Okay, perfect. All right. We will keep going here. I am pleased to introduce Steve Oswald, who is the CEO of Ducommun, a business in the aerospace and defense supply chain. He is going to tell you a little bit through a presentation, and then we will have some time at the end for questions. Think of those while we go. No further ado, Steve, please. Okay. Thank you, Simon. Thanks, everyone, for joining us. Good to be together. I am going to give you a quick maybe 35 minutes, so I will probably go 15 minutes plus, and we will do some Q&A. It is my pleasure to talk to you about Ducommun. First, just as a fun fact, we are the oldest company in California still active today, so we are really proud of that. We have had the doors open since 1849. Okay. We started as a humble general store for miners. Charles is our founder, Charles L. Ducommun, and he walked across the country to get to California in 1849. Took him nine months. He almost starved to death and some other things. The Ducommun family, believe it or not, is still about a 4% owner. So a lot of longevity there. We are proud of our history. One other quick fun fact. Does anybody know next year is the 100th anniversary of what in aerospace? I am sorry. Spirit of St. Louis, Lindbergh's flight. So I am proud also, and we are going to do something for it because we supplied the tubular steel for the Spirit of St. Louis way back in the day. That plane was actually built in San Diego. People do not know that. It was built in San Diego, and Ducommun was a part of it. So look for us next year to celebrate that wonderful achievement, and we will keep going here. Just real quick, just some profile of Ducommun. Since I have been there, I started January of 2017. I came from private equity. I was one of the KKR CEOs, and before that, I was a long-term employee or leader in a Large Cap UTX, started my career at GE. You can see here what we have done. This is LTM Q2 2026. It shows you the work we have been at. I think we have a lot more to do. I will talk more about that. You can see we are really proud of our work, especially around our EBITDA margins and the stock price and rewarding our loyal investors. A little bit about our company. Hopefully, you can see that. At least at this point, we are still, I think, probably around 60% defense, 55%. That is probably going to hold, even though commercial is going to come up now. You can see the top left, our LTM is our revenue. You can see our margins. End of Q2 2026. Really proud of our orders. If you look at our order book and what's happened at Ducommun, especially the last year or so, we've had a really nice run in orders, and makes sense with defense and Boeing finally getting healthy and waking up and really, I think, doing an excellent job turning things around. So thank you to Kelly and his team. The bottom here, when you think about our business and commercial aerospace, I think it's a great story for investors. We're primarily narrow-body people, which is what you want, especially what we make. We're volume people. So we love narrow body. Business jets have been good, and they continue to be good. Wide body is holding. I think it's just going to go up. On the right, you'll see all the franchises we're on. We're absolutely very busy. You can see with the PAC-3. Congratulations to Raytheon on their $22 billion order for Tomahawk. We are very involved with Iron Dome. Radar systems, we're really coming up now. Our radar system business just gets better and better, so I think that's very positive for investors. About our commercial business here, you can see we're on all the main platforms. Military aircraft, again, on lots of important programs. Other platforms, and you can see the range of our customers. Got lots of OEMs. We're primarily an OEM first tier, but we do a good amount of work as second tier, too, which we're fine as well, but primarily a first tier. Breaking down our segments here, you can see how we report things. We have Electronic Systems and Structural Systems. On the left there, you can see some of the products that we make. We've had a big focus on engineered products in the last 7, 8 years since I've taken the job. You can see here lightning protection, motion control, HMI, human machine interface. Those things on the right, those are all very high margin with great aftermarket. On the right, you can see the Structural Systems business. We do a lot there. I think one thing when you think about Ducommun and you think about what's titanium, what's hot forming is that we do a lot of things that really no one else in the world does, and that's the way we like it. Okay? So for instance, if you look at our titanium hot form business and superplastic forming, there's Toulouse that makes their, because they're integrated, they love all that, fine. So they make a lot of it. We also supply them. But other than that, there's very few suppliers in the world that can do what we do. And that's what you want, right? So if you think about a moat, you think about pricing power, you think about success when you go into market, that's a big part of our strategy. Okay? We're never going to be a machine company. Everybody has a 5-axis, everybody has a 6-axis. You program the machine, you get your part. Okay? You're not going to make any money because there's 50 other people that can do it. So when you think about Ducommun, we're really very niche-y on our, we call it contract manufacturing, which is our titanium work. Then, obviously we have an engineered product business, which is, like you can see here, magnetic seals and handling systems, ammunition. And these are all world leaders. These are all companies we bought. When we go to buy things, you always can ask for the moon, but when we're really looking at our opportunities, we really want things that are leading products, leading markets, and low capital intensity. It's very important for our model as well. That's a little bit about our businesses there. You can see the customers. In December of 2022, after we came out of the terrible COVID, even though we're still working through things, we had an investor day, right here in New York in December. We launched our Vision 2027 for investors to say, "Okay, we're through this terrible time." Commercial aerospace is still very much struggling, but we have a path now, and we signed up for these numbers on the vision. You can see that we are heading that way, and we feel very good by the end of 2027 that we're going to meet these targets. You say, "Well, how did we do it?" Well, it's in the middle here. We obviously drove scale. We bought things, and then we also grew them, as far as engineered products. I talked about our pricing strategy, focusing on value and having some type of moat. We did some factory consolidation and we do a lot on cost reduction and making sure we're smart buyers on supply chain. That's a very good story. Just to let you know, we have a new Vision 2032 that's coming out on September 17. All right? Maybe you can join us online. We'd be delighted, and we thank you again for being here today. Okay, before I get any further, let me just review this real quick. The investment highlights, obviously, when I came in, we were at 9% of revenue for engineered products and aftermarket, and now we're right around 25%. All right? That's a big deal for investors. It's a big deal for us. Our margins are very similar to HEICO Corporation in that area, and TransDigm, so you can do the math. Okay, and we go to market that way for 25% of our business. Cost reduction, and we did some factory rationalization. We're good at M&A. My CFO, who you might not know, some might, Suman Mookerji. Suman came up through corporate development, so he's really our BD lead as well as our CFO, and we have a great relationship. All the team is driving to find new deals. Talked about tier one, talked about what we're doing on commercial aerospace recovery. I think we've got a great defense story. I'll talk about that. Again, only do things that only a few people can do in manufacturing services. The nice thing is we're pretty much a U.S. manufacturer, so no issue on tariffs. Here's a little more about our engineered products. It's a very important chart. This is really a big part of what's driven our success, and we're going to do a lot more of it. Okay, you can see from the top left, these businesses here. You can see the five deals that we've done. The three other businesses I inherited when I came in in 2017. You can see below all the check marks, proprietary designs, significant sole source position, aftermarket content. When I came in, the bottom left, we were at 9% of revenue in these businesses, 15% by 2022, and we are heading to 25% by 2027. We will have more of our game plan on the 17th of this month. So stay tuned on that, but that is great. So also, the aftermarket mix, 6%, 10%, and we are going to head to 15% by the end of 2027. When I came in, I told the board, "If you do not have an aftermarket business, you are not an aerospace company." Hey, what are we doing here, right? So it is a long journey because everybody wants aftermarket. Every CEO is going to come up and say, "We want the aftermarket," right? So it takes a long time. But I think we have done an excellent job with it, starting from where we are and I think a lot more to come, which is exciting, I think, for investors. Again, I talked about cost reduction. We closed a couple of facilities. I am not a guy who is ever going to say, "Well, we will just cut costs and we are good." That is not who I am if you get to know me. I am all about growing. I am all about customer acquisitions. Sometimes you have to do that, but you are never going to cut your way to success. Never. Because once you cut, the next year, all that is in the P&L, and now what are you going to do? So, we will do things. We made some tough decisions. We closed a couple of factories. It has really paid off. We have moved this work over to other sites. We have a nice facility in Guaymas, Mexico, which we use. That is our only facility outside the U.S., and we are going to drive $13 million of savings, and that is all going to be the P&L by the end of the year. M&A, got some questions on this during some of my one-on-one sessions. It is clear there is no change. We have our mission. We wake up every morning with this on the left here is that we continue to drive our engineered products businesses as well as our contract manufacturing, but this is on the M&A side. And I think we have done a nice job for Vision 2027, so I am proud of our team. Just a little bit further on commercial aerospace platforms, left to right, you can see Boeing here, our shipsets on the 737 MAX and the 787 Dreamliner. Then Airbus, we certainly think the Airbus A320 family is going to go quite a bit up in the future. You can see Gulfstream and then Sikorsky or Lockheed for the Sikorsky S-92. A lot of action here. The best thing for investors is Boeing now is on its feet and moving up, and we are very thankful for that. The market is fantastic for these planes, and that is going to continue. And the nice thing is also that we really do not need to deploy a lot of capital. So if you think about Ducommun, you think about the next three or four years and 57 and 63, we love it. We love it. We will take it on. The nice thing is, I am not going to come back to investors and say, "I need $15 million for a greenfield or" No. We have everything we need. Do we have to buy a machine for $3 million? Sure. Why not? You know what I mean? But nothing where it is going to be anything significant, and I think that is a positive. We are really going to get a lot of absorption, we are really going to get a lot of incremental profit going forward. I think all great news. We also talked about the defense business. On the left there, you can just see we are doing lots of work there. We are really trusted. When I came into this job in 2017, we were not trusted. We were not trusted. My phone was ringing with customers that are very upset about our delivery, about our quality, about how we operated, and I do not get those calls anymore, thank God. But I did. We are in much better shape now, and I think we are 100% U.S., pretty much, manufacturing for defense. It is not like we are not in a great position in lots of ways. We are employing a lot of U.S. employees, and I think it is all very positive for shareholders. On the right there is all sorts of things happening, as you can see. In new warfare, old warfare, hypersonics, we are all involved in that. This is the chart I want to get to. This is sort of my favorite chart this year. You can see here we are on all these programs, all significant. This is pretty much what you are going to read in the seven-year agreements. THAAD is already done. PAC-3 is done. So that is 2,000, and then you see the THAAD there. The Tomahawk is Raytheon gets got their big order, so again, congratulations to them. SM-6, SM-3s, and the AMRAAM. The nice thing about these programs is we have been long-term suppliers on this. A lot of times we are the only ones that are doing it. Obviously we like that, right? But we are going to continue to support the war fighter, continue to work with Raytheon and Lockheed, but we have been in missiles forever. I think it is really a legacy of Ducommun. Now, we are as surprised as anybody, but we will take it, right? It is just an extraordinary period for our business. We talked about doing things hard, titanium hot and superplastic forming, really tough circuit cards and box builds, interconnects, NASA, Artemis, things like that no one else can make. We do a lot of top right over there, stretch form. We do a lot of fuselages now, so we love this fuselage skins business. It is a brand-new business for us. Really, the Airbus A220 got us in there, and now we are doing MAX, and we are doing lots of other things. This is on the OEM, not on retrofit, so we are excited about that. We have VersaCore, which is the cell composite business. So very important part of our business. This is 74% of revenue, or 75, right? So that is a big part of what we do, right? So we are driving this. We are going to get every penny out of it. In the meantime, we are going to continue to grow engineered products. We are going to ride both of them up. Just to go back again for the highlights, and I will wrap up here. Again, we went through these. I think overall, these points are, I think, very compelling for investors. I am of course an investor as well. You can see on the right here, Vision 2027. We should be in great shape on all that. On the 17th, we will have a firm update on each one of those numbers, but that is where we are heading. We are excited about the future. With that, thank you for listening. I will take questions. Thank you. Yes, sir. I know you have got some new- Oh, thank you. I know you have got some new financial targets you will be putting out, but maybe just at a high level, how do you think about margin entitlement for the business? What do you benchmark yourself to, et cetera? Yeah. I'll just give it very high level. Even when I started, you say, "Okay, what are the companies you admire?" You know what I mean? Even back then, I'd say if you look at HEICO, okay, I think that's a good example of long now. Those guys got started in 1999, around there, so they've gotten along. I would say that in the long, long term, that's where we want to get to. That's my vision, okay? That's the kind of company that I eventually want to leave to someone else to grow. Thank you. No questions? Excuse me. Simon, thank you. Yeah. Steve, it'll be great to refresh your Vision 2027 and 2026, so congrats on that. Thank you. You've got good balance between commercial aero and defense. How do you think about optimal mix between the two, or are you really just following the market on that? I'd say yes and yes. We're following the market for sure, and yes, maybe there's an optimal. I would say probably we're always going to lean a little heavier defense. We'll probably be about 55%, plus or minus, and I'm fine with that, you know what I mean? Maybe be a little bit more than that. But with all the defense work, another thing I want to just mention is our bookings. If you're thinking about joining us as an investor and putting you and your clients hard-earned money on the table for us, look at our bookings. We're really proud of that. Our book-to-bill's been terrific. I got a question earlier in a forum about, well, what do the seven-year deals look like for Ducommun? I told them, I said, "They're not in the revenue yet." Really not, pretty much none of it, maybe a slight bit. I'd say 55% for defense. It might go up a little bit in the next year or two, but we like to be 55/45. We like the two pillars, okay? Especially now, I really think Boeing's going to get to 63. I know it's hard to believe. Two years ago, I didn't know what was going to happen, but I think they're really going to get there on the MAX, and they get the 14 on the LTV A-7 Corsair. Airbus keeps telling me 75. I'll be the first one to stand up and cheer when I see 75. But all those things are going in the right direction. Business jets are good, so we'll probably hold about 45 eventually, and think 45, 44, right around there. But we like the balance. In the missile business, can you talk a little bit about what's sole source? Yeah. I don't want to go too far on it. I don't want to be too specific, but I would probably say, out of all our missile bit, probably 60%-70% is pretty much sole sourced, okay? At this time. You know what I mean? That could change, because you have volumes now that were 100 and now they're 1,000, right? Supply chain people have to manage their risk. But the nice thing is, if you think about the Tomahawk, all those harnesses we make, it's like 18 harnesses in a Tomahawk. 18, o kay? We make every one. We've been making every one since 1988, okay? That's how long this thing goes back. And we're the only ones that do it. Okay? Is that going to change a little bit? Probably. But there's going to be plenty for everybody, and that's what we're excited about. We basically know how to make these things. We know the cost. The only issue is around the connectors and the supply chain, but everything is pointing in the right direction. I'd say about 60%, 70%. That's fair at this point today. Presumably you're seeing some opportunities to dual source things that you're not on right now. Oh, yeah. Let me talk a little bit about new warfare, okay? We are huge legacy people, right? Raytheon, Lockheed Martin, Northrop Grumman. There is so much legacy, but we are also working together now with AeroVironment, with Wahid at AeroVironment. We are working now with Anduril. Anduril, actually, their headquarters is 10 minutes from our headquarters, so we are all happy people in Orange County, California. They are right down the street from us, Palmer and his team. Kratos has been doing it a lot longer, Eric and his team. But we are also working with Kratos as well. Not only on the legacy stuff, but also on new warfare. It is a little bit different, and I think Ducommun is small enough. We have got 2,100 people, whatever. We are small enough to handle these quick changes because these folks move fast, and that is good, and that is why they are being so successful. We are able to do that and keep up with them and provide the value that we can. I think new warfare, legacy, both check the marks. Commercial, both narrow body, business jet, wide body, I think we are all in good shape there. Okay. Curious your expectations for the aftermarket. Sure. Aftermarket, the last few years have been amazing, and they do not seem to be slowing down. Our aftermarket business, again, we are in the lightning business for planes, so we have a big aftermarket there and retrofits for motors, for Apache helicopters. Generally for the aftermarket, both commercial and defense, but I will just talk about commercial, is that we see it continuing this year and into next year. The pricing power is there. Demand is there. You can see the flying public is not, nobody is staying home anymore. Planes are being used. It is, I think, a very positive story, and I am not sure when it is going to end as far as slowdown. Sir? Yeah. We saw the announcement yesterday that Howmet and GE. Yeah Outsourcing. Well, first of all, I think GE, that is a smart move. Because if you look at their order book and what they need, you can control supply, but you also control pricing. And sure, you have to pay 18 whatever it is on the forward, but I think that is going to be a home run for shareholders. I used to be at Pratt & Whitney, so I know Howmet, I know the casting game, I know all this stuff. Do you know what I mean? I am not going to go any further than that, but Howmet has had a wonderful run. Look at their stock the last couple of years, man. Who would have thought, right? So good for them. But it is going to put more pressure on them going forward. That is my view. What for you guys? We are good. Yeah, we are really very tertiary when it comes to engines. We do magnetic seals, we do stuff like that, but we are not in the vane business, airfoils. We do buy titanium from Howmet, but that is not titanium blades, that is sheets and that kind of thing. So it is a different part. Okay, you want to wrap it up? Anybody else? Nothing. Okay, let me just wrap it. I just want to thank everybody. Again, the 17th's a big day for us. We will be much more forthcoming, so hopefully you can join us online or maybe come over and see us at the Sofitel. Okay. Thank you very much for your time. That's good. Sure.