Good morning, everyone. Welcome to Ducommun's Investor Day, both all of you here in person as well as an even larger number of people who are joining us remotely today. I am Suman Mookerji, Chief Financial Officer of the company, and with us today we have Steve Oswald, Chairman, President, and Chief Executive Officer, Jerry Redondo, Senior Vice President, Electrical and Structural Systems, and Clay Bringhurst, Vice President, Engineered Products. To get us started here with the fun stuff, the forward-looking statements and disclosures. Certain statements we make today that are not historical facts, including any statements as to future market and regulatory conditions, results of operations and financial projections, including those under our Vision 2027 and Vision 2032 game plans for investors, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by such statements. Please refer to our annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the SEC for discussion of the particular risks facing the company. Statements made today in today's presentation are only as of the time made or as otherwise specified. We do not intend to update any statements made in the presentation except if and as required by regulatory authorities. Today's presentation also includes non-GAAP financial measures. Please refer to the appendix at the end of the presentation for a reconciliation of non-GAAP measures to their GAAP counterparts. With that out of the way, I will pass it on to Steve Oswald. Steve. Okay, thank you Suman. Again, let me welcome everybody for our Investor Day. Very much appreciated by everybody that came here in person and those online as well. I want to thank you. It's a very important day for us, for our company, for our shareholders. We don't do this very often. Does anybody know how many days it's been since our last Investor Day? You get a prize. Over 1,000 or under 1,000? Over 1,000. Yeah, good job. You get some kind of prize. 1,379 days since we last spoke about Ducommun at our Investor Day. I actually had somebody help me with the math, I'm just kidding, but help me with the math on that yesterday because I think it's an important metric or important number, because we don't get together that often, for these type of things. Again, a very important day. I want to welcome everyone. We're going to be very efficient. We've got quite a few slides and stories to get through, so if you hang in with us, we're going to do our best for you and make sure it's interesting and compelling. For the agenda, I'm going to give an update on the Vision 2027. This is something you all know about. You're probably sick of hearing me talk about it, but you're going to hear it a little bit longer. Then, what you're waiting for, the Vision 2032 plans, so I look forward to presenting that and I hope that you're excited as we are. Then Jerry and Clay are going to go over both the structural electronic systems product lines. I think they'll be interesting. Then Suman will talk about M&A, where M&A is a big part of who we are and will continue to be, so we look forward to those remarks. Financial performance by Suman, and then I will close, and then we're going to have plenty of time for Q&A. So, let's go. First, for those that don't know or are not that familiar with our story, we're the oldest company in California still active today. So that's kind of cool, right? We were founded in 1849. Ducommun is a family name. Charles L. Ducommun walked across the U.S. Took him nine months to get from the East Coast to the West Coast. Almost starved to death, but made it. Got out to the Pueblo of Los Angeles and was a watchmaker. Looked around and said, "I'm going to starve if I keep going with these watches." So basically turned to picks and axes and then got into the general store business for a long time. I guess one other thing just to start off, so there's a very important 100th anniversary next year in aviation. Does anybody know what that is? With all these smart people here live. I think someone knows, right? No? All right, so next year is the 100th anniversary of the Spirit of St. Louis and the flight by Charles Lindbergh. The reason I bring that up is that Ducommun actually supplied the tubular steel, and aluminum for that plane. People don't realize that plane was actually built in San Diego by Claude Ryan's, the old Ryan Air. So, we're going to celebrate that next year. Hopefully you can celebrate it with us. We're really proud of those kind of things and we'll keep going from there. So a little bit of background on the company, which we like. Now, just real quick on the Vision 2027. I'm happy to report that pretty much we're on target. For those getting used to our story, these numbers are the numbers we presented back in December 2022. These numbers, these goals have not changed. These goals are the same goals. We put them out there. The team has worked extremely hard. I am happy to report that as we stand here today and looking to next year, we will meet our revenue on the left, which is a nice job with all the drama we had with Boeing in 2023 and 2024 and some other things. The adjusted EBITDA margins, we signed up for 500 basis point improvement, we are going to deliver. That is, I think, a very nice job. Then engineered products, which we are going to talk a lot about today. We are also committed to having that roughly 25% of our revenue by the end of next year, and that also is on track. Just a little bit of that. We will report on Vision 2027 next year. It is not going to be like, "Okay, we had the investor meeting. We are on to 2032. Let us forget about it." The usual corporate stuff. We are not usual corporate people, okay? We are committed. We will make sure we report on it next year and meet our commitments at the end of 2027. Thank you for that. Okay, so when you set goals and you work hard, right, and you have success, and all your people are engaged and you have good products and customers love what you are doing, this is what happens. Okay, so this is a little bit. You can see the journey for our Vision 2027 and over the last two years, the magnificent increase in our stock performance. This is a tribute to my team and also our loyal shareholders getting behind our story. You can see the TSR since the end of 2022 is 243%. The market cap has gone way up, and also our average daily traded volume has gone up as well. We have, I think, really set things up nicely the last four or five years coming out of COVID, coming out of these terrible MAX crashes, and I think now, just an aside, reflecting on today, there couldn't be a better time for Ducommun to have Investor Day, right? Obviously we are proud of what we do, but also it is good to be a little lucky. This is a great time to talk about Ducommun on our markets, and we will tell you why. Revenue growth, I am not going to get into this too much. This is 2027. I know you are here for the next phase here, but we have had great growth in missiles, radar. Commercial aerospace, I am happy to report, is really coming back, as you know. I was just up at Boeing with the folks a couple of weeks ago for the 737 MAX line, and super impressed. Kelly and everybody is doing a great job up there, so thanks to them. We have had a lot of organic growth in engineered products, which we will talk about. How did we get to earn the adjusted EBITDA margins of 500 basis points? First and foremost, it is the change in our revenue mix, going more to engineered products and aftermarket. That is critical. When I first came in, that was the number one goal. Okay? Is to make sure we change our mix, we build our aftermarket, and we build sole-source engineered products. Okay? Numero uno. Okay? That is what we have been driving towards, as well as making sure, to the right there, we are getting all the value we can and the value of the pricing for contract manufacturing. Then also we are doing some smart things, I think, on restructuring. And we have done some of that as well for footprint consolidation. Here is the engineered products growth, just to look under the hood a bit here. In 2022, we are $110 million. Next year, we are going to be $250 million. I just want to point out that over $100 million of that is organic growth. Let me just say that again. Over $100 million of that is organic growth. That is our engineering teams getting stronger, our engineering teams getting broader, putting out new products that customers need and want. Okay, so it is not just acquisitions. Acquisitions are important. They will be an important part of our story going forward, so stay tuned for that. A lot of this is, on the right there, all the things we have done to build organic growth in engineered products. So we are thrilled with it. You are going to see this chart a lot. This is our sort of engineered product portfolio. You have seen some of this this morning. Left to right, you can see all the different businesses. We have done five acquisitions since I started in 2017, and they are noted there. You can see them. At the bottom there, when I came in in 2017, we were 9% engineered products, 6% aftermarket. You see where we are today, and I think we are in great shape for 2027's target. Overall, I think an excellent report card and we are going forward. Okay. Vision 2032 plan. Let us get into it. A lot of you have seen this chart. Let me just get baseline for those that are new to the story. From left to right at the top, you can see our revenue, our LTM, our margins, and also very important, our RPOs. We are very proud of our order book. The RPO has gone considerably up in the last year or so. Customers, we always say, speak with orders, right? Customers speak with orders, and so we really like that saying. You can see we are 58% military. That is probably going to stay for a while just because of our missile radar and other products that we produce. That is going to modulate probably a little bit in the next three or four years. You can see the mix of commercial at the bottom here. For the commercial aerospace business, we are sort of narrow bodies are us. We like narrow bodies. We do have some significant content on the 787 as well, but we are primarily focusing on narrow bodies and some other things like business jets. On the right are all the products we are on. I am not going to go through those because Jerry and Clay are going to get into that, but you can just see the pictorial there. The range of our customers, and we are mainly a Tier 1, though we do a lot in Tier 2, which we will also highlight in the next few slides. Okay, our segments. This is how we go reporting for our segments. Again, for those new to the story, left to right, we have electronic systems and structural systems. You can see the revenue for both. You can see the adjusted EBITDA margins. The products that are on the slide there, the highlighted products in yellow are engineered products. And then obviously, we do a lot for customers in contract manufacturing, where let me just point out again, we have a lot of IP in our processes, we have trade secrets, we have things that we have been doing for decades, which we are really proud of. And we always like to think about, what kind of moat are we building around our contract manufacturing? We know that engineered products, we have a considerable moat, we have considerable strength, for market, for competitors, and we are always trying to build around our contract manufacturing to make them stronger, with better pricing power. And we will talk more about that. You can see our key customers, both at the bottom for both electronic and structural systems. So that is a little bit on our segments. Here is a good-looking group, right? So, I think this is important to show. First of all, I want to obviously show our leadership, but also just get your understanding of how we work at Ducommun. We are very lean, but we like it that way. I think when I came in in 2017, Ducommun had like 16 vice presidents. That is a true story. I said, "What are all these people doing all day?" You know what I mean? So, that changed quickly. We really just have myself, we have my five direct reports, and then we have the performance centers, and we will talk about those, and those are the people that are making the products, and driving the teams each day. So, proud of this team. It took me six years to get this in place, but we have an excellent team, and I thank them for all the support. We talked about this just previously about a Tier 1 supplier. So we like Tier 1 because we are talking to customers, we are talking to RTX, we are talking to Lockheed, we are talking to Northrop. So we get a lot of information on markets, on how to get better at our business and actually add more value for them. But also we do a lot of Tier 2, which is fine as well. Tier 2 is also a very good place to be in aerospace. So that is just a little bit there. Again, you will see this chart again and again, but this is one of our favorite charts. Again, this is just the engineered products. So engineered products now as you know is a little less than 25% of our business, and shortly I will tell you where we are going to take it. So that is a little bit there. On our manufacturing services, we will talk more about this, and Jerry and Clay will help as well. From left to right, the takeaway from this chart is that we are only going to be involved in sort of manufacturing services where it is really hard to do. We only want to be in businesses where it is just really difficult to make these things, because that is where you are going to develop your manufacturing IP. That is where you are going to build your moat. That is where you are going to have some pricing power. That is where you are going to have less competition because it is either too hard or there is just too many things, or people look at it and they say, "You know what? Let Ducommun do that." And a good example is titanium hot form and superplastic forming. We are the only ones, we are the top supplier outside of Toulouse that does this product. And there's other small players, but we're number one in the world outside the OEM Airbus. That's a good example. Circuit cards, we'll talk about that. Interconnects, stretch form, we do a great job. VersaCore is our composites. I'm very happy with where we are with our contract manufacturing and our manufacturing services IP. All good stuff for our investors. Here's our plan. We're going to get into this a little bit. I'm going to spend a little more time. No secret here, the first bullet is we're going to double down on engineered products and aftermarket revenue organically. We have built stronger and stronger engineering teams, bigger platforms. We're getting better every day. These things take time, but I told you about organic growth over the last four or five years has been over $100 million, so that's not going to change. One of the big changes here is the acquisition size. We've kind of always been a $75 million, $100 million, $125 million player in acquisitions. Maybe if we had to, we could go to $150 million, but that's all we could have done in the past. I'm happy to report because of our growth at EBITDA, because of our stock price, because of all the things that we've done together, that now we're going to be able to look at a $300 million deal. Now we're going to be able to look at a $500 million deal. We've never done that. That's the big takeaway. This is fantastic news. I can't tell you how many times we told the banker, "You know what? We love it, but we got to pass." We did that in the past because we just couldn't afford it. This time, we're going to really step it up. It's all because of the Vision 2027. It's all because of the success of our team, where the market is today in aerospace defense. Be looking for us to really increase our view of what's possible for Ducommun, up to a $500 million deal, which we can now do. We talked about the defense revenue. I was just talking to Ken earlier. Sometimes it's good to be good, and sometimes it's good to be lucky, and we're kind of both. To be in this place right now with the industry where it is, I'm just going to also mention, this is late-breaking news, is that our radar business was always just an okay business. Now it's really come on. I've talked about this SPY-6 forever on the calls. I'm sure you guys are sick of hearing about it. Just yesterday, I'm happy to report we got a $72 million order from Raytheon for SPY-6. $72 million. That's only two circuit cards. Just think about that. Two circuit cards, $72 million. We got the order yesterday. It's now in our backlog, so I can officially discuss it. The other radar news that we got just a few weeks ago, are you guys familiar with the Wedgetail, the E-7? The E-7 Wedgetail, which has been a lot of drama in Washington, whether they are going to fund it or not, and they finally are going to fund five. We just got an order a few weeks ago on the MESA radar system for over $53 million for the first five units. Credit to Jerry and his team for doing that. Thank you, Jerry, and really delivering. We have this amazing missile business. We will talk more about that. This radar business as well, just from a lot of hard work the last few years, is exploding. Commercial aerospace production ramp. We all know that is going to happen. Kelly is now at Boeing. Airbus is going to do their thing. The most important thing for our investors is that it is going to require very little capital. We do not got to build a new factory, do a greenfield, spend your money on things that maybe we do not really want to. We do not have to do that. That is going to be terrific for the financials. Strategic pricing, repricing, that is something we live and breathe every day. I will tell you that our Airbus contract is up at the end of this year, so we are repricing with Airbus. That is the news. More to come there. We are in engagement with them right now, but that contract ends in December, and we are highly engaged with Airbus, and we will have more to report out on the quarterly call. Repricing, strategic pricing, engineered products, build the moat, all the things that we need to do and that you want us to be doing. Finally, on the last one, even though we are still lean, we are going to add top talent to the organization. We have to with these numbers going up, right? We are going to have to have some more talented executives. I always believe in the Jack Welch rule is it is people first, strategy second. People first, then strategy, not the other way around. That is going to happen. Goals on the right. We are thrilled with this revenue goal. We hope you are as well. We generally have always been about a mid-single revenue player year-over-year. Now we are really stepping up, and this is the CAGR. This is not just one year. We are thrilled with that. We are going to sign up for 600 basis points of EBITDA. We are not going to hedge it. We are not going to do 400 basis points- 600 basis points, and we are going to kind of have an opportunity to kind of re. No, we are going to go for 600 basis points. Remember, in 2022, we said 500 basis points. We did not say 300 basis points- 500 basis points. That is not who we are. We basically said, "This is what we are going to do, and this is where we are heading." Our EP mix is going to be 40%. I would like to see it a little bit higher. We will have to see. Five years is a long time. Five, six years is a long time. But that is the floor. Then aftermarket at 20%. We will talk more about, but that is kind of the headline right there. The roadmap now on engineered products, we're going to have the new product pipeline. I told you about organically how we're going to do that. Win new content, move into adjacencies. The volume growth, we've seen good growth across our businesses, and we talk about pricing. It's basically new products, ride the volume, and making sure we get paid for our value. That's the goal for the 40% and 20%. The acquisition piece I talked about, we're going to step it up here. Again, this is something that's brand new, especially for new investors. This is something that we could never do. I've been at Ducommun almost 10 years now. It was not happening. Now it's going to happen, okay? We're excited. We love big deals. We just couldn't do them before. We'll do the step change deal. We'll continue with the tuck-ins. We're going to get to this 40%, and we're excited to deliver for you. Okay, so that's a little bit on EP, a little bit on M&A. We know about the defense spending. This is sort of where we think it's going here. I know you're all clued in on this, so we don't need to spend a lot of time on this. But this is an important chart here. This is the missile and weapons part broken down just for Department of War budget. What we see for the next six years, including 2027, and you can see the missile and weapon number is really big. On the right is all the programs that we're on. Just so you know, all our revenue, everything to date, does not have any of the seven-year deals in it. That's all coming forward for investors, all coming forward for Ducommun. We'll make sure you all know that. We're waiting for major orders, especially on the Tomahawk. We think that's imminent now that Raytheon has their $22 billion order for Tomahawk. We know about standard missiles. We know about AMRAAM. PAC-3, I was just, again, talking to Ken earlier, I think the 3x of the PAC-3 is going to be higher. We're major players on the PAC-3. We're the sort of go-to person for circuit cards for Lockheed on PAC-3 in our Tulsa facility, and I think that's going to go higher. I think interceptors are going to be even in more demand the next few years. So stay tuned on that. But this is a great chart for us. Again, this is a great day to have an investor meeting with all this in front of us. We hope you're excited. We are, too. You can see on the left here just the many products that we support. You can see the radar, the SPY-6, and the MESA. Our SPY-6, Jerry was telling me this morning it's over $100 million, right? 107 in our back. Thank you. Jerry's right on that. Good job. You can see, so that's a new piece for investors. I've been talking about it for a while, but it's really starting to come home now, as well as, the missile is just off the charts. You can see on the right here, our franchise, we expect mid-teen CAGR through 2032, which is a big number. It's a big number. We're very excited. We hope you are as well. Also, let me just say about the new defense, on the left here, you can see all the things we are doing here, with missiles and radars. We are in the Navy, do good work for the Navy, the war fighters there as well, hypersonics and the counter UAS. But we are also starting to work with Anduril. Anduril is actually our neighbor. Anduril is also in They are lucky they get to work in Orange County, California too, like me. They are out there in the sun, and so am I. I am also very happy that we have a better and better relationship now with AeroVironment, with AV, with Wahid. Wahid and I have developed a good relationship. I am really working hard with AeroVironment to help them, with their products, and obviously Kratos and a few others. We are not only the legacy thing, which is going to be there for a long, long time, so we are excited about that. We are also working with these new players. It is a little tricky because the new players, if Lockheed is going 50 mi an hour, the new players are going 150 mi an hour. I mean, it is just the way it is. But we are small enough and we are lean enough that we can keep up, so we are excited about that. We know about commercial aerospace. It is all great for Ducommun. We are going to get to 63. The guys will talk about that later as far as picking up content on lots of things, so we are excited about that. We make skins. We make different things now for the MAX. We never made skins for the MAX before. I mean, this is really big business. When Boeing Wichita looks at their business, and they are going to go to 63 fuselages a month, I mean, to capitalize that and to hire all those people to get to 63, they are going to think twice. I know that. So they are going to look for us to maybe pick up 15 or 20 skins, and maybe we just make four skins now, and there is over 40 on the fuselage of the MAX, but we think we are going to get a lot more share. These are things just that are coming our way. All right? It is all just baked in the cake, as they say. Lots of good things there. Airbus will do their thing, and we will get the repricing done. I am fully confident with Airbus in the next month or two. The guys will get into this. This is just sort of the key commercial platforms we are on. You can see the ship set numbers below. Again, this presentation will be on our website this afternoon. As standard with us, it will stay on our website. It will not change. Just like in 2022, we put the presentation on the website, and it stayed there. This is our commitment. This is who we are. Transparency, 1,000%. They will talk more about that. I am going to wrap up here and turn it over, but I do want to just kind of go again over the Vision 2032. No surprise here on the double down organically for EP and aftermarket revenues. This is something we really couldn't talk about in 2022 because we didn't really have any scale. We really didn't really have much scale. We did okay. But now after three or four years building out the teams, getting better talent, new products, knowing what we're doing, I mean, this is going to be a home run for investors. This acquisition size is a big deal. Again, I'm just being honest with you. We never thought we could ever do a $500 million deal. I wish, and I wish. But that was just not in the cards, and now it is. So that's a huge thing for us. $300 million, $500 million, that's wonderful. I talked to you about defense. The guys will get into it more. Commercial aerospace, only one way but up. Again, just count on us for the pricing. Count on us to sell value. Look, when I came into Ducommun in 2017, the thinking was all about just the size of the order. It wasn't about what you were going to make. It was just like, "Oh, we got a $50 million order. We got to win this thing. Our life is over if we don't win this," right? And the answer to that is no, it's not. If we're going to sign up to take this kind of order, we have to get paid. We have to get paid for our effort and paid for our value. And that's totally been changed over the last seven, eight, nine years. And that's a great thing for investors. And I'm going to tell you this, we're fair with the customer. If the customer can get a better deal and go down the road and we can't match the value, hey, we'll work on something else. Work on something else. Nothing personal. We'll always support the customer. Don't get me wrong. The war fighter, the whole thing. That's kind of how we operate. Obviously, the talent, you see the goals here. So, you guys will see that more. I'm a little bit early, which is good, because I want to keep being efficient here. Now I'd like to introduce Jerry and Clay, and they're going to walk you through some of our wonderful products. Let me just sit, Jerry. Thank you. Thank you, Steve. Thank you, buddy. Thank you. Clay. Jerry. Okay. Hello again. Clay and I are going to give you a little more color and background behind our structures and our electronics. We will talk about who we are today, what our focus is, and then most importantly, what is the trajectory, what are we looking at, what are the key things that we are focused on going forward. Structural systems. Highlighted here are key products. Again, this is a mix of engineered products and contract manufacturing. We will talk more about each of those, but contract manufacturing from our presence, these are highly proprietary processes. It is niche processes. It is the most complex products within these arenas, and where we have positioning, leverage, pricing power, and some exclusivity with the competition. Nacelles, fuselage panels, firewall exhaust, forming, hot forming, superplastic forming, flight control surface assemblies, metal bond composite. An example of that is the Boeing spoilers, the 12 per ship sets that we referenced earlier. Pylon auxiliary power units, rotary blades. The example here is the Apache tail rotor blade. We are on 100% work share on the Apache tail rotor blade. We have had that for many years. We do that out of our New York facility. Missile assemblies. We have a large array of products, significant, and we will talk about that more, but electronics and structures as well. Structures example is a TOW missile case, and quite an array of electronics that go across the missile platforms. Then MagSeal, extruded thermoplastics, the aerostructures that Clay shared earlier, key engineered products that we will give you more color on. Looking at the structures, kind of the highlight on the top, you look at the key point here is world leader in titanium. Titanium for us are the aerostructures on the commercial platforms as well as key defense programs. Proprietary process internally, we are one of three in the world. We are openly regarded by our customers as a world leader in this arena. We have the greatest capability, the greatest depth, the greatest capacity, and so we have that leverage, we have that pricing power. We have been regarded for our world-class performance with awards, and most importantly, continued awards and pricing power with that. We are well-positioned across the commercial platforms. As Steve shared, the single aisle, A320, the MAX, strongly positioned there, A220. Then defense. We say robust defense and growing. We will talk about the key programs, our focus there, but we are heavily weighted. Our growth trajectory, along with the commercial growth, the recovery, is on defense. We do that through eight scalable performance centers. We highlight the term scalable, and we are very well capitalized today. If you go back several years, the steps we have taken to prepare for the rate ramps on the commercial side, what we have expected in the market on defense, has grown significantly beyond that, but we have equipped ourselves to do that. We will look at what that CapEx investment looks like going forward, but it is very minimal in contrast to the growth and to the synergies that we are going to gain from that. The VersaCore proprietary process, a process within Ducommun. We acquired that many years ago, and at the time, there was a high-tech product called a surfboard, in California. This process was used to produce surfboards. We took that process and we industrialized it, and we put some engineering to capstone on top of that, and now we produce aerospace products. One of the key products is the blocker doors that go in the GE LEAP-1A engine for the A320. We are 100% work share. There are 10 blocker doors around the circumference that pivot and manage the controls of the thrust reverser, and then we have fairings and panels within that nacelle. We have actually 26 assembly parts within each nacelle, 52 per ship set on the GE LEAP-1A and the A320. Key markets, as you can see, military, heavily weighted, 34%, our narrow body, 35%, and these are again looking where we are at today, and with the growth in the single aisle, both the 737 and the A220, we expect that to grow. Our wide body and biz jets, and then commercial aero, which is weighted on rotorcraft. We are also focused on opportunities where we are increasing our work share and we are increasing the scope, the part count, and some more to come on that following in the near future here, but we are adding to our bill of material. A customer breakdown. You can see the weight here with Boeing. Shenyang Aircraft, again, we produce the entire fuselage for the A220, all the skins. We ship those to China, they do the interior fasteners, and then it goes straight to Airbus, to the several plants that produce A220 today. ST Engineering, previously known as Middle River. It is where the GE LEAP-1A product goes. As you can see, RTX, TIGHITCO, which is product that goes to Sikorsky. We work very closely with Sikorsky along with TIGHITCO, and then all other as noted. Platforms, as we spoke to, you can see that the key programs are all noted here. Key sectors and applications. Again, commercial aircraft, military, commercial rotorcraft, our missiles, fixed wing, and other, and then our biz jets. As Steve had shared in one of his previous slides, again, this SPF, the superplastic forming, the metal bond, the composite, both the process that was designed for that product, such as the spoilers, and then the VersaCore technology metal bond process with a core that is proprietary, that is under our IP. As Clay has shared earlier and share more, our excluded thermoplastics, which is a highly proprietary process for very specialized, high-requirement plastics, and that has been one of our acquisitions that has been very successful. Military rotorcraft, commercial, again, titanium exhaust ducts, example is CH-53K. We have the exhaust ducts, and that is a complex assembly of titanium and hard metals that we produce in our Coxsackie, New York site. We also have the inlet ducts as well, which is a mix of metal and composite that we produce. Metal bond blades, just a wide array of titanium products, ammunition handling, and the FastFin, which Clay will share more about. Missiles. Missiles is a significant growth trajectory for us today. Significant backlog. We are the incumbent on all the programs that we will be looking at here that Steve has shared. Dorsal fins from the structures side. We build the SM-2 dorsal fins. Initially, that was an opportunity for us. There was a customer design, we looked at that design, and we felt a better solution to that design. So we designed that dorsal fin product collaborating with Raytheon. It is obviously their IP, their formal design, their release, but we produce those as the incumbent and just an example of where we integrate with our customers on the design side puts us in a strong position as the incumbent and for legacy demand going forward. The biz jets, again, superplastic forming, stretch forming, and the winglets and propellers, again, part of our engineered products. I will jump in here, Jerry. As Steve pointed out, you are going to see this slide again and again and again and again. You will see it two more times here. Within structures, we just want to talk about some of the engineered products portfolio that we have here. We are going to dive deep into each of these. This is our playbook. This has worked really well for us. With each of these businesses, proprietary design, sole source positioning, aftermarket content, that is how we win in these businesses. We have pricing power. Good news is also is we are continuing to develop new products, internal research and development as our new products hit the fleet and as we service them in the aftermarket, we are always looking to invest to make sure that we are on the cutting edge of product. Go on to the next slide, Jerry. All right. Magnetic seals. We love magnetic seals. Once you are specced in, designed in, you are there to stay. We have been doing magnetic seals since 1954. We are the leading designer of magnetic seals. If you flew here on a 737 or an A320, A321, you were flying with magnetic seal. We are proud of what we do. Anything that really spins, you are going to find magnetic seal in. Those that were here for the product showcase, we showed you several different designs of those. Great business for us. We have grown that business 3x since acquisition, and some of that is just through restructuring some of our channel partner deals. We go direct now to OEMs. We go direct to DLA, which now we have control of that. In the past, they used other channel partners to do that. It has helped us tremendously. On the right side here of the slide, ammunition handling system, Nobles Worldwide. Near and dear to my heart. That's how I came to be part of Ducommun. Nobles was established in 1948, and it is the center of the universe when it comes to ammunition handling systems. When we were acquired, we were just mainly dealing with components. We were dealing with chutes, ejects, some boxes. The strategy was we were going to go more of an engineer product, meaning we were going to design systems of systems. Anywhere the ammunition was stored, we were going to take it to the gun, and that's been very successful for us. We've grown our content two to three times on the ammunition side. Again, we do have the subject matter expertise in engineering. We've got a great team out in St. Croix Falls, Wisconsin. I do want to reiterate, we are the center of the universe. We were just awarded a contract through Rheinmetall Italia, which is a business that usually would work through Germany, for their chutes, and now we're providing those chutes in for a new system that they've been fielding for quite some time. So we're also displacing others. Talk a little bit about next generation, what's coming next. 50 mm, the XM30. Some of you may have heard that program from, if you're into defense, it's the Bradley replacement. I've been part of the Bradley replacement for 20 years, and my fingers are crossed that we're finally to the point that we are going to replace the Bradley, and we're awfully close. The down select for the XM30 started years ago, and we're to the point next year where they will choose between American Rheinmetall Vehicles and General Dynamics Land Systems. I'm happy to say, proud to say that we are on both teams. So well-positioned for that down select and looking forward to supporting the war fighter. That program will grow our business tremendously. Just the XM30, truly nearly exponential growth when this thing is in full rate production and we're servicing it in the aftermarket. Another component with 50 mm, speaking directly about 50 mm, new program, cannon-based air defense. Again, those who weren't here for the product showcase, speaking a bit about drone defense, drone defeat. We talk a lot about missiles, shooting high-dollar missiles at drones, cheap drones. We talk about shooting lasers. Lasers, they don't operate in all environments, so at the end of the day, you still need a direct fire cannon system. We are partnered with Northrop Grumman on their cannon-based air defense system, which is part of the Golden Dome. We are developing a hybrid system that has deep magazines, and again, we're seeing huge quantities for it, and there's demand across the globe for that specific system. With that, I'll go over to BLR Aerospace, aerodynamic structures. Again, another business near and dear to my heart. Steve has entrusted this business to me out there in the Pacific Northwest. So I tell you right now, the weather's great, but it's not about to be, so maybe we can find another business so I can go somewhere else in the U.S. Just kidding. Main products there, FastFin. FastFin, we modify tail booms on helicopters. Bottom line is we reduce drag and increase lift. From the factory, we are factory-installed on the Bell 412. We are factory optional on the H125. Black Hawk, I know some of you have been tracking our progress there with the Us and Ls that are leaving the U.S. Army fleet. They are going into firefighting outfits. Those firefighting outfits need additional lift. They come to us for that additional lift. It is successful for us, and as more and more of those aircraft hit the fleet, similar to the Bell 412, I might add, from back when those were retired from the Army, we will start seeing a pickup in business there. We have a partnership with MT-Prop on the fixed-wing side. We are exclusive distributor of MT-Prop for King Air. We also are the patent provider of King Air winglets. We have an STC for the 200. I am happy to say that we just received our supplemental type certificate for the 300. We will be servicing the aftermarket with the plan to, with our friends at Textron, capture that OEM business as well. A lot of good things going on there. I just want to touch base on one more initiative we have. Because our MT relationship is so successful, we are looking to clone that and look for other businesses where we could distribute for different businesses, mainly in Europe, aerospace businesses, and there is an outfit out of Italy, Boschi Aerospace, that we have just signed an exclusive agreement with, and we will be distributing their products into the Americas. Products I am excited about are the baskets, working on STC right now, mirror systems, and they have a next-gen camera system. Good relationship, and that is just starting now, and we are looking to push that forward. Lastly, I will just touch from a BLR perspective, the Black Hawk. I will say that within 12 months, we will be flying on a U.S. Army Black Hawk helicopter, both the Victors and Mike models. There are challenges at altitude, and we are working directly with those units that are required to fly at altitude, and we are working on a program to integrate and test. All right. Moving on to certified thermoplastics. Jerry touched on this as well as I did in the showcase. Highly proprietary process we use for extrusions. We compete against Pexco. We do hard things. We extrude material, PEKK, ULTEM, resins that are difficult to work with to keep tight tolerances, and we have got a great team out in Santa Clarita who is doing that for us. Again, most likely, you have probably flown with some of our product on the way out here or when you do travel. Turn it back over to Jerry. Okay. A little more color on our superplastic forming. Again, we are the largest non-OEM provider of SPF, and the other OEM is located in France, so you can probably figure out who that is. We are a key customer and provider to Airbus on this as well. Again, we are on all the leading platforms, commercial, we are on defense, proprietary process, and we have significant capacity that we have made available. We are growing with the program rates, but we are also focused on capturing new part numbers, and more to come on that. We are very close to that. Not ready to announce anything yet, but we are very close to capturing additional part numbers for the leading platforms. We have invested in our technology. We are well-positioned today, as shared. We spent about $40 million over the past eight, nine years on expansion, press capacity, and all the ancillary equipment. We are well-positioned today to support the growth rates and to add additional part numbers to our bill of material, to our backlogs. Aluminum stretch forming, and we shared this in the showcase. Leading provider, stretch form skins. Steve shared, we are on the 737 MAX now, and we have been working very closely with Boeing. Steve was in Seattle a couple of weeks ago. We met with Boeing, Steve and I, last Friday, and we are executing together and partnering on increasing that work share for additional skins to support Boeing Wichita, where those skins are produced today. Airbus and Boeing, when you think of structures relative to titanium, metal bond assemblies, the products that we produce for Airbus, we have been engaged with Airbus for about 10 years. We have been a top provider. We have been receiving the top award. I was in Toulouse a couple years ago and got called to stage. We got the big Detail Parts Partner, D2P award, for performance. We have become a growth partner with them, a trusted partner. We have been performing at 100%, so we are highly regarded for our performance and as well as the niche process and the key position we are at with the superplastic forming, as well as hot forming. There is not really an alternative other than to bring that in-house, the OEM bring it in-house, and then there is one other. But we far surpass the capabilities and the scope and the depth to perform. Again, it is contract manufacturing, but it is highly proprietary IP. It is our process, and we are able to produce large, complex, highly contoured parts to all the requirements. Boeing, a lot of legacy here since the mid-60s. Really the same story on the SPF, the hot forming, on the metal bond process, as we shared. A key example of that are the Boeing 737 spoilers. We produced the whole ship set to spoilers, 12 spoilers in our Guaymas, Mexico operation, which we put in place. It has been there for quite a long time, about 12, 13 years. The new building we put up about two years ago, it is a state-of-the-art facility, and it is positioned to grow with the capacities that are needed. We note the Apache Tail Rotor, just as an example, sole provider. We are continuing to engage, highly engage with our customers, both Boeing and Airbus, on renegotiating agreements where we can, pricing leverage, as well as increase opportunities, new part numbers to add to our bill of material. Just a few thoughts on their words on our Guaymas, Mexico operation. Today it is metal bond, it is VersaCore, and it is hard metal fabrication, but heavily weighted on the metal bond, the VersaCore products. The spoilers, the TOW missile case, the Middle River, the GE LEAP-1A engine product, key focus there. We have expanded. We have about 115,000 sq ft. We have about 200 employees. You say, "Well, why Mexico?" Logistically, it is an easy spot to get to for us. We found that the talent that we are able to draw on board, the technical talent, the technicians, the engineering, has provided leverage, pricing power, margin power, and it has been a great operation for us. So we have reset that. We have expanded. We have invested in capital, and we are pretty well set today with what we have there to support the rates and further growth. Highlights across structures. Again, niche engineered products is key. Niche processes where there is contract manufacturing. We are very focused on value pricing. Value pricing and how do we acquire value pricing is because we have niche processes. We have, Steve calls it a moat that we built, and we are able to apply that leverage based on, as simple as this sounds, 100% quality and 100% delivery. When you are talking with customers about pricing and opportunity, delivery and quality is ultimately the end objective, and we have been providing that. We provide that. Capacity, we have sustained the capacity. We built the capacity. We are positioned today for the growth. We have expanded in all the key areas, superplastic forming, hot forming, our composites. Our footprint in Mexico has been a success story. It will continue to grow, and we will continue to seek opportunities to apply the VersaCore Composite technology across metal bond opportunities. We are very excited about our structures, again, both engineered products and highly proprietary process for contract manufacturing. We will jump over to electronics or electronic systems. Key products, as shared in our showcase, ruggedized interconnects. Our whole strategy behind electronics is not to be a circuit card provider. It is to provide solutions to our customers for the programs and the platforms. That is really key. Those solutions equate to the most complex, the highest requirement products that are within these systems. Ruggedized interconnects, these are examples of the Tomahawk missile and other key defense products where the test requirements, the environments that they are in, complex supply chain, test requirements is really our focus. As shared, circuit card assemblies, the next level, control boxes, a key focus for us. Avionics, engineer products, lightning production systems, motors, resolvers. The motion control and measuring that motion, and then custom RF components. Again, electromechanical switches, which we are taking the RF signal, and we are communicating that to make that switch command. Who are we? Electronic Systems. Again, considered a leader by our customers. We are highly regarded by our customers for the products, for our performance, that we are operating in. Very, very harsh requirements that our products work through, hard requirements from a product test requirement. We have a trusted domestic footprint, so the only out-of-country facility we have is in Guaymas, Mexico. All the electronics is domestic. Again, highly focused on our robust, high growth on defense platforms. We are the sole proprietary market position with these niche segments across the board. Then we do all this through seven scalable performance centers. We will talk a little bit about the CapEx investment we have made and what is still in front of us, but very, very minimal in contrast to the growth trajectory that we are on today. End markets, heavily weighted on military and defense, on our electronics, commercial and other noted. Customer breakdown, largest customer is RTX, so we are highly engaged, almost on a daily basis with Raytheon directly, myself and our team, very much so across all our customers. Northrop, and Steve shared, the MESA E-7 Wedgetail win, a great opportunity, but we are continuing to grow, with Northrop Grumman. They set up a supplier council, small group with their senior team, and I was fortunate to be included in that panel. So we have a lot of engagement, with Northrop Grumman. Then other customers noted, Simmonds Precision Products, previously noted as Collins Aerospace. So recent PAC-3 award their platforms. You can see missile, radar, electronic warfare, military, commercial, F-35, heavy content F-35, and others. The key here is this is our snapshot today. The growth trajectory heavily focused on defense, heavily focused on missiles, where we are the incumbent, and we are working through those agreements today, literally on a daily basis, to set forth the next pattern for the horizon in front of us. Key sectors, applications. Again, I will share the key points here, but missiles, the military aircraft, UAVs, naval, nuclear submarines. Basically what this depicts is land, sea, and air. Land, sea, and air across our electronic sectors. Space and communications. We focus on space and communications, where there is ultra-high requirements, there is some scale to that. We are growing in that arena as well. Our key programs, as shared in the previous slide, noted. Again, it is highly proprietary processes, complex, the niche processes, difficulties in the longevities to be qualified, and we are positioned today on the programs that we are on. Our pricing power is strong. Our opportunities to continue on these programs is solid based on the difficulties to make a change with these sources. The capstone behind all this is performance, right? We deliver on time, we are delivering quality, and we maintain a high engagement with our customers on all the initiatives that they take place on. Steve shared this slide. Key takeaway for us, the highlight here, missiles and weapons. Missiles and weapons. If you look to the right, the programs noted, AMRAAM through THAAD, all in between, we are on all these programs today. We have our bill of material across all these programs today. We are the incumbent. We have been regarded as a top performer. We are working today through the rate increases, delivering to higher rates, and we are deep, deep into the process, literally on a daily basis, with our customers. I am, our team is, on setting up the next wave of agreement. As you know, the landmark agreements. Tomahawk is an example of that. We will be meeting week after next in Phoenix on the Tomahawk and working to get closure on the next wave, the go-forward plan and agreement for that. Very strong position. Our focus is to support the rates, provide value pricing, not low pricing, value pricing that is aligned with the performance and what we have contributed, what we do contribute. But we are very well positioned today to execute to the rates forecasted. On the portfolio, you can see the programs, you can see the growth. A key part of our vision, Steve shared 2032 Vision. We consider ourselves a franchise, missile and radar. Proud to share the wins that we just had. We had a nice win yesterday. Timing was great for that, to support the CAGR in our Vision 2032. Scaling our production to meet capacity. The question is, can you do it, right? It is always a question from our customers. Can you do this? Are you prepared to execute? Noted are the kind of the snapshots between Appleton, Joplin, Tulsa, Huntsville. Appleton and Tulsa are focused on the highly complex defense circuit cards, as well as the next-level controller. Joplin, harness, interconnect, cable assemblies. Huntsville, Arkansas, an array of electronic controls, complex SM-3, SM-6 thrust vectoring is an example of a Huntsville product. Noted is the CapEx investment, and this is looking back a year, looking forward of what is the investment to ensure that we are established for our capacity requirements going forward. We are equipped with the automation, with the technologies that are needed to support the programs, our competitiveness, and the end requirements. About 80% of this spend has been launched and about 90% of it by the end of next year will be spent. We have either acquired it or it has been launched for the most part, and then as those lead times are in play, the end of 2027 will be where we are at. There is pretty minimal CapEx investment. A large percentage has already been spent. It is already behind us, and then the balance of it will read through now through the end of 2027. Here is that slide again. I can promise this is the last time you are going to see it, but this is the last time I will brief it. Within electronics, with our electronics group engineer products, from left to right, human machine interface products in Carson, California. Lightning protection, also in California. RF switches and motion control. Steve hit on this. This is our playbook. Proprietary design, sole source positioning, aftermarket content. That is what wins the day for us again and again with this portfolio here. All right, next slide. Human machine interface, we have been doing this in Carson, or we have been doing this for 50 years. We design and manufacture proprietary sole source push button rotary and electronic switches used in military and commercial aircraft. We talked about it at the product showcase display. One that very interested me is the F/A-18 WATD program, and the reason that was developed is when the sun would hit the cockpit just right, you could not actually see the warning panel. We redesigned a fix for that, now it is going into all F/A-18s, which is great news. Engine start switches, and Jerry has some other news on from a human machine interface wins. Yeah. As we shared, we are on the F/A-18. We talked about the push button switches and more to come that we are working through. I will just leave that. Our future is bright and we are highly engaged with our customers. We are building the products, we are designing the products. It is our IP, and so there is typically no work share. It is our product and we have the OEM and the aftermarket. It is definitely a growth trajectory for us, and we have an aggressive growth target and we are highly, 100% confident we are going to hit it. We look at our engineer products and the Carson facility operation and we have got a good future ahead of us with HMI specifically. Then on lightning protection, we shared that an aircraft is struck by lightning once a year, 1,000 flight hours. If you haven't been in one, maybe it's close, but the good news is we've been protecting you since 1982 from a lightning protection perspective. Diverter strips protect avionics, they protect electronics. Surge suppression, if we do have a big surge within the aircraft, obviously, we need to suppress that before it moves on to critical components, and we're doing all that in Huntington Beach. Mentioned today, shock tape. We were awarded a contract last year, through Lockheed Martin for THAAD, to help with lightning protection on the actual launcher itself, and we're qualified. We don't have a production contract, but that's an area that we're going to look to, it's an adjacent market that we're going to look at. Obviously, you need lightning protection across the board. Why not launchers? We're going to be pushing into that. Another recent award for us, Starlink. When you guys are accessing the internet, please think of us because we're providing that lightning protection for those domes on the Starlink piece as well. All right. Motion control, again, motors, resolvers. Motors control the motion and the resolvers measure the positioning. Again, proprietary design, OEM, aftermarket, RIP. We're on land, sea, and air. Highly specialized products. Again, our customers come to us for their solutions. The radio frequency products, RF products, focused again, electrical, mechanical switches, processes the RF signal within the system, and then we direct that to the given needed commands. Highlights. Just also before we go to highlights, I want to share one key new product line that we're working on, and we're in a really strong, great position. It's LVDT, Linear Variable Differential Transformer. What an LVDT does, it measures the positioning of a flight control actuator. Measures positioning. The electronic signal that measures that positioning. Every flight control actuator requires that positioning, that sensing, that measurement. We're currently, it's a brand new product line for us, and we have 13 that we are working closely with an OEM with, leading flight control provider, and we have 13 in design. We'll have those 13 designs completed this year, and then those will transition. The strategy here is to get on board a brand new product lane for us, get these implemented into the flight controls, and then continue to cascade this throughout not only the target initial customer, but throughout other platforms. Again, all the flight control actuators across every airplane has an LVDT, and it controls and measures. We're quite excited about this. It's a leap that we took, and we have a really strong engineering team. They've gone through the development. The first design is complete, and we're working through the balance, which are very scalable. More to come on LVDTs, but this will be a great growth trajectory, we believe, for us at Ducommun. Which just emphasizes the key focus here. It's look at opportunities on engineered products. Where is there a market need? Where is there a competitive advantage? Where there's a flaw in the competition that we can capture? We want programs of longevity and depth and scale, and that's our focus. Again, being sole source for proprietary has been our strategy, is our focus. That's where we sit today. That's a key part of what we're looking at going forward. Then value-added pricing. Where do we have the leverage? Where do we have the pricing power? How do we gain that pricing power? That's our focus. The first thing, without question, is performance. We're performing, we're delivering the requirements that the customers have, and we're solving something for them. It's a solution. We put value to that. We put pricing to that as we go forward with incumbent products and with new products. We're well-positioned for growth. I mean, our book to bill has been strong. We expect that to continue to strengthen from where we've been. We're well-positioned for the growth. We've made our investment. Most of that's behind us. We have some remaining, the balance of this year into the first few quarters of next year, but we're well positioned to support the programs that we're on and those growth trajectories. We're very excited about both aerostructures, structures, and electronics, and we thank you guys for your time. Thank you. Introduce Suman Mookerji, our CFO. Thank you. Got it. Thank you. Thank you, Jerry and Clay, and hope everyone's really excited with what you've heard so far on our Vision 2032 strategy. We certainly are as a management team. We appreciate all of you here attending in person, and also, I've been told we have more than three times as many people joining us virtually. Thank you, and a shout-out to those joining us on the internet here today. What I'll do now, for the next 20 minutes, is take you through our M&A strategy and then also provide a financial update, and that'll take you through the close, and Steve will wrap up then with his closing remarks, and we'll have some time for Q&A as well after that. The M&A strategy. I want to start off by saying that our core M&A strategy is not changing. We're still focused on acquiring engineered product businesses like we have in the past, but what is changing is the way we're doing it. We're going to change things so that we can be more effective. We can be more impactful to DCO with our M&A. Our strategy is going to continue to buy engineered product businesses that have design IP, so they're typically specced into the drawings at the customer. They are typically sole-sourced. They have access to the aftermarket for the products they make, and also importantly, the businesses are low capital intensity, which is really important as well to us. We're going to continue to look for businesses that have these attributes, and our objective is to continue to build out our portfolio of these niche aerospace and defense engineered product businesses and keep growing that portfolio to take the revenue contribution from such businesses to 40% or more of our revenues. It's at 23% today, to take it to 40% or more of our revenues by 2032. And at the same time, to grow the aftermarket content in our revenues to more than 20%. And an aftermarket typically is a subset of our engineered product businesses, so as engineered product businesses grow, aftermarket content grows as well. And as Steve has told many of you, and he always reminds us on the management team, a successful aerospace and defense business has to have aftermarket, and that has been one of the key tenets of our strategy ever since he took on leadership of the company. We've had a great track record of doing acquisitions. If you look at the five deals on this page that we have done under the current management team's tenure, we have bought businesses ranging from an enterprise value of $30 million to $115 million. I won't go into the individual product line details again. Jerry and Clay talked about that already with you. But each one of these businesses have the attributes I discussed just a short while ago. They have design IP. They're spec'd into the drawings of their customers. They're sole sourced. They have access to the aftermarket for those products that they make, and they are low capital intensity. All attributes we really love and are present in these businesses, and that has been key to our success. As we look to do acquisitions of businesses with these attributes, it is not just about acquiring these businesses, but then what are we doing with them? How are we creating value for our shareholders? How are we creating a stronger return on the invested capital once we have bought these engineered product businesses? These metrics out here for the five deals that we have done really reflect that. First, we have been able to reduce the multiple that we have paid on these transactions we have done by 8x across the five transactions we have done. There is an 8x reduction in the multiple from what we bought them at. All of you know engineered product businesses trade at pretty healthy multiples. If on average we have bought these businesses at a mid-teens multiple, they are now with the EBITDA expansion that we have done, we have been able to reduce the effective multiple on those down to mid-single digit, which is a great outcome for our shareholders and tells you how we have created value from each one of these investments we have made in the five companies that we have bought, and should give you confidence in our ability to be able to do this going forward. Our return on invested capital, as you would expect based on the previous metric I said, is really strong. We have well into the double digits return on invested capital on average across our five acquired businesses. We have been able to meet and exceed our revenue and EBITDA margin targets cumulatively across these five businesses through the end of last quarter. Again, great execution on the part of the team here to be able to deliver this kind of value. We buy these businesses that are either family owned, founder run businesses or businesses that may have been through one round of private equity, and there is a lot of value that remains to be created at these businesses. We bought the business MagSeal, which we talked about earlier, which was run by two brothers who inherited the business from their father. There had not been a lot of investment in that facility for decades. We came in, and over the last four years, we have invested $4 million-$5 million of capital, and it is a brand new facility in terms of all the equipment there. As Clay mentioned earlier, we are now in four to five years generating 3x the revenue in that facility with that same footprint and with approximately the same number of people, which is incredible, right? You can only imagine how much more money we are making in that business since we bought it. That is what gets us that 8x multiple reduction. That is what gets us the double-digit return on invested capital which you should be really happy about as shareholders. How do we do this? We have a playbook. We have a playbook where when we are buying a business, we put together first a clear roadmap of how we are going to expand the EBITDA. How are we going to create value? We have a detailed roadmap going into the acquisition. Then once the deal is closed, we operationalize that plan into clear action items assigned to specific individuals and then tracked daily, weekly, monthly at all levels within our company to make sure we are executing on that plan. That programmatic approach is what gives us the success on the deals that we have had. How have we created the value? I gave you a couple of examples, but we buy these businesses to invest and grow them and to make them more profitable. That makes us more attractive to owners of businesses as well. Our focus is not to cut our way to success. Steve often says this, you can only generate higher margin by cutting your way to success for one year, and after that, it is gone. It is already in your P&L. But if you are investing in growth, if you are investing in new product development, if you are investing in engineering and sales resources, if you are investing in equipment and machinery and processes that will drive better productivity, that will generate rewards again and again and continue to help you improve margin in that business. That is what we do with our acquisitions. Value pricing. These are highly engineered proprietary products and bring a unique proposition to the customers and the end-use applications that they serve. We should, where we are bringing this kind of value, get paid for it. We make sure that is the case for both our existing portfolio of engineered product businesses, but also certainly for our acquisitions. That has been also a key driver in our margin expansion story at our acquisitions. We have had a lot of this success that I have talked about here with our acquisitions, but we also recognize that we have not done a deal here in the last three years. So what are we going to do differently going forward that will give you the confidence that we are going to be able to execute on the goals that we have under Vision 2032 for our acquisition strategy? First, we have deployed additional resources. I have a new director of corporate development who is highly capable and has been in the job now for more than six months, and we are building up the team underneath him to add more capacity to the M&A team to be able to do deals. We are working actively to build out our proprietary pipeline so that we are not just looking at banker and auction processes, which can sometimes be frothy. We are well-networked into the broker network, the M&A boutique banks that are doing deals in the space, and they understand our acquisition strategy. But we are also spending a lot of time building out our own proprietary pipeline, both through internal resources, through a search firm, and in other ways, so that we have an active pipeline that we can engage with. Then the other very important thing that Steve highlighted is that we have expanded our aperture. We have expanded our aperture to be able to look at larger transactions. There have been numerous instances over the last five years where we have had to give up on an opportunity because it was beyond our size range. We had a very narrow range of options for us in terms of deal size. We could look at things up to $125 million, maybe $150 million in enterprise value. Beyond that, it was difficult for us to be able to execute a transaction with our capital structure at that point. But now, with the growth in the EBITDA in the business, with the equity valuation of our stock where it is, we have the ability to do much larger deals, 3x- 5x what we have looked at in the past. And be able to do deals, as Steve said, that are $300 million in enterprise value or even half a billion dollars in enterprise value. We have the ability to be able to fund those kinds of transactions. That increases the aperture, that increases the scope of opportunities that are in front of us, and gives us a much better chance of success moving forward. We will look to do larger transactions. We will look to do the tuck-in acquisitions that we have done and been very successful with, and we will grow this engineered product portfolio from 23% to 40% or more of our revenue base. As you can see on the bar chart there on the right. We have the roadmap to get there, and we have a placeholder of $250 million- $300 million in revenues from acquisition of engineered products in our overall revenue target. This is just to summarize. Again, I'd say that we are actively engaged in multiple opportunities. We have the team in place to be able to execute. We have a plan in place already and in motion to continue to build out our pipeline of opportunities, and we are going to step up. We're going to do more transactions, we're going to do bigger transactions, and we're going to be able to move the needle for DCO on the engineered product front with that. With that, I'll move to the finance section of the presentation and give you an update on Vision 2027, as well as our Vision 2032 financial goals. But before I do that, I wanted to share a couple of charts on our performance under the current management team. Steve came on board as CEO at Ducommun in January of 2017. This chart here shows our financial and market performance since the end of 2016. You can see our market cap during this period is, through the end of last quarter, up 10x. It's up 10x. Even with the pullback we've had in the past few weeks, we are up more than eight times versus where we ended in 2016. So a huge achievement in being able to grow the market cap so manyfold in the last nine years. If you look at the financial performance of the company, revenues are up 57%. That's a modest number, but you have to keep in mind, we went through a pandemic. We went through all the disruptions in commercial aerospace OEM production. So we're still happy with the 57% growth that we've had over these years. But more importantly is the quality of those revenues. The quality of the $550 million in revenue we had back in 2016, versus the $865 million in revenue we've had in the LTM period, the change in the quality of those revenues is significant. We have today much more engineered product content in those revenues. We have revenues that come in at a much higher margin because, as we mentioned earlier, we are not chasing business for the sake of adding top line. We are chasing business where we can add value, we can solve a problem for a customer. When you do that, when you are not competing on price, what you are able to do is you are able to demand a better price and earn a better margin on those sales. That focus has really transformed the quality of our revenue base, despite the more modest growth. That is what we are really proud of. That is reflected also in our margin expansion. Over this tenure, we have expanded EBITDA margins by 700 basis points. 700 basis points in these nine years, which is incredible. All of it has come from improvement in GAAP gross margin, which is up 900 basis points during this period. 900 basis points improvement in GAAP gross margin. No adjustments, no funny numbers there. GAAP gross margins are up 900 basis points over these nine years. That is something that we are really proud of. As you would expect, you are probably asking, okay, market cap grew 10x. What was it for an individual shareholder? What was it for an individual share? If you look at TSR, we have done exceptionally well on a TSR basis as well. Our TSR relative to the S&P 500, our TSR relative to the Russell 2000, our TSR relative to our proxy peer group, you can see the names of those companies at the bottom there later on the chart. We are significantly higher in terms of TSR over this current management team's tenure, by a very wide margin. Again, something we are very proud of. With that, I will move into a quick update on the Vision 2027 and our performance on key metrics. First, on revenue, 6% CAGR during these last three and a half years under Vision 2027. We have only been three and a half years into that plan, but we have had 6% growth, which I think is really healthy given what we have seen in commercial OEM production rates and the delays we have had there. For us to have had 6% growth is pretty good. More importantly, during the same period, we have grown our RPO at a 9% CAGR. That is 50% faster than the growth in revenue. 50% faster growth in our RPO or what is effectively backlogged during the same period in which revenues have grown 6%. We have taken that RPO, which is definitized orders from our customers for which revenue has not yet been recognized, we have taken that to $1.16 billion. That is something that is really good for everyone here. You heard about some of the big orders we have won recently. You have heard the fact that the framework agreements for the missile programs are not yet in this number, yet we have had such strong performance. Our book-to-bill ratio in the last 12 months is 1.3x. All this is great news for you as shareholders. It is great news because it shows that there is a lot of growth ahead in revenue for the company. If you look at EBITDA margin in these last three and a half years, they are up 400 basis points. Again, I will go back to GAAP gross margin. All the improvement in our EBITDA margins has come from improvement in GAAP gross margin. These are real change, a real transformation in the business as we continue to grow our margin profile. If you look at EPS, that is up at an 8% CAGR over these last three and a half years. Again, strong growth in EPS, and this is despite the equity offering we had in May 2023. We issued a little over 2 million shares back in May of 2023. It was something that was long outstanding, long overdue for Ducommun, and there were a lot of good reasons for us to do that. All the things that we expected to come out of that offering, we were able to achieve all those objectives. Despite that offering, we have still been able to grow EPS at an 8% CAGR during this period. Something that we can all be happy about. Then cash conversion. At the end of the day, you have to generate cash, and that is a reflection of how much money you are really making, and that is up dramatically from a pandemic-era low in 2022 of $13 million only of annual free cash flow. In the last 12 months, we have generated $83 million of free cash flow. We had the benefit of some one-time items, some NOLs that we could take advantage of. We had some benefits from OBBBA that are one time and that helped us, and have taken us actually in excess of 100% of adjusted net income. Even adjusted for those, we are at a very healthy cash conversion ratio today that we can all be happy about. Great achievement here in the last three and a half years. Now I will move on to what we have set ourselves up for Vision 2032. We have key metrics that Steve talked about earlier for revenue, for revenue mix, for our margins, and then cash conversion. Revenue, we are going to get to $1.6 billion- $1.7 billion in revenue by 2032. That incorporates a 7%- 8%. That reflects a 7%- 8% organic CAGR in our business and has an acquisition placeholder of $250 million- $300 million. We are going to, as we grow these revenues, change the mix to 50% coming from engineered products. At the same time, grow our margins by 600 basis points over the baseline in 2026. We are going to get to our 18% EBITDA margin by the end of next year, by the end of 2027, as we have committed under our Vision 2027. We are going to continue to track our progress against our Vision 2027 targets. Those are not forgotten. We are going to have another 500 basis points. Another 500 basis points in the following five years under Vision 2032, that will take us to 23%. I will talk a little more about both our revenue and margin target in the next couple of slides. But touching on cash flow conversion again, our target here during this period is to have 90%-100% cash conversion from adjusted net income. Now, there's going to be a significant ramp-up in revenues. We continue to see pressures in the supply chain. Lead times are long, so we are going to have to maintain some amount of working capital investment in the business to support the growth and to make sure that we are able to deliver despite the constraints in the supply chain. We are going to see improvement in working capital. We are going to see an improvement in working capital turns, but it's going to be modest. We are still going to be able to get to 90%-100% cash conversion, which I think is an important metric for you to remember as either current or potential shareholder. So with that, jumping into revenue in some more detail. 2026, we are expecting to come out at $880 million-$890 million, which is in line with guidance we shared after our Q2 earnings. Right around a little above 7% growth at the midpoint there. We're looking to take that to $1.6 billion-$1.7 billion in 2032. That reflects, as I just said earlier, a 7%-8% organic CAGR in the business with higher growth expected in the earlier years, supported by growth on missile production and supported by ramp up in commercial aerospace OEM production rates. We expect the defense business to grow at a faster clip at an organic growth of 8%-9%, supported by strong growth in missiles and radar platforms. You heard Steve and then Jerry talk about our very strong missile franchise and our presence on virtually every missile program that is covered by these framework agreements by the Department of Defense. We're on the cusp of signing up to the agreements to be able to deliver to our OEM customers under those framework agreements, and that's going to drive growth for us at 8%-9%, with the missile and radar portion growing at mid-teens. Mid-teens growth in our missile and radar franchise, which should more than double that business over this timeframe. Our commercial aerospace business, we expect will grow at 6%-7% organic growth CAGR during this period. Again, higher growth in the initial years given by the expected ramp in OEM build rates over the next couple of years, particularly on the 737 MAX, on the 787, as well as on the A320neo. We're going to see good growth there in commercial aerospace. Then finally, going back to engineered products, we're going to take that from 25%, which we will get to at the end of next year, to 40% of revenue through acquisition as well as organic growth. We have a placeholder of $250 million-$300 million in revenues acquired of engineered products. Then we are also going to continue to grow our existing portfolio at a strong clip and at a rate which is actually faster than the rest of the business. Margins. We have a 600 basis points expansion plan here. 100 basis points getting us to 18% by next year, as we have committed under Vision 2027, and then getting us another 500 basis points in the following five years. Where is that going to come from? What is our plan to be able to achieve that margin expansion? It is going to come from the acquisition of engineered products. That is going to be a key part as we continue to shift that portfolio to businesses where we own the design IP and where, after buying these businesses, we do the things I talked about operationally to get more value out of those businesses. We are going to be able to improve the overall margin profile of our company. We are also going to grow the existing portfolio at a faster clip than the rest of the business, and that will help with the margin improvement. If you look at our engineered product business over the last three and a half years, we have grown in the teens organically. We have had growth in the teens organically over the last three and a half years in our engineered product business. You should feel confident about our ability to be able to continue to grow that business. With all the new products that Jerry and Clay also talked about across the board, there are a number of opportunities for us to be able to grow that engineered product portfolio and be able to improve our overall margin mix. We are also going to drive margins through better pricing. We are going to get paid for the value we provide. We are never egregious with our customers. We always respect our duties towards the war fighter or to commercial aerospace. We also want to make sure that we are getting a reasonable return on our investments. We are getting a reasonable return on the products we make, and we have to get paid a decent margin on any product that we sell. As LTAs come up for renewal, we have the ability to make sure that that is happening in each and every one of those contracts. We are still not done with the repricing opportunity that we have across various programs, and that will help drive margins over the next few years. Finally, with revenue growing at 10% to 11%, we are going to benefit from operating leverage as well, and that will also help with the margin story. With that, I will wrap up the finance section here. We have a great portfolio here. It is leveraged to missile production. It is leveraged to the commercial OEM build rates, and the tailwinds in those end markets are really going to help us drive strong organic growth here over the next five or six years. We are going to continue to see the shift towards engineered products, both organically and through acquisition. We have a strong plan in place, a strong team in place, and a great playbook to drive value through acquisitions, which we have demonstrated in the past, and we are going to execute on going forward. We are going to have strong cash generation. We have seen strong cash generation here in the last year or two, and we are going to continue and maintain that momentum and continue to have good cash conversion, which I know is important to all of you as shareholders. With that, I will pass it back over to Steve for his concluding remarks. Okay, thank you, Suman. Appreciate it. First, just let me go through these two charts real quick. Then we'll go right to Q&A. We're going to keep everybody on time here, and you can get out to your next responsibilities today. We talked about Vision 2027, so we're all set there. Vision 2032, again, this is what we've shown you several times now. Let me just say a few things. First of all, on deals. We're now reconstituted to really get to the next level on M&A. I know we haven't done a deal in a while. There's good reasons for it. One of the big reasons is we were limited as far as what we could look at for many years when I've been at Ducommun. We just had to tell the bankers, "Sorry, it's $250 million, can't do it. $275 million, $300 million, can't do it." You know what I mean? They just moved on, right? So we were really, really limited, and that was our reality, and that's what we did. Now it's a different ballgame. So I just want all of you to know M&A is a big part of this plan. It's a big part of my job and the job of our team, and we will close deals, and you will be happy. Because you got to understand, the other thing is we know what we're doing when we're looking at deals. That's the other thing. We do very good due diligence. You saw the report card on the deals. That's the best part. As we know, sometimes you do deals, they don't work out, right? Just ask Dick's Sporting Goods and Foot Locker. Sorry, shouldn't pick on them, but not so great. Anyway, they're still a great company, just not so great. But this is, I think, a tremendous plan for investors. We're excited about the next five, six years. Just so there's no mystery here, this is my plan. I plan on being here. So that's something else I think's important for investors to know. And I have a great team. I want to thank them again today, and I appreciate everybody hanging in there, both in the room and on the phone. I know this is a lot of data and a long meeting. With that, again, thank you, and we're going to go to Q&A real quick. Right? So I'll invite my team up. Let's get some chairs here, and then we'll turn it over to you. Thank you. Okay, I'm going to just sort of be the facilitator for the Q&A, so I'll sit right here. Perfect. Okay. Great. We got everybody. Why don't you guys have a seat? We'll go to the room first. Those online, please send in your questions. We'll do our best, and let's go down in the front here. Just wait for a second. Yeah, just because we want to record. Thank you. Hey. John Godyn at Citi. Thanks for doing this. Steve, you, Suman, others really emphasized M&A. Yeah. Obviously, it's the second bullet on the Vision 2032 plan. I wanted to just spend an extra minute on the contours of that. The plug in the guidance versus stepping up the size was not particularly large. It seems like you could exceed that. Maybe it's just me, but I got the impression that maybe M&A is going to be front-end loaded in the plan. I don't know if that's true or not. Then in terms of just the targets, are they going to be accretive to the 2032 goals? Is that the way to think about it, that we should be seeing deals that have 20% plus adjusted EBITDA margins, significantly higher EP aftermarket mix? Is that the way? Maybe we could just kind of- Sure. It's a great question, John. -spend an extra minute on some of these pieces. Thank you, John. It's a great question. Suman, you want to chip in first? Sure. Yeah. Okay. Absolutely. Yeah. We're actively working on a number of opportunities at any given point of time, including right now. The exact timing is unpredictable. I wouldn't say necessarily that they're going to be front-loaded, but we expect to be able to execute over the next five to six years on acquisitions. But we do hope to be able to announce things here within the next six months as well. But it's not necessarily expected to be front-loaded. The size of acquisitions, again, whether we're going to do the next deal is going to be a $50 million or $100 million or a $300 million deal is difficult to predict. Again, we look at multiple things, and it depends on which one we get across the line, which one is the right one for us to get across the line. It will depend on whether we do something bigger upfront or later down the line. But we have an active pipeline with a wide number of opportunities that we think are executable over the next five to seven years. We're working on something right now we're really excited about. Obviously these things are opportunistic, but we're deep in diligence on one right now, so that's positive. The other thing I'd say is that the deals we're going to do are going to be creative. Okay, so it's been our playbook. The big takeaway in the M&A is that we reconstituted our team, and we have a lot more money. The great thing is the track record, even though it's been a couple of years, we've done these things. We not only bought them at a good price, and we didn't have a disaster, like with something we found out later on, but we also were able to, as Suman said earlier, cut the multiple in half over time. Right? So we're excited about that. Been a lot of good things ahead, but thank you for that thoughtful question, Mike. Yeah. We'll go to Ken next. Mike, you want to go first? Yeah. Just to Mike Crawford at B. Riley Securities, just to continue on that M&A front. I think the midpoint of that $250 million- $300 million of assumed deal revenue at a multiple of maybe, I don't know, 15x for like a 28% EBITDA margin business, which I think is maybe what your engineering products do today, that implies like $1.1 billion to be invested. Yeah. Would you look to do that as a mix of equity and cash? Yeah. Suman, you want to handle that, and I'll chime over the top too. Yeah. The good thing is we have options. Yeah. We have options. Our preference is always first to be able to finance it with debt, with lower cost of capital first. But where there is an attractive opportunity, which makes a lot of sense, we have a clear path to maximizing EBITDA in the business. It's a great fit for what we're looking for. We would be open to considering some amount of equity to be able to finance the deal. I think where we're trading right now at the DCO level gives us that optionality, which we probably didn't have in the past, so it creates more options for us. Yeah. If we can do it in debt, we want to do it debt, but we're realistic, right? If there's something that's really special that comes along that shareholders would cheer us on as far as this is the right thing to do, then we would consider it. But we'd have to seriously consider it. Okay? If you look at a $500 million deal, today we have right now available capacity to finance up to $350 million, still stay under 3.5 turns leverage, still be well within the covenants of our existing credit facility and the amount available under our revolver and cash on the balance sheet. We are not necessarily looking at. This is not us contemplating a huge equity issuance. To do a $500 million deal, which is one of the larger side of deals that Steve discussed, you are talking about another $150 million in equity, right? That is just going to be an incremental thing to support a deal if that is needed to get something done. But you got to be very patient. For $500 million, it has got to be absolutely something that came along that we have been looking at, that it is the right time. Because that is a big swing. You got to get that right. A lot of the smaller deals, $200 million, $250 million, $300 million, we can just do through debt. Just one more. Sure, Mike. Just given the dynamics of all these missile programs expanding as much as 4x, even 5x, 10x. Yeah. Is there some level of conservatism built into your assertion that missiles and radars just are going to continue to only grow in the mid-teens? That is where we see it right now. We have got to go further along with the seven-year landmark. You have to understand that these seven landmark deals, one of the reasons why they have not gone as quickly is because the OEMs are also negotiating what happens if it changes. You know what I mean? I am going to build factories. I am going to do this. Then if we have a new president in two years that thinks, you know what, this is not the greatest thing in the world. How are we going to get our downside? So there is a little conservatism in there, but I think it is appropriate until we really get going. But at least the first couple of years, it is going to be gangbusters. So stay tuned. Thanks, Mike. Ken, you want to see you next? Yeah. Hey, Steve or Suman. Yeah, congratulations on everything towards Vision 2027. It has been impressive. Thank you. As we think forward on the margin side, maybe to shift the discussion there, 100 basis points a year. I know, Steve, you made some comments that when you came in several years ago, there was perhaps a lot of low-hanging fruit in terms of the margin opportunity. How do we think about that as we think about the pieces volume versus where you see across the organization opportunity now to continue to take cost out? Is that a big part of it? The lift on margins seems to be getting not harder, but some bigger pieces that you need to maybe think about. Yeah. Where do you see the opportunity? I think, and I'll jump in first, I think just from the margins, volume is going to be a huge friend of ours, right? Because we're already locked in with our footprint. Really just have to have people and get some machines. I think second of all, to Jerry Redondo's credit and to Clay Bringhurst's credit, we're very well positioned on our pricing situation as far as what we add value. We're incumbent. We talked earlier, we're 100% on the Tomahawk. They need the Tomahawk. Okay, maybe the harnesses, they might do something different, Raytheon, with a certain percentage, but right now we think we're going to be 100%, so we're in great shape there. So the volume, being the incumbent, the pricing. Anything else you want to jump in, Jerry, or? Suman shared the 900 basis points improvement increase in GP performance, and that is not over. That is just where we are at currently in the trajectory in front of us. We are highly focused on OpEx efficiency, automation, all the key things that drive higher GP performance. So it is driving down cost through efficiency and performance and value pricing to keep that margin. We continue to focus on performance, efficiency, drive down cost, value pricing to get that margin. Yeah. I do not see any big restructuring, if you are asking me this. We closed Monrovia. Huge deal, right? Been around forever. We closed Berryville. Right things to do. Both those businesses were losing money for two or three years, so we finally bit the bullet. We tried to keep them going. I think on the restructuring side, we are good, and it is really going to come from going forward and growing. Thanks. Yeah. To follow up on M&A, would you look at doing a deal outside of the U.S., like Europe, as you look at where defense spending is going in other parts of the world? We wouldn't be opposed to it. It's just that Europe's very tricky. Europe's very tricky with energy, with labor, you know what I mean? With just how it's structured differently than here. So I wouldn't be opposed to it if it was something that. But it has to be something that, if it's an engineered product, we would consider it. You know that, right? So I'd say that. Want to go in the back? No, you have a question? Yeah, please. Thank you, Ken. Appreciate it. Morning. Hey, guys. A few questions. With the engineered product strategy, are you looking to build franchises of product categories, or is it more grab bag of whatever you can get because we've seen very diversified versions of that work? Second question is, why does the aftermarket mix not mix up as fast as the engineered product mix? I guess that's a little surprising, and I think that would help the business. Yeah. On the pricing, is there any quantification of what inning you're in or what percentage of LTAs that could be repriced have been done versus are still ahead of you? Okay. Suman, you want to hit the first, then I'll go after that. Yeah. Your question on the engineered product was the- Franchise. -the franchise. Yeah. You building franchises or it's got to be just brand? Right. Yeah. We're looking at both, right? We have platforms that we have built. We have platform around human machine interface products. We have ammunition handling. We look at adjacent product lines that can help us continue to build out those platforms. We look at opportunities that are adjacent to the core we have already established, but we are still small enough where we can continue to create new platforms and look at opportunities outside of the core as well, all within aerospace and defense. We do look to add additional platforms. It's going to be a mix of both. I do think that given the current footprint that we have, you're probably going to see more platform additions in our- Yeah, I think that's right. Would we love to do roll-ups and franchises? Yes, yes, and yes. That's the first thing. Second thing on your aftermarket, we've found that at least out of the gate on this journey, Vision 2020, on what we bought, we generally did pretty good. We generally did a 50/50 on these deals. So we would buy like MagSeal, these that we do 50% engineered product or OEM, 50% aftermarket. But you don't always get that. So that number is a little modest because we're basically be a little more conservative. It's going to be more 75/25. So that's why there's not. That's a good question to ask. That's sort of why. We're hoping, because we don't know yet, but we're hoping that when we do find these things, we have that 50/50, but it's not always the case on that. Then on pricing. Yeah. Just because you've kind of seen a lot of where businesses discover repricing on a percentage margin. If you could maybe also help with kind of what's that. There are several. Yeah. There are several- Jerry, I can jump in too. -LTAs that are coming up for renewal. Yeah. over the next few years that need repricing where we believe we are not making anywhere near the margins we should be making and that are in severe need for adjustment. Those definitely will provide us opportunity for improvement. We have made a lot of progress on pricing over the last three or four years, especially since the pandemic. But I would say we're kind of barely at the halfway mark if you look across the portfolio and the opportunities that lie ahead for pricing, especially on the structural systems- Yeah. -side of our business. Yeah. Most all the missile programs, right, they're at that point now where we're negotiating, working through the repricing for the forward landmark, the forward rates across really that list- Yeah. -that you saw earlier. That's a big number, but also, Jerry, just one minute on Airbus. Our Airbus- Yeah. All right. Contract and super plastic forming structures, it expires December 31st this year. We're working through the next agreement for the next horizon, which is targeted at seven years. But we're looking at other short iterations on pricing. We had a call Wednesday morning with them. We're actively engaged, and we expect to have that agreed and firmed up here in the upcoming short weeks. That's going to be a big help. The Airbus situation, once we do the repricing, it's going to be very nice in the next few years. I'll just add to a previous question you had on the franchising and the products organically, an example are the LVDTs. We talked about flight actuation, the sensing, the measurement. That's a brand new lane for us, right? That's another poster of our product line. You look at, I won't name the competitors or the incumbents, but they're difficult. I've had experience with flight controls and understanding the difficulties to acquire LVDTs, the performance, the absolute pricing leverage that's there once these are qualified. So we entered into that. The great part about this is, very proud of our team, our engineering team, and we've developed these initial 13 very quickly, and we'll have those design completed this year. The strategy is to expand that. But we spent almost no dollars to do this development and this design. It's all been internal engineering, highly efficient product as far as how it's produced. It's going to be another lane, and it'll be a poster. Yeah. The good thing about this is, though, we have these, what Jerry just mentioned, this is our Carson, California Performance Center. Okay? I inherited Carson, right? Everything else we bought. But Carson, I inherited. I had a few product lines. For the first five or six years, it was $45 million or $50 million every year, bouncing around. Okay? Next year, it's going to be $100 million of revenue. It's going to be our first $100 million engineered product center, and that's all a tribute to Jerry and his team. But that's happened over the last three or four years, and the reason I bring that up is that we really have very strong now engineering, engineered product teams, and leadership, and processes now in the company, which we just didn't have in the past. I think that's an important point. So thank you, Noah. Thanks for being here today. We got anything online? Then we will wrap it up, get everybody out of here on time. Yeah. One question was around M&A as interest rates head higher. How does this impact Ducommun any differently than other M&A players? Your hurdle rates move up. Definitely is a fact for us to consider as we look at our cost of capital. At the end of the day, it depends also on the return you make on a deal is also what you can do with that acquisition. If you are able to create a lot of value, if you have a roadmap to a significant value creation, you are able to generate sufficient return in excess of your higher cost of capital. If rates go up, today, we are linked on our debt side mainly to floating rate, and if floating rates go up another 75 basis points over the course of the next year, we will have a 1% higher cost of debt. If we are able to generate the kind of returns that we have historically on acquisitions and that we plan to on acquisitions going forward, I do not see an incremental 100 basis points of interest cost preventing us from doing deals. Yeah. I just say also, just because people ask us, aspirational companies and those type of things, I always bring up Eric and his brother at HEICO. If you think about engineered products businesses, you always ask us, we don't give directions on margin, but the margins at HEICO are pretty much the margins we have for the plus or minus in engineered products, and that's why it's so important to us. Every deal that we do going forward, especially if it's a big one, it's just going to be transformational on our margin expansion and everything else. Because that's why you have that embedded contract manufacturer, which is a good business, and it's a big part of the P&L. But as we continue to roll it forward and we add more engineered products to our revenue, it's only going to get better. We're really excited about that. I think we're right at time. I think we got. Is everybody okay? We're good. I just want to wrap it up. I want to thank my team here. Great job. Thank you so much, and our support team as well for Ducommun. Most important, I want to thank everybody showing up today. I know you have busy schedules. Thanks for listening. I know it's a long meeting. Everybody online, thanks for hanging in there with us. We're excited about the next five, six years. We think it's going to be great for everyone, shareholder value, the industry, customers, and our employees who are dedicated to delivering. Again, all my best. Thank you for joining us, and have a great rest of the day.