So, good afternoon, everyone. I'm Greg Konrad with the Aerospace and Defense Equity Research Team at Jefferies, and welcome to the Jefferies Industrial Conference. I'm very excited to have Ducommun with us today, and Stephen Oswald, CEO. He's gonna give a quick presentation, and then we're gonna have a little bit of a fireside chat, and if we have time, we'll open it up to audience questions. Thank you, Stephen. Great. Thanks, Greg, and thanks, everybody, for joining us. I know it's already a long day for everyone. I'm just gonna go through these slides for 10 minutes, and then we'll do a little Q&A, and look forward to our time together. Again, I'm Steve Oswald. I'm the Ducommun Chairman and CEO as well. So, let's get going. You know, disclosures. A lot of people don't know that we have a rich history. We are the oldest continuous company in California, which is, we feel it's a kind of a big deal. We were founded in 1849. Ducommun is a family name. It's a Swiss name. Charles L. Ducommun came to New York as an immigrant in 1843. Lived in New York and then eventually made his way to California in 1849 and started as a general store, and Charles walked across the country, just a little fun fact. In 1848, 1849, when you wanted to get to California, you had to walk. It took him nine months. He almost starved to death, a few other things happened, so it was a bit of a journey, but you know, Charles did a great job at starting the company. We opened our doors every day for a 176 years. We've had a lot of different things happening throughout, obviously, the many decades, and so we're proud of our heritage, and we just finished our175th last year. So anyway, just a little thought here. All right, I came in the company January 2017. I came from PE. I was a CEO for Private Equity, KKR. I ran one of their companies. Before that, I was a large cap executive for many years at United Technologies, as well as GE and one other company, Hoechst Celanese. You can see here the profile, the market cap. I remember my first presentation at Jefferies. I was invited here in 2017. It was very kind of you to have me in, and I told everybody to buy the stock. I think it was $25, $26, so we've done pretty good. Obviously, with most companies, we had terrible MAX crashes and COVID, so we kind of went up and down, but I think, you know, stock is right around $90 now and had a nice run this year. I feel very good about where we are. You can see our enterprise value, our revenues. Again, it's the LTM net revenue number. What's more interesting is the EBITDA number, which I feel we've done a very good job on since 2016, and you can see our percentages. I'll get into a little more detail, but that's a little bit of, you know, the last eight years under my leadership. The company, you can see here, to your top left, you can see just the LTMs. We talked about that a little bit. The revenue by market, you can see that we almost 60% on defense. We think that's a good number for us. We benefit from that balance. Talk about that later. Commercial aerospace, we're sorry, yeah, commercial. We're primarily do a lot of different things, but we're heavy in narrow body. You can see all the military aircraft, the business jets, missiles. We'll talk about a little bit of that later, other platforms. We're primarily a Tier One, but we also have a Tier Two position as well in the industry. But over 50% of our revenue is Tier One, so we deal directly with RTX and Airbus, Boeing, a lot of the big players in the industry. Just to break it down a little bit further, we go to market with two segments, or as you can see here, we have on the left, electronic systems, 55%, structural, 45%. You can see the EBITDA margins and the revenue currently. On the left, we do a lot of things for electronic warfare. So you think about Ducommun, our defense business. What does that really entail? It's a lot of heavy ruggedized cabling for missiles, lots of cards, lots of things, structural things for missiles as well, on the right side. We also do lightning protection. I'll get into that a little bit further. Motion control, so we have a very good electronic systems business. Only gonna get better, which I'll get into. Key customers to the right, we have our structural systems. We're involved in lots of things. You can see it there, titanium, ammunition handling. We have a variety of products we go to market with. We think that's actually a strength. You can see some of the customers below, so more to come there. This is a very important slide for us. A couple of years ago, coming out of COVID, we decided that, you know, okay, we think the world's stable enough, we can start thinking about, well, is Boeing ever gonna get better? Is this gonna get better? We kinda got into some assumption making, and we finally came up with this Vision 2027. You know, so this was 2022. We're gonna be short on the revenue. Just, we had, depended on Boeing in 2023, 2024, a little bit better, but they had that terrible, incident with the, the blowout of the, a part of the fuselage, so that hurt us. So we're gonna be in the 900s. Not sure yet, I mean, still halfway through, but we'll be in the nines, maybe, I think probably around 950 or pretty close. And on the right is the EBITDA margins, which I think is a really important story for investors. Coming out of COVID, we were 13%, right now we're about 16.5%. You know, year to date is right around 16%+, and we're gonna get to 18%. So that's pretty good. I mean, I remember when I talked about this, we were at 13%, and people said: "How are you gonna get to 18%?" You know, they were like, they didn't believe it. But you know, we're more than halfway there or halfway there as we head into 2027. You can see that it's 16%, so we're excited about that, and you can see in the middle there, the recipe, obviously, scale. That's more, that's more on the coming our way, especially with the destocking at Boeing. Defense growth is gonna be good. I'll talk about that. We've done a good job with acquisitions. Pricing strategy's been good. We've been closing factories where it makes sense and driving cost reductions. Investment highlights. I'll get to this a little bit in more detail, but if you think about Ducommun, when I took over in 2017, we were really a contract manufacturing company. We really didn't have much. We had 9% of our revenue was engineered products and aftermarket, and now it's 23%, right? So it's pretty good. So almost a quarter of our company is, you know, similar to HEICO, similar to Loar, similar to TransDigm. I mean, the same kind of companies, same kind of margins, same kind of aftermarket profiles. So we got a long way to go, okay? But we're happy to be at 23%. Our plans in the future are gonna get to 30% and 35% and 40% and 50%, and, you know, Ducommun is a long play. Right now, our multiple is right around 11 or 12, and we think that, you know, as we build a company, we're gonna get to 15 and 18 and 20, and we're gonna get up to some of these other companies that have, you know, much higher multiples than we do right now. So, so I think that's pretty compelling. So big story there, cost reduction. We've done a good job in M&A. When we do buy these companies, we bought five companies since I joined the company, all engineered products or aftermarket. And we've grown them organically, very strong, for the most part, so that's been a real positive thing. And more to come there. Like I said, we're Tier One majority, and the rest of the business, I'll get into a little bit more. The other thing is just we're a limited exposure to tariffs, so that's also a positive thing for everybody. 95% plus of our manufacturing is done in the U.S., and we have one facility in Mexico, which is under the USMCA, and our Airbus customer is also covered with the recent EU tariff agreement. So that's positive, so like for like there. This is an important slide. This has been my journey since I got to Ducommun. I came in in 2017, and we had a nice contract manufacturing business that was just okay, and these are the things that I've done, along with the team, to really build up this portfolio. You can see the dates of the acquisitions. I inherited the HMI, we call it human-machine interface, excuse me, RF switches, and motor and resolvers. The rest we purchased, and you can see down here that checks a lot of boxes for us and hopefully for investors as we move forward in time. We have a target of 25% of revenue. We're at 23% now, so we should be in really good shape there, as well as aftermarket. Right now, we're targeting the 15%, so I think that's gonna happen. So this is really where, if you ask me, where Ducommun went from $25- $90, you know, margin expansion, you know, very high EBITDA margin expansion, very high. This is really. This is a big part of the story. It's a big part of the story, so... Also, on the contract manufacturing side, we're driving costs. You can see on the left here, we've had some facility consolidations. We also are doing work in Mexico, and we have a low-cost footprint there for a lot of products. So that's those plants are closed now, and their product is moving. I think that's gonna be very beneficial for the company and shareholders in the future, so more to come there. M&A is pretty simple. I'm sure you hear it from a lot of CEOs in the space. You all kinda know the recipe now, is you know, engineered products with aftermarket. And so those are the companies we purchased, and we're gonna keep going there. We have the, I think, the right people, the right approach. So I think all good things ahead. I mean, is it competitive? Yeah, it's competitive, but it's okay. You know, we think we're pretty good too. So, stay tuned on that. Commercial aerospace, I know a lot of discussion around that, you know, Boeing, Airbus, Destocking. Our Boeing business is only gonna get better. I'm sure you've heard from other suppliers. I think, my view is that the, the company, over the last nine months, or at least the last six months, has really come on. I deal with the senior management there, every month, and I've been impressed. Two years ago, I was not impressed, but now I'm very impressed, okay? People, are focused, disciplined, and I think they're gonna come out of this. You can see our, our business there. We're primarily a MAX and 787. We're not really involved in the Triple Seven, which is fine for us. We're happy with our position. Airbus, again, when I came in in 2017, we really weren't even supplying them, so, we're pretty happy that we've had a good run with Airbus. We're one of their top suppliers, both on the A320 family and the A220, so we have a lot of, I think, positive things there. And then business jets have always, you know, been a Ducommun legacy with our titanium, and, you know, we all know the story there. That's been a great success for the whole industry. We're also doing a lot of things, as I mentioned earlier, in defense. I'm sure you saw in the Wall Street Journal, or you might have heard about the article on missiles and how the replenishment is on the front burner, and lots of other things are happening. It's true. Okay? I mean, we're seeing it. We're seeing it across the Navy. The Navy has a Standard Missile-3, Standard Missile-6, and a Standard Missile-2. And if you don't know what a Standard Missile is, it's like a Mack truck being shot off from a boat going about 500 mi an hour, and all it is is an interceptor. So it's not... It just goes up and knocks whatever's down. We're using a lot of them in the Middle East. We use a lot of them to protect Israel. We're gonna see a big uptick at DCO in 2026 and 2027. We have a lot of missiles. We're also in radar, and we're just getting better at that, and you can see over on the right there, we're in UAVs. We're gonna be involved in the Golden Dome. Hypersonics we're involved in, so I think, you know, our missile business was up. I think we year-over-year in Q2, we're up, like, 39% year-over-year, and our revenue in missiles is probably 20% of our defense business. So it's like, so it's real money for a company our size. So, lots of good things ahead there. One point on our manufacturing, on our contract manufacturing side: contract manufacturing is a good business. It's not a great business. Engineered products are a great business, contract manufacturing, good business, right? But the way we go about it is we really do a real niche type of approach. So you can see there, we're involved in titanium forming, which you have to heat it to 1800 degrees Fahrenheit and put it in a platen and then contour it. It's not many people want to be involved in that, so it's a good thing. Our cards and cables and box builds are hard to do, which we like. We manufacture ruggedized interconnects. We do a lot of stretch form, and we do chem mill, and we do it in California, which is something that you can't really do anymore, but we have the relationships with the regulatory authorities, so we can do that. And we recycle our chem mill runoff. We also do a composite, which is a homemade IP composite material for nacelles. When you think about Ducommun, okay, we're 75% contract manufacturing, that's a big number, okay? But what we're doing there, you know, we're trying to really be smart and trying to only do things that are hard to do, where you have some stickiness with the customer, and you have some pricing power. That's a little bit on that. Talked about tariffs. Here's a good slide here. You can see our footprint, and you can see our sales. So we maybe just part of it is luck. This is where we are as far as our footprint, and we feel good about the tariffs. We'll see how things develop, but so far, so good for DCO. We've seen no impact really. Okay, getting back again to the highlights. I just went through these earlier, but I gave you a little bit of detail. We'll go to questions in a minute, but you know, we're right now at our Vision 2027. We're gonna come out next year probably with a Vision 2030, and then we're gonna go from there. All right? But I think that if you look at our numbers, we'll get close to 950. 18% is in the cards for us, which is a great result from where we were. We're gonna, I believe, be over 25% of engineered products, and that's really where I think a lot of the value is, is on the engineered products and aftermarket side. So, that'll do it. Thank you for listening. Okay, Greg. Thank you. I think you did mention the 39% growth in the missile segment- Yes, that's in our report. - and I think the defense business has been very strong. I mean, how do you think about the sustainability in defense growth and maybe the longer-term growth rates- Yeah ... of defense? Yeah, I think it's, I think it's strong. I mean, you know, you just look at the headlines today in China, you know, look at the things that are happening. You know, I think overall, the defense industry is gonna continue to go up. I think Ducommun, we're, again, we're really positioned on, you know, the missile business, the radar business, electronic warfare. You know, we're double -digit growing right now. Our missile business is way up. I see that continuing. Raytheon is our biggest customer, so Raytheon, you know, basically, you know, with the Patriot and everything else, I mean, they supply 50% of the world with defense products. I mean, it's like, you know, it's astounding what Raytheon's... And we're one of their top suppliers. So I feel very good about defense. You know, I think that the next two years especially, we're gonna see a lot of uptick in volume, a lot of uptick in revenue... and I think all good things ahead. And then, I mean, I guess it was somewhat of a dirty word during Q2, but we heard a lot about destocking within commercial aerospace and Yeah ... you know, at Boeing and its suppliers. I mean, how do you think about, or are you seeing any impact to the commercial aerospace, and how do you think about the trajectory in next year? Yeah, I think destocking right now is very real. You know, just to give you an example, I mean, you know, Boeing is. They're making 38 MAXes a month, right? You know, we think that's accurate, and that's been three or four months now. But, you know, we're seeing our deliveries at 27 a month. You know what I mean? So we're seeing, you know, not a disaster, but we're not seeing, you know, 38 either. So, I went to the Boeing management. I asked them politely. I said, "You know, could I send you the 40 parts that I have, and can you tell me how much inventory you have on?" And they said, "Yeah, sure!" So I said, "Okay." So I took them up on their offer. I sent them my letter, right, and got everything. I didn't really get, like, a great answer, but I got an answer that said: "Okay, like, a third of your parts, we've got probably over a year, a third of your parts, we have, like, six or seven months, and a third of your parts, we have three months." And I think it's important for everybody to know that that's what it-- that's what it's like at Boeing right now. They have some parts, they got two years, you know, some parts they got a year, and some parts they got, like, you know, three months. Now, this is my own opinion, but, so I think it's very uneven. I wish it wasn't, but that's what we've been through the last five years at Boeing. But I think my view is that, you know, by mid-next year. One good thing is all the planes are gone. So I can tell you that what I know is that all the planes from Moses Lake, all the planes from San Antonio, everything that's been sent or parked, you know, pretty much all that is with customers now, which is a great thing, right? So, I'm thinking end of June, for the most part, things I think will be a lot better. The only sort of wild card is Spirit AeroSystems, because I think, you know, it looks good that hopefully Boeing will buy them. At least for the MAX, they make all the fuselages, as you know, and I think they still have quite a bit of fuselages in Kansas. I'm not sure. That could be maybe the end of Q3, but I think for Boeing operations outside of Spirit, I think by the end of Q2, just with the ramp-up, they're gonna get to 42. I mean, it's gonna happen. You know, they're doing a very good job. 47 is a little bit harder for them to do, they tell me, than to get from 38- 42. So I think that uptick and them, you know, having their act together now, I think is all gonna be positive. And then, you know, you gave the Vision 2027 targets, 18% EBITDA margins. I think you're closer to 16% today. We are. Can you maybe talk about the key drivers going forward to close that gap and, you know, how you think about- Yeah, sure. The difference. Thank you. Yeah, so, you know, we started the journey, you know, at 13, so in 2.5 years, we've, you know, we've done a good job. I mean, you know, 300 basis points is something we should all be proud of, and we are. We got 200 more to go. You ask me how that gets done, you know, a big part of it is, you know, the engineered product businesses are all their EBITDA margins are above 16, okay? So, you know, we drive them, we grow them, and, you know, that's, that's accretive to the numbers. So, so it's growing our engineered products. It's taking costs out of contract manufacturing, right? So we've closed those two plants, and that was a big uptick in savings, so, so that's been happening. We're also a niche contract manufacturing supplier, so we really-- you know, we get paid for our value. So, you know, we're gonna-- if we're gonna do something, we're gonna do it where we can provide value, and we're gonna ask to be paid. Okay, if the customer feels like it's not for them, then they can... You know, we'll work with them in other areas where they think we can, but we're not gonna take things-- In the past, we used to take things at a loss, or we take things, like, at zero, you know, OI, and say, "Okay, we're gonna do better on the..." We have a wish list of all the things we're gonna that are gonna happen, and none of them ever happen. So, you know, you end up losing money. So we don't do that anymore. We threw that overboard the first couple of years when I was there. I hate losing money, and we're not gonna do it. So, I think all those are positive, and the last thing is our productivity. I mean, our revenue per employee has gone way up, if you look at those numbers over the last couple of years. We have a good culture. People care. People care when they show up. You know, we support the war fighter. We do things that I think are important to the world, and our people take it seriously. And then maybe just sticking on margin dynamics, you know, how do you think about the difference between Electronic Systems and Structural Systems segments and just the recent trends with mix and maybe- Yeah ... how the costs influence the 2025 outlook? Yeah, I think, you know, overall, you know, in general, our gross margins, you know, have done very well. I remember when we came out of COVID in 2022, our gross margins for each quarter in 2022, it was 20%. So it didn't go up, it didn't go down. It was. I kept looking every quarter, 20%, 20%, 20%, you know, and now it's 26.6% just recently, so, you know, we've kinda done at least 600 basis points, and I tell my team, "You know, there's no adjustments in gross margin," okay? It's just. You know, gross margin is a really good number to tell you how you're doing in the manufacturing world, and so the gross margins have gone up. I think, you know, structural has, you know, been under pressure because of the destocking, you know, we don't have the volume we'd like right now. That's gonna change. Electronics has been better because we do have more defense work. We do have more electronic warfare. We are building our engineered products within both those segments, so that's helping. But the structural business is, the better is ahead for their margins as we move into 2026. I feel good about that. And then, I mean, I think you talked a little bit about the supply chain. You know, what are you seeing? I mean, I think back to several years ago, maybe we don't hear about it as much, but just in terms of managing supply chain risk and any labor constraints across facilities. Yeah. Thank you, Greg. Look, supply chain, I think, that's gotten better for us. I mean, we didn't, you know, versus maybe some other suppliers or other people you hear from, our supply chain, for the most part, was fairly good through COVID and fairly good coming out of COVID. I mean, we did buy ahead, so we were a little strategic with our buying. You know, our inventory was a little bit higher, but at least we, I feel, we're strategic in our buying, especially on electronics, because, you know, we had the issues back in, you know, with the automotive businesses and the other things, where we were trying to get circuitry and boards and those type of things. So I think overall, for us, the supply chain deliveries are fine. It's just about the pricing. You know what I mean? So, you know, you have to be very, very smart in contract manufacturing when you're buying products and then selling them to Raytheon because, you know, you have to really understand what the dynamics are on the pricing. Because you're buying from Amphenol, you're buying from a lot of companies that make connectors and other things that Raytheon is sole source. So, you know, there's no, "I can go down the street and get it from, you know, some other company." You can't. So they're gonna raise prices, you know, 10%, 5% a year, and I think we do a very good job on that with our... You know, we're not signing up for 10-year LTAs. We're not signing up for things that you don't want us to sign up for because, you know, the pricing is too dynamic. And, you know, for you to go back and ask for a price increase at Raytheon, it takes six months, and still they won't give you an answer. Not to pick on my biggest customer, but, you know, it takes time to work that through. So we're smart as we can. Is it 100% everything that I want? No, because nothing is, especially in the manufacturing world, but I think more than less, we manage it properly. We're gonna make sure we're covered because, you know, at the end of the day, you know, our input costs are extremely critical for especially our contract manufacturing business. And I think for your question about labor, you know, those that know, I mean, we have a good amount of operations in Southern California. Southern California has a big-time legacy aerospace, as you know, a pedigree, so we have no problem finding people in Southern California to do anything. I mean, you know, there's a lot of talent out there. We're in some small towns in the Midwest where, you know, we see little constraints, but we're fine. We're capitalized for this Boeing increase. I mean, Boeing's telling us 63 a month. You know, eventually, 63 a month would be fantastic. Maybe that's 29, maybe that's 28, but, you know, they're gonna get to 47, and they're gonna take it from there. They're building another assembly line for the MAX, that used to be where the 787 was. So, you know, they cleared out the 787, they moved it to the south, and that building's been empty, and now they're gonna put in a new MAX line, and that's gonna be sort of June-ish next year. So I think with another new line and a new day there, that we could possibly get there at some point, and we'll be okay because we do have the capital. Then you talked a little bit about the Vision 2027 on the revenue side. I think you've expressed optimism with stronger revenue growth in the second half of 2025. I mean, maybe if you could just square those- Yeah, that's good. -key drivers. Yeah. So we're... You know, look, when we-- I think we did a good job with this the first half because of destocking, because of Boeing, Spirit, that type of thing. You know, we guided to, you know, flattish to a little bit up, and that's where we actually ended up, and that was, you know, going all out, right? Which we go all out every quarter, right? So for Q3, we're guiding to mid-single because we think things are gonna get better now, and then in Q4, we're guiding to low double digits. So we're gonna be low double digit in Q4, year-over-year, and that's a good job by us. We haven't been double-digit growth in, you know, at least a year, year and a half, so I think that's coming back. We don't guide 2026 until February, when we have our call, but I'm confident we're gonna have a very good 2026 and 2027. You know, we'll see, but I think that everything's heading in the right direction for what we do at A&D. And then, you know, M&A has been a big part of your strategy. Maybe if you can talk a little bit more about the current pipeline, what capabilities or geographies are you targeting? Yeah ... and how competitive is the landscape now? Yeah, yeah. Well, look, the landscape is competitive, okay? Maybe a little less so in 2017, 2018, 2019, when we were looking at things. You know, we tend to look at companies that are 30, 40, 50, 75, million in revenue. So, you know, when in the past, when we were looking at things that were smaller, there wasn't as many people, right? Because people weren't as interested. So we could probably, you know, have a little bit of an easier time, but that's changed. Our M&A strategy hasn't changed. It's focused on A&D. We're pretty agnostic as far as what we're gonna buy. We just want something that has configuration control, that is a leading brand or has a good market position, low capital intensity, okay, where we can manage it properly, and that has a good aftermarket, and that's been since myself and my CFO, Suman Mukherjee, started. We started a couple months apart in 2017. He's led BD, now he's the CFO as well. That's what we've been working on, and that's not gonna change, so that's worked for us. That's our vision. That's who we are, and you know, we're excited. I mean, the book of opportunities, I mean, you know, I just looked at something recently. It was right in our wheelhouse, but just wasn't that good a company. So I said on the, I said on the call, you know, on the Q, "You know, we're picky eaters." You know, we have to be, right? 'Cause, you know, we have our dry powder's, like, $250 million or $225 million. So, you know, we don't have that kind of, you know, a strength like HEICO or TransDigm or, you know, Loar. So, but, so we have to be a little bit more discerning, but we, we know there are a couple of properties are coming up. I'll also just tell you, next week, I'm still gonna be here. I live in California. I'm going out to Long Island. I'm gonna meet with a family-owned business, which the person is 63, and in a couple years they're gonna sell, but I'm gonna go out there now and meet with this owner and build that relationship. So hopefully in a few years they'll remember Ducommun, and we'll stay in touch, and then. So we also have a, not only our, you know, banking relationships and everything else, we also have a proprietary product pipeline that we try to develop the best we can. So that's how we do it. And then maybe just one last one. I mean, I think over the past couple of years, I mean, whether it's the offloading or some of the skins, you've had a good ability to kind of take share. Where are you maybe seeing the biggest opportunity? Yeah, I mean, look, you know, the best, the best thing for us to take share is when it comes out of an OEM's operation, right? So, you know, we love that, right? Because, you know, the OEM is making circuit cards in Massachusetts, you know, and they're very intricate cards, and they're hard to make. They're not... You know, it's not easy stuff, and they have lots of overhead. You know, they have lots of things going in there. And they decide that, you know, "This isn't really our core. You know, we make a radar system. We don't make a card." So they go to us and say, "Look, you guys already make our cards. We trust you," because it has to be a high level of trust, you know? Because, you know, they're not gonna put it in there if they don't think they're gonna get their parts. And so, you know, we've developed that over the last four or five years, where we've had success with Raytheon, where they've sent cards to us. They sent their inspection equipment to us. They trained us, they helped us, and we actually were successful. So that's been a nice, you know, thing for share, where, you know, it's not all about price, you know, 'cause we're not gonna do that, right? It's about value. So they say, "Okay, you know, we trust you guys now." We're doing a little bit with Northrop as well. And then on the commercial aero, so this is all defense. Commercial aero, Spirit, their sort of structures are us. I don't know if you were ever been to Spirit in Wichita, but it's like, you know, nobody can make structures like Spirit. I mean, their equipment is just amazing. I mean, it's just, it's everywhere, and it's very unique. Well, a couple of years ago, we had their ex-CEO come to visit us in one of our factories, and we have similar equipment, not to their size, but similar, and basically said, "Oh, I didn't know you did this. I didn't know you did that." So we basically said: Look, you know, we want to do some of your fuselage skins for the MAX, okay? Give us four. Just give us four skins, 'cause there's, like, 30 of them. It's like a jigsaw puzzle when you're making a fuselage skin for a plane, 30, 35, 40 pieces. So give us four, let us stretch it, let us, you know, paint it, let us do with this, and then we'll send it to you. And it's worked out. So now we're, you know, on the MAX, fuselage skins. We only have four of them, but, you know, we're hoping to have 20 of them, because the thing that I think is gonna happen, when you get up to 63 a month, if that ever is gonna happen with these fuselages, there's no way they're gonna wanna hire and capitalize the Wichita plant to 63. They're not gonna wanna do it. So that's why we come in. We add value that way. I know we're at time, so I will stop there. But, thank you, Greg. Thank you, Steve. Thanks, everybody, for listening. Appreciate that. Thanks. Okay, thank you. Thank you.