Good day. Thank you for standing by. Welcome to the fourth quarter 2022 Ducommun earnings conference call. At this time, all participants are in listen only mode. After the speaker's presentation, there will be a Q&A session. To ask a question during the session, you need to press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Ducommun's Vice President, Chief Financial Officer and Controller and Treasurer, Chris Wampler. Please go ahead. Thank you. Welcome to Ducommun's 2022 Q4 conference call. With me today is Steve Oswald, Chairman, President, and CEO. I'm going to discuss certain limitations to any forward-looking statements regarding future events, projections, or performance that we may make during the prepared remarks or the Q&A session that follows. Certain statements today that are not historical facts, including any statements as to future market conditions, results of operations, and financial projections, are forward-looking statements under the Private Securities Litigation Reform Act of 1995 and are therefore prospective. These forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from the future results expressed or implied by such forward-looking statements. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. In addition, estimates of future operating results are based on the company's current business, which is subject to change. Particular risks facing Ducommun include, among other things, the cyclicality of our end-use markets, the impact of COVID-19 on our operations or customers, the level of U.S. government defense spending, timing of orders from our customers, legal and regulatory risks, the cost of expansion and acquisition, competition, economic and geopolitical developments, pandemics, and disasters, natural or otherwise. These risks and others are described in our annual report on Form 10-K filed with the SEC, and our forward-looking statements are subject to these risks. Statements made during this call are only as of the time made, and we do not intend to update any statements made in this presentation except if and as required by regulatory authorities. This call also includes non-GAAP financial measures. Please refer to our filings with the SEC for a reconciliation of the GAAP to non-GAAP measures referenced on this call. We filed our 2022 annual report on Form 10-K with the SEC today. I would now like to turn the call over to Steve Oswald for a review of the operating results. Steve? Okay. Thank you, Chris, thanks everyone for joining us today for our Q4 conference call. Today, as usual, I'll give an update of the current situation of the company. Afterwards, Chris will review our financials in detail. Happy to report that Ducommun's Q4 top line performance was very strong. The company delivering year-over-year revenue growth of 14% to $188.3 million. As mentioned in the press release, this not only shows that our end markets are in very good shape but also highlights Ducommun's operational strength, managing the supply chain and workforce. Turning to the markets, the continued recovery of commercial aerospace was a real bright spot once again in Q4, with Boeing 737 MAX business up 37% year-over-year, and the Airbus A320 also having significant growth, up 72% year-over-year. Overall, commercial aerospace with Airbus, Boeing, Gulfstream, and others was up over 60% from Q4 2021. The commercial aerospace business as well showed year-over-year revenue growth now for the sixth consecutive quarter, an excellent sign as the industry and build rates recover. The company's defense business, after two years of unprecedented growth in 2020 and 2021, was only down slightly in Q4, but once again delivered solid performance over $100 million in revenue as we prepare for increasing DoD budgets and FMS in the years ahead. The company posted solid gross profit of 20.5%, down year-over-year due partially to several one-time factors which Chris will cover in his remarks. The team also posted adjusted operating income margins of 8.1%. Adjusted EBITDA of $24.5 million was strong and increased slightly year-over-year. Ducommun had adjusted EBITDA margins of 13% in Q4 as well. We anticipate EBITDA to be solid this year with much stronger numbers in 2024 once the plant closures and restructuring activities in 2023 are behind us. Quality of earnings was good with the company reaching GAAP diluted EPS of $0.65 a share versus $9.05 a share for Q4 2021. With adjustments, the diluted EPS of $0.85 a share was comparable to diluted EPS of $0.88 in the prior year. Some key drivers for the lower GAAP diluted EPS include restructuring charges and the prior year benefit from the significant gain on the lease sale back of our Gardena Performance Center's industrial property. One area of our business I would like to highlight as we move out of the pandemic-related headwinds in the past few years is the significant improvement of our commercial aerospace business within our Structural Systems segment during 2022. Commercial aerospace revenue within structures was $165 million, or roughly 55% higher than in 2021. Q4 commercial aerospace revenues were $43 million or 45% higher than a year ago, as we see very nice growth continuing in this part of the business. I will also add that this includes very little 787 business, which we see as an additional catalyst in 2023 through 2025. The backlog at the end of Q4 2022 stood at $325 million or 17% higher than Q4 2021. We are set up for excellent growth now and in the future. Investors should also keep in mind our structures business is component-based, not wings or other large capital-intensive products. We strive as well to produce products of only industry niche technologies, such as titanium hot forming and superplastic forming. Switching to the company's backlog performance, the commercial aerospace backlog increased sequentially for the seventh consecutive quarter from $266 million at the end of Q1 2021 to $450 million at the end of Q4 2022. That's an increase of 69%. This was led by the 737 MAX, Viasat for in-flight entertainment, the A320, A220, and Gulfstream. All what you would expect after we came out of a very tough 2020 and 2021 for this part of the Ducommun business. Defense backlog remained solid in Q4 as well, and ended the quarter at $457 million. For offloading from defense primes, the work continues, and it did meet and it significantly exceeded our target of $45 million in 2022, up from roughly $31 million in 2021. 2023 is a big year as well. We're expecting roughly $90 million, with a great deal of that in our circuit card business for Raytheon at sites such as Appleton, Wisconsin, and Tulsa, Oklahoma. The long-term run rate of these defense programs already commercialized or in development for offloading will be over $125 million for Ducommun by 2025, as primes continue to drive cost reduction and challenge the reasoning of keeping certain types of production in-house. The company's cost actions and lean organizational structure continue to pay dividends too. Our team delivered another excellent quarter as well in Q4, managing the supply chain. This not only shows in our financials, we also could not be in a better place with our customers regarding our on-time delivery and quality. Corporate costs as a percentage of revenue were also very favorable at 4.1% compared to 5.3% last year in Q4. I also wanna mention our very successful Investor Day on December 8th, 2022. First, my thanks to all who participated both in person and virtually, and we very much appreciate the great feedback. We certainly disclosed more at that meeting than in the past, especially around our strong results for our four acquisitions. The post-pandemic game plan now is in place. The path ahead for the company and the investors is now clear through 2027. In addition, Chris will provide further details, but we're off to a very good start in 2023 with the plant consolidations and other restructuring activities, along with preparing for the plant real estate sales. For revenue guidance in 2023, we see the company's revenue coming in at the low to mid-single digit range. The commercial aerospace industry recovery will continue to lead the way, and revenue will be solid over the quarters ahead as we see more and more volume return, with defense being solid, though impacted by some timing on a few programs, but still having a very good backlog. The two plant closings will also see some slight reduction in revenue as we prune non-strategic and low volume business. We continue as well to be active and opportunistic with acquisition opportunities, as in the past, and believe this is another catalyst to drive us possibly higher in the year ahead. Let me provide some additional color on our markets, products, and programs. Beginning with our military and space sector, we posted Q4 revenue of $108.4 million, a slight decrease versus 2021. Despite being down, as mentioned earlier, it was greater than $100 million and a solid showing for the business in Q4. We saw increases in demand for our missile programs, MIR and Patriot, along with F/A-18. The Q4 military and space revenue represented 58% of Ducommun's revenue in the period, down from 69% last year. This trend will continue to reflect more balance with commercial aerospace, which we like. We also ended the Q4 with a solid backlog of $457 million, which represents nearly 50% of the company's total backlog. Within our commercial aerospace operations, Q4 revenue increased year-over-year to $68 million, driven mainly by build rate increases on large aircraft platforms, in-flight products for Viasat, and other commercial aerospace platforms. Ducommun expects continued improvement in the commercial aerospace market overall to gain momentum in 2023. The future is bright across our product offerings. Our delivery and quality also continues to stand out as we move ahead. The backlog within commercial aerospace stands at $450 million at the end of the Q4, was $117 million higher or a 35% increase year-over-year from Q4 2021. With that, I'll have Chris review our financial results in detail. Chris? Thank you, Steve. As a reminder, please see the company's 10-K and Q4 earnings release for a further description of information mentioned on today's call. As Steve discussed, our Q4 results reflected another quarter of strong performance. The Q4's results saw a significant increase once again in commercial aerospace revenue. We remain encouraged by the continued strength in domestic and global travel, which should help support higher long-term demand and shipments going forward. There were a multitude of positive themes as we closed out 2022, and combined with actions being taken through our restructure program, we're looking forward to building on our 2022 performance. Now turning to our Q4 results. Revenue for the Q4 of 2022 was $188.3 million versus $164.8 million for the Q4 of 2021. The year-over-year increase reflects $26.4 million of growth across our commercial aerospace platforms, but partially offset by $4.7 million of lower revenue within the military and space sector. A portion of the year-over-year increase is directly attributable to Magseal, which we acquired in December 2021. Thus, our overall growth was a combination of organic and inorganic growth. Ducommun's overall backlog at the end of the Q4 was approximately $961 million. This reflects recent growth across our commercial aerospace platforms. Our defense backlog was $457 million, and we remain positioned for continued solid performance as we begin the new year with our defense business. As a reminder, we define backlog as potential revenue based on customer purchase orders and long-term agreements with firm fixed prices and expected delivery dates of 24 months or less. We posted total gross profit of $38.6 million for the quarter versus $37.3 million in the prior year period, while gross margins were 20.5% and 22.6% in 2022 and 2021 respectively. On an adjusted basis, gross margins were 21% and 23% in 2022 and 2021 respectively. Throughout 2022, we've had adjustments for items such as Guaymas fire-related costs, Magseal inventory, step-up amortization, and cost of sales-related restructure expenses. As we finish 2022 and head into 2023, we expect these types of adjustments to wind down by mid-year. While gross margins of 20%-21% plus are good from a historical perspective for DCO, they continue to lag the levels we ran at in 2021. The globally recognized challenges around supply chain and labor availability have had some level of impact on nearly all manufacturing companies. As Steve mentioned, we continue to manage through without significant supply chain impacts due to the proactive supply chain efforts, executing strategic buys, leveraging our performance center flexibility, and utilizing inventory investments. We have seen certain performance centers continue to have more of a challenge on various program flow through, products mix, and profitability, two of which are our Monrovia, California and Berryville, Arkansas operations. As mentioned during our Investor Day dialogue in December 2022, we anticipate repositioning production from these facilities during the H1 of 2023. The consolidations will redeploy the production from these performance centers, which have been unable to perform at expected profitability levels and allow us to better utilize our low-cost manufacturing facility in Guaymas, Mexico. In addition to taking out these fixed costs, we continue to aggressively manage our discretionary spending, all with the purpose of driving margin expansions. Ducommun reported operating income for the Q4 of $9.7 million, or 5.1% of revenue, compared to $11.8 million, or 7.2% of revenue in the prior year period. Adjusted operating income was $15.2 million, or 8.1% of revenue this quarter, compared to $15.3 million, or 9.3% of revenue in the comparable prior period last year. The company reported net income for the Q4 of 2022 of $8.1 million, or $0.65 per diluted share, compared to net income of $110.8 million, or $9.05 per diluted share a year ago. On an adjusted basis, the company reported net income of $10.6 million, or $0.85 per diluted share, compared to net income of $10.8 million, or $0.88 in 2021. Adjusted EBITDA for the Q4 was $24.5 million, or 13% of revenue, compared to $24.4 million, or 14.8% of revenue for the comparable period in 2021. Let me turn to the segment results. Our Structural Systems segment posted revenue of $68.2 million in the Q4 of 2022 versus $58.8 million last year. The year-over-year increase reflects $13.4 million of higher sales across our commercial aerospace applications, partially offset by $4 million of lower revenue within the company's military and space markets. Structural Systems operating income for the quarter was $4.4 million, or 6.4% of revenue, compared to $5.1 million, or 8.6% of revenue last year. The year-over-year operating margin decrease was primarily due to unfavorable product mix and higher restructuring charges, partially offset by favorable manufacturing volume. Excluding restructure charges and other adjustments in both years, the segment operating margin was 10.8% in 2022 versus 12.2% in 2021. This is a solid operating performance from the Structural Systems segment. As a reminder, the results for our Magseal business, which was acquired in Q4 2021, are part of the Structures business. Our Electronic Systems segment posted revenue of $120 million in the Q4 of 2022 versus $106 million in the prior year period. These results reflect $13 million of higher commercial aerospace revenue, partially offset by $0.7 million of lower revenue across the company's military and space customers. Electronic systems operating income for the Q4 was $13 million, or 10.8% of revenue, versus $15.4 million, or 14.6% of revenue in the prior year period, primarily reflecting unfavorable product mix and higher restructuring charges, partially offset by favorable manufacturing volumes. Excluding restructuring charges and other adjustments in both years, the segment operating margin was 12.9% in 2022 versus 15.8% in 2021. While not at the top end of the range this segment has operated, this was a solid quarter for the electronic segment. As a reminder and discussed at our recent Investor Day, we commenced a restructuring initiative back in Q2 2022. The identified restructure actions are being taken to accelerate the achievement of our strategic goals and better position the company for stronger performance in the short and long term. During Q4 2022, we incurred $2.9 million in restructuring charges. The majority of these charges were severance and benefit related. We expect to incur an additional $12 million-$16 million in restructure expense for facility consolidations, severance, and impairment of long-lived assets during 2023. Most of the expected remaining charges relate to the repositioning of a portion of our restructure initiative that I mentioned earlier. The majority of the production being moved is going to our low-cost operation in Guaymas, Mexico, with the remainder going to other existing performance centers in the United States. Once we wind down production at Monrovia and Berryville, we anticipate selling the associated land and building at both locations. These initiatives are progressing as expected and when complete with our restructure, we anticipate our efforts will generate annualized savings of $11 million-$13 million. We have available liquidity of $246 million as of the end of the Q4. The Q4 of each year is typically our strongest from a cash flow generation perspective, and 2022 was no exception, and we were pleased with the generation of $32.1 million of cash flow from operations this quarter. Cash flow from operations in Q4 of 2021 was $11.7 million. Our 12 months debt to adjusted EBITDA ratio was 2.2, and is amongst the lowest in the last several years. We finished 2022 with a full year effective tax rate of 13.6% versus 20.5% in 2021. The rate was lower this year as the majority of the tax in 2021 related to our gain on sale lease back transaction, which was taxed at a rate in excess of our effective rate, excluding such transactions. Interest for the full year 2022 was $11.6 million versus $11.2 million in 2021. While our debt refinancing during 2022 was timely and beneficial, the rising interest rate environment drove the increase year-over-year. Assuming no pivot on interest rates during 2022, we expect interest expense to be approximately $18 million in 2023, and when our interest rate hedge becomes effective January 1, 2024, we anticipate it will provide significant beneficial offset in the longer term. Just one additional comment from me. 2022 was the third consecutive year with an environment of significant market and macroeconomic change. During the time, we've attempted to continually assess and adjust our priorities as we focus on daily execution to deliver for our customers and all other stakeholders. We look forward to building on the strong foundation we have established as we move through 2023 and beyond. I'll now turn it back over to Steve for closing remarks. Steve? Okay, Chris, thank you. Well, it certainly was a strong quarter. I hope you're pleased. The year in 2022 was our best top line since 2019, so we feel good about it. As mentioned earlier, the path is now clear coming out of our investor meeting in December 2022, I think we're off to a very good start in 2023. We've got a lot to do, I think it's all gonna provide a lot of value to shareholders and to the company going forward. In addition, all the meetings I've been having and attending and industry news I've read shows I think there's great opportunities, as we all know, ahead over the next several years, the Ducommun team will be ready to capture the upside when available. My thanks as always to our employees and investors for the support as we conclude, again, a very good year and lots of positive things ahead. Again, thank you for listening. I'll now open it up for questions. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes the line of Ken Herbert from RBC Capital Markets. Your line is open. Hey, good morning, Steve and Chris. Ken, good morning. Good morning, Ken. Thanks for joining us. Yeah. Hey, maybe, just wanted to first talk about the low to mid-single top line expectations for 2023. I wondered, Steve, if you can break that apart a little bit by market. It looks like, you know, commercial aero, you know, should continue to see some obviously nice growth based on the backlog and build rates. What is your assumptions for growth in that market? Then what are your assumptions for growth in defense? Well, it's really gonna grow in commercial aero, Ken. You know, we're a little bit. You know, we're as we've talked about, you know, we're ready to go, right? We're a little bit, you know, with Spirit and Airbus and Boeing, we're sort of, I wouldn't say we're capped, but you know, we're absolutely gonna see growth in commercial aero this year. You know, we certainly, you know, are cheering for them to get to the next level of production. That's the first thing I'd say. The second thing is I mentioned in remarks with defense, I mean, we have a couple of programs that either through timing and, or order, the order situation right now are gonna basically, you know, bring defense in probably right around flat to this year. You know, we're encouraged with our backlog and, you know, we think 2024 is gonna be a better year. We think this year with a couple of things, F/A-18, we have a little bit of, you know, a program there, Apache and a few others that are just, you know, more timing based. We're gonna be above $100 million, but we're gonna be pretty, I'd say pretty flattish. Okay, that's helpful. For defense, does that flattish reflect as well it looks like you've got an incremental, call it $45 million or so, $40 million-$45 million from offloading benefits in 2023 relative to 2022? Yeah. It won't be that high. It's gonna be. You know, we came in, I didn't wanna, I don't wanna come right down the number there, but you know, we're probably gonna, you know, get tailwind of say $30 million from the, from the, from the offload, maybe $35 million, because he came in pretty good shape. Again, these offloads are, you know, also helping with some of the timing on these programs. It's definitely gonna help us. We're gonna certainly hold serve, as they say, and going into 2024 because you have to understand when we're moving, you know, cards for, you know, for the Patriot or for other things. I mean, you know, these have a long, long tail as far as getting everything over to Tulsa, as I'd mentioned earlier, on some of these programs for Raytheon. We continue to make progress, and I mentioned in my remarks that, you know, primes are eager for cost reduction, and they're, you know, certainly challenging and questioning their in-house operations, so that's helping us. If I could, I appreciate that. Just one final question on the defense outlook. I mean, you know, budgets are up sort of 10% in fiscal 2023. There's obviously some uncertainty around fiscal 2024, but we're seeing higher international spend. You've called out timing on a couple of programs. Maybe those help in the latter part of the year. Do we see then a sort of a material inflection positively in defense into 2024? How do you think about this longer term? You know, the flattish sales I can appreciate 'cause it's consistent with what a lot of other companies have talked about. I'm just curious, Steve, your view on when we start to see the funding catch up or get better reflected in your results? Yeah. We feel much better about 2024, Ken. Okay. We certainly with, you know, what we're seeing, I mean, we had a. We don't disclose it, our Electronic Systems defense business had a great order quarter in Q4, which was sequentially, I'll just give you that number, I'd say probably at least over 40%-45% versus Q3. Orders are coming in. I mean, obviously, you know, there's timing on deliveries. Is it gonna be, you know, 2023, 2024? We feel good about 2024 as far as, you know, being able to move forward again. Yeah. One other comment too, Ken, is just, you know, as we've seen everything turning from order to delivery to shipment, you know, is pushing out slightly as you've come through these last couple years. That's why we're looking at this next whole month and saying sort of hold serve and then start to see it pick up. Yeah. Ken, we're also at the mercy a little bit of other suppliers, you know, for these primes that, you know, are struggling or have other issues, right? Other issues where, you know, it's certainly a little bit of a challenge for us because, I mean, we're pretty much ready to deliver. You know, there's other things happening with some of these programs, either, you know, there's hiring challenges at some of the primes or there's other suppliers that are late. We're feeling a little bit of that, too, this year. We're hoping for a much better activity next year. Great. All right. Thanks, Steve. Thanks, Chris. Yeah. Thanks for the question. Thanks. Always appreciate it. One moment for our next question. Our next question will come line of Mike Crawford from B. Riley. Your line is open. Thank you. I think, would you agree that supply chain constraints are easing? If so, how much an opportunity is there to bring in some working capital to take that back into cash? You know, Mike, good question. I think that it is easing. I think, you know, it's a little bit of sort of down the middle on commercial aero because, you know, one of the reasons where we've been winning more is that, you know, we have titanium sheets, and we have other things that, you know, maybe some of the suppliers don't. We're able to kinda come in and help. I would say that H2 of the year, we see that in a better place, easing, and, you know, we're certainly interested in getting our turns up. Okay. Then are there any other specific programs that you're really aiming to be to gain business via offloading from primes, or you just don't wanna get into that level of detail on this call? I probably don't, you know what I mean? Just because I wanna be sensitive to the customer and or the customers. But I will just tell you that, you know, especially in the card area, I mean, you know, and we put that note out about Appleton being over $100 million now, which is a 70,000 sq ft plant, which is, you know. That's all cards, and that's all people coming and saying, "Hey, you know, we want you to do it here." You know, Tulsa now is onto the next phase, and we're expecting really good things. Again, I mentioned, I talked a little bit about one program, just 'cause I mentioned earlier, is that, you know, taking something out of a, you know, out of a major operation, you know, test equipment, those types of things, I mean, it's, you know. These things need to take time, and they should. That's where we're more bullish in the 2024 period. Okay, thank you. Last question might be more for [Simon], but, you know, what, if any, changes or opportunities are you seeing on the M&A front where you're looking for more of these niche suppliers, in protected, you know? Yeah, no, appreciate the question. That's, and that's why I kinda put it in my remarks as well. Look, we were, as I mentioned, we were more forthcoming and rightly so at our Investor Day in December 2022. You know, hopefully everybody was pleased with those, with all four of our operations 'cause we've really, I think, done a nice job at all of them. I will just say that, you know, we're active. The model works for us. It does accelerate our margins, does lots of things for us. That's kinda where we're heading right now, Mike, at least for the next year or two. The same kind of profile acquisitions you've seen in the past. Okay, great. Thank you. Thanks for your time. Thanks, Mike. As a reminder, that's star one one for questions. One moment for our next question. Our next question comes from the line of Pete Osterland from Truist. Your line is open. Hi, Steve and Chris. Thanks for taking our questions today. All right. First, we've heard a few different things across the supply chain about expected build rates this year, particularly for the 737 MAX. Just wanted to know, what build rate are you currently producing at on the MAX? Are you actively planning for production rate increases this year? Is that something that's reflected in your sales guidance, or would that represent upside if it were to materialize? Yeah. Look, we're, you know, we've been down this road a lot, the whole industry, right? We're taking Boeing at its word at 31- month, at least for this year, okay? You know, we hope that that's gonna go up. Certainly, you know, we do not, you know, have that fully baked in, I will tell you that. That is some upside for us. I will tell you a bright spot would be the Tier 1 Spirit, you know, because they're obviously ahead of the chain. If Boeing is trying to ramp up, well, we're gonna feel that from Spirit ahead of time. Again, we've been more modest with our build rates this year just because we wanna make sure that, you know, we're not too far out over our skis, as they say, because, you know, we're concerned about other supplier deliveries. We're concerned about them able to hire enough mechanics and people to, you know, get the work done. I would say if things break the right way, we're gonna have a better year. That's very helpful. Thanks. Just as a follow-up, while I know you didn't give specific guidance on this, I was wondering if you could just, help calibrate us on margins for the upcoming year. Just any color you could give on pricing versus cost inflation. Do you expect that to be a headwind this year? Just in general, should we be thinking about seeing margins up this year as sales grow and you start to see the benefits of your restructuring, or, you know, just how are you thinking about that? Yeah. No. No, thanks, Pete. Yeah, I think as you look at this year and you see where our jump off point is, yeah, we would say, and then we sort of signaled this in some of the dialogue at the Investor Day. You know, we do view it's sort of a transition year on margins. I mean, we're. Those same pressures are still there, so we don't, we don't think there's gonna be incremental headwind. We think we're gonna just continue to work through it. Again, hopefully, you know, we will find our way to some type of improvements as we go through the H1 of the year, especially with where we were last year. The restructuring benefits in the back half of the year, you know, as we finish up, then that's where we'll start to get the more significant lift just on the base business. When the growth hits too, that's always gonna be another, you know, another element to it. As you've sort of heard, you know, in the forecast we have, it's not a growth driven year. It's gonna be more about, you know, what we can do with the business, what we can do with the cost structure, and the repositioning is a big part of that. Yeah. Let me just jump in here. Look, you know, as I mentioned to the invest call, you know, we don't take plant consolidation lightly here. I will tell you, the two factories that we're gonna close didn't really help us in 2022, okay, from a margin perspective. Okay? I'll leave it, I'll leave it there. You can interpret that. The second point is that once we consolidate those into low-cost centers, we take all the expense out, you know, that's gonna, I think, deliver very nicely in the midterm for our margin story, Pete. Yep. All right. Very helpful. Thank you. Thanks for calling in. Appreciate it. One moment for our next question. Our next question comes line of Ken Herbert from RBC Capital Markets. Your line is open. Hey, Steve. I just wanted to follow up on your last comments. On the restructuring, how much of the work at Monrovia and Berryville have you already transitioned, and how much is left to do there? Then how much of a working capital headwind is that this year's? I'm sure you've built safety stock and inventory and provisions in anticipation of the move. Yeah. Okay. Couple things, Chris. I'll let Chris handle the second part of that. Let me just handle the first part. Look, we've, you know, we've had, I think, excellent, you know, or the best you can expect announcements, you know, to the teams, okay? You know, I'm happy to say that, you know, for the most part, you know, we still have teams working hard in those facilities. We are actively either engaging with customers as far as I said, mentioned earlier, pruning some things that really just aren't good for us and for shareholders going in the long term. We're actively doing that. We're also putting plans in place and as we go forward, building buffer, you know, to be effective and to have this thing sort of innocuous to customer experience with Ducommun. We are active. We're probably gonna be going through the Q1 pretty much tight with the group, and then we're gonna start moving out on moving things, and accelerating. As I mentioned earlier, you know, I'm happy how we started off. Again, these things are always tricky. We're off to a very good start. We, you know, we feel we have the plans and we have, you know, you know, the right practice for keeping people on the team and for all the things you need to do to be effective to move the work in place. Guaymas as well is, you know, as we mentioned in the, I think it was in the investor call, we have another building down there now. So we're in very good shape with a floor space and workforce to take the majority of this work in Mexico. Not everything, but a majority of it. Yeah. Just on the inventory or the investment, Ken, I would say, you know, modest investment here the H1 of the year. You know, Steve mentioned a little bit of safety stock. I mean, there's an element of that. We do view that sort of being H1 of the year, transitions are happening, working it down. By the time you get to the end of the year, you know, it's, it's nominal in sort of what the full year view would look like. There could be a little bit of investment here the H1 of the year. Okay, helpful. If I could, one other quick follow-up. You know Airbus today announced some aggressive or planned aggressive rate moves on their wide body portfolio with maybe the rate increases on the A320 family pushed out to the right a bit. Can you level set us on where you are with Airbus, maybe as a, maybe as a percent of your aerospace business and opportunities with their supply chain disruption and issues to either take share? How much will you participate in the accelerated production on their, on their wide body aircraft, the A330 and the A350? Yeah. Ken, I did see that note. I didn't read it, I just briefly saw some of the things. First of all, just as a highlight, you know, we're in fairly good shape on the A330. You know, we were not that optimistic about it a couple years ago. To see that moving in the right direction, that's something that we actually, you know, we're players on. I won't get into exactly what the percentage is, but that's gonna benefit us, the A330. We're in the middle of trying and, as you know, these things take time to get a position on the A350, which is something that we're engaged in actively. More to come there. We like to see those increases. I think the year-over-year number that I said about the A320 and Airbus was pretty dramatic. We think that, you know, that's gonna continue. As I mentioned in my Investor Day, back in December 2022, you know, you have to always be a little bit careful with Airbus. They have a lot of mouths to feed and, but, you know, they need the parts to produce. We're pretty much, even though we might be slightly off now, we're pretty much been 100% on time with Airbus for over three years, with a little maybe one or two misses here or there. We're in great shape with Airbus. Not really, you know, ready to go fully on what the disclosure is on the amount of business, but it continues to grow. You know, we're hopeful and we feel good. If they're running hard, we're gonna feel share gain. That's what we want. Great. Thanks, Steve. Thank you, Ken. Thank you. I'm not showing any further questions in the queue at this time. Okay. I'll pass it back to Steve Oswald for any closing remarks. Okay, thank you. Okay, thank you again to everyone for joining us. I thought it was a very good, very good Q&A as well as hopefully you felt the script was helpful. You know, we have a lot going on in the company. You know, I think if things go our way, we're gonna, you know, hopefully do a little bit better than our revenue guidance, but we always try to be thoughtful, and we wanna be as transparent as we can, you know, on these calls and help investors and help our analyst partners. But we feel good. Very good about 2024. We're, you know, we're closing these factories for a reason. It's all gonna benefit for the mid to long term, especially in the margin area and other things. We're excited about our Guaymas operation going to the next level, which is a big part of our future. We're active with acquisitions and, you know, we're feeling good. Again, we appreciate your support, and thank you again for listening. This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.