanes into that network. If you look at Raya Airways down in the bottom corner on the left, Raya was named the best e-commerce airline in Southeast Asia in 2022. So that's significant, and they're also our launch customer for the A321 that we delivered in July. If you look at the flying piece, we talked about the cargo side, but how about our passenger side? In the middle of the flying, you see those, the government logos there. Again, Omni is the largest mover of US troops, but they also do a lot of business with other government agencies. And Trisha Frank, who's here today in the back, is our government representative. She does a fantastic job of developing and growing the business with the government. And then on the support services side, you know, again, it's the same set of customers, but our largest MRO customer is United Airlines. And they bring Boeing products into our operation in Ohio, and they bring Airbus products to our operation in Tampa, Florida. So United is a very good customer of ours. So we have, you know, we have some of the best customers on the planet and in the business, and they were additive to the, to the strong cash flows that we talked about earlier. Just reflecting back on our leasing dominance, you know, we talked about we're the fastest, or the largest lessor, but that had 92 airplanes through the second quarter. I think we delivered 6 in July, so we're continuing to build on this market. It says we have two-thirds market share in the Boeing 767. We actually have 80% market share in the 767-300. So pretty much, if you want a 767-300, you can come see us, if anybody in the room needs one. Largest network provider, largest lessor to both DHL and Amazon, and I guess the other point on the fact that we're global, I think I made it earlier, but a lot of these airlines that are located in other parts of the world are also flying for those same customers that we fly for, and so the credits are good. And then, I'm almost wrapped up. And then on the flying market, leadership piece, I can't stress enough the heritage and the history of Airborne Express, and how our employees approach the business, whether it's the maintenance group making sure that an aircraft is safe and ready and reliable to fly, whether it's our pilots who know the airplane better than anybody and will know what a squawk may be and may call in a squawk on their way into land, so maintenance is ready to fix the airplane. But that market, flying market leadership is something they were extremely proud of. And it's one of the things that I'm convinced of this, has separated us as a lessor. Because when you can get a company like us to fly for you and deliver the type of service that we do, then it's gonna make the leasing piece of it a lot easier. Probably one of the most interesting pieces of data that you'll see today is the chart on the right. And what this tracks is the growth in the black bars of our total leased aircraft. And you see it's been a nice growth trajectory, more than doubled since 2016. And then on the red is what our CMI business looks like. And you can see that's had a nice growth trajectory, going from 28 to 63, you know, 2.5x, call it. And so you've seen a nice growth of both. Now, that 63, those aren't all CAM-leased airplanes. Some of those airplanes are provided by, or owned by Amazon or DHL. They're providing us with their airplanes to fly for them as well. But if you look at the line at the top, which takes the percentage for one and the other, it's a pretty consistent number, right? We like to look at the airline segment, and particularly in the U.S., and say, "Well, it's a little hard to project." You'll see that in some of our numbers when Quint talks later on. But it tends to be in chunks, so we'll get five airplanes at a time or 10 airplanes at a time. Sometimes we get them fortuitously because another airline is not providing the type of service that the customer needs for their customers, and sometimes it's growth. But the interesting thing is we've been able to grow the CMI business pretty much at a consistent pace with the leasing growth. And again, on the flying piece, we're not making the type of investments that we're making on the leasing side. This all translates into fantastic returns. We talk a lot about leasing and leasing returns, but look at how big the flying EBITDA is. It's about a third of our EBITDA. That's significant. And again, it's an asset-light, less risky portion of the business. It's less risky than most airlines. If you look at how... What's the word I'm looking for? Anyways, I'll think of it in a minute. The flying piece of this thing is something that Quint will talk about later in relation to the profits of that and the profits of the leasing business and how to think about valuation a little bit differently. Resilient, that's the word I was looking for. Our airline business is a lot more resilient than your general air cargo, which tends to go up and down with the business cycle. But when we're flying for Amazon or we're flying for DHL, they're flying in a network. And what does that mean? Well, that means they have to go to Boise, Billings, Buffalo, Boston, Burlington, Birmingham, every day, right? They have time-definite and day-definite commitments, so if they have a downturn or if they stop growing, they still have to service those markets. So network flying is a lot more resilient than your general air cargo, and I'm so happy I remembered that word. So flying is a strong driver of revenue, and flying is a strong driver of EBITDA as well. The last thing I'll leave you on this is that, look, our business is a highly synergistic, and you can see when the two—you see that line two-thirds right along the way, that that plays itself out over a long period of time. Okay, so no other company in the world bundles aircraft leasing, airline solutions, engine power, maintenance, and logistics solutions. That's a fact. If somebody knows anybody, let me know. But it makes us different, and it's not just that we do all these things. This isn't a collection of services. It's the synergy that these services provide to our overall model, and that's what drives the strong cash flows, and that's what drives the performance of the company. With that, I'll turn it over to Paul to talk about the leasing segment. Thanks, Rich. Yeah, thanks, Rich. I'm excited to talk today about the aircraft leasing segment, which we refer to as the heartbeat of our business. Just an infographic here, 137 total aircraft, predominantly the Boeing 767. As Rich discussed, it's really, you know, performing about 57% of all medium-wide body operations worldwide. And this past summer, we introduced the Airbus A321, which we see as the natural replacement to the 757. Engine leasing, so we have multiple power-by-the-cycle programs for the Pratt & GE engines, enables our customers to have engine power and security as they operate the asset over time. It's a global leasing portfolio, and I'll get into the global scale and scope of what we have, and we continue to expand in that space. Then the 767-300 fleet is less than five years out of conversion, with a 20-year+ extended life, lifespan expected. And we've converted more than 260 aircraft. And before I move to the next slide, we talk about conversions quite a bit, and Rich discussed the complexity, but our team put together a video to show just how in-depth the process is. And in that video, you'll see it's actually an interesting example, because the aircraft shown is an Air Canada aircraft, and it's our first sale-convert-leaseback. So we bought the aircraft from Air Canada, converted, then leased it back to them. And so what's important about that is that it shows that not every deal is the same, and that we can be creative in how we approach customers, and it's a really unique opportunity. Then following the video, I'll walk into specific points that I think we need to double-click on to show you just how complex this process is and how we add value. I use the analogy of a home remodel when you refer to conversion. You essentially take the aircraft down to the studs, right? Using that analogy. 50% or over 50% of the on-ramp cost from a CapEx perspective is part of this process, so a lot of money goes into this process. If you're looking at the aircraft, and this is 767-300 as an example, the floor beams are replaced, so the original passenger floor beams are pulled out, new floor beams are put in. They're about 4 times stronger than the original floor beams, and as you can imagine, the pounds per linear inch, it needs to be much stronger to support the cargo weights. New cargo lining and ceiling are installed. The old ceiling is ripped out. You got to put a new ceiling in. This is the 9G rigid barrier. So right here on the aircraft, there's a rigid barrier that's in place that can withstand about 9 times or can withstand 9 times the force of Earth's gravity in case the cargo shifts, to protect the crew, keep the aircraft together. Reroute the control cables through the ceiling. So that's actually, as you can imagine, that's a pretty complex engineering task, right? I mean, you literally have to take every, every rod, every piece that controls every aspect of the, the movement parts of the aircraft and put them through the ceiling. Install a cargo loading system. So, for those not familiar with the process, the majority of our cargo is containerized, so those containers are heavy. They get put on the aircraft through the door. They need to move through these roller systems, and they can move back into the aircraft or wherever they position the load, and then they're locked into place via some of these mechanisms here, so they don't shift in flight. Importantly, we install an upper deck cargo door. You got to get the cargo inside the aircraft, which, you know, is very complex, right? I mean, you're essentially cutting a huge hole in the existing fuselage of the passenger aircraft and making it structurally sound. Then we modify a number of other systems. There's more than I can list here on the chart. We have the oxygen systems, the ECS mods, vent decompression, water, waste, and drain. Occasionally, we'll do avionics, just depends on what condition we buy the aircraft in and what the customer needs. Didn't put it on the chart because it's not always required. Engine inspection and overhaul, same, same thing. We'll look at the engines. Customers have delivery conditions for each engine, and we'll make sure that those engines, you know, meet those requirements. And then maintenance directives are all complete. So we clear out, is the technical term, we clear out all the required maintenance tasks that the OEM requires us to do for years to come. So when the customer gets the asset, and we'll get into this later, we have what's called mirror-in, mirror-out provisions in our leases. The customer essentially gets a clear aircraft for many years to come. Then when we get the aircraft back, the mirror-in, mirror-out provisions ensure that we get the asset back in a similar condition. That's important, and we'll discuss that later. And with all that, we expect to get 20+ years of extended life on the aircraft. If you have any questions about this specific process or how we do conversions, the President of our aircraft leasing group, Todd France, in the back, very experienced in this space and happy to answer any questions for you. So post-conversion, we have a relatively young fleet. So if you look at the 767-300 freighter, the flagship of the ATSG organization, there are 75 in service with less than 5 or average 5 years in service life. The A321 freighter, there's 2 in service today with less than a year in service. We're really excited within the next month to induct our first A330-300 freighter, which will be the future of medium widebody aircraft, for not only our organization, but we believe the market in general. When we talk about the market here, I mean, this is, this is a busy slide, and I'll make sure I walk carefully through it. But, you know, when we look at this, two-day and same-day shipping has fundamentally changed consumer behavior. I think we all understand that. The biggest contributor to this change is e-commerce. Air logistics, using medium and wide-body aircraft, is the most practical way to meet the geographic and speed demands. So if you look at this chart, the left chart shows from 2023 to 2027, e-commerce sales globally are forecasted to increase nearly 38%, and Rich mentioned that earlier in his presentation. Over that same period, e-commerce, as a percent of total retail sales, has a CAGR of 4.2%. So we see strong growth in the segment. Our perspective on e-commerce market growth is further supported by just low overall penetration. For example, if you look at Mexico, India, Brazil, and Canada, they have less than 15% e-commerce market penetration as a percent of total retail sales. It is further supported by secular trends in mobile, and specifically mobile e-commerce penetration, which we see as less than 25% globally, in penetration of total retail sales. So plenty of, plenty of room to go. We're in the early innings of e-commerce penetration. We think the market can support it. But let's say, for example, when we go to the right chart, you'll see that 2,175 of the 2,825 freighters needed by 2042 are in the standard and medium wide-body sector. That's 77% of the total freighters, right? Using Airbus's data, Airbus puts out a similar report, but what we did was we, we pulled out the growth and replacement totals, right? You'll see that there's a really important thing to note, that even if e-commerce doesn't grow as fast as we expect it to grow, there's still a requirement to replace aircraft. So there's a replacement story here as well. So 1,270 aircraft are required through 2042 to replace aging equipment, and this is where we really unlock the value of the converted freighter, because as Rich said, after 2027, there isn't a plan to produce new production freighters. So converted aircraft would have to step in, and this is where we excel. And nobody else has the capacity to meet this demand. There's just nobody can meet the scale. So the 767, like you said, it's the flagship of the ATSG fleet, right? We dominate in this space. The cubic capacity of this aircraft and the reason that e-commerce customers like it, it's equivalent to about 4.5 53-foot trailers, right? And it represents about 57% of all medium and wide-body cargo operations globally. And what's important to remember here is that the volumetric fit for this aircraft works in e-commerce networks because it's the right size, where, for example, if you try to bring in a 747, volumetrically, a much larger aircraft, and that misses its sort or its departure window, you can't process all the volume at a hub or a regional hub. It's just too many packages. You're gonna crash the sorter, or you're going to miss countries and zip codes, whereas if you miss a 767, you could typically filter in another aircraft, or you can adjust your network to not fail so many packages long term. So, we lease aircraft into 5 of the top 10 767-300 leasing customers. So not only directly are we operating the equipment, but leasing into those customers as well. And we're still actively converting and leasing 767s, and we expect to do so for years to come. While our customers love the 767, finding adequate feedstock has become more difficult. There's just simply not enough aircraft and not enough aircraft at the right price to get our on-ramp costs where they need to be. So you know, we also need to make sure that we span—expand globally, and we need to make sure that we unlock new customers. And so we sought to find an aircraft that fits the market we currently excel in, which is the medium wide-body sector, but unlock global value. And so we need to find a product that fit hand in glove, make sure that we're focused on what we're doing with our model, but also deliver for those customers. And so, looking at, doing the analysis and looking at the products, we focused on the Airbus A321 and the Airbus A330 freighter. So if you look at the A321, the industry sees it as the natural replacement to the 757 aircraft. We expect the crossover point with more A321s in service than 757s to be about 2031. And And of course, that trend will continue. Performs roughly the same mission at 18% less fuel costs and lower overall operating costs. The A330 is the natural replacement to the 767. Carries about 20% more volume, a little bigger aircraft, but it's already proven in networks that are selected by our customers. So if you've seen, it's publicly available. Amazon has selected the A330 to fit in its network, and DHL uses this aircraft in its flying networks. What's also interesting to note about the A330, although we are targeting as the medium wide-body aircraft of choice for ATSG, it actually carries one less main deck pallet position than the 777. So there are markets where it can size up and fit certain requirements. What's also important to note is that when you look at the A321 and the A330, there's cockpit commonality. So when fleet operators are looking at this aircraft and already operate or aspire to operate it, the pilot training costs are generally lower, and the transition costs are lower, so it makes a good fit for these international customers. So who leases our product? Our products are leased by experienced operators and/or blue-chip companies. What that does, it ensures that, you know, these world-class organizations have strong safety cultures and strong operating cultures, so it not only protects our asset, but keeps the values high long term from a maintenance perspective. Typical lease terms go out to 10 years with multiple extension options. And then most major maintenance, and this is really important to understand, well, for example, the engines, the landing gear, the major maintenance requirements that are along the term of the lease are paid into a maintenance reserve fund. So we make sure that the funds are on hand, and that when those tasks are due, that the funds are available to perform the task. Keeps the asset value high long term. And then, as I discussed earlier, all our leases have what's known as a Mirror-in, Mirror-out provision, and this is really critical when you're leasing these assets. So we give an asset to a customer, we say, "This is the condition we gave it to you in. It's in perfect condition. It's clear of check," or whatever the tasks are at the time. The customer is required to return that aircraft back to us in that exact same condition. So what does that mean? It means not only are we getting the asset back to redeploy quickly, but there isn't a tremendous amount of CapEx that we'll need to put into the asset to get it ready for redelivery. So it does protect the cash flow stream. So if the customer does not elect to continue the lease, which many do, most customers, in fact, choose to extend their leases, we can get the asset back in excellent condition, do not have to invest much capital into it, and then redeploy it quickly to another customer. So we protect the cash flow stream long term. I want to walk through our global placements. It's really important to understand that the team here has had a concerted effort to diversify, our customers, you know, globally, and I think that's really important to the strategy going forward. If you look at Africa, we have Astral Aviation out of Kenya. In the Americas, we have Northern Air Cargo, Amerijet, of course, Amazon Air, UPS, DHL, MasAir out of Mexico City, Cargojet Airways, Air Canada, and Global X. In Europe, UPS, DHL, Sky Taxi, Maersk Air, and Georgian Airlines. In Asia Pacific, Raya, which we already touched on. 75% of our 2023 lease deployments will be with customers outside the United States, and we expect that trend to continue going forward. ATSG and its customers, you know, we stand ready to deliver worldwide, and we're proud to do so. And with that, I'll turn it over to Mike Berger. Thank you, Paul, and good morning to everyone. Good morning to everyone for joining. The one thing I want to really start with is as we progress through the sections, you really start to understand how we unleash the power of our business model, right? So Paul talked about, you know, the leasing piece of it, and how we convert airplanes. I'm going to talk to you now about the flying section. What I really want to emphasize that as you progress through really the remainder of the day, think about the ease of our business model, and as Rich talks about, how we complement and how we support and the value proposition that we bring to our customers, from leasing, to flying, to maintaining, and then, of course, our logistics company. It's really an easy model to understand, and it's really, really powerful, and hopefully, you'll get that feel for it as we continue through the morning. So I'll start with the capital light, which is our CMI flying. The CMI stands for Crew, Maintenance, and Insurance, and it really gives us an opportunity to separate ourselves from traditional lessors and bring incremental value to our lease. The A+CMI and Rich mentioned this earlier, is where we lease the aircraft to our customer, and then in return, we provide the crew, the maintenance, and insurance in terms of the flying piece of it. Very, very prevalent in the e-commerce market, as well as the big, global e-commerce and express networks. Keep in mind that e-commerce still today is really the engine of our industry, without any question about it, and they think about us as an enabler to this, right? So we're enabling these companies to get out and further penetrate into the e-commerce markets. Our cargo, wet to dry. So what is wet to dry? Really, the wet to dry is where airlines are flying as an ACMI carrier, right? Aircraft, crew, maintenance, and insurance, right? And it really allows them an opportunity to build up the lane that they're asking us to fly for, and really, at that point, validate the economics of a lease going forward that hopefully turns into a dry lease. You can see the names of the customers below there that have taken advantage of this, where we've been really successful. Our passenger ACMI operation really is Omni, okay? As you heard, they have a heavy, heavy emphasis on flying for the US government. They move more US troops than anybody else in the world, and it's very, very a reliable revenue with very good cash flows that are not as dramatically impacted when there are economic business cycles that are happening across the world. This slide really shows you the responsibility from a customer standpoint as well as an airline standpoint. From a customer side of things, they're responsible for the lease of the aircraft. You heard Paul talk about that's normally 7-10 years, okay? The customer then in return, subleases that aircraft back to one of our airlines to fly. Then there's a separate CMI agreement. Those CMI agreements are traditionally about 4-6 years long. The customer is responsible for the heavy maintenance of the aircraft, the engines of the aircraft as well. So they have full responsibility of that part of, that part of the program. They're responsible, certainly, for filling in the payload of it. They're responsible. You heard Rich talk about those promises that are on the back of the plane. That's what he's referring to. So they're responsible for filling the aircraft. Additionally, the customer pays for the fuel and any ancillary charges that may come along with that flying itself. In terms of the airline side of things, think about it, the airline is really responsible for everything else, the safety of the aircraft, providing the crews, ground handling, training. Anything that's associated with that aircraft itself would fall onto the airline side of things. So you've got the customer side, what they're responsible for, and then you have the airline side, what they're responsible for, to understand their, their roles. Here's just a shot of what the 2022 segment contribution was. You could see from a revenue standpoint, and Rich had mentioned this earlier, 61% of our revenue comes from the ACMI segment, and 33% of our EBITDA comes from this segment. So a very, very impactful and very, very important aspect of our business and our overall results. I like to call this the tale of the tape. You can see here, here, it's just our fact sheet. Omni Air International, again, is offering ACMI and charter services. Three-quarters of their revenue comes from the US government. You've heard it earlier, I'll say it again, they're the largest mover of US troops in the world, and they have 14 aircraft, three 777 and 11 767. ABX Air, and you heard Rich talk about really, this goes back to the roots of our business, is an all-cargo flying airline, and they fly all 767. Major contracts with DHL as well as, as Amazon. They're the largest provider for DHL in their USA network, okay? That's a very big statement, and you heard Rich talk about earlier, going back to the beginning of how we got into this relationship to start. 24 total aircraft, all 767. ATI, Air Transport International, primarily a cargo airline. CMI contracts with Amazon. No one flies more planes for Amazon other than ATI. They do that every single day and do it very well. They also fly four combis for the Department of Defense. There are four 757 combis. For those of you who don't know what a combi aircraft is, it has 10 pallet positions and 42 seats. We fly these specifically for the government, the places where commercial aircraft and commercial destinations don't allow them to go to. So very unique opportunity. We have four of those aircraft, and we've been doing that for several years for them. Okay, on the demand side and how we fulfill it. As you heard us say earlier, our cargo airlines essentially are targeting large e-commerce companies as well as express networks, okay? We're flying more aircraft for Amazon than anybody else, as well as DHL flying for... Excuse me, ABX flying, DHL's USA network. I want to talk a little bit more about the resilient nature of the business model. You heard Rich talk about it earlier. When you're flying in these global networks, when they're providing time-definite material, that makes it very resilient. Those operations have to fly on a continuous schedule to ensure that these guaranteed products and services that these companies are providing do actually get delivered to the customer, so much more resilient than general cargo. Omni, our passenger airline, as we've talked about, is doing a lot of work for the DoD and the Department of Defense. They're also the lead for the Patriot Team on the CRAF program. So the Civil Reserve Air Fleet, Trisha Frank here, leads this for us, and there's two groups. A very critical aspect of what we, what we're responsible for, and we're very humbled and proud, quite frankly, to be the lead, and we've been the lead for, for a very long time. Our heritage really goes back, as Rich says, to being an express carrier, right? So we really do fully understand the business needs of our customers and the criticality to make sure that we're performing every single day with every single flight. And that, let me talk about airport, excuse me, our airline performance, okay? This is really where we separate ourselves. Our roots talk about delivering every single package. We track every single flight and understand the root cause if there is a failure. We have a 98% on-time reliability rate for our airlines and 93% for the US government. Don't get misled by that 93% by the US government. That metric is provided as a very, very good score by the US government. Omni is flying some of the most critical missions for our US government in some of the most dangerous places around the world. So that 93% is considered excellent. Our airlines are routinely told that they're best-in-class service in terms of providing everyday service for those customers. We have a strong airline leadership experience, well over 100 years of experience amongst our airline presidents. So we're a very, very experienced airline throughout the business. I just wanna make sure that the aspect of providing service, which is really at the root of everything that we do, is really so important to our customer. Rich talked about it, Paul talked about it. Without providing service every single day, really, your ability to sustain your long-term growth is really inhibited. Here's the underlying economics as it relates to revenue and EBITDA. You can see the numbers, $1.004 billion in regards to the revenue, $209 million in regards to the EBITDA, and you can see the aircraft that make that up. The resilient nature of the business has been talked about, you know, a few times as it compares to general cargo. This is an interesting bullet, where it says, "Disruption creates opportunity." Okay? The COVID situation that we all experienced over the last, you know, several years, created a lot of opportunity within our industry and increased the flying opportunities for all of us. Also, when we see disruptions in terms of conflicts, political conflicts, or military conflicts around the world, that tends to provide opportunity as well for our for Omni and our airlines. The Adjusted EBITDA margins maintained are very, very consistent. You can see in the low teens. So the economics, you can see for 2022 are very consistent. I mentioned earlier about unleashing the power of our business model. Our support services is another example of that. Rich talked about our ability to maintain aircraft, maintain aircraft. AMES, which is Airborne Maintenance and Engineering Services, has two locations, one located in Ohio and the other located down in Tampa, Florida. They provide heavy, heavy maintenance and line maintenance at those facilities, component and engineering services, as well as our ability to convert aircraft. Rich talked about our first two A321s that were delivered last month to Raya Airways in Subang, Malaysia. Those aircraft were converted down in Florida. Our logistics service really has the ability to do just about anything. Rich likes to refer to them as our Swiss Army knife. They can do everything from sort operations, ground sort equipment, facility support, material handling, really any aspect that you need to do, including de-icing of aircraft. So as you see, you can start pulling together the full value of what we do every single day, and how this power of our business model is an incredible value proposition in the marketplace, and we don't think there's anybody else that can do it as well as we can or if at all. This is just a view of some enhanced customer value. Again, you heard earlier, Raya Airways was named E-commerce Carrier of the Year. Here's actually a picture of one of our airplanes being de-iced at our hub in Ohio. MRO Services, Rich referred to the UPS flat panels. That business is done as well, and it was done also in Wilmington. So you can see just the plethora of things and the differentiation that we have in the marketplace that really drives our customer value. Before I turn it back over to Paul, I just wanted to reiterate the power and ease of our business model, right? We can lease you an airplane, we can fly the airplane, we can maintain the aircraft for you, and then we can do simply everything that you possibly could need from a logistics standpoint. So as we like, we... We always like to say, "We don't know why you'd want to lease an airplane from anybody else when you can do everything that we can do." Paul? All right. So this is my second favorite slide to brief today. The first being when I got to actually reference Earth's gravity in sentence. I never thought I'd do that. So, but if you look at our customer overview, our three largest customers, the DoD, Amazon, and DHL. And if you look across the top, in the case of the DoD, we've been a customer, they've been a customer for 20 years. In the case of DHL, 20 years again. In the case of Amazon, 8 years. And of course, as Rich mentioned, when Amazon started their air network, we were the original provider. So we've been with that program since the beginning. But what I think is important about this slide, and what's sometimes misunderstood when I'm speaking with folks about our business, is they look at our business as having a large customer concentration. I think when people think about our business, they think that the contracts are to a certain period, and they end. Period, full stop. That's not the case, and I'll break it out into two segments. One is the flying aspect of our business, but then the other, services. When you look at our flying and you look at what our customers do, the concentration couldn't be more different. In the case of the DoD, it's not sensitive to what's going on, you know, economically, right? It's what's going on from a geopolitical perspective, so it's completely insulated from the economic environment. And when you look at Amazon and DHL, although, of course, they are more sensitive to the economic environment, they're very different. Amazon is purely a domestic US network.... whereas DHL is bringing products in from overseas into a US network and distributing it. So they're two very different flying networks, and so that's, from a flying perspective, they, they couldn't be more different. From the services perspective, as Rich said, our customers have multiple contracts for multiple sets of services, so each lease is its own contract, and so they don't all expire at the same time. Same thing for MRO Services and gateway operations. So when these customers bring aircraft in, there are different pieces and different lines of businesses, and so they're all, they're all either entering or, or leaving at different times, and so I wanna make sure that's really understood. But, you know, the customers here are key. They're blue-chip customers, and we love to have them. And so, with that being said, I'll turn it over to Mr. Joe Payne, sustainability. Morning, everyone. We wanted to spend just a few minutes this morning talking about our environmental, social, and governance efforts, which have taken on increasing prominence in recent years. You know, we've seen increased regulatory activity in that area as well. We collectively, of course, refer to ESG as sustainability. And prior to the slides, I'll just give you a little bit of background. You know, since we became publicly traded in August of 2003, being spun off from Airborne Express and becoming publicly traded, our company has sought to develop strong governance, and certainly, that's been recognized by proxy advisory firms such as ISS and Glass Lewis. And while we've also engaged in meaningful environmental and social efforts, there was little formal board oversight or disclosure on either of those fronts, except with respect to issues, of course, like safety, certain compensation and benefits matters. But beginning in 2020, in addition to governance, the board and management also sharpened its focus on environmental and social matters in recognition of, again, the increasing importance of these issues to our stockholders, employees, and other stakeholders. In 2020, we engaged a ESG consulting firm that assisted us in developing a more robust approach with respect to our strategy, processes, and disclosures concerning sustainability matters. And through that analysis, we were able to identify those issues that were deemed of highest priority to us and to our stakeholders. That materiality analysis has guided our efforts to this day. During 2022, we published our inaugural sustainability report on the company's public website that detailed our ESG efforts and initiatives in 2020 and 2021. Earlier this year, we published our second sustainability report, detailing our efforts and initiatives during 2022. While we won't plow old ground with our, our various ESG efforts and initiatives, we did wanna highlight some of those efforts we've made during 2020 through 2022. On the environmental front, if you look to the center box, obviously, one of the biggest environmental issues facing us, as we have three airlines, is fuel burn and greenhouse gas emissions. Now, while our customers tell us what routes we're gonna fly, they're gonna tell us the frequency of those operations and determine the cargo and passenger volumes. We've nonetheless invested considerable time, money, and effort seeking to reduce our jet fuel burn and thereby our greenhouse gas emissions, and we've done this by focusing on three fronts. First, we've installed fleet monitoring equipment onto our aircraft, and we did this in conjunction with two of our largest customers, but have expanded it throughout the fleet to track and reduce fuel burn through preventive maintenance practices. We've also expanded the use of flight planning software, and it uses real-time weather conditions to help the flight crew in optimizing flight altitudes and speeds. Finally, we've continued to adopt best practices in our daily operations, which we've done in the past, but we're, you know, continuing to optimize that where possible. This is things like optimizing our fuel loads, minimizing the use of reverse thrust on landing, taxiing with one engine to the ramp, optimizing flap settings during descents and approach, those sorts of matters. This has resulted in a reduction of our fuel burn of just over 23 million gallons, and reduced our CO2 emissions by approximately 217,000 tons from 2020 through 2022. If you look to the left, the box on the left of the screen, we've also focused on energy efficiency opportunities. In 2020 through the present, we installed energy-efficient lighting and replaced some HVAC systems in our hangars and offices. In our hangars and offices that reduced CO2 emissions by just over 4,600 tons annually. This better lighting also improved quite a bit the safety in our hangars. It's actually made quite a difference. It's striking to some when you first walk through them, the difference. We've also installed vehicle charging stations at our corporate headquarters in Wilmington, Ohio, and at our Omni Air's corporate offices in Tulsa, Oklahoma, to make charging electric vehicles more convenient and affordable for employees. In terms of, if you look to the box to the right, resource conservation and fleet modernization, while it's not new, we do think it important to note that, you know, a cornerstone of our business, we convert used passenger aircraft to freighters. You know, they may be around, you know, let's say, 20 years old on average when we get them. But we convert them to freighters, and we extend their useful life for 20+ years. While it's difficult to compute or formulate the impact of that, we believe it eliminates, or at least defers, the tremendous expenditure of resources and energy and the associated carbon emissions that go into manufacturing a new freighter aircraft. Now, as discussed earlier, by Mike and Paul, we are adding the A321 and the A330 to our fleet, which are newer and more fuel-efficient aircraft. And further, all three of our carriers are certified to use sustainable aviation fuel in our aircraft. It has similar properties to conventional jet fuel, but it has a smaller carbon footprint. A challenge, however, is that SAF is scarce, and it's also very expensive. And for this reason, we've joined a public policy collaborative, along with two of our largest customers, to try and make SAF more available at our largest hub, that we operate out of, which is located at the Greater Cincinnati Northern Kentucky International Airport, or CVG. On the social front, since 2020, we've, as the company continues to grow, we've opened an on-site health clinic operated by a third-party provider for use by our employees and spouses and dependents, at our corporate headquarters in Wilmington, Ohio. We've also opened an employee fitness center, at our corporate headquarters with, state-of-the-art fitness equipment, for, the use of our employees that's available 24/7. We've also launched a company-wide diversity and inclusion campaign, which continues with the training on a recurrent basis. Most recently, we launched a paid parental leave. We made that eligible to all employees, regardless of gender, in cases of, you know, birth, adoption, or foster care. For many years, and continuing today, the company continues to support charitable causes through donations by the company and employees, and those have continued to increase in recent years, setting a record here in 2022. We have a large number of employees. A large percentage of our workforce are former military veterans, including in our senior leadership. We continue to reach out to our veterans concerning issues that are important to them through publications and events, you know, including on issues such as mental health. Finally, we, you know, we offer training and apprenticeship programs to our employees. We reach out to colleges and the community seeking to recruit. We also, though, reach out to young persons seeking to interest them in careers in aviation. And just an example of a couple of things we do, and it speaks to the volunteerism of employees in the company. We recently had a five-day aviation camp for kids grades six through twelve, which certainly concerned the lawyer for a little bit, but we got through that. We also recently had Girls in Aviation Day for a local Girl Scout organization that came. Again, that was a success. On the governance front, as I mentioned earlier, you know, we wanted to formalize in 2020 the board's oversight of sustainability matters. The board determined to amend our Nominating and Governance Committee charter to delegate that responsibility for that oversight of management sustainability efforts to that committee. They also amended the Nom and Gov charter to encourage diversity on the board and require that our initial list of director candidates include qualified, underrepresented candidates, taking into account factors such as gender, race, and ethnicity... Since that time or during that period, we've increased the size of the board from 8 to 10 directors, and we've increased the diversity of the board, both in terms of gender and racial diversity, by 20%. Just a couple other activities, you know, from 2020 to the present. We increased our stock ownership requirements for directors and officers to further align the board and management with stockholders' interests. We also created a management sustainability committee that consists of leadership, not only at the, you know, the company, but also the operating subsidiaries and subject matter experts in different parts of the company to, you know, further develop our sustainability efforts throughout the organization. And finally, we've adopted a formal human rights statement to address issues relevant to the company and our industry, which we posted on our website, and that's in recognition of our increasing global presence that we've talked about this morning. And with that, I'm happy to announce we'll be taking a short break. Thank you. What you've all been waiting for, some numbers. I think, I think that's the cue to get going here. So if we're ready, just if you'll permit me, before I get started here into the, the meat of the presentation, the financial outlook. Just wanted to give a shout out and a thanks to the folks that worked really hard on the presentation. You know, our IR firms, Alpha IR, Ross Collins, and Margaret, Wayne Buck out back home in Ohio. And a special shout out to Kim Parks, our Director of Marketing. Kim put in a lot of, a lot of time on it, and there's, there's a reason why I do numbers. I couldn't begin to do any of the graphics that are in there, but she's, she's a master at it. So thanks, Kim, for that. So, you've heard a lot today about the model and why, while it's differentiated, we actually feel like it's better. You know, we have leasing capabilities and airline operating capabilities. We don't sell boxes. We don't sell tickets at Omni, for example, on the airline side, but we actually believe our operations; that's a big risk mitigator. And we know that... We all know Warren Buffett's feelings about airlines, right? So, in our case, we think our airline operations actually benefit from the way they're structured, and we think our leasing operations and, you know, also benefit from concentration on the mid-size freighter and the demand that drives that, and the customer base we have. So in this section, I'm gonna give you a little quick overview of the, you know, 2019 through 2022 financials, you know, some of the key metrics we looked at. You know, you think about what was going on in the world during that time, it's a, it's a nice kind of a test of the business model to see how it performed in those different, you know, macroeconomic conditions. Then we'll look at that, you know, the same metrics, you know, on a consolidated and segment basis. We'll spend some time talking about our capital spending and free cash flow, which is really a key aspect, right, of our business and what we try to emphasize in the forecast metrics we disclose. We'll talk about the balance sheet that, you know, underlies that and allows us to have access to capital markets and continue to grow and create value. And we'll talk about the asset base. You know, you've heard a lot about the aircraft, but I think one of the ways we create value is, as was said, no one's done more passenger-to-freighter conversions, and we think we're the best in the world at selecting feedstock and getting them into service at a value that creates opportunity for our investors and our customers, you know, based on what we invest. And then I'll give you, as Rich mentioned, sort of a view of some things that, you know, we think about when we think about valuation of the overall company. I realize there's many different ways you can view that, and everyone will have maybe a little different twist on that. I've got a lot of experts sitting here, and probably more on the web dialed in, so I'm not gonna tell you how to do it, but we'll tell you how we think about it. As you've heard the word said many times today, resilient would be the way that I would describe, you know, how the business performed from 2019 through 2022. What you're seeing here, obviously, is all actuals, and we've shown you revenue and Adjusted EBITDA. It's important to note that, you know, for us, one of the adjustments we make when we report EBITDA is we don't include any contribution during that period from, you know, on the cash side from government CARES-related programs or pandemic relief. So, you know, we had over 40% growth from 2019 through 2022. 2019 was not a particularly strong year for general cargo growth, but you saw our niche, again, concentrating on regional networks, assets that are leased into those networks, and the flying that takes place, have a record year in 2019. Many of the companies that were moving general cargo were not having a great 2019. Throughout the pandemic, the model continued to grow revenues and EBITDA. Of course, yes, we were investing CapEx during that period, to continue to satisfy the strong demand we were getting for our midsize freighters. And, you know, we'll talk, we'll talk some more about that fleet momentarily. But Omni, which is largely public sector revenues, also capitalized, while other airlines who sold tickets were seeing their EBITDA drop by, you know, 80% during the pandemic. Omni and its customer base performed very well through that period. And so the business delivered consistent, strong performance with over 30% EBITDA margins through all those cycles. And I think that says a lot about, you know, the kind of business model itself and what it can withstand. If you think about, you know, on a segment basis, as Rich said, you know, and as you would expect, the leasing segment, CAM, is gonna be what-- where most of the EBITDA and cash flow come out of, because that's... They own the assets. And through that period, while we were growing EBITDA by over 40%, you know, CAM continued to consistently produce, you know, roughly two-thirds of the total EBITDA. But and that's not surprising given the investments we were making, right, to produce and grow its fleet. But what's interesting is the other business, ACMI Services, you know, the flying and the support services that Paul and Mike have described, really kept pace with that. You know, in fact, in 2022, had a record year with, I think about $209 million of EBITDA. So their share stayed consistent during that period. Now, you know, think about that, and we'll talk about the forecast in a moment. But you know, CAM is a consistent contributor, and the other services, the capital light services, are consistently value adds on top of that. Switching to just focusing on the leasing segment. You've seen CAM add nearly $250 million, or add nearly $200 million, I should say, of EBITDA during this period, you know, growing to $426 million, again, driven by a couple things. One is the investments and the expansion of the lease deployments, which primarily is 767-300, now the A321 has begun. But also during that period, we, with the 767-200 fleet, we began offering customers access to engine power in a pool of engines, and that is also a portion of CAM's EBITDA. So you've got, you know. And I draw that out only to kind of set the stage for when we talk about the forecasted period, because, you know, the 767-200 fleet, and I think, you know, there's like 20-some of those airplanes still out there for us. They are the older fleet and the smaller variant of the 767, and we are seeing some transition. Those planes have been flying, many of some of them, over 20 years, some of them approaching 20 years. And you heard us talk about a 20+ year useful life. So that's the proof, you know, that when you convert a freighter, in the cargo environment, it's gonna be out there that long. But you are seeing some of those airplanes come out of service or come to the end of leases, and their cycle life is such that we're looking at them and making decisions about whether to re-lease them, sell them, or in some cases, retire them. So with the 200 fleet and the engine type that's on it, we began offering a, in you know, 2021, our customers who lease it, access to a pool. And so that's also a portion of CAM's EBITDA. If you look at flying, the three airline operations, as Mike said, you know, you've seen consistency in EBITDA margin throughout the period. And he's, you know, as you said, in the teams, and that's what you see depicted on the line here. You think about other airline operations that take fuel risk, that maybe are responsible for more of the maintenance, the heavy maintenance of the operation. Remember, our airlines fly planes that we lease to other customers, who often take that responsibility under the lease. The fuel is largely reimbursed by customers, or in the case of the military flying, that Omni does, there's a peg price. So a lot of those more risky items aren't part of that. And so you see very consistent performance in terms of EBITDA margin and these capital light airline operations. And they grew significantly through the 2022 period. You can see that the average EBITDA, because 2022 was their, you know, strongest year, and there were some pandemic-related contributions in 2022. So if you look at 2019 through 2021, there's about a $178 million three-year average of EBITDA. So keep that number sort of in mind. You can see it shot up in 2022, but that is a little bit of an outlier based on some of the pandemic-related opportunities that existed that year. So a 10% three-year revenue CAGR, and a four-year average EBITDA contribution from the flying and support services of a $187 million. Now, if you switch to the go-forward outlook, we'll first talk about leasing, and then we'll look at, you know, the flying and other support services. But based on our projections, we expect to put in service 43 newly converted freighters from 2023 through 2025. And remember, when we put planes in service in 2023, they're going in service throughout the year, so you don't get their full year contribution till 2024. And then the same thing happens in 2024, you don't get those contributions to 2025. In 2024, I think we're targeting about 16 new leases in 2024, and in 2023, 19. So you've got, you know, we've been in a growth mode, you're getting strong contributions from those, but at the same time, you're getting some reductions on the 767-200 fleet side. You know, we took, I think, roughly 10. We expect to take about 10 767-200s out this year. That doesn't mean they don't still contribute. Many will be sold, others will be re-leased, some will be retired, and these are airplanes, again, that have been flying for roughly 20 years since they were converted to a freighter. And so you'll see some reduction in their... Obviously, when their rent stops, and we get airplanes back, and you'll see some on the engine side for the revenues we were receiving as those leasing customers were paying us for access to the engine power. But you've got growth from all the additional lease deployments that we're making as we convert additional freighter aircraft. So those two things are kind of happening at once because we're in a, you know, that period with the 767-200 fleet. We're getting strong growth in the EBITDA associated with newly deployed aircraft. In fact, if you think about sort of a bridge for CAM between 2023 and 2024, the midpoint of this range in 2023, the sort of, you know, $432.5 million of Adjusted EBITDA. In 2024, it's about $35 million higher. So the big pieces of that bridge are you've got, you know, $75 million-$80 million of contribution from new lease deployments, and that's a combination of a full year's rent that we'll receive on the planes we put in service in 2023, plus a partial year in 2024. But then you've got some reduction, you know, associated with the 767-200 fleet. Those are the two biggest pieces of that bridge. Now, I should say, about the fleet, there's many aircraft in the 767-200 fleet that are not approaching a cycle age that would, you know, cause us to think about taking them out of service. There's airplanes that are gonna fly for many years there, and the aircraft itself is, perhaps the most reliable 767-200 variant. We took one out of service not long ago, Rich, we've been in service a really long time, and I think it was that tail was about our highest dispatch reliability aircraft. So it's, you know, that isn't necessarily the driver, and there's there's no requirement to take them out. It's sort of an economic decision when they reach a certain age, whether we wanna invest in a, you know, plow that investment into a 763 or an A330 versus, you know, the 200. So, you're gonna end up in 2025 with estimated EBITDA at the midpoint, call it about $527.5 million, up $100 million in the three-year period for CAM, you know, on a $426 million EBITDA. That's pretty nice, up 23% in that three-year period, so, not, not bad. The ACMI flying and the, or the CMI flying and the other support services, meanwhile, that, as we've described, as has been described in, earlier in the presentation, there are growth opportunities, and they tend to be, I think, Rich's word is chunky for that, and they can be significant. And, you know, I can give you examples. You know, of course, through the pandemic, Omni is full of examples. It had charter opportunities, you had the Afghanistan situation that it, you know, played a very vital support role. And, of course, you've had, dislocation or disruption around the world that sometimes drives that. And often with our cargo customers, there can be chunky opportunities. But they're difficult to predict with certainty and timing. So what we decided to do, and in order to give you some guidance today, is to sort of assume a stable outlook in 2024 and 2025 for the flying and the other support services. And so the average, you know, at the mids, is $180 million for 2024 and 2025. So we're not assuming growth. Now, we have, as we do periodically, we have some labor agreements that are open for negotiation. In fact, there may be a reminder of that right outside here. But, you know, the, and we do anticipate at one or perhaps two, there are two that are currently amendable, reaching some resolution by the end of 2025. So we have, you know, baked in something for that. The timing of that is always uncertain, and the exact degree of that, you know, depends upon the ultimately negotiated terms. But we thought the best way to give you a picture you could form some judgments on was just to produce or to project, I should say, stable EBITDA for this group. You know what? The thing that allows these guys to grow is they're the best-in-class in service. And, you know, I know when Paul was talking about the Amazon and DHL relationships, when you think about the services that we provide to those customers, you know, where would you go to replace, as you know, a provider that can do all those things for you in today's market? I can't think of anyone. And certainly, Amazon is a significant shareholder, and we're pleased with that. Of course, we never speak for them, but I believe they, when you take a stake like that, you, you know, you see it as a key strategic relationship and not one easily replaced. So put it all together, roll it all up here, add leasing and flying together, and you've got an Adjusted EBITDA CAGR in this full period of 2019 through 2025 of nearly 8%, about 7.7%, and you end up in 2025 with Adjusted EBITDA at the midpoint of a little over $700 million. And that's, you know, certainly up $250 million during that period. But of course, a lot of cash was spent and invested, but it's invested in long-lived assets that will continue to produce cash flows, as we've said, on the leasing side for 20+ years when we put a plane in service. But it's all about what did you spend and what did you, what did you get? And so we've been, for some time now, trying to point that out. We've been in this growth cycle. Feedstock was short, and so the 767 was in high demand. We secured a lot of feedstock knowing that that's gonna become harder and harder to get. They're not producing new 767 passenger planes. They're holding on to them longer. All the stuff Rich told you about, OEMs are slower kicking them out. And so we bought a lot of feedstock, and we've been running that through conversion and successfully deploying that at good returns. So what you've seen is an increase in CapEx as we, you know, went through that growth cycle, and you see that in the upper bars here. Now, we separate our CapEx into two buckets. What we call sustaining, which a lot of people call maintenance CapEx, is sort of non-discretionary. Then growth, which is the bigger piece of these bars on top, is strictly buying feedstock and converting it. And you can see the, you know, the expansion of that. $510 million in the trailing 12 months from June, and then you look at 2020, $353 million. You also see some increase in sustaining CapEx. Now, that's related to the timing of some engine overhauls for that engine pool that I mentioned earlier. And I'll talk more about that a little bit in a second. But we've been reporting a stat that we wanted to highlight because it points to the key characteristic, this cash flow that our business model, you know, throws off that can be allocated to create value. But because we're plowing it back into growth, you don't get just free cash flow. And so we termed it adjusted free cash flow. We took the operating cash flows, the GAAP operating cash flows, and subtracted sustaining CapEx, and that's what you see in these bottom bars. And what it shows, you know, we've got one there that's a little lower, that was really related to a working capital fuel receivable timing. But when you look at these trailing 12-month periods on the bottom, the business, on a full year basis, produces cash flow that's available to allocate, call it $375 million-$400 million. And you think about that on a per share basis, right? It's, you know, $5.50-$6 a share on a stock that, you know, currently trades around $21. But I understand that, you know, people, I think as someone said, they see better than they hear. We, we tell them this, right? But it's not quite the same to many folks as free cash flow. But it does point to what our business actually produces, and it's a discretionary choice on how to invest it. So the next slide, you know, includes a forecasted period through 2025. Now, you've heard, you know, Rich, talk about, you know, the market and demand remain strong, but certainly, there are things that have changed. Interest rates have increased, you know, we've been in an inflationary environment, and so forth. There is, and more importantly, there is difficulty right now in obtaining feedstock at prices that are attractive, and we have a discipline about our return targets. And he talked about the OEMs being slow to produce airplanes, you know, the problems with the geared turbofan that's causing operators to hold on to airplanes longer. And so we're looking at that and saying: Well, we don't want to overpay for feedstock, and so we have a discipline on returns. We're also, and we said this last quarter on our earnings call, we're looking to make our pipeline of airplanes in process more efficient, because when you've got when that becomes too large, you know, and I think we had nearly 30 airplanes at one point that were in or awaiting conversion, you've got a lot of capital on the balance sheet that isn't producing revenue. So we're getting more efficient on the cash-to-cash cycle, and we are projecting, as we sit here today, to see some significant reduction in our CapEx, and it's both growth and sustaining, extending through 2025. That's what you see on the top here. You know, you've got growth CapEx, which, you know, for the full year, this year, we expect $545 million, falling to $170 million in 2025. Now, that doesn't mean growth stops, but it certainly is a deceleration of growth. And we see in the overall macro market right now, there is an effort to decelerate growth. That's what a lot of the Fed policies around the world are, you know, trying to do, right? Is to slow that down. But it also allows us to demonstrate what we've been telling you about with adjusted free cash flow. And you see that in 2025, we're expecting to produce over $200 million of free cash flow, and that is, you know, our operating cash flows, less all the CapEx, growth and sustaining. And, you know, that's over $3 a share. You know, to put it in those terms, we expect to have around 67 million shares outstanding or so at that point, and so it's a significant amount of cash flow. Now, it's not $375 million-$400 million, because we are continuing to grow. You look in the upper right-hand box, you know, this year is a record number of freighter deployments at 19. Next year will be very close to that. It's 16 aircraft, and then in 2025, you will see that, based on everything we know as we stand here today, coming down to about 8. And we've shown you how we're getting more efficient on the bottom there, at you know, the pipeline of aircraft that are in or awaiting conversion. That's not a bad thing. That's a lot, a lot more efficient in terms of you're not tying up capital on the balance sheet and some, you know, paying some interest on that. It goes from 19 aircraft at the end of 2023 that are in or awaiting conversion, down to 13, and then to 7. And of course, we're heading into the Airbus, more of the Airbus period, A330. So, you know, feedstock purchases are more likely to be, you know, Airbus products as we go forward, because, you know, as Rich said, the 767 feedstock is in short supply, and they're not building new ones. Now, we do retain flexibility if, if returns appear to be headed north to a degree that is really attractive to, you know, increase the pace of growth, because we have slot, options that allow us to, to do that. But I, you know, I do believe this is the likely track we're on. Now, you may say, "Well, you've only gone out to 2025. What does something beyond that look like?" And we didn't want to give specific, real specific guidance, because you get out too far, and people discount it anyway, a lot. But, but if you think about 2026, we really would expect to see that free cash flow number, that $210 million, go up again, perhaps to something that starts, you know, over $300 million in 2026. So it's the business producing cash flow and value like we've always told you it would. We were focused on growing it, and those opportunities were the most attractive to us, and they remain attractive, and we'll do it, but we are, I think, making a rational and prudent adjustment to the pace of that growth. Now, what are we going to do with all this newfound cash? Well, it's a good question. Of course, if you ask the CFO, they'd say, "Well, pay down your debt." But there are a lot of attractive options, and the first one on top is the only non-discretionary option we have. I should have mentioned on the previous slide, there was a similar big drop in that sustaining CapEx number. And the reason for that is because we've gone through that timing issue with the engine overhauls for 767s in that pool that I mentioned, and you're, you know, seeing that number drop. I'll just go back real quick, but $150 million, and you see that, you know, our estimate for this year is $240 million. So you're spending a lot of on that non-discretionary piece, too, and some of that is tied to that, you know, reduction in the 767-200 fleet. But it's interesting to note, in our business model, the non-discretionary CapEx demand does not really increase as we grow our leased fleet. And that is because the new leases transfer the responsibility for maintenance of the asset to the lessee. As Paul said, it's a sort of a mirror-in, mirror-out situation. So we're really not growing, in this model, our non-discretionary use of CapEx, even if CAM continues to grow its leasing portfolio. So sustaining CapEx, the only non-discretionary one, all the other four on here are discretionary. We've talked about growth CapEx and our plans in 2025 and 2026 to make some, we think, you know, prudent decisions on the pace of that. And then there's share buyback. Now, we have been quite active, as Rich said, in allocating capital towards share buyback, and that's the reason we were excited to have you guys here today. We think where our shares are right now presents a real opportunity, for appreciation. And so, you know, we're trading at roughly 5x EBITDA. You know, if we're, if we're going to buy a growth asset for more, then I think that's telling us, you know, "Hey, that's a pretty compelling, use of capital." We have, since CARES restrictions were lifted, bought back, 9.4 million shares, roughly in one year. That's almost 13% of what was issued and outstanding in the share count prior to the CARES restrictions coming off in October of last year. Debt paydown. You know, our debt, and it's a differentiator for us, is at a pretty low leverage ratio. Someone recently told me, "That's the one thing you don't want to do, is get too highly levered. Nothing scares the market like high..." Well, nothing scares most CFOs like, you know, having too, too high a debt. But we've never been really in that category, and the model itself, when we have levered up, has quickly delevered, and that shows the power of what, you know, this business can produce. You know, we levered up for Omni at the end of 2018. It's been an excellent investment. The model quickly delevered. We went to, like, 3.5. It quickly went down below 2, and then with this growth cycle with CAM, it has come back up into the 2s. But we expect to remain under three, and with the adjustment to the pace of growth that I mentioned, it's not a pause, it's an adjustment to the pace, certainly we expect that only takes pressure off any concerns anyone has that we would add, you know, too much leverage. That said, paying down debt suddenly can be very accretive, right? With interest rates where they are. And so it's an option. We have a revolver structure for a lot of our variable rate debt, and so it's easy to park cash there, even if you decide to do something with it later and take advantage of that arbitrage on the interest rates. And then lastly, strategic M&A, and we have a history of being able to do it. You can't always predict when opportunities, attractive opportunities to do that occur, but we have done it several times, and I think been very successful. Omni was the biggest and the most recent large one, but we've... You know, Pemco, which Rich mentioned, that does the conversions down in Tampa, you know, as another example, as well as way back in 2007, we bought CHI, and I think he mentioned that during his walk through the history. So a lot of great options to create value for investors. Rich talked about the cash flow visibility. You know, certainly our rating agencies notice that, and that's why we're just, you know, one notch under investment grade for Moody's and S&P. You know, we talked. Paul talked about, and some misconceptions sometimes, you know, easy to understand why someone believes that when they look and see three names that make up 75% of your revenue. But as we talked about, there's a diversity of agreements with laddered durations and a real strategic dependency from all of the big customers, Amazon, DHL, as well as the DoD. And so just looking at the, you know, the names and the percentages doesn't tell the whole story at all. And in fact, those are investment-grade credits, and the rating agencies give us a lot of credit for that when they look at that. So 80% are multiyear agreements, and so of our revenue, are more than 80. So that's a very comforting fact as we look at our business. The balance sheet itself, you know, here's a slide, slide 58, that shows the unsecured versus secured pieces of our debt and how that's evolved over the years. And we show you the total debt maturity values. We, you know, we look at that. We like having a balance of that, although we have a lot of unencumbered collateral, and we all know what the debt markets have done. We recently, in fact, just last month, we did a $400 million convertible debt, six-year piece of debt. And that, you know, that went very well. We had, you know, tremendous demand from the credit investors, you know, based on looking at our business model, the security, and visibility of those cash flows. On the credit investor side, I see Cat over there, we have been very, I think, attractive to the credit investor market just because of all the stuff we've talked about today, you know, in terms of the visibility. You know, if you think about our overall effective interest rate, right now, it's under 5%. You know, the convert we did is at 3 7/8%. We've got a little bit of an older convert left that's at like to have more of that, which is at 1 1/8%. Bank debt is, you know, SOFR-based, and we all know what those rates have done. So, you know, we try to maintain an optimal mix. And, you know, the pro forma debt at the end of June, which we took our June numbers that we put in our Q, and we did a pro forma as if we had done the convertible prior to that. Of that, 75% of that pro forma debt would be at a fixed rate. So we have, I think, taken the opportunity to fix rates at a lower level than what the current credit market would be, and we've certainly got plenty of access to capital based on our unencumbered collateral and our low leverage ratio. As far as the asset base, and I know, you know, leasing is the biggest single piece of our business, and a lot of people think about price to book when they look at other lessors, and we tend to emphasize, you know, put emphasis on the EBITDA. One thing and one reason that, you know, for us, we believe price to book is problematic, is we don't. You know, when you think about other leasing companies, they tend to have more recent vintage airplanes, mostly passenger planes. You know, they're more likely to sell planes and turn them over. They tend to set up large residual values on the asset, and, you know, so they're. We're, we believe, much more aggressive about depreciation. We have next to no residual values on our fleets. Certainly under 3% of an end-of-service cost is probably a residual, would be my guess. Matt, I don't know if you agree with that, but I think that's, it may even be less. Maybe that's not it. So you think about other leasing companies tend to set up bigger residuals, so they're not depreciating a portion of that, that asset. And our planes, we're buying planes that are 20 years old, and we're converting them. You know, we're adding value, as I think Paul talked about. You know, that process adds value. To give you some sense of that, the way we think about it, to put a 767-300, which is the most prolific aircraft type in our fleet, on-ramp in leasable condition, we believe we will invest about... This is conservative, because I think anybody else would probably it would be more, because we have efficiencies, maybe they don't, with our scale, but we, we've used $33 million. If you think about where the plane sits in its useful life, we said post-conversion, 20+ years of useful life. Well, that fleet, on average, is about 5 years into its, you know, useful life post-conversion. So I just we just took 75% of $33 million, which you could argue that's too high, or, or, or too low, I should say. But we, we multiply that by the $33 million, and we say, "Okay, market value adjusted for its service since it was converted, per plane, is about $24.8 million. We have 75 767-300s. Our average net book value on the balance sheet is around $20 million. So, you know, you multiply the $4.8 million dollar differential, and that's about $360 million of difference just on that fleet. Now, you know, we believe that we've created a lot of value based on what the price at which we were able to put those planes on ramp. We've depreciated that value quickly. We don't set up those residuals. So when you compare, you know, when you think about price to book compared to somebody else, that's not quite an apples-to-apples comparison. And also, our business, as integrated as it is, with the operating capabilities on top of the lease, you know, the airline operations, et cetera, we think EBITDA is not a bad way to view our business. That's why that is a stat we guide to. Share count. Jared, I think you asked about share count, or somebody did. I don't know. You look like you wanted to know about it, Jared. But you know, with the convert and with the share buyback, what we see here is sort of a, at each period end, through the end of this year, what we believe the diluted share count will be. And you're right, the convert happened in August. So in third quarter, it's kind of a weighted average impact. When we did the convert, we bought back, because that's one of the things about a convert, you get an opportunity to efficiently buy back a lot of shares, and we believe our shares are undervalued, so we wanted to jump on the opportunity. We bought back 5.4 million shares in mid-August when we did the convertible for $400 million. And you guys all probably know this better than me, but people invest in that in order to hedge their position, they do some hedging, right, on the... They do some shorting of stock, and we wanted to obviously be there to pick that up and do it efficiently. So, you know, there was no other way to buy that much shares without driving the price higher and do it efficiently and support our convertible offering as well. And so, we bought back 5.4, but we also bought back $204 million of the convert that is maturing next year, we did back in 2017. We did a $258 million convert. You know, this was all done privately, right? Privately negotiated. We bought back $204 million of that old convert. So there's only $53 million still out there that'll mature in October of 2024, right? Easily digestible in our revolver, if you know. So you don't have to worry about that big slug going current or anything like that. But when we did that, it also has the effect of removing shares from our share count, because you know, the way GAAP works today in your diluted share count, you would reflect that as if it was converted. So the underlying shares in that old convert, we bought back roughly 80% of it, and that's over 6 million shares. So you've got the shares that were bought back, during the convert, right? Which the 5.4 million + 6 million more that will come out of the denominator, and you're down about 11.4 million shares. There's a weighted impact in the third quarter, so it'll be some midpoint of that, right, in the third quarter. And that's what, that's what this is, is showing. There's a share buyback is gonna be a viable part of our capital allocation strategy to create value. The board still has 103 million out there. There's no expiration date on that. Some of the shares we bought back were from Amazon. Amazon continues to hold, I think it's around 19.4% or so, 19.5% of the shares out. So how do we think about valuation? We could have, you know, and I kind of got talked out of it. My inclination was to be more demonstrative about our own calculations. But I think this is good advice because everybody has a, you know, a different take on that. You know, we're just looking, again, at when we think about EBITDA, you know, we see leasing companies trading in the, call it, the 9x-10x range on an EBITDA basis. Now, I know the market looks at a lot of those guys on price to book, and the EBITDA multiple that they trade at is an output. It just happens to be an output, right? But nonetheless, it's, you know, we think it—there's a basis for comparison there. We look at airlines, and we see them trading in a 5x-8x multiple. And you know, as I said earlier, I mean, I think there's a strong case to be made that our airlines are resilient. There's that word again, because, you know, we're not selling those tickets, we're not selling boxes. A lot of the expenses that are more risky are covered under our contracts with our customers, including fuel, and they're capital light. Paul had a slide where he showed the fleet that ABX and ATI operate, and it totaled, I think, 72 airplanes, 24 for ABX and 48 for ATI. But only five of those are either leased out by CAM externally to a customer or provided by a customer. You know, a plane that the customer owns or has leased from somebody else. So it's capital light. I mean, we only have, I think, 5 spares or something, Rich, that are part of that 72 aircraft that we're putting there to support the CMI contract. The rest of them, we're getting a revenue because CAM's leasing them, or the customer gave them to us to fly, because our airlines are very reliable. So we think there's a case to be made for our airline multiple to be in there in that range, certainly. And just doing the math backwards, right? If you said, for example, that our leasing EBITDA had a 6x multiple, it would imply that the rest of our business is not valued at anything. Now, you guys can all run, you know, you can run different calculations on this. You can, you can assume, certainly, as you would, if the share price exceeds the strike price for Amazon warrants they hold or, or the convert strike price, which, you know, in the most recent convert is $31.96, that you issue some shares above that, which we, believe me, we've done that math. But we're seeing a strong case for an opportunity for our shares if the market, you know, sees that value to be meaningfully higher than where they're trading today. And when I say meaningfully higher, I'm talking, you know, a 50%+ premium to where they're at today. And, you know, I, you know, why, why aren't they trading that? You know, there's, people are gonna write about that and, and have written about it. Maybe one of the reasons is they're worried about adjustments to capital allocation, including growth CapEx, and hopefully, we've addressed that some today. But the business has long-term contracts that produce significant cash flow, that funds, self-funds significant growth, and that isn't gonna change, you know, anytime soon, based on those contracts. And we think there's the service that the people in our subsidiary companies provide are gonna continue to create opportunities for growth, including the airline operations, the MROs, and everything that Rich, and Paul, and Mike have described. So that's our spiel on value. I'll let you guys... There's a lot of smart financial types out here, so I know you guys will have your view on that, and we'll probably get a lot of questions on it. With that, so I'll turn it back to Rich to finish up. Another infographic. The last one of the day, I think. And we covered a lot of ground today. I think we gave a different view of the company. We let you look under the hood, see what it's like to convert an aircraft, see what it's like to combine the services, see how strong the model is, and how it's the penetration of that model into our customer's business, and how they look at us as an extension of their operation. And there are some significant operations, and when you look at the time it takes to move an aircraft just from one operator to another, it's a significant effort. And so we're really encouraged about the future. We're really looking forward to the new aircraft coming into the system. As we've talked about, if you look at the right-hand, top right, in the wheel of value, I guess, we're calling this. You know, we've got a strong existing base of leased aircraft. We talked about that, the high visibility of cash flows that you see from those leases, and we've got more leases coming. The e-commerce demand outlook is very strong. It was strong before the pandemic, and it's equally projected going out. If you look at Trade and Transport, which is a consulting firm that produces information for the air cargo industry, projected-- they, they use Boeing data, and they use Airbus data, and they project the air cargo, just the general air cargo market, to grow 3.5% over the next 20 years, on the low side. And they... Their comment was, if it just moves to 4%... They also said, "And at today's growth rate, the existing book of backlog for freighters that's out there," and then it's including our backlog for the next 3 years. That-- the backlog right now is adequate. No one needs to go out and convert any more airplanes. But they also said, "However, if it just goes up to 4%, they'll be in the medium wide body space, 27 airplanes that will be needed per year." So, you can see how sensitive these growth projections are to those types of things, so we're encouraged by that. The new aircraft that we're going into, I want to emphasize this, we're staying right in our wheelhouse. These aircraft are going to the same customers in the same networks that we currently lease airplanes into. We know the customers. We used to be one of them.... We understand their cust— our customer's customer, we understand their networks, our employees understand their networks, and we're really encouraged by the new aircraft types and the growth. We're by no means that we're abandoning the 767. It's still got a long life ahead of it. That Boeing is still producing a new OEM build and will through 2027, and there'll be parts and engines and everything else available for a couple of decades. So we're encouraged by that as well. The only thing we're looking at is feedstock, as several of the folks mentioned today, is something that's concerning to us, just given where the fleet is. With the OEMs not delivering 787s as an example, they used to deliver 12 a month prior to the pandemic. In 2022, Boeing delivered eleven for... I'm I'm sorry, 31 for the whole year. And that 787 coming in frees up a 767, right? To the feedstock market. If you're not getting those builds coming in, they're not releasing airplanes. We do 767 maintenance for United, and we put some new interiors into some of their airplanes. Well, you can bet they're gonna hang on to those for a while till they get the interior paid off. So that's a concern for us, and so that's why the new platforms are important, but the 767 is still our bread and butter. We talk a lot about the synergized business model. I can't stress this enough, is when customers buy ATSG, they get the lease, they want us to fly, and they want us to do the maintenance. Why? Because it's easy for them, it de-risks the airplane for them, and they know they're gonna get the high quality. And we tell them: "Look, we know we might be flying every airplane we convert." So when you think about it in that respect, we wanna make sure that we're delivering the best quality airplane when we deliver a converted freighter, and our customers have come to depend on that. We have conversion and feedstock slots, you know, out through the future. We've got A330 slots out through deliveries in 2028. We've got the next three years, I believe, for 767s with IAI. And the A321s, we convert ourselves. And we're also a joint venture partner with the company that produces the kits. So we've got... We can flex up or flex down on that fairly quickly. So we're encouraged by that. And then we have a strong balance sheet. Quint talked about this, where we historically have been lightly levered. The model pays down debt very quickly, if that's what we choose to do. We gave you a number of capital allocation opportunities, and so we're encouraged by the strong balance sheet we had. If you looked at the change in the debt over the last five years, we used to have a lot more of our debt in the revolver, and now we've gone to more fixed rate debt, which has fixed our interest rates at a time when interest rates are going up. So we're trying to do the things and react to the market, the markets that are in front of us, both on the financing side and on the conversion side. So at the end of the day, right, we offer best-in-class value proposition for investors to a well-positioned global e-commerce enabler. It's a way to get into the e-commerce market without getting into an e-commerce company. Our bundled solutions, including leasing, flying, and support services, offers higher returns for shareholders, opportunities for our people, and flexible solutions for our customers, and that's, it's kind of the hallmark that we hang our hat on. We wanna make sure we're providing value to all our constituencies, and that's been a formula for success in the past, and we believe it's the path of the future. I think with that, we're gonna get into a Q&A. But before we do, I wanna make sure that people who are on the webcast know that they're also able to ask questions. Apparently, there's an opportunity for them to type a question in, so that they can answer. I'd like to bring Ed Koharik up. Ed's our Chief Operating Officer, 23 years in the Air Force. The real solid opportunity, of, for us to get Ed, and I think you've been with the company, what? 4 years, 5 years? Seems a lot longer. So, Ed, you can come on up. And I think that's about it. Why don't we move the chairs up a little bit, and then we'll just go into a Q&A. Our first question comes from Jack Atkins. I'll let you guys set up. You can grab that. I'll sit here. Maybe when we get set up, I can just clarify something that I said I... When I was talking about Omni. I had, I mentioned that they fly some of the most difficult missions for the US government, which they do, but they only fly to places that commercial airlines are allowed to take off and land. So I just wanted to make sure I clarified that, for all the folks out there. Jack? Yeah. Thanks, thanks, Rich. Thanks to the whole team. Really appreciate you guys having this business event. It's great to meet everybody, and to learn more about the business. I guess, to start, would love to, you know, let's go back to, you know, Quint, your comments on valuation. I think, you know, your point about the airline, basically being valued at zero, kind of raises the question, think about it from some of the parts perspective, you know, from a strategic kind of value, like, are there opportunities to maybe sell or spin off parts of the business that the market's undervaluing? You know, Omni- ... shareholders by spinning off parts of the business, or selling parts of the business, that the market's just not putting a multiple on it. What's the, what's the potential for doing something like that, that could generate value for shareholders? Yeah, I'll take it. Rich, you want to go first? We believe, you know, the model that we have. We talked about the synergy between the airlines and between the leasing company and the support services. We believe in that model, and we think that the collection of airlines makes us a better company, a better lessor. Omni is a little bit different because they're not part of the cargo complex right now. We've looked at Omni and tried to think about them in that context. One of the other things that we're looking at Omni for is some of the newer platforms, potentially having them operate one of the newer platforms in a passenger environment. So there's some strategic views that we take of Omni. They're a fantastic company. They've given us great returns since they've been part of the portfolio. I don't know, Quint, they're—in like 8 years, they'll—they're gonna pay for themselves. I mean, there's some fleet synergy, right? Because Omni operates 767s, and you know, of course, 777, they also have that capability. And as Rich says, they may we may add to that with some other aircraft types. But it allowed us, you know, when we were buying 767s, certainly, to maybe buy some younger ones, have Omni operate them. As airplanes mature, and it gets to the sweet spot for conversion, you could move 767s over on the cargo side. You know, all the reasons that we told you about when we bought Omni, right? But to answer your question, you know, it's anything with. As Rich says, it's it would be easier there to do it if you wanted to, to spin something out. But we like the model, we like, you know, Omni, where it's at. It has some countercyclicality. You know, the peak seasons for the cargo guys are late in the year. Omni's peak seasons are kind of June through October, so it provides, you know, that stability. But, you know, I don't know... I didn't mean to imply that the, the overall value deficit that we perceive with our stock price right now, just with that example, is all related to the, flying segment. That was just a way to show the ex- you know, to point out the extremeness. You could still value the leasing piece at below the peer group range at a 6, when they're trading at 9-10, and that would imply no value in the rest of the business. It wasn't to imply that the problem with our stock, you know, or the deficit in our stock price versus our view, is all related to the flying segment. But I mean, honestly, to answer your question is, you know, you certainly can. There are aspects of any operation, and we're a holding company, that if we believe that was the right thing to do to create value for shareholders, you have that option, you know, that it's not impossible to do that. We like where Omni sits in the mix, I think, right? And we would prefer to continue to point, as we've had a chance to do today, at the overall power of the business, including the leasing side, which, you know, I believe our leasing business isn't viewed appropriately. And some of it may be related to things like price-to-book comparisons, you know. We do different things, right? We're concentrating on converted freighters. The other leasing companies are more passenger tilt, you know, as we discussed. So I think we've got some work to do on that side. It's not all related necessarily to the flying side. Mike, Michael? Hey, good morning, guys. Mike Ciarmoli, Truist. Really, great information. Thanks for the time, all the detail. Great, great to hear about the, the model in more detail here. Just, I guess, Omni came up. Any, any risk near term with, with the government shutdown and how we should be thinking about that, maybe just as a near-term term interest? Tricia, you want to- Come on up, Tricia. Trisha Frank is our head of government- Come on up and grab the mic. -programs. They'll be able to hear you on the web. Thank you. Again, Trisha Frank, and happy to be here today and to meet many of you for the first time. In reference to your question, will the government shutdown have an impact on our business? The answer is no. It will have an impact on revenues coming in sooner rather than later, but there's typically a 2- to 3-week lapse going into the next fiscal period that we experience anyway. But as far as continuing to move troops, we're booking into the December timeframe. We've received 12 months worth of what's considered fixed business. It's scheduled service throughout the year. That's already been booked through December of this year, and we're slowly receiving trips in the fourth quarter. That, once the new contract has been awarded, we do expect more business to come through. Okay, perfect. Helpful. And then I guess, Quint, just one more on, on the outlook. I guess looking at the, the EBITDA for leasing, $100 million of incremental EBITDA, I think on 43 new deployments, you've got some headwinds there with some coming out, but is there anything else you could tell us about maybe the, the profitability of the contracts, just given higher labor, higher maintenance? Are you, are you seeing the same level of margin or profitability on these contracts? Are we talking, Mike, are we talking the leasing contracts or the, because we don't have a lot of. You're talking about the cost to convert an airplane? I guess, yeah, all the all-included costs, yeah. Yeah, I mean, you know, as we pointed out when we were talking about, you know, over $30 million— you know, well over $30 million to produce one of these, you know, there is inflationary factors at our conversion vendors, and Mike, Mike knows well the, what those are. And certainly interest rates, you know, if you looked at CAM's performance, you know, we didn't give you views on earnings or anything here, but interest expense and things, as we all know, has gone higher. And so that does put pressure on things. And, you know, it's interesting on the pricing side for leases, what tends to drive that is more just supply-demand. You know, what can lessee— You know, how much demand is there? We know there's e-commerce continues to drive demand, but how—you know, what is the available supply of converted freighters? You know, somebody leasing it isn't necessarily, just because your interest rate went up, doesn't mean they're willing to pay you more if they can go find airplanes, you know, readily available. But that supply will be impacted, we think, just as we're making an adjustment here to our production outlook. You know, I think eventually that will support, you know, higher lease rates. Helane? Helane. Thanks very much, Quint. I'm Helane Becker with TD Cowen. So two questions, one on the engine leasing business: How big do you think that can get? What do you think about in terms of sweet spot for that business? And then the other question I had is, UPS was recently given the authority by the FAA to be able to fly drones longer distances than just attached to the truck. And I'm just kind of wondering, as you think out over the next 5 or 10 years for your own business, is getting into the smaller, like eVTOL s or drone delivery kind of thing, something that makes sense for you in terms of pushing growth and sustainable growth? Thanks. Thank you. As far as the engine leasing goes, I mean, right now, at any one point in time, we're leasing between 8 and 12 engines, you know, on a daily basis. And that tends to be on the C2, and somewhat on the 80A. On some of the engine leases, what we're looking at now, on some of the 767-200s that are coming back, we've got interest in folks buying those airplanes, and then we'll be leasing, but having us lease them the engines. And so it's kind of like a printer and ink, right? And so we'll make money on the engine because we'll get an engine lease rate, and we'll get a PBC rate. How big that will get, you know, it's really hard to tell. It's kind of a soft market out there right now, as far as people looking to add incremental lift. You know, we've got a good demand order book now, but in terms of looking out and trying to grow that separate engine leasing business, the 80A engine really only goes on one airplane, and those airplanes, we own probably two-thirds of what's left in the world of those, or half, maybe. So we think we'll have a captive market on that, but it's not—there's not a lot of, you know... Out of those engines, I think we own 60 engines, so it wouldn't, you know, and obviously, we've got a lot of demand of our own that we still fly for those. As far as the other question on the smaller drones and the EV tools, I don't see us right now looking at anything along those lines. You know, we're kind of staying in our lane. We've got, you know, some good things coming. Just to follow up on the engines, would you consider an acquisition of an engine leasing business to grow your business to- Yeah, we've looked at those types of things in the past, and that is something that would synergize well with what we do. I think it depends on the type of engine and the type of demand profile that engine represents, but it is something when we talk, when Quint talked about our capital allocation options of M&A, that's the type of thing that we think would fit well with what we do. Anthony? Hi, thank you. Anthony Berni from Susquehanna here for Chris. Two quick questions. You said for ACMI, you're expecting not much growth in EBITDA through mid-decade. Can you walk us through some of your assumptions for price and volume utilization? Are you kind of expecting those to be steady, or are you expecting any changes? Well, just one thing on that. When I say not expecting much growth, that's probably not quite what I at least intended to get across. What I think it was more about, it's difficult to predict the timing of, you know, what often tends to be some pretty nice growth opportunities that come in chunks. But, you know, in the absence of that, we thought for the guidance today, it was, it, you know, overall, it was just better to just stabilize it on the outlook. But in terms of the pricing, and, and Rich, you might get this, but a lot of that pricing is governed, you know, for the two cargo airlines, you know, by these multi-year CMI agreements we have, you know, Amazon and DHL, and they contain escalators. And, you know, there's different drivers of revenue under each contract. They're similar, but a little different. Then on the Omni side, you know, this is a nice feature about Omni, too, is that, you know, a lot of that revenue in their biggest contract, the CRAF contract, the CRAF contract, I want to say CRAF, Civil Reserve Air Fleet, they're paid under uniform rates, and those rates take into account changes in costs that occur at the participants under the CRAF program. There's a review of those costs, and it's sort of reviewed based on asset class, like medium size, large class, et cetera, and rates are established. So it's a kind of a risk mitigator against inflation, because inflation gets baked into rates that the government is paying those folks, although there can be a lag because it's on a look-back basis. So there can be dislocation in a year where inflation goes up a whole lot, you gotta wait, right, until the rates get adjusted in the next fiscal period or, you know, et cetera, to see the revenue side. Thank you. Just one other follow-up. In terms of the feedstock, you mentioned that it's pretty tight right now. Can you talk about when you think that might loosen, and what are some of the things you're thinking about in that department? Yeah, no, sure. I can handle that one. So when we think about the feedstock, a few things that are really making it tighter, right? So we see delays from Airbus, specifically on the 350, which is, you know, really causing a couple things. Number one, the people who are flying them are holding on to the 330s, you know, a lot longer. And they've also brought 330s that were stored back into service, right? So we think that over the next, you know, 12-24 months, that will certainly come back to more normal, specifically as, you know, the Airbus folks get better on the 350. We see the same thing on the Boeing side, even though it's not really impacting us in regards to the aircraft, specifically around the 777, et cetera. But, you know, specifically as it related to the 330, it's really driven, you know, by the delays by Airbus and people holding on to the feedstock longer. Excuse me, the current in-service planes longer, driving up the feedstock prices. Yeah, I would just add that, you know, on the 321 side, that's gonna be largely driven by the Geared Turbofan challenges on the new 320 fleet. And so, again, you know, that's gonna keep the prices of, you know, 321s high as they get that problem sorted out, which means we're likely not to buy them. And this is where you see the flexibility of the model, right? As Quint and Rich have pointed out, right, we'll. You know, we have the ability to, you know, to kind of take a little bit of a slowdown period here in terms of that growth. We don't want to go out and purchase feedstock that's gonna make our inability to get them into service at the right number for us to produce the returns that you've, that you heard we're targeting. Thank you. Yeah. Richard Schuster, Boston Partners. Great presentation, and I applaud you on the CapEx. Just a minor question, but the price of jet fuel and on your passenger side, does that have any impact on you right now? No. No. No. That was easy. Okay, great. The jet, the jet fuel for the passenger side, predominantly works on the military side. It's a fuel peg that adjusts up and down, and so we don't take any risk there. And then they have a charter, Omni has a very robust charter opportunity, and sometimes it's three, four, five-month ACMI deals they may get with passenger airlines like they did this year due to the demand in the passenger market. They price the current price right into those opportunities as they come about. And then on the cargo side, the customers pay for the fuel. So it's one of the... I mean, when we talk about our airline segment is lower risk, and it's really should be looked at different, it's more resilient, that's one of the big things, not having to pay for fuel. Maybe we'll wait for another question. I'll just go back and further give you some more color on the feedstock piece of it. I want to— The good thing is that we've secured all the feedstock that we need on the 767 side, A321 side, and the 330 side, that the numbers that you saw today, right? So, that's a very positive, you know, positive thing for us. No. No. No. We can repeat the question if that helps. Okay, you could tell us. We could repeat it. Yeah, we'll repeat it. Yeah. Okay. Oh, perfect. Thanks. Just on the news around Amazon partnering with Hawaiian Airlines or maybe trying to build their own fleet, you know, what confidence can you give us on your place within the Amazon network longer term? Or, or at least, you know, how should we think about that? Maybe through your discussions with them, like your value proposition, can you-- Like, what's your edge versus them kind of doing it themselves? So, I mean, if you look, we're right now we fly almost 3 times more airplanes than anybody else in the Amazon network. We're also the largest lessor into that network. We're the best service provider. We get told that time and time again. From day one, the management team has been working with the subsidiaries and has sent a very clear message, and that is the best way to grow with this company, as customer obsessed as they are, is to be equally customer obsessed and do the very best job we can, which we do through all of our subsidiaries. So we feel we're in a really strong position as a service provider to Amazon. ... All that said, Hawaiian hasn't flown an airplane for them yet, so I really can't comment on, you know, what that relationship may be. You know, we look at and the same goes in the DHL network. There's other operators that essentially we compete with. We take care of our business, and we look to for those opportunities, and we've talked about that. Some of the chunkiness we get is because an operator of some aircraft in one of our customers' networks, either they decide to get out or the customer decides that they don't want to use them anymore. So we're real confident in our ability to grow the Amazon business. We think there will be a lot more opportunities to grow with them. Keep in mind, they own, I think, 19.4% of ATSG. They're our largest shareholder. That is, you know, they're not gonna tell us why they chose to buy our shares or whatever, but we believe it's- they look at this as a strategic investment, and we welcome the challenge from Amazon every day to provide service for them and their customers. Okay, great. Thanks for the follow-up question. But I guess, you know, Quint, if we were to go back to the guide, going out to 2025, how are you thinking about potential upside opportunities today and potential risks? I mean, what could cause deviation, either positively or negatively versus your outlook? Really good, good question. Why isn't your outlook different, right? I'm just trying to think, you know, where could it, where do we get surprised, both positively and negatively? Well, if you have another pandemic, I can tell you the cargo business will be... Outside of the pandemic. Well, some of the positive surprises are things that we work on and hope for, and you can't always talk about some of the commercial opportunities that may, you know, that you may have, right? So you hope for—you always hope for those kind of chunky opportunities. And we have a history, because, for all the things we've talked about, just because we—it makes sense usually to those who need services, of getting some of those opportunities. So that's an upside. We didn't assume any of that. On the negative side, you know, as we said, we baked in some assumption. You know, although it's, or, you know, it—there's a lot that can take place, certainly on timing of potential resolution of crew agreements and things like that. We've tried to be, you know, realistic about that, certainly. But there's that is, you know, always, you know, a potential thing that can change. There could be, there could be some upside in regards to, you know, some of these delays we see with the new freighter deployments from, you know, from Airbus and from Boeing. That could be a, an upside for, you know, some of the aircraft that we're potentially thinking of retiring, could stay into service longer, you know, just based on capacity needs, right? Sure. So it's just one example of, you know, an opportunity that might come up just based on, you know, some other things that are happening within the industry. Hey, guys, it's Mitchell, DG Capital. Thanks for doing this. This is super interesting. Just wondering, what could you do to try to bridge the gap between your stock price and what you view as intrinsic value? Kind of above and beyond what you've already done in terms of, getting more efficient with CapEx, some buybacks around the margin, and obviously, this Investor Day. Well, you can. Well, a couple of things. One is, it's a good question. We talk about things a lot, and sometimes when, you know, on how to do that. And sometimes it comes down to just execute, right? It's deliver what you say you're gonna do. It's, you know, it's lower the cost in your operating, in the operating side of the airlines, as an example, those types of things. Make sure we're doing everything we can to run the business the right way. We've tried to communicate it in a couple of different ways about the free cash flow and the adjusted free cash flow. I think we're responsibly reacting to some of the challenges in the market right now by lowering our CapEx and throwing off, you know, real, you know, post-growth CapEx, more free cash flow. And then, you know, this, we were hoping that, you know, some of the ideas that we had and the thoughts that we have around the value of the company would resonate today, and that we continue to build on that messaging going forward and in our, you know, subsequent conversations with analysts and investors. Thanks, guys. I've got one more. Of course. You came all the way from Arkansas. That's right. We're gonna let you ask another one. I've come a long way to ask a couple questions, so thanks. I guess what I'm just trying to think about, and Quint, you and I have talked about this for a long time, but kind of strategically, you know, it's, you know, for you to buy, convert, and put it into service, a plane, you do it at about 9x-10x EBITDA. Your stock's trading at 4x-5x EBITDA, maybe a little bit less than 5x EBITDA. But I mean, I guess I'm trying to understand. Part of the CapEx coming down is a reflection of that, right? Because the market's clearly not giving you credit for your growth investments that you're making. But, you know, at some point—like, does it make sense to pursue strategic alternatives with the company broadly? Because your private market value is clearly higher than what the public markets are willing to value the company at. So maybe that's a question for the board, but I, I guess I just don't understand why there continues to be this disconnect on valuation that's existed for a decade. And what are we going to do, to the last question, quick, to, to resolve that? That's interesting. Our Chairman of the Board is out of the room, too. But no, I mean, it's a great question. You know, we're a public company, and we're focused on, right, the whatever delivers the most value to shareholders. And you know, that's if something were there that delivered significant shareholder value. I mean, I think our Board is very thoughtful about considering all options that do that. You know, we've seen our stock price much better than it is today, right? I mean, we all get fixed on where it's at and some of the things that have happened, you know, since the beginning of the year. But you know, it's traded at a better multiple, certainly. So there's, there's some macro stuff that's changed, right, in terms of cost of debt and things like that. But, we do believe we'll, we'll be able to, you know, and that's the effort here today, right? To, to do some things, that, improve where we're at. But I think the board always looks at what, what it can do to enhance shareholder value. Thank you. So we do have a few coming in from the web. The first one is from Frank Gibbs, Stifel. Regarding the $150 million in sustaining CapEx in 2025, how sustainable do you think that level is as you start to factor in engine overhauls every five years or so? And, you know, is that something we should look at as sustainable, or is there another number you have in mind? Yeah. I mean, I think the number of engine overhauls- Yeah, I think a couple of things is if you... What we told you is 75% of the new leases are going outside the country. That means that we're, usually, when something goes outside the country, we're not gonna operate it, which means we don't have to maintain the airframe, we don't have to maintain the engines or the gear or anything else. They have a like-for-like return condition and those types of things. So in looking at that, we don't see any unusual growth in the CapEx related to that. Also, this was a heavy year in regard to engine overhauls, and we think the engine overhauls going forward, that we did for the AEA that power the 767-200s. So we think that was a bubble we're not gonna see again over the next three or four years, and then we'll see how that airframe is doing at that point in time. He's talking about the 767-200s, right? Right. While it's a headwind to EBITDA, you know, as planes come back, it's a, it has a positive impact in lowering CapEx. Sometimes there's a, you know, a period dislocation, but, you know, those engine overhauls are on the 767-200 GE-powered engine. That's, because that's the engine we maintain that pool for. So, you know, that's, that's, I guess, the upside. If you're, you're having some planes come back and you're not leasing them, you're also not spending CapEx for the, for the engine power. So we do think that sustaining CapEx number, and Russ, I see Russ out there. I think that is more indicative of... To Frank's question about where sustaining would be. You know, there's some timing. Can it be a, you know, if we had 26, would it be $10 million more or, you know, maybe? But it's not going to go back to where it was in 2023, you know, that $240 million level, I don't believe. Yeah, and as Quint will back me up on this, because I've got the scars to prove it. We've pretty much replaced most of our IT systems over the past three years. We're in the process of replacing our financial backbone right now. So a lot of those big investments in IT are we've already done. We've invested a lot in our facilities. We upgraded our HVAC, we upgraded our lighting. We're upgrading this year the fire suppression systems in several of our hangars and so forth. A lot of the big expenses on other infrastructure things are, you know, never say never, right? A roof might blow off the next tornado that comes through. Sorry. I digress. Anyways, but we feel that we're in pretty good shape, infrastructure-wise, as well. Got another one from the web here. You've previously given some commentary around how many customer commitments you had on the A330 slots going forward. Can you maybe give us an update there on whether there's been any changes on that side? Yeah, sure. You know, looking across the aircraft for 2023, we have a full order book of deployments, looking very similar in 2024. When you get out to A330 deliveries in the out years, we have customer commitments on roughly 20 of the first 30 slots, and those can, of course, move around and change. But that's what we're looking at right now. I think that's all we have. Are you guys hungry? Well, I really appreciate you all making the time to come and listen to us today. It was, I think it was... It's important, and we think it's important to help us. Hopefully, you got some good information today and this is the first one we've done of this in a 20-year public company anniversary, and I wanna thank you all for your engagement and participation. Thank you.