Good day, ladies and gentlemen, and welcome to the Haynes International Inc. Fourth Quarter Fiscal 2021 Conference Call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, David Van Bibber, Controller and Chief Accounting Officer. Sir, the floor is yours. Thank you very much for joining us today. With me today are Mike Shor, President and CEO of Haynes International, and Dan Maudlin, Vice President and Chief Financial Officer. Before we get started, I would like to read a brief cautionary note regarding forward-looking statements. This conference call contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. The words believe, anticipate, plan, and similar expressions are intended to identify forward-looking statements. Although we believe our plans, intentions, and expectations regarding or suggested by such forward-looking statements are reasonable, such statements are subject to a number of risks and uncertainties, and we can provide no assurances such plans, intentions, or expectations will be achieved. Many of these risks are discussed in detail in the company's filings with the Securities and Exchange Commission, in particular Form 10-K for the fiscal year ended September 30, 2021. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. With that, let me turn the call over to Mike. Thank you, Dave. Good morning, everyone. Three and a half years ago, when our team's improvement journey began, we were frequently unprofitable. For those of you that follow us, you know the story. Our gross margins were just too low and not representative of the high-value differentiated alloys, products, and services we offer. Because of the low margins, Haynes in fiscal year 2017, 2018, and early 2019 struggled to be profitable below the fairly robust shipment level of 5 million pounds a quarter. As we complete our fourth quarter of fiscal year 2021, I'm proud to say that our employees' relentless focus on what's important has resulted in top of the class gross margin percentage in the second half of our fiscal year 2021 in our slice of the industry. This was achieved despite the continued low aerospace volumes that the industry is experiencing. We've done what we said we would do on gross margin improvement, on cash generation, and in lowering our break-even point by about 25% with the current mix. This is not the Haynes of the past, but a company prepared to continue to do each of the following, prioritize safety and continue to improve our safety processes, be profitable at volumes well below past break-even points, improve gross margins by leveraging both a lower cost structure and higher base pricing, thoughtfully and strategically allocate capital, work with our customers on an ongoing basis on our outstanding alloy and application development, and finally, be well-positioned to capitalize on the upcoming anticipated volume improvement in our largest market, that being aerospace. I'm very proud of our entire team. Our fiscal year 2021 Q4 performance shows the enormous strides their team has made. Some of the highlights are as follows. Revenue was up 8.1% sequentially and 19.2% year-over-year. Net income was $2.6 million despite shipping slightly below 4 million pounds. Our gross margin percentage was 17.5%, up 200 basis points from Q3 and up 1,260 basis points from Q4 of fiscal 2020. Next, we implemented our capital allocation strategy using cash for the dividend for a build in WIP to address our increasing backlog, and for our previously announced stock buyback, and for the significant reduction in our U.S. pension obligation. Dan will provide additional details, but I'd like to note that after beginning fiscal 2021 with a pension liability of $105 million, we begin fiscal year 2022 with a liability now at $26.1 million. Our combined pension and health care expense is expected to be reduced by $6 million in fiscal 2022 versus fiscal 2021. Continuing with the highlights of the quarter, our backlog increased by $24.4 million or 16.2% over the past quarter. Our alloy and application development activities continue to generate the innovative solutions that have always been and continue to be the backbone of our company. Finally, our company had no OSHA-recordable injuries in the last two months of the quarter. I'm proud of our team's focus, leadership, safety process development, and communication. Their efforts continue to make a real difference. In addition, our work on ESG continues. In the quarter, we saw an improvement in our social ESG score. The labor, health, and safety subcategory of the social score improved significantly as we continue to show leadership, improvement, and transparency in our safety initiatives. In addition, still related to ESG, we are now making a significant investment and have begun construction of our first solar installation, one that we expect will generate 1 MW of electricity at our Haynes wire facility in Mountain Home, North Carolina. This installation will supply approximately half of our electricity needs at this location. Now, transitioning to our markets. From a market perspective. The numbers show the impact of our IGT share gain initiatives, the impact of our continued efforts to grow our applications beyond our three core markets, and also the impact of the expected upcoming improvement in aerospace. In aerospace, we are seeing the initial signs of a recovery. Revenue was up 14.8% sequentially and 16% year-on-year. Book-to-bill was 1.3, and our backlog grew 13.6% over the last quarter. We believe these numbers represent the beginning of the return of our largest market. A key point to make is that we believe we are just at the beginning of the aerospace recovery. Consistent with that belief, fiscal year 2021 aerospace revenues were just 50%, 50% of our fiscal year 2019 aero revenues. In IGT, revenue was up 3.9% sequentially and 49% year-over-year. Our innovative alloys and our excellent customer service have resulted in the market share gains that we've talked about over the past 18 months. In CPI, our revenue was down both sequentially and year-over-year, but our book-to-bill was 1.6 and our backlog grew 40% over the past quarter. The reduction experienced in our Q4 was related to the timing of orders shipped, and we expect special projects and our base CPI business to improve year-over-year. Our other markets category includes products that are used in wear, FGD or flue gas desulfurization, electronic ceramics, automotive, renewable energy, oil and gas, and waste incineration applications. Our unique alloys, along with our excellent technical marketing and application development, provide solutions for difficult-to-solve problems in these industries. This overall segment grew 17.1% sequentially in our Q4, led by increases in shipments to the FGD, oil and gas, marine and navy nuclear, and wear markets. As far as FGD, where the largest growth occurred, our business conditions continue to improve in the aerospace IGT and CPI markets. We will most likely see a reduction in our FGD shipments as we utilize our manufacturing capacity on higher value products. Wrapping up my market comments, I'd like to briefly highlight another of our differentiators, the growing use of the proprietary alloy HAYNES 282 in the industrial gas turbine market. As I've discussed each quarter, innovation, inventing alloys, and developing new applications to help customers meet their demanding needs has been and continues to be a core strength for our company. HAYNES 282 alloy has already been specified by certain major OEMs into some of their most advanced gas turbines. This alloy was selected due to its unique combination of high temperature strength and fabricability to increase the efficiency and power generation capability of these engines. Other major OEMs are also in the advanced stages of either conducting field trials or specifying our alloy. In addition, beyond HAYNES 282, HAYNES 244 alloy, due to its low coefficient of thermal expansion and high temperature strength, is now being tested in certain major industrial gas turbines. Finally, our newest high temp alloy, HAYNES 233, with its outstanding combination of high temperature strength and oxidation resistance, is now being tested by OEMs. Wrapping up my comments, the efforts of the Haynes team have changed the future of our company. Our focus on providing high value differentiated products, on getting paid for the product and service value provided, on relentlessly pursuing opportunities to increase our yields and lower our variable cost of manufacturing, and on finding even more opportunities to be innovative have all resulted in cash generation, higher margins, and a significantly lower break-even point. We've truly moved from words to actions to bottom-line results. I'll turn the call over to Dan for more details on our financial results. Thank you, Mike. Let me start with a detailed update of our value-creating capital allocation strategy, including our favorable year-end actuarial valuation. As you recall, last quarter we were excited to announce a multifaceted capital allocation strategy that first included a share repurchase plan, as we feel this is a unique opportunity to repurchase shares well below the intrinsic value of the company. This is based upon the outlook in our markets, particularly the anticipated accelerating recovery in commercial aerospace, combined with our gross margin expansion strategies. In the fourth quarter, we repurchased approximately 113,000 shares for $4.2 million. This part of the strategy is executing as expected. The second part of our capital allocation strategy included the recent adoption of a glide path for our U.S. pension plan, along with a $15 million lump sum contribution in Q4 as we work to reduce what was the largest liability on our balance sheet. The result of these actions, combined with a favorable overall valuation, has impressively exceeded our expectations. The U.S. pension funded percentage and net liability started the fiscal year at 68% funded and a net liability of $105.2 million, but ended the year at 91% funded and a net liability of $26.1 million, representing a liability drop of over $79.1 million. Combine this with a favorable valuation on our retiree medical plan, reducing the liability $10.4 million, and improvement in our U.K. pension of $3 million. All combined, this is an improvement of $92.5 million, an impactful value-creating balance sheet transformation. Further, our expense for FY 2022 for pension and retiree healthcare is expected to decrease $6 million compared to FY 2021. Our pension asset allocation at year-end was 30% equity and 70% fixed income, but additional glide path triggers were hit in October and November, as we are now at a funded percentage of 93%, putting the current allocation today at 19% equity and 81% fixed income. With the fixed income portion in hundreds of individual bonds designed to match the duration of cash flows of the pension plan, essentially creating an interest rate hedge. This reduced interest rate risk, combined with the reduced equity risk, is expected to reduce volatility, creating more stability at this lower expense level. Overall, this strategy is executing well, and we can see the path to achieve our goal of zero net liability for the U.S. pension plan potentially sooner than we expected. This is an all-around favorable outcome from this value-creating strategy. Moving on to the financial results for the quarter. We expanded our revenue and profitability this quarter with revenue at $95.3 million and net income at $2.6 million. This profitability level was accomplished at just under 4 million pounds shipped, proving once again our lower break-even point with the current mix. Our gross margin percentage expanded by another 200 basis points to 17.5% in the fourth quarter of fiscal 2021, which exceeds the gross margin percentage in the quarters leading up to the pandemic. Our margin improvement strategies have been successful and are expected to continue to gain momentum going forward. We expect volumes to increase in the anticipated accelerated growth in the aerospace recovery, which should further improve our fixed cost absorption and more fully realize the benefits of our cost reduction efforts. These cost reductions have been related to improved yields, productivity, and process improvements, which are expected to be further realized with higher mill production volumes. In addition, as we ship volumes increasing as expected, we anticipate that our previously announced price increases will continue to help margins. Market price increases for nickel and cobalt provided a moderate tailwind to margins this quarter of roughly $1.8 million. The direct charge was only $800,000 this quarter, with better absorption of overhead costs, compared to $2 million in the third quarter of fiscal 2021 and $4 million in the fourth quarter last year. We have not been immune to the industry-wide challenges in the labor market or supply chain issues, as well as inflationary cost pressures. These have been significant issues to manage through, and at this point, we have been rather successful with no material impact on our financial results. We expect it will continue to be a challenge that will require ongoing management team focus. Mike already covered a discussion of each market, but here's a bit more detail on the numbers. This quarter, sales to the aerospace market accounted for 41% of our revenue at $39 million. This is an increase of 14.8% sequentially from Q3 and an increase of 16% from the same period last year. This appears to represent the beginning of the recovery. However, much more is expected. Aerospace volumes in FY 2021 were 31% below volumes of FY 2020 and nearly 52% below volumes of FY 2019. Published build rates of single aisle aircraft show significant growth expected in FY 2022 and generally a return to 2019 levels in FY 2023. Backlog dollars in aerospace increased sequentially from Q3 to Q4 by 13.6% and were relatively flat year-over-year. Sales to the chemical processing market accounted for 17% of our revenue at $15.8 million. This is down 7% sequentially from Q3 and down 14% from the same period last year. Special project revenue, most of which is reflected in chemical processing, was $3.2 million, which is $1.6 million lower than the third quarter and $2.6 million lower than the same period last year. As Mike mentioned, this reduction relates to timing issues of products being shipped in the quarter. Backlog dollars in CPI increased by 40% Q4 versus Q3 and is up 68% year-over-year. Sales to the industrial gas turbine market accounted for 20% of our revenue at $18.5 million. This is an increase of 3.9% sequentially from Q3 and up 49% from the same period last year. Shipments from market share gains continue to be more consistent quarter-to-quarter in this market. Backlog dollars in industrial gas turbines increased sequentially from Q3 to Q4 by 13.4% and 35.1% year-over-year. Sales to other markets accounted for 17% of our revenue at $16.1 million. This is an increase of 17% sequentially from Q3 and an increase of 73% from the same period last year. Backlog dollars were up 4.9% sequentially and up 22% year-over-year. Other revenue accounted for 6% of our revenue at $5.9 million. This is an increase of 4.8% sequentially from Q3, but a decrease of 4.2% from the same period last year. SG&A, including research and technical expense, was $11.9 million or 12.5% of net sales in the fourth quarter, which was lower than the third quarter's $12.3 million, but higher than last year's fourth quarter of $9.1 million. The year-over-year increase was mainly due to last year's fourth quarter reversal of incentive compensation accruals, creating a credit for the fourth quarter of last year. Non-operating retirement benefit expense on the P&L of $0.4 million was lower by $1.3 million this quarter as compared to the same period last year due to our favorable actuarial valuation last year. This line in FY 2022 is expected to be an income of $1.1 million per quarter versus the current $0.4 million expense or a reduction of $1.5 million per quarter or a significant $6 million annual improvement for FY 2022. Our effective tax rate was high at 37.7% in the fourth quarter of fiscal 2021, primarily related to a change in the U.K. tax rate, which required a revaluation of their deferred tax liability, creating a $400,000 charge to earnings this quarter. We achieved these results despite shipping volumes 20% below our previous break-even point. All of the above contributed to a net income for the quarter of $2.6 million, compared to a net income of $0.4 million in the third quarter and a net loss of $5.7 million in last year's Q4. It certainly feels good to see the anticipated beginning of our recovery, with profitability expanding and a more robust positive outlook for the commercial aerospace industry. Order entry and backlog. We are not yet back to pre-pandemic order entry levels. However, order entry rates continue to increase each quarter of fiscal 2021. Backlog was $175.3 million at September 30, 2021, an increase of $24.4 million or 16.2% from June 30, 2021 levels. After year-end, our backlog continued to increase, ending October 31, 2021 at $186.4 million. As far as our outlook for next quarter, the first quarter is historically our lowest revenue quarter, impacted by holidays, planned maintenance outages, and customers managing their calendar year-end balance sheets. We believe this first quarter seasonal impact will be offset by our business improvements and the strengthening demand that we are experiencing. Therefore, the company expects both revenue and earnings in the first quarter of fiscal 2022 to be similar to the fourth quarter of fiscal 2021. Based on our increasing backlog and accelerating commercial build rate schedules, we expect to see significant year-on-year aerospace growth that will positively benefit the company over the balance of the fiscal year. Capital spending was $5.9 million in fiscal 2021, and we are increasing our expected capital spending in FY 2022 to $17.7 million, a sizable increase and approaching our depreciation levels. Liquidity. Cash on the balance sheet was $47.7 million at September 30, 2021, after outlaying a $15 million lump sum pension contribution and $4.2 million in share repurchases in accordance with our value-creating capital allocation strategy. We have strong total liquidity of $147.7 million, of which $100 million is available on our undrawn credit facility. In conclusion, it is encouraging to see expanding profitability with the recovery of our gross margin percentage now exceeding pre-pandemic levels. While still ahead of us, we also have expectations of significant growth in volume and revenue from the anticipated aerospace recovery, combined with the expected additional margin percentage expansion. Our process improvements are more fully realized. This transformation of the business, combined with the significant value creation achieved from the execution of our capital allocation strategy, results in a truly different company. We are a company with impressive earnings power potential and a strong transformed balance sheet as a foundation for growth and continued value creation for our shareholders. Mike, with that, I will now turn the discussion back over to you. Thank you, Dan. Our team is encouraged by both the progress and the future potential for our business. I want to thank all of you for your continued interest in Haynes. With that, Holly, let's open the call up to questions. Ladies and gentlemen, the floor is now open for questions. If you have any questions or comments, please press star one on your phone at this time. We ask that while posing your question, you please pick up your handset if listening on speakerphone to provide optimum sound quality. Please hold while we poll for questions. Your first question for today is coming from Marisa Hernandez. Please announce your affiliation, then pose your question. Hi, good morning, Marisa Hernandez from Sidoti & Company. Good morning, Marisa. Hi, Marisa. Hi. Congratulations on the results. Couple of questions here. I think that you call out the contribution of higher nickel prices in the quarter. Can you provide that on a quarter-over-quarter basis? I think you provided it on an annual year-over-year basis. Did that make any- Yeah, actually. Go ahead, Dan. The number that I had in my script was $1.8 million was the tailwind for nickel and cobalt, 'cause cobalt's going up quite dramatically as well. That is just for the quarter. Now last quarter, we also had a bit of a tailwind for raw materials of about $1 million. The delta between Q3 and Q4 is about $800,000. Does that help? Marisa? Okay. Yes. If you don't mind, I'll add to that, because certainly we had the tailwind related to the $1.8 million in nickel and cobalt, but I think it's really important to emphasize there is so much more that's driving our margins. You know, as you and I, as all of us have talked about before, the 18% we hit in January and February of 2020, we look at as a starting point, as we continue to get our volume back. You know, over the last three years, as Dan said in the call, we've reduced our break-even significantly. Our best estimate is down 25% at the current mix, and I think, you know, we've been able to do that because of the incremental work on both cost reduction, sustained cost reduction, and yield improvement and pricing. We're very encouraged about what the future holds. Excellent. Let's see. If we were to adjust your gross margin in the September quarter to compare it, apples to apples to the June quarter, would that be approximately 16.7%? I think what we have not done is give specific estimates related to gross margin. What I can say, though, is our volume is coming back, our aerospace business is coming back. We saw on special projects, the lowest quarter in revenue than we've seen in a long time. The direct charge is obviously behind us as we move forward and start to exceed this 4 million-pound level that we were at. We feel good about where everything is related to our products, and we feel great about what we're doing, both on the pricing side and on the cost side. Again, as far as we're concerned, we're not giving estimates as far as when, but we do look at our 18% we hit in the two months before the pre-pandemic struck, as a starting point. We expect to exceed that as we move forward. Yeah. I was not asking about an estimate. I was asking for the quarter adjusted, but that's, t hat's okay. Sorry. Yeah, no worries. Yeah. We can take that offline. I wanted to ask on the aerospace demand that you're seeing. I believe you were expecting an order pickup to start materializing later in 2021, so around right now, I guess. It appears that it's happening a bit earlier. Is that accurate? How would you characterize it versus your prior expectations? Yeah. I think what we are hearing from the engine manufacturers and the airframe manufacturers are concerned for ability to supply metal in the supply chain. We are having a large amount of contact, and we, as you can see by our numbers with the aerospace sequentially up and certainly year-over-year up, we're beginning to see that. You know, to me, it's really at this point as simple as looking at the LEAP engine. We know single-aisle jets are 75%-80% of what's going to be built. When you look at what's happened with the LEAP engine count, you know, down to 815 from 700, or 1,750 or whatever, 1,700 plus in 2019, 815 in 2020, over 1,100 now in 2021, and somewhere in the 1,500 plus range in 2022. If that's what has to happen, there's about a year between us making metal and when the engines are being built to be put on the plane. It's good timing, and timing's about right for us to begin to see this pop that we are. I think the other thing- Okay. The other thing that I think is really worth noting, even though our business has improved, the numbers are striking. We talk about this 14.8% increase in aerospace, up to $39 million, and how much it's greater than 2020, but when you compare that to 2019, our sales in Q4 2019, obviously pre-pandemic, were $68 million in aerospace. There's a lot of room to move, obviously, and I believe because of everyone's belief in what's happening with the A320 and the MAX, and certainly seeing it in the LEAP numbers, that it's gotta start to happen now, and it is. Okay. Wanted to ask about a couple of your other markets. You, you've had a lot of market share gains on the turbine market. How is that looking from a sustainability perspective, and how would you characterize the outlook for that market? I think the outlook is good. You know just a small amount of history, everyone went through five-plus years of no growth in large frame power generation and a lot of inventory in the supply chain. Now we're beginning to see growth. We're beginning to see much less metal in the supply chain, so when there's demand, we're feeling the pull for it. Our share gain is sustainable. These are contracts that we have signed. We feel great about it. We've not only seen some share gain that we've talked about for the last 18 months, but we're also seeing obviously we've seen some work stoppages out there by others, and we've been able to see certainly not to the extent of our major share gain, but some additional business coming into us. On top of that, what I talked about with our innovation with HAYNES 282. This is an alloy that is being substituted into both existing large frame engines and also in some being specced in. This is definitely sustainable. One thing I noted, Marisa, related to IGT is the market share gain that we have is a little more consistent as well. You know, at first, it was a little spotty quarter- to- quarter, but now we are seeing more consistency quarter- to- quarter in what we're shipping related to that share gain. Got it. I think I heard you say that the decline sequentially here of chemical processing business is due to the timing of sales. Is that correct? Yeah. When you look at what's happened with our backlog being up in CPI 40%, our book-to-bill, which I like to look at being at 1.6, and the fact that we've hit in special projects a multilevel, multiyear low, we feel good about the future, both in our base CPI business and in special projects. Thank you so much. I will go back in queue. Thank you. Thanks, Marisa. The next question is coming from Michael Leshock. Please announce your affiliation, then pose your question. Hey, guys. Mike Leshock with KeyBanc Capital Markets. Good morning. Hi, Mike. Good morning. Hey, Mike. First, I wanted to ask on your outlook commentary, how should we think about the term substantial for aerospace growth in fiscal 2022, just per the verbiage in your guidance? Do you think of that as a percentage change year-over-year on an absolute basis relative to historical levels? Could we get back to pre-pandemic levels in aerospace this year? I'm just trying to get a better sense in how to frame that wording there. Sure. What I'll do is use you know what we've heard and what everyone has heard related to build rates on single-aisle jets. Again, 80% of the market, what we have heard is you know by the end, what we've actually heard mid- to late, but I'll say by the end of 2022, build rates pretty much equivalent to what was steady state in 2019. Again, we're talking build rates of engines and planes. From a metal standpoint, it's gotta start coming sooner. Obviously, what's not in there is the wide body, that 20% plus or minus component, which is going to be a couple years out from now. We feel great that we believe build rates certainly on the LEAP engines and therefore on pretty much the single-aisle aircraft are gonna be at 2019 levels on a engine build rate level by the end of 2022 is what we continue to hear. As I shift to CPI, I know those you had mentioned that you're seeing an improvement year-over-year off these lower fiscal 2021 levels. I know those projects are typically higher margin as well as the spot business, which is pretty hot right now versus historical levels. Do you expect those special projects within CPI to drive a stronger mix in 2022? Is that fair to think about it that way? I think when you look at our revenues and special projects in 2021, the full year fiscal 2021, they were a little over $19 million in revenue versus the prior three years, all ranging between $24 million-$26 million. You know, and there's great reason why we were down at $19 million, why we were down at $3.2 million in the fourth quarter. These projects take, you know, a long time once from idea to finish, and we're still in the timeframe that the ideas would've been right in the middle of pandemic. So yes, to answer your question, this is higher margin product. We expect special project work to expand. As you said, we also are seeing on the transactional side in our base CPI business, significant improvements in average selling price. Some very strong improvements in the backlog that we mentioned. You know, orders are starting to come in. Got it. Then just lastly for me on the pension payment that you made in the quarter, would you expect to make any more lump sum payments like that in the coming year? If not, what's your strategy behind any excess cash going forward? Well, I'll start with that one. You know, we have the capital allocation strategy, and one of the main goals of that strategy is to you know, get the U.S. pension plan to a net liability of zero as quickly as possible. We kinda were thinking when we started this, that'd be two to three years. You know, obviously we're a bit ahead of schedule going from $105 million down to $26 million all in one year. We'll be watching this. You know, will we make another lump sum payment this year? Possibly. I think what you know, we're gonna do is look at our cash positions, look at you know, other capital allocation opportunities that are out there, and we'll make a determination what is the best capital allocation for the cash that we have. It is a possibility, but I'll tell you know, with you know, such great strides we made this year, it may not be to that magnitude or, you know, it may be pushed to later as we look forward and see where our capital allocation strategy will go from here. Just to add to that, you know, the story in the capital allocation for us. We've used our cash for the dividend. Now we're using it, especially in our Q4, to fund our inventory growth. We've got the current stock buyback going on. We've got what Dan has talked about with the pension. And so obviously that's using our cash right now. But we do believe as we look at the aerospace cycle, it'll continue to grow, and we continue to look at what else is out there, once we get beyond these specific items to you know, invest in to improve shareholder value. Got it. Appreciate the color, guys. Thank you. Thanks, Mike. Thank you. Once again, if there are any questions or comments, please press star one. Your next question is coming from Chris Olin. Please announce your affiliation, then pose your question. I am with Tier 4 Research. Hey, Chris. Good morning, everyone. How we doing? Morning. It looks like the strategy is starting to come together, Mike, so, congratulations there. Thanks, Chris. You know, we our team has spent a great deal of time focusing on making sure we're supplying these high value differentiated products, making sure we get paid for them, and that's been a journey since 2019. Then these relentless sustained cost reductions. I'm thrilled with where we're headed. Great. Great to hear. I don't believe you mentioned it in your opening remarks, or maybe I missed it, but the 787 situation is it not much of a factor in terms of your guidance or your business or indirect or direct? Is there anything going on? We don't believe at this point going forward that it will have a negative effect on us. You know, let's face it, the build rate was already down at, what, two a month. If we see any increase, call it up to four, up to five by the time we get to 2023, then it'll be a good thing for us. Right now it's not in the base because it's so low, so really don't see any issues with it. You know, the other side of that is the 777. You know, we've talked about this quite a few times, but GE9X is our two proprietary alloys, and they're actually talking about building 38 engines in 2023, so that's certainly gonna help. The titanium tubing business, did that contribute to the sales growth quarter-over-quarter? Any insights there in terms of, like, the inventory situation with your customers? We are, Dan, you're gonna have to help me if it contributed to the sales growth this year. I will tell you that we have seen in the titanium tube area until this current quarter, an oversupply of titanium tube, and we're beginning to see that coming to an end and beginning to see things pick up again for us specifically related to Boeing and the airframe business. Okay. The other question I had is related to the issues that seem to be going on with some of your competitors today, you know, whether it's labor related or tech related. I guess I'm wondering if that helped you in terms of picking up business or changing market share, any positive benefits from that? Yeah. We've seen some benefits related to some smaller contracts in particular in the power generation segment that it has helped us. Also obviously as people are out on strike, there is less supply and therefore there is the opportunity to continue to focus on making sure that we at least offset our inflationary pressures with price increases and even more if possible. Yeah, we're seeing that. There's no doubt about it. Sticking with that price increase topic, there's been a number of them announced by Haynes over the past few weeks or months. I guess I'm wondering right now how big the spot business is in terms of that realization and, how should we think about contract rollovers and, when that starts to kind of flow through to the other customer groups? Our largest group of contract rollovers are in January. We have set ourselves up because of the transactional price increases that we've put in place. The difference now, Chris, versus pre-pandemic is when we talked about transactional or price increases or even contract price increases in the past, I always talked about it being on the top end of our mix. If you go back, you know, two to three years ago, I talked about our 50% of the product, which is truly high value differentiated product. The difference today in what we're doing, our price increases are across the board. We're getting price increases pretty much on every product that we manufacture. It's a different world than it was, and it's our opportunity to continue to sell the value that we provide, including our company-owned distribution facilities and make sure we're getting what we need as far as increases. Is it a big number of contracts rolling over in January, or how do you think about it percentage-wise, or? I don't have the percentage-wise, at this point. Dan, did you? Not an exact percentage, but I would estimate, you know, our overall contracts are about 45%-50% of our business. About probably 20% of that is annual type of contracts. Maybe a third or half of that would roll over this year, would be my estimate. Okay. That's all I have. Congratulations on that solar panel investment. I didn't realize the sun actually hit Indiana, so, great to hear that and keep up the good work. By the way, thanks, Chris. We appreciate the little slap at Indiana, but the solar installation's in our facility in Mountain Home, North Carolina. Okay? Oh, okay. There is a follow-up question coming from Marisa Hernandez. Marisa, your line is live. Thank you. Thank you for taking my follow-up. On the other market revenue, you have a very good growth this year, and you call out the FGD market. Is that a significant portion of that other market revenue? Can you talk about, you know, the outlook for that market? Yes. Our flue gas desulfurization or FGD business is on the commodity side, on the low end of the commodity side of our mix. What we did when we were in the pandemic and when we were incurring significant direct charges because of our absorption issues we had with lack of volume, we pursued more FGD business, and were successful. It was a great business decision for us because it helped keep our employees at work, and it helped, you know, steel moving through our assets. What I said in my script comments, though, is that as our business improves in aero, in IGT, in the chemical processing market, we will de-emphasize significant growth in FGD because it uses the same assets, and quite frankly, it's not nearly as profitable. The outlook for that market is very strong, but it typically is very high volume business, which is not our wheelhouse of business. That would be an intentional move, a mix move. Thank you. Thank you. There are no more questions in queue. I would now like to turn the floor back over to Mike for any closing comments. Thank you, Holly. Thanks, everyone, for your time today, and thank you for your interest and support of our company. We look forward to updating you again next quarter. Have a good weekend, everyone. Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.