Good day. Thank you for standing by. Welcome to the Kaman Corporation Q4 2022 conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during that session, you'll need to press star one one on your phone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ms. Becky Stath, Vice President and Controller. Ms. Stath, please go ahead. Good morning. Welcome to Kaman's Q4 2022 earnings call. Leading the call today are Ian Walsh, Chairman, President, and Chief Executive Officer, and Jimmy Coogan, Senior Vice President, Chief Financial Officer, and Treasurer. Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements setting forth our current expectations with respect to the future of our business, the economy, and other events. These include projections of revenue, earnings, and other financial items, statements on plans and objectives of the company or its management, statements of future economic performance, and assumptions underlying these statements regarding the company and its business. The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors, the most important of which are described in the company's latest filings with the Securities and Exchange Commission, including the company's Q4 2022 results included on Form 10-K and the current report on Form 8-K filed yesterday evening together with our earnings release. We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in applicable SEC rules and regulations. Reconciliations to the company's GAAP measures are included in the earnings release filed with yesterday's 8-K. We posted an earnings call supplement on our website, which provides additional context on our financial performance. You can find this presentation at www.kaman.com/investors/quarterly earning calls. I'll turn the call over to Ian Walsh. Thank you, Becky. Good morning, everyone, thank you for joining us for our Q4 2022 earnings call. I'll start by providing a summary of the quarter, followed by the decisive actions we have taken to improve our operations and position us for success in 2023 and beyond. I will pass the call over to Jimmy for a more detailed discussion of our financials and outlook. Our teams worked hard to overcome multiple challenges in 2022. We finished the year ahead of the revised EBITDA expectations we communicated in the Q3 earnings call, primarily driven by continued strength in our engineered products segment, coupled with meaningful progress on initiatives to enhance our overall operational performance. Our Q4 sales came in at $197.1 million, compared to $175.1 million in the prior year. For the full year, we reported sales of $688 million, compared to $709 million in the prior year. Both the quarter and the full year results benefited from strength in our engineered products segment that grew organically at 12% year-over-year and contributions from Aircraft Wheel & Brake acquisition, offset by the planned reduction in volume on our JPF program. Our adjusted Q4 EBITDA was $31 million, which was up 31.4% from $23.6 million the prior year. For the full year, our adjusted EBITDA was $80.2 million, which was above the range we communicated in November. This resulted from initiatives we launched during the year to improve execution and cost control. Performance in the quarter was further supported by strength in our engineered products segment as we continue to see steady recovery in the commercial aerospace market and growth in medical and industrial end markets. In addition, we benefited from the contributions of our Aircraft Wheel & Brake acquisition. We are very pleased with the integration and performance of this new business, and we look forward to their full year contribution in 2023. 2022 had several challenges that emerged with a couple of our businesses and their suppliers, which the teams have been working to correct. We also had the anticipated reduction in JPF volume. As we head into 2023, we continue to have a clear path forward on more stable footing with strong backlogs in our highest growth businesses. We have consciously reduced the primary sources of variation in our performance with our recent announcements on JPF and K-MAX. Our 2023 outlook, which sets forth our expectations for the year, is based on the following assumptions. Number one it includes only the small amount of firm JPF orders we have on hand. Number two, no contribution from K-MAX aircraft sales. Number three, no margin contribution from our structures business. Later in the call, Jimmy will take you through the 2023 outlook in more detail. Our primary near-term strategic objective continues to be our focus on our highest growth businesses, where our team's emphasis is on innovation, investing in product and process advancements through a combination of incremental CapEx and IR&D. Other key objectives include the transition of our precision products business to next-generation fusing and autonomous component manufacturing. In our structures segment, we continue to focus on realizing the gains expected to result from the recently announced consolidation of our Jacksonville structures business, improving our legacy programs and winning new, more profitable OEM and aftermarket work. The deployment of operational best practices have already had a tremendous benefit at our Vermont structures business. In just over a year, they have gone from low single-digit to high teens EBITDA margins. As recently announced, we are consolidating our remaining JPF production in our existing Middletown, Connecticut facility. This will enable us to maintain adequate production capacity for potential future DCS volume while rationalizing our footprint and reducing our costs. We expect to complete the closure of the Orlando facility during the H1 of 2024. After careful analysis and evaluation, we announced in January the discontinuation of K-MAX production. We conducted a thorough review of the program last year, talked with our customers and channel partners, and assessed the future adjustable market. While K-MAX is a unique and capable platform, it would continue to struggle with low volume and a high level of competition, therefore creating unpredictability in orders. The low margins and significant working capital requirements for this program do not meet our expectations for EBITDA margin, cash flow, and ROIC. The discontinuation of K-MAX production removes a significant source of variation and use of cash going forward. We will continue to support the existing fleet, including providing operators with repair, spare parts, rotor blade exchanges, and fleet services, including training. Lastly, we have identified and taken incremental action to optimize our total cost structure, inclusive of the corporate headquarters. These activities include reducing layers, consolidating support functions, and eliminating redundancies between business units and corporate in an effort to continue to lower our SG&A. Let me turn to the business discussion with an update on general market conditions. Demand across the commercial business and general aviation markets continues to improve as we are seeing high levels of orders for our bearings, springs, seals, and contacts. As of the end of January, the outstanding backlog in our specialty bearings business is now exceeding pre-pandemic levels set in 2019. These trends support the higher sales and improved margins we anticipate over the coming year. Although we expect our defense sales to decline year-over-year due to lower JPF volume, the remaining portion of our defense business looks to benefit from increased defense spending and the ramp-up in production of new defense programs. The defense market and budgets show moderate growth. We continue to identify areas to support our national interests overseas in a complex and rapidly changing global environment. In our industrial medical end markets, order rates continue to increase and provide meaningful organic growth. By segment and beginning with engineered products, strong performance continued in the Q4, driven by outperformance in these business units relative to our outlook. Sales for this segment increased 38.1% and 18.7% for the quarter and full year respectively, benefiting from organic growth and the addition of Aircraft Wheel & Brake. Organic sales growth for both the quarter and the year were 16.2% and 12.2%, respectively. Higher volume also translated to improved profitability with EBITDA margin up 260 basis points for the quarter and 240 basis points for the full year, with Aircraft Wheel & Brake contributing 130 basis points and 40 basis points, respectively. In our precision products segment, sales declined 17.7% and 27.8% for the Q4 and full year, respectively, as we transition these businesses to new growth products and markets. This anticipated decline resulted from lower JPF volume and the corresponding reduction in EBITDA margin contribution. Much of our announced restructuring is focused in this segment, as the discontinuation of K-MAX and the closure of the Orlando facility will provide opportunity for further cost savings, allowing us to focus on the development of new technologies and the improvement of our other missile fuse programs. In our structures segment, our Vermont facility continues to exceed expectations and serve as a blueprint for success. Key initiatives for this facility include cash improvement efforts, quality improvement plans, and facility optimization as we prepare for growth opportunities. Our other structures facilities will mirror these efforts as we move into 2023 and continue our journey to bring this segment to acceptable financial performance levels. During 2022, challenges persisted in our Wichita and Jacksonville facilities on two legacy programs, which drove a $1.6 million operating loss for the quarter. We took great strides in 2022 and early 2023 to continue to transform Kaman and reposition our company for long-term growth. These actions and the strength of our underlying businesses will enhance our earnings power and allow us to deliver improved financial performance going forward. These transformative initiatives were designed and executed with our highest growth opportunities in mind as we continue to demonstrate that our core competencies of innovation and solving our customers' most complex problems will stay at the center of our strategy. As we look to the year ahead, we are focused on execution against the strong backlog we have in our engineered products segment while being thoughtful and deliberate with our investment spend on new technologies in the precision products segment. Our near-term priorities in 2023 are very clear. Continue to reduce or eliminate sources of variation to our annual performance, which will help us better level load our overall performance quarter to quarter, continue to advance our processes, drive cash generation, and reduce our leverage. Our long-term strategy remains intact as we re-strengthen our balance sheet and continue to grow our company more profitably. Now I'll turn the call over to Jimmy for a closer look at the numbers. Jimmy? Thank you, Ian. Good morning, everyone. Today, I will walk you through our Q4 results before turning to our outlook for 2023. Our Q4 sales were $197.1 million, which was higher than the prior year period of $175.1 million. For the full year, total sales were $688 million compared to $709 million in the prior year. Higher sales in the quarter stemmed primarily from organic growth in our engineered products segment and contributions from Aircraft Wheel & Brake acquisition. Lower sales for the year were due to lower JPF shipments. Adjusted EBITDA in the Q4 increased 31.4% to $31 million or a margin of 15.7% compared to $23.6 million or a margin of 13.5% in the Q4 of 2021. Higher EBITDA in the period mostly stemmed from the performance in engineered products and the addition of Aircraft Wheel & Brake. For the full year, adjusted EBITDA was $80.2 million compared to $95.5 million in 2021. Lower EBITDA resulted from lower sales in our safe and arm device programs and at our structures programs at Jacksonville and Wichita. This decrease was a function of program inefficiencies and supply chain matters that we communicated last quarter. As Ian mentioned, we've implemented a range of measures to lower our cost base and eliminate programs which historically have caused significant variation in performance. In the aggregate, we expect the cost reduction and program termination initiatives to produce approximately $22 million-$25 million in annualized savings by 2024, with approximately $12 million to be realized in 2023. These savings are comprised of the following: $12 million-$15 million associated with the closure of the Orlando facility. We will begin to see savings between $3 million-$4 million immediately as we reduce operating activity, with full savings achieved by the end of 2024. At least $7 million related to corporate restructuring, primarily focused on the right sizing of our corporate structure to current sales levels and the elimination of redundant functions between business units. Lastly, around $3 million related to the discontinuing production of K-MAX aircraft. We remain committed to optimizing our cost structure and have focused on implementing additional cost-out measures this year in order to yield additional savings in 2023 as we continue to drive improved performance. Turning back to our results for the Q4, GAAP earnings per diluted share were adversely affected by the impairment and restructuring charges taken during the quarter, resulting in a loss of $1.96 per share. Adjusting for these and other charges, we achieved adjusted earnings per diluted share of $0.42. This compares to earnings per diluted share of $0.33 in the Q4 of 2021, and adjusted earnings per diluted share of $0.48. For the full year, we reported a loss of $1.65 per diluted share and adjusted earnings per diluted share of $1.12. In the current period, adjustments were primarily related to restructuring, inventory, and contract cost write-offs related to the K-MAX, one-time costs related to the acquisition of Aircraft Wheel & Brake, and a goodwill impairment charge due to lower demand on our JPF program. Adjustments in the prior year primarily related to discrete tax items and severance costs. A full reconciliation of GAAP to non-GAAP amounts can be found in our Q4 earnings release. I'd like to turn to our guidance for 2023. Our team is focused on expanding our highest growth businesses where we can generate stronger returns while optimizing our cost structure to match the size of our business. Underlying demand remains strong in our most impactful end markets, and we expect continued growth and contribution from our specialty bearings businesses, our Bal Seal Engineering business, and of course, our newly acquired Aircraft Wheel & Brake business. As a result, we anticipate top-line growth in 2023 with total revenue in the range of $730 million-$750 million. Full year adjusted EBITDA is expected to be in the range of $95 million-$105 million, and operating cash flow for 2023 of $60 million-$70 million, leading to free cash flow expectations in the range of $35 million-$45 million. Approximately 36% of our adjusted EBITDA improvement is from growth in organic business and lower expenses due to the cost actions we've taken, with the remainder coming from the addition of Aircraft Wheel & Brake. These increases are partially offset by the impact of lower JPF volume. Our diluted EPS expectations are lower than historical results, primarily because of higher interest costs on our outstanding debt due to the AWB acquisition and lower pension income we expect for 2023. As a reminder, pension income, which is recorded below operating income, was $20.6 million in 2022. This compares to our expected pension income of $1.5 million in 2023. This decrease was largely driven by market conditions impacting the actuarial assumptions for the plan. Combined with the lower JPF volume, these factors together account for $1.60 per share of degradation year-over-year, which was partially offset by the anticipated organic growth and the contribution of Aircraft Wheel & Brake. Touching on the cadence of earnings for the year, we have worked to better level our quarterly earnings. In 2023, we expect a more balanced quarterly earnings profile. We expect approximately 45% of our full year adjusted EBITDA to be realized in the H1, compared to 35% in 2022. Between the Q1 and Q2, we anticipate our adjusted EBITDA to be slightly weighted towards the second quarter. In order to improve the reliability of our guidance and improve transparency, we have excluded discrete items which have historically been high sources of variation. Specifically, these include unawarded or uncertain JPF DCS orders and sales of remaining K-MAX aircraft held in inventory. We have also assumed no margin contribution from our structure segment. We expect to achieve success in these areas, they are not incorporated in our guidance. If we are successful, this would provide upside to our expectations for 2023. With that, I'll turn the call back over to Ian for closing remarks. Thanks, Jimmy. As I mentioned earlier, we are entering 2023 in a much stronger position and a clear path forward as a result of planned and deliberate actions to create a more stable company with more predictable results. We continue to develop a culture with greater internal discipline, controls, and leadership. We are very proud to work alongside such a talented team of professionals with capabilities to design and develop highly engineered and sophisticated solutions for our customers. Our future is dependent on our talent, and I am thankful to our workforce of more than 3,000 dedicated employees whose commitment has been instrumental in our success. With that, I'd like to open the line for questions. May we have our first question, please? Thank you. As a reminder, to ask a question, please press star one one on your phone and wait for your name to be announced. To withdraw your question, please press star one one again. Stand by as we compile the Q&A roster, one moment for our first question. Our first question will come from Steve Barger of KeyBanc Capital Markets. Your line is open. Thanks. Good morning. Hey, good morning, Steve. Hey, good morning, Steve. Just first question on gross margin. When we think through JPF wind down, exiting K-MAX and restructuring, do you expect gross margin will exceed last year's low 30% range? Longer term, what do you think the appropriate gross margin should be for this portfolio as you focus on engineered products? I'll start off with that one, Steve. You know, we do expect gross margin to be higher than what we anticipated last year, probably, you know, somewhere in the range of maybe 200-300 basis points, you know, higher overall, as we look to 2023, just given the incremental, addition of Aircraft Wheel & Brake into the portfolio and the, absence of the K-MAX sales. Yeah, and Steve, looking forward, I mean, we have clear targets, as we've mentioned before, relative to what we feel is best-in-class performance for each of our segments. Those businesses all know what those numbers are. You know, that's the first piece, and the second piece is we're working hard with all of our activities relative to our supply chain and how we build, assemble, and deliver products. We continue to chip away at that gross margin. We want gross margin expansion year-over-year. presumably, as you look further out, you'll exceed the 200 basis points that you expect this year as you continue to optimize the portfolio. We do. Absolutely. Yep, we do indeed. Yeah. Steve, one of the key drivers there is organic growth in the base business, especially on the engineered product side, comes through with very significant drop-through relative to earnings. As that business continues to grow, we would expect, you know, to see incremental gross margin gains. Yeah, got it. A similar question on SG&A. When you have the portfolio you want, revenue is growing, things are running efficiently, what do you think the right SG&A percentage is? It seems like that's the biggest opportunity for cost savings as I look at the income statement. Yeah. We agree with you on that, Steve. You know, there's still a lot of work that we're gonna do around cost and looking at cost overall in the organization. You know, I think optimally, you know, we wanna be closer to 20% and, you know, in the long run, get down below that 20% if possible with some incremental scale. So, you know, the team's working hard to think through ways to be more efficient, more productive, on the G&A front. Yeah. You know, I think the team. Yep. Done a nice job just again, offsetting a lot of those material, you know, SG&A inbound costs that have crept up, you know, the last couple of years. Fundamentally, you know, our target is to get, you know, close to 20 and definitely below 20. I hear you on the scale aspect of that. Do you need $1 billion in revenue to be at 20 or, you know, can you frame it up at all as just from an accountability standpoint? Yeah. I mean, I think, you know, no. We don't think we need to be at $1 billion to get to that 20% threshold. I think there's a significant level of efficiencies that we can obtain at a slightly lower level than that. You know, again, it's, you know, we're, we'd be close. We'd be higher than we are today, but probably not at $1 billion. Yeah. The scale will definitely help. Yeah. We've got activities going on right now, this year as a function of what we started, you know, a year and a half ago to really go after SG&A. That continues. Okay. I'll ask one more and then jump back in line. You had planned a full scale test flight of KARGO UAV towards the end of last year, and I think that's now H1 of 2023. Can you talk about timeline changes and just your updated thinking on the program? Sure. We actually said it was, it was close to end of year, early this year. I actually just checked in with the team the other day. We're very close to our first flight. As you can imagine, that's a very important milestone for us. Team's done a marvelous job. We're very close to getting that first flight, and once we do, we'll make sure everybody knows about it. In terms of going forward, we've had you know, significant success, not just funding from Congress, but also funding from the Marine Corps, as we've announced with the MULS-A program. That is now a funded program that we're working towards with the Marine Corps. They were just in last week. Very excited in the direction and kind of what their expectations are with that. Our anticipation is, you know, by early next year, it's an 18-month window, the Marine Corps will take the next big step, which is to say, "Hey, whoever demonstrates the capability that they need," and we're confident we'll be there, then they're gonna fund a series of prototypes to mature the technology. From that point forward, they will then push prototypes into the field with customers, AKA the Marines, who really give us the last kind of level of ingredients that we need to kind of finalize that first iteration. Then they wanna go to full rate production. Full rate production is still targeted for the 2026- 2027 timeframe, and they've told us if we can move that in, they would be excited about that. We're full steam ahead with cargo, which has been great. As you go through the gating process here, how many competitors will be down selected for further testing? Do you know? Right now there's twp in the MULS-A program. We don't know if they would kind of take two to the next step or not. We'll see. It's literally down to just two of us right now. Got it. Thanks. I'll get back in line. Okay, thanks to you. Thank you. One more please for our next question. Our next question will come from Larry Solow of CJS Securities. Your line is open. Good morning, Jimmy and Ian. Thanks for taking the questions. Just a follow-up, Ian, on the KARGO UAV question. How about commercial sales? Is there potential to get commercial sales before that 2026, 2027 timeframe, or, you know, or is it kinda gonna fall in line after, you know, the military moves first? The answer is yes. We already have a tremendous amount of interest from several commercial customers, and we feel confident that they will move faster than the military, which by the way helps the military out tremendously. It's all about building hours to maturity on the aircraft. We've got some exciting things happening right now that hopefully we'll be able to announce this year to demonstrate the interest of KARGO. Again, there's, you know, if you think about, whether it's oil and gas and offshore, and humanitarian relief and some other things, there's just a tremendous amount of interest in the capability of what KARGO brings. I will say the addressable market on the commercial side is orders of magnitude higher relative to the military. We've got interest right now, obviously, as I said, in the Marine Corps, but we also have strong interest in working right now with USSOCOM and the Army. We know the Navy's already kind of been talking to us and the Air Force as well. The services are really trying to think about distributed logistics. That is a big problem for them to solve, and we are on the forefront of that. Commercial side, just as much. You know, I just read an article recently about what's happening with Walmart and how they've demonstrated almost 6,000 flights on small stuff already. All of those Prime and big boxes, and some of the, certainly the offshore oil and other companies are gonna be looking for cargo. Okay, great. I appreciate that color. How about just switching gears back to engineered products? Obviously we've had a nice recovery in commercial aviation. The economy's held up pretty well for the last couple of years. This is, you know, certainly your biggest segment, probably your biggest driver for growth. Does the, you know, the current economic situation that, you know, as we look out, does that concern you at all that we, you know, could start getting a slowdown out there, pretty strong 2022, and I know backlog is strong as well? Do you have any concerns just over the economy and how that, you know, relates to your performance over the next, you know, few quarters even? Yeah, I'll start. You know, the nice part about engineered products, quite frankly, is they cover a very wide range of our end markets. Certainly you're heavily loaded on the commercial and aviation and GA helicopter side, but also medical industrial. We're seeing strong growth rates in all of those. You know, we track the Boeing and Airbus build rates. Everybody knows what's going on there. We have seen a nice recovery. I would tell you that, you know, from all the data I've seen, I think 2024 for the single aisles is gonna really be back to pre-pandemic. Double aisles, I think, will be before, you know, the 2008- 2009 timeframe because we're seeing an uptick there and we've got really strong content on the double aisles. On the business jet market, we've made really strong inroads. If you look at what Kamatics and some of our other businesses like Aircraft Wheel & Brake. Military side, we've got strong position on a lot of future contracts, CH-53. We're still working some stuff right now in V-280, which everybody knows was a big program win for Bell. So I'm, you know, relatively optimistic on our end markets for our engineered products. We saw, as we mentioned, really strong organic growth last year. We anticipate the same thing this year, mid, you know, double-digit growth. That drop through for our engineered products is just fabulous. Yeah, just to provide some more clarity there, right? Where we are year to date on orders, specifically out of our specialty bearings products, we are at pre-pandemic levels relative to order rates given at this time of the year. You know, very strong fill rates for this year's book of business. You know, we've got a high level of confidence there that that's gonna kinda continue as we move through the year. To Ian's point, you know, that low mid-teen sort of organic growth rate expected for 2023 out of engineered products with the incremental drop through in earnings power of that business, you know, is gonna be well received, we believe. Awesome. Excluding the Wheel & Brake business, obviously, that's new business. How about, you know, you guys have talked about a couple of some new products coming out, you know, I think in the titanium area in engineered products. Any update on that or when we might be hearing some things about new product introduction? Yeah. We've actually made steady progress when we talk about Titanium Diffusion Hardening process for their Kamatics business, which is our new proprietary technology. For example, we've got 30 parts that are now either approved or in testing that cover everything from space propulsion. There's a huge movement, as everybody knows, about limiting chrome plating, right? Overseas in the EU, Titanium Diffusion Hardening can do that. The Airbus has been talking to us. We've got stuff already in work right now with the medical industry, this is joint arthroplasty and some other things. These take obviously a while to certify, right? The team continues to develop, I think, a really strong testing portfolio of TDH that will migrate itself over time. We're just gonna be looking to really start to accelerate that growth here in the out years. Great. I appreciate the call. Thanks, guys. Yep. Thanks, Larry. Thank you. One moment please for our next question. Our next question will come from Seth Seifman of JPMorgan. Your line is open. Hey, thanks very much. Good morning, guys. Good morning. Hey, Seth. Hey. I wanted to start off asking about the revenue guide, and I think if we look at 2022 and you know, pro forma for Wheel & Brake, it's $740 million. Basically looking at flat sales at the midpoint in 2023. It looks like based on what's in the backlog for JPF, you know, it looks like there's about a $100 million headwind from that in the guidance. You know, if you took JPF out of both years, you'd probably be growing like 17% pro forma from 2022- 2023. What are the main pieces that are driving that 17%? Yeah. I like your math, Seth. The one other piece I might add to that is we did have some K-MAX sales in 2022 as well, that, you know, we are not planning to repeat year-over-year. It's about, call it rough order, $14 million or so related to that as well. Where the growth is coming in, absent Aircraft Wheel & Brake, absent JPF, absent K-MAX, is really coming from engineered products. you know, significant portion of organic growth there, as we talked about, probably low to mid-teens% rate of growth there. Structures on year-over-year is expected to grow. We've got some really nice volumes coming out of our Vermont facility, and with the expected recovery on our A-10 and Black Hawk. As we mentioned as part of our guide, right, we're not counting any incremental contribution margin from those businesses, this year. You know, we need to make sure that we get them healthy, and that those will be opportunity and upside to our plan overall. Correct. Right. Okay. Okay. Got it. Got it. When we think about, I guess, when we think about what Precision Products looks like, you know, on a go-forward basis, like in the out years, pro forma, you know, without any JPF contribution, you know, that business will get to a place where it's kinda sub $100 million and then start growing from there in terms of the top line. Yeah. That's where you're going to see things like, you know, we do have a very strong portfolio of missile fuse programs. As you know, with the defense spending and the support that's happening sort of around the world to kind of increase defense spending, we would expect and have seen some incremental orders come through for that, as well as our new FireBurst technology here that is going to, you know, is expected to be a contributor over the course of this year. Yeah. I would guess the remaining fuzing portfolio would see some pretty strong demand right now. Yep. Okay. The last one for me, maybe just turning to the balance sheet, and kind of the thought process around 2024, you know, still over a year away until maturities are coming up, but, you know, they will go current during this year. You know, how do you think about preparing to address those during 2023? Yes. You know, we are working on that right now, Seth, you know, you know, talking with our trusted bank partners here as we work forward with that. We, we know the bank markets are open as of right now, that there's, you know, ample opportunity for us to refi. You know, our goal here is to make the assessment, make a determination, and sort of move, you know, to take care of those refinancings. You know, as you know, with the converts, though, it's a pretty attractive coupon rate right now. We do have sufficient capacity underneath our credit agreement, you know, to sort of handle, you know, any incremental with that. We'll have more information on our expected refinancings, as we proceed through the year. You know, absolutely with that is a process and project we're working through right now. Yep. Right. Okay. Okay. Great. Thanks. Thanks very much. Yep. Thanks, Seth. Thank you. To ask a question, please press star one one on your phone and wait for your name to be announced. To withdraw your question, please press star one one again. One moment for our next question. Our next question is a follow-up from Steve Barger of KeyBanc. Your line is open. Thanks. Jimmy, cumulative free cash flow over the past few years has been a kind of a tough story. Can you talk to your confidence in this forecast? I mean, we feel good about our forecast for this year, Steve. You know, we do have some opportunities like we had talked about in the prepared remarks relative to the incremental sales of the three white tails. We've got three white tail K-MAX in inventory today. You know, we do have the opportunity to convert those to cash. That is not included as part of our forecast for the full year. In addition to that, you know, like we talked about, we are focused on working capital and incremental cost outs in order to drive improved cash flow performance. You know, as we move through the course of the year this year, you know, you know, hopefully have some more information for you on that, to kind of further shore up our current period cash flow as well as maybe provide incremental opportunities above the range. Yeah. Yeah. This is more of a forward-looking... Oh, sorry. Go ahead. No, go. Oh. I just, you know, for everybody's sake, you know, as we think about cash flow performance over the course of the year, you know, Q1 is typically, right, a little bit more of a use for us, and we would expect the cash flows to sort of turn positive, you know, as we move through the course of the year. Yeah, understood. Looking forward, you know, I asked a question on SG&A, similar question on free cash flow margin. Do you have a view yet on what this portfolio should produce as it trends more towards engineered products or whatever it's ultimately going to look like? How should free cash flow margin flow through? Yeah. We would expect it to be akin to, you know, probably the peer group set, right? That we would look at from an engineered products perspective, Steve. You know, the goal here is to get that cost structure in line, move that inventory in a way, in a manner that's consistent with, you know, those folks of, you know, think about, you know, an RBC, think about, you know, those types of businesses, and their ability to generate cash. That's where, you know, our goal is and target is for Kaman. High single, low double digit, does that seem right? Yep. Yep. Yep. The business plan approval letter for the FireBurst manufacturing and assembly facility, can you talk through how that works from a cash use standpoint and when that turns to revenue? What that is, you may recall we got some footnote disclosures on this inside of our 10-K. You know, when we had our initial award with the UAE, you know, we, entered into some commitments there to provide offset credits associated with that program. The FireBurst agreement and joint venture is our way of satisfying those offset requirements. There will be some incremental cash contribution, but we don't really expect that to be anything meaningful until 2024, as we move forward. Yeah. Steve, just to add some to that, we were just at IDEX. We just got our joint venture in place, which was a huge milestone to move FireBurst forward, but also relative to potential future DCS orders, thinking about that part of the world. The other thing from a cash flow perspective, I was gonna mention was we had another huge milestone just this week. We had a production readiness review approval. This was back to our A-10 program, which we've been waiting on and working towards. That's another, again, upside for us this year as we start to really get product out the door with the A-10 program from Wichita and Jacksonville. I'll just ask one more. Jimmy, you were going pretty fast on guidance, so I can check the transcript, but I think you said EBITDA is heavier in the back half. Is that true for revenue as well? Not as much. What happens is, Steve, as we get through the course of the year, we move through some of the accounting, right? That happens in, like, the first, second quarter of the year, whether it be vacation accruals, whether it be other types of accruals that we're establishing. We start to work our way through, and as the volume builds over the course of the year, we get better absorption. That's the sort of natural cadence that we have through our process. That inherently will always probably have us have a little bit back-end weighted relative to performance. Our goal and as we are trying to demonstrate this year, is that we're trying to make that a little bit more even on a quarterly basis. Right. revenue a little more even, but EBITDA a little heavier because of the accruals and such in the, in the front half. Yeah. More or less. Okay. Got it. Thank you. Yep. Thank you, Steve. Thank you. I'm seeing no further questions in the queue. I would now like to turn the conference back to Ms. Becky Stath for closing remarks. Thank you for joining us on today's conference call. We look forward to speaking with you again when we report our first quarter results. This concludes today's conference call. Thank you all for participating. You may now disconnect. Have a pleasant day and enjoy your weekend.