Good morning. My name is Paul, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Park Aerospace Corp. Second quarter fiscal year 2023 earnings release conference call and investor presentation. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star one on your telephone keypad. If you would like to withdraw your question, please press star two. At this time, I will turn today's call over to Mr. Brian Shore, Chairman and Chief Executive Officer. Mr. Shore, you may begin your conference. Thank you, operator. Welcome, everybody, to our second-quarter conference call. This is Brian. I have with me, as usual, Matt Farabaugh, our CFO. As you obviously noticed, we're trying something a little different this time. I think for as long as I can remember, like forever, we've done our investor calls at 11:00 AM in the morning, New York time. We're trying an experiment, an after-the-close call, which my understanding is that's actually more common. We're trying it. Let us know what you like, what you think. We'll be noticing how many people actually are able to dial in, whether it's more or less. Let us know what you think. The earnings release was posted, I believe, around 4:00 PM or 5:00 PM this afternoon. There's a presentation which has been posted on our website. Also, in the earnings release, there's webcast instructions as to how you can follow along with the presentation while we're going through it, which is what we're gonna do today, of course, as you know. Let's see, just checking any other introductory little notes that I want to share with you. Oh, yeah, there's something I got to tell you, which is that I've been under the weather a little bit. You may be able to hear it in my voice. I'm feeling just fine now, but the problem is I have a lingering cough, which is not a problem for me, but it could get a little annoying for you. If I start to cough, please bear with me. Unfortunately, the thing that probably triggers cough the most is trying to, you know, talk for an hour at a time. I may hand it over to Matt if it's getting problematical. I just wanted you to be aware of that. I apologize in advance for any kind of annoying distractions. This presentation probably about typical for us, maybe takes about 45 minutes. Of course, after we're done with the presentation, Matt and I will be happy to answer your questions. I think that covers it in terms of the introductory remarks. Why don't we get started? Here we go. Why don't we go to slide two? Looking for a disclaimer language. We don't go through this, as you know, but please call us if you have any questions about it. Slide three, our table of contents, the investor presentation, supplementary financial information, which is attached in Appendix 1. We're not gonna go through that, but please call us if you have any questions about the supplementary financial information. Let's go to slide four. Probably slow down a little bit now, unfortunately. Slide four is the second quarter results with the history here as well. Sales for the second quarter, $13.875 million. Gross margin, 29.4%. As I think you know, we really don't like it when that number is under 30, so we're not feeling so happy about the gross margin being under 30%. I'm talking about an EBITDA, $2.709 million. The EBITDA, adjusted EBITDA, margin percentage, 19.5%. Don't like that under 20% very much, either. Those percentages aren't really things we're very thrilled about. What did we say about Q2 during the Q1 investor call? We had a sales estimate $13.5 million-$14 million. We came in kind of right in the middle of that range at $13.075 million. Adjusted EBITDA estimate was $3 million-$3.5 million, and we came in well under that number at $2.709 million. Let's talk about that. Why don't we go on to slide five? Let's start. Outstanding job by Park's people to make the Q2 sales number, considering significant challenges with supply chain disruptions, freight disruptions, severe staffing shortages. I know it's a broken record, but these things are not going away. A broken record in the sense that we've talked about these things a lot recently. These things are not going away. You'd have to kind of live it almost to understand how difficult and almost oppressive these things are. You know, I wanna give credit to our people for making the top of their sales number, notwithstanding all these things. These three things together probably total about $750,000 of missed shipments when you combine all three of them. Nevertheless, we still made our top-line number. What happened to our EBITDA number? You know, considering we made the top-line number, you would think we would make the EBITDA number. Let's talk about that. First of all, there were two customer items which had a total negative EBITDA impact of about a quarter million dollars, $250,000, a bankruptcy and another customer-related item combined about $250,000 in the quarter. Let's go on to slide six. Significant inflation. Now, inflation is not a new story, of course, but some of it we didn't, you know, fully expect or fully bake into our numbers when we gave you our forecast. Material supply costs, not new, just maybe a little bit more than we were expecting. Freight in, freight out, you know, both ways, freight costs, people costs, absolutely. You name it, probably more expensive, you know, insurance, but we can give you a list of 20 things if you want. Now, why didn't we fully pass these increased costs on to our customers in Q2? Good, very good question. Because, like many others, we honor our commitments and our confirmed POs. At Park, honor and integrity are not relative principles and not negotiable. The Park honor and integrity, what matter most. Remember I told you, I think last quarter that one of our suppliers was lecturing us about honoring our POs with our customers and, you know, what were they saying? He said, "Well, everybody else is doing it." Meaning not honoring POs. It's like, well, isn't that when we were kids you were told that doesn't count. You know, whatever. That's not a good excuse for doing something that everybody else is doing it. You know, it's kind of sad that adults are thinking this way. The other thing is, well, we'll go out of business. We haven't gone out of business yet, and I suspect we're doing a lot better than most. Neither of those things, I think, are good explanations or good excuses. The lag effect, what that means is that, we honor our confirmed POs now. When we're asked to requote, then we can take into account, these extra costs and pass them on if we choose to, then we can. That might not be for three or four months down the road. The difference is with lots of other people, they're not waiting. They're just saying, "Fine, we're not gonna honor the pricing that we have in the confirmed PO." Now, we don't do that, so we have to wait, and that's the lag effect, and that's why we're always a little bit behind in terms of passing things on. Let's go on to the next slide. Historically high inflation. Yeah, we talked about that. Getting that genie back in the bottle, not looking too promising. Also, lower margin product mix. You're gonna ask, "Well, why didn't we anticipate that when you gave the forecast?" Well, planning is very quote-unquote interesting in this world of supply chain chaos. Well, look, we do planning, but it's almost like whatever, it's a plan, but it never comes true because we're always juggling, always moving things around, moving something in, moving things out because we're planning to produce it this product this week that the raw materials haven't come in, so we've gotta move something else in that we have raw materials for. It's kind of like brute force, a little bit chaotic, maybe sometimes more chaotic. I mean, we're good at it, but it's an enormous amount of effort. The bottom line is we don't know what we're gonna be producing in a quarter. When we give you a forecast, we think this is what we're producing and shipping. We don't know that because there's so many uncertainties based upon especially supply chain disruptions. Also workforce issues, freight in, I would say. That's the reason why we couldn't really fully anticipate or didn't fully anticipate the product mix. It's somewhat of a lower margin product mix. There was some stuff we wanted to ship at the end of the quarter that was higher margin. We just didn't get there. The raw materials didn't come in on time, and it wasn't possible to get it done. These supply chain disruptions they're causing significant inefficiencies in our manufacturing operation. You know, most manufacturing people like to have a nice plan, and everything's nice and simple and quiet and calm. We'll do this tomorrow, this next week. We'll do that, you know, three weeks from Tuesday. That's all nice and good. You could throw, you know, it all out the window and start all over again. When you're moving stuff around a lot, you know, all the efficiencies, manufacturing efficiencies which manufacturing people like, out the window. It doesn't, you know, they're gone. That's what we're living with. Not a list of excuses at Park. Excuses are not our thing. Bottom line is we did not make our EBITDA number, plain and simple. No quarterly bonus for our people. Now you could say that's kind of harsh. You know, a lot of people, not their fault, but it doesn't matter. We're all in this together, you know, and harsh it might be, but at Park, you know, we earn what we get. We don't earn the money, we don't get the bonus, period. End of story, whether people like it or not. That's our kind of way of doing things at Park. We still thought you would want to know about some of the key things we're living with and which affected our Q2. In other words, not excuses, but things you wanna know. Let's go on to slide eight. Sorry. This is historical fiscal year results. We've shown this for the last few quarters. Think it's very interesting. We highlight 2020 and 2022 because obviously you look at it, you know, the 2022 sales much lower, but the gross margin quite a bit higher. And even the EBITDA number, not the percentage, the absolute number a little higher. Wanna flag that for you. Let's go on to slide nine. This is something that we're covering now for the last few quarters. Actually, one of our very good investors suggested it, and we always like to get suggestions from investors. You know, we don't do appeasement. We don't just do stuff to make people feel good, but if somebody has a good idea, sure, why not? You know, no, we don't have this not invented here kind of stuff attitude at Park, that's for sure. Anyway, zero long-term debt. $102.5 million of cash and marketable securities at the end of the quarter. Our management, our investment philosophy, highly secure and liquid securities, treasuries, governments, high-grade commercial paper as an example. Current average maturity, 22 months. Our practice has been to hold our investments until maturity. That's kind of important. We'll get back to in a second. We just mark-to-market reporting of our cash. We talked about it last time, and I did that because I knew this was coming, that as interest rates keep going up, and they're moving up for sure. It affects how we report our cash for GAAP purposes. Now, the amortized cost base of our cash is actually quite a bit higher. It's $107.2 million. The theory is this, that if we hold these investments, the cash invested in these items we talked about till they mature, which has been our practice, we're more likely to, you know, result with that higher number, approximately $107 million rather than $2.5 million. Just FYI. Let's go on to slide 10. Let's talk about where some money's being spent. Major expansion, we spent about $500,000 in Q2, about half a million dollars still to go. This total transition tax installment payment, we've talked about this over the years. A little bit complicated and nuanced, see, but still $12.6 million to go. $8.4 million paid to date. This has to do with repatriation. You know, it's complicated. If you want a better explanation, call Matt. We don't wanna take up your time to go through this explanation again. A payment made in Q2, $1.7 million. You see that starting to add up. I don't know if you noted in our balance sheet, inventory build of $3.2 million compared to the beginning of the fiscal year. That's really intentional. As I said, we're having a, you know, really rough time with supply chain, kinda pulling our hair out. We had the opportunity to build some inventory strategically. We're doing that on a theory that we're hoping that it will kind of make things better in terms of supply chain, give us more kind of predictability, more ability to plan, more ability to, you know, meet our commitments to our customers as well. Of course, just one other thing that you probably know about every quarter, we have a approximately $2 million payment of our regular cash dividend. Those are some of the items we're spending money on, and just FYI, if you're interested. Cash dividend, yep, where others cut or cancel dividends, we maintain a regular dividend throughout the pandemic. We've paid 37 consecutive years of uninterrupted regular cash dividends. Then let's go on to slide 11. Here we go, $556 million. I always like that number in bold. $556 million. That's a heck of a lot of money for a little company like Park. That's a goddamn lot of money, I must say. $27.15 per share since 2005. Remember, we still have no long-term debt and still got quite a bit of cash. We have a share purchase authorization. We talked about this last time, announced on May 23, 1.5 million shares that we are authorized to buy. We haven't purchased any of our shares under this authorization, not yet. You may not, you know, agree with this, but our feeling is it's basically your job to buy our stock, not our job. Our job, do everything possible and more to maximize the fundamental value of the company. That's how we look at it. I know a lot of people don't like that, disagree. What now? Every now and then, the market will make us an offer we can't refuse. You know, that's the thing here. Will that happen? We'll see. The stock price is getting interesting, let me put it that way, based on any kind of metric that I think reasonable people might use. Like I said, you can disagree. It's not our opinion. It's not our job to buy our stock. That's yours, if you want to. Or sell if you want to. It's our job, do everything within our power to maximize the fundamental value of the company. That's what we're doing 24/7, I think. With the last item, with interest rates rising, era of cheap and easy money come to an end. Will our hard-earned, honest money finally be worth something? Let's go on to slide 12. Top five. Well, boring because, you know what? It's the same number of same companies, same names as last quarter. We gotta keep coming up with new pictures and new programs quickly. The SM-3 missile, that's an AE program, Ablative. It's a fast one. It's a fast damn missile. Mach 13, I guess, is about how fast it goes in some variants of it. The A320neo. You probably think that's an MRAS reference. It's actually GKN Aerospace because GKN Aerospace also supplies into the LEAP-1A program with our materials. The 737-800. That's Nordam. That ties into Nordam. Nordam does this WeatherMASTER Radome, and they're used in a lot of Boeing 737 Legacy Aircraft as well as the MAXes, I understand. Kratos, they're kind of a regular these days, and this is one of their drones. This is a target drone. Okay, let's go on to slide 13. Not much here except first six months. This is the pie chart stuff, which, you know, I kinda like, but, you know, not too much shocking stuff here, I would say. If you look at the first six months, it seems to be following on the pattern of the last fiscal year, more or less, you know, with a couple of percentages here and there. Not a lot difference. Whatever it's worth. Let's go on to slide 14. Park loves niche military or space programs. This is always Elena's project to come up with the kind of cool new programs to discuss with you. These aren't always the biggest ones, but they're the fun, the cool stuff. GBSD, that's parts and materials. It's actually more structures than ablatives. Raytheon MK 56 Guided Missile, ablative materials, E-2D Hawkeye, that's some parts we're producing. Probably the most fun is this, helmet and spacesuit stuff by David Clark. This is for the Orion space program. In a category pool, I think that might get the award for this quarter. You know, you see the part chart, nothing dramatically different. I think we've talked, you know, Radomes, rocket nozzles, drones, usually in the niche category. Well, plenty of aircraft structures for military, which would be considered niche as well for us. Niche for us is good. Slide 15. We covered this last time, but we're a little bit of a different angle, so we'll try again, to you know, cover this topic. New World Order, we certainly covered that, you know, the sea change, defense industry based upon the war. Two major impacts, significant increase in defense budgets and spending, Europe, Asia, as well as North America. We covered that. Deglobalization, didn't really touch on that last time. This is individual countries in Europe and Asia taking more responsibility for their defense needs and spending. These countries are less willing to rely on and depend predominantly on the U.S., NATO, other alliances for their defense needs. Best example is probably Poland, which is really upping the ante. Significant increase in spending, both to expand and modernize its military. Let's go on to slide 16. Not surprisingly, surprise, missile defense systems, including the PAC-3 Patriot Missile, one of the key areas of emphasis. You know, when people are shooting rockets at you and missiles at you know, missile defense systems probably come to mind. As previously discussed, both Lockheed Martin and Aerojet Rocketdyne have recently announced significant increase in interest in orders for the PAC-3 Patriot Missile Defense System. Now, Park supports the PAC-3 Patriot Missile Defense System with specialty ablative composite materials, and we believe we're sole source on that program. PAC-3 Missile Defense System used in Asia, Japan, South Korea, Taiwan, as key parts in their defense systems. These countries, not surprisingly, are in this process of upgrading their systems and adding systems. Yeah, it's kind of a rough world right now, unfortunately. We're not happy about it. We're just supporting these programs. If it was up to us, it would be a different world. The Netherlands and Romania, they're buying PAC-3 Patriot Missile Defense Systems. Poland, thank you, Poland, they're ordering additional. They already have PAC-3, but they're ordering more, Poland. Slide 17. Just continuing on military market trends. As previously discussed, we gotta go into this because we gave an indication last time which we need to adjust. Park received customer and OEM indications regarding significant increases in ablative materials and RAYCARB C2B product requirement support to the PAC-3 and other missile defense systems programs. Last quarter, we said that we thought our ablative and RAYCARB C2B product sales would be well over $10 million in this fiscal year. However, based on recent inputs from our key customers, believe that $6 million of the RAYCARB product, sale was planned for Q4, that in whole or in part may be pushed into next fiscal year. Just for perspective, we're not saying this is what will happen. If all those C2B Q4 sales are pushed into the following fiscal year, our fiscal 2023 sales of ablatives and C2B product would probably be at $6 million. Now, like I said, we're not saying that. We wanna give you the baseline. If you want us to guess, and, you know, please underline guess for me, for us, we would guess about 1/3 of that, you know, a third of that $6 million stays in this fiscal year, maybe 2/3 moves into next fiscal year. Maybe $2 million of the $6 million remains in this fiscal year, another four maybe gets pushed. You can do the math however you like. Slide 18. Big caveat. Gonna do the caveat stuff here. The New World Order is seemingly far from immune from the serious supply chain and inventory management challenges defense industry is facing. It has been reported that the U.S. defense industry supply chain is struggling, maybe badly, to meet the significantly increased industry demands. Okay, now we're gonna go on to commercial, slide 19. Thanks for bearing with me here. Commercial market trends and considerations. We discussed this, you know, many quarters now, the industry collapse at the beginning of the pandemic, the subsequent recovery, and lots of details. We're not gonna go over all that again. Suffice to say that the commercial aviation industry continues a strong recovery and rebound from the pandemic and economic crisis. Domestic Commercial Aviation, it continues to lead the recovery. Domestic Commercial Aviation generally serviced by single-aisle aircraft like the A320neo family. The customer demand seems to be there to support the continuing robust recovery of commercial aviation. Let's go on to slide 20. There's a big but here, watch items. Watch and caution items, these raise concerns about the sustainability of the recovery. What are they? The obvious ones, a broken record, the economy. Will people continue to fly if the economy falters badly? You know, my neighbor loses his job, maybe I won't take that really fancy vacation. I lose my job, I'm not going anywhere. You get it. Inflation, oh my goodness. Will the flying public continue to be willing to absorb these escalating, you know, ticket prices as the airlines pass on their significantly increased cost for jet fuel and other stuff like people? Labor shortage, pilots, mechanics, flight attendants, ticket handlers, you name it. I have a good friend who, you know, runs an airline operation, and every time you sit with him, that's the first thing he talks about. "I can't find people." Will the airlines be able to provide appropriate services to the flying public? Or will they be required to ration, cut back their schedules and operations? The $64,000 question, if the commercial aviation industry does falter and airlines seek to defer, push out, cancel new aircraft orders, how will the commercial aircraft industry respond? That's what we're tied to, the aircraft industry. Maybe the answer will depend on which OEM we're talking about. If it's Boeing, I would suspect they may respond differently than Airbus. Airbus may try to press their advantage even more aggressively. I'm speculating, I don't know. I'm just kinda putting it out there. Slide 21. Of course, even if commercial and the commercial aviation industry remains strong. The aircraft industry still needs to deal with its own massive challenges related to what? I know, broken record, supply chain, labor staffing, inflation. Yes, big things that are not going away. Maybe getting worse. I don't know. You probably know more about than I do. An interesting new wrinkle to complicate things for all of us, which, you know, of course, we like simplicity in our presentations. Demand for international travel, sorry, now recovering pretty nicely. That was not supposed to happen according to all these pundits and all these commentators and industry experts. Not supposed to happen for a couple of years or maybe ever. You know, maybe international travel is dead forever. Now, as a result, a number of these analysts and commentators are now predicting a resurgence for widebody. Wide-body, long-range international aviation are generally serviced by widebody aircraft. There's the connection. It's interesting timing for this predicted widebody resurgence, since Boeing will soon deliver its last Boeing 747. Airbus has canceled the A380. Let's go on to slide 22. Is this an opportunity for the B777X? Which is, as far as I know, the only aircraft in the mix which has close to the range and passenger capacity profiles of the 747-8. Well, maybe. Got to ask this question: How much share will the A321XLR take from the smaller widebodies like the B 787 and A330? Will the XLR be a damper on the widebody resurgence? Don't know, but something to think about. Last silver lining, we've discussed this before. Generally, higher jet fuel prices provide airlines with extra motivation to more quickly replace the gas guzzler airplanes with more fuel-efficient, modern airplanes such as the A320neo or maybe the Boeing 737 MAX. There are reports of this happening, that airlines are swapping out their legacy airplanes earlier than they originally planned because of the very high jet fuel prices. Let's go on to 23. This is a slide that we share with you every quarter, just kind of give you a summary. We have a firm pricing, deal and requirements contract through 2029 with Middle River Aerostructure Systems, they're a sub of ST Engineering MRAS. What is this all about? All these seem like GE kind of engine programs, so what's the connection? As I think most of you know, Middle River, MRAS, was a sub of GE Aviation, and when we entered into this deal, they were a sub of GE Aviation. We've all this GE Aviation legacy work through MRAS. We built a redundant factory for them, and GE Aviation, sole source for composite materials and the shells, thrust reversers on these programs, which we won't tick off. They're, you know, they're mostly, what, the A321 family, COMAC and Bombardier. That really sums it up. Boeing 747 is going away, as we know. Let's go to the bottom right here. Just something we did add in this quarter, and hopefully it's not premature. Hopefully we don't jinx ourselves. This fan case containment wrap for the 9X, GE9X engines for the 777X aircraft. We talked about this before, but then the airplane getting delayed and pushed out and delayed and pushed out, so we kind of cooled it on discussing it. Now it seems like it may, you know, be resurgence. We produce the AFP composite materials for this containment wrap. Is it making a comeback? We don't know. We just have to remind you also that it's possible that the containment wrap will be designed out, as Safran is attempting to redesign the fan case to eliminate the need for the containment wrap. That's that risk's been there for a long time. Okay, let's go on to slide 24. These slides can be tedious, but we're doing our best here. We're trying not to go over things we've gone over so many times. Let's talk about update on GE Aviation's jet engine programs. Obviously, we start with the big kahuna, the A320 aircraft family, the LEAP-1A engines, and you could read what that family includes, whole bunch of different aircraft variants. We discussed at length over the last several quarters anyway, Airbus' public indications about its aggressive ramp rate for these programs. Then the supply chain publicly expressing skepticism and challenging Airbus about their expectations, and then the failure by certain members of the supply chain to meet those expectations. The public tension which exists between Airbus and certain members of the supply chain because of all the above. We're not gonna go over all the details of that again, just to kind of remind you this dynamics, so you have it for perspective. Slide 25. Suffice to say, though, that Airbus has indicated its intention to achieve A320neo aircraft family production rates of 65 aircraft a month by early 2024, and 75 aircraft a month by mid 2025. Even though the ramp-up to these rates is admittedly aggressive, Airbus has doubled, tripled, quadrupled down on its commitment to meet these rates. Also, this is a big one. Just kind of shockingly, Airbus recently indicated, I think in the last couple weeks or so, its intention to achieve a production rate of 50 A320neo aircraft per month by the end of this year. That's like now, 50 per month. Wow, that's kind of a big deal. By the end of this year? What is that like, you know, next week? For one thing, which according to Airbus was quite clear, is the market and the A320neo aircraft family backlog are there to support these aggressive rates, there's almost no doubt about that. This is not a matter of whether they have customers to buy these airplanes. It's a matter of can they produce these airplanes and ship the airplanes. You know, they're. Airbus is really very much pressing the supply chain to support these rates. Their current backlog for the A320neo aircraft family, 6 out of 150 airplanes. Now, I'm not an expert in this stuff at all, but I can tell you that's a heck of a lot of airplanes that they have in their backlog. Let's go on to slide number 26. Still on the updates. Do we think Airbus will hit these targets, 65 early 2024, 75 mid 2025? Yeah, we think they will or come close. Why? Because they're hell-bent to get there, and they have a lot of good reasons for it. In our opinion, you know, for whatever it's worth, probably not much. The supply chain should focus its energy on supporting Airbus' aggressive A320neo production targets rather than publicly challenging them. To us, we think it's kind of strange that that's being done. At Park, far as we're concerned, little old Park, we staked out our ground in this controversy June 17, 2022. News release, we announced our full and unwavering support of Airbus' planned production rates for the A320neo family. For us, it's a privileged honor for us to be able to support this Airbus A320neo program, which, you know, supposedly is gonna be the biggest commercial aircraft program ever. We're all in. Let's go on to slide 27. We do this every quarter. So as of the end of July, CFM LEAP-1A had a 59.75% share of firm orders of the A320neo family of aircraft. The source is Aeroengine News. That's like the Bible. Every month there, it's like, I don't know, 100 pages of huge amount of data. This is not like somebody's just kind of off the top of their head opinion stuff. Actually, 59.75%, that's around the number. It's probably like 59.723% or something like that. A very, very detailed information is the point. Park also recently received updated A320neo engine unit composite material usage from MRAS. Why'd that happen? Because we look at everything very, very carefully, all the data, everything we hear from Airbus, everything we could possibly integrate into our little computer, and we challenge it, and we question it. Does it make sense? We went back to MRAS and said, "You know, some of this information isn't looking right to us." Why is this information, usage information, so critical? It's because, remember this, when we supply material to MRAS or through their contractors, all supplied to the same spec. We don't know where it's going. We don't know if it's the A320 or Passport 20 or the Comac C919, Boeing 747. It's really critical for us to have this usage information, so we can say, "All right, if Airbus is producing this many airplanes, and this is the LEAP market share, we know that what the trend will translate to in terms of revenues for Park." Anyway, went back to them, we challenged it, and they said, "Yeah, you're right." They came back with all different usage information for us. Now that it's whether that's more accurate, it's probably more accurate, but whether it's totally accurate, we don't know. We just keep looking and checking. Anyway, here we go. Assuming a 59.75% CFM market share and the updated usage data, the 75 A320neo aircraft family per month rate represents approximately $32.5 million per year of revenue to Park before rebates starting in 2025. Why do we focus on 2025? That's when we expect to fill the needs of the inner program, and also there's a built-in, you know, price increase in 2025. That's why we focus on 2025, based on our LTA. We're not sure we're gonna update this every quarter because the problem is this, that even if the engine usage information is not changed, the market share comes out every month, and, you know, it changes. We may be driving you crazy by saying it's up here, down there, you know, by a few hundred thousand dollars every time we do this quarterly conference call. We'll see about that. Just wanna give you that information, so you have it. Slide 28, still on updating GE Aviation. On a short interval basis, Park's A320neo derived revenue will not reconcile to what Airbus is doing. It's just not gonna happen. There's all kind of reasons for that. This is key, at the end of the day, the only thing which matters to Park in connection with the A320neo program is how many A320neo aircraft equipped with CFM LEAP-1A engines Airbus produces and delivers. That's it. Assume we have the usage information correct. The rest is just, you know, timing, what quarter it goes into. At the end of the day, what matters to Park is how many of these airplanes are built and delivered with LEAP-1A engines. A little news on the A321XLR. We talk, we discuss this, I think, every quarter. Most of this is not new, actually. First test flight, June 15. Certification expected next year. Entry into service, 2024. It has a lot of unique capabilities, in addition, including, they claim, Airbus claims 30% lower fuel burn per seat as compared to legacy airplanes. Over 500 firm orders, and Boeing's not planning a response. Is this a game changer? Yeah, I think a lot of people think it is, because this airplane has the ability to replace certain wide-body aircraft much with much less expensive operating costs on shorter wide-body missions. Let's go on to slide 29. Okay, moving on from the A320. COMAC C919, here's some big news. In a recent ceremony at the Beijing Capital Airport attended by President Xi of China, the COMAC C919 received its type certificate from the China FAA, the CAAC, kind of the China FAA. Now, COMAC still needs to receive production certificate. I don't know if you're familiar with this, but usually the first thing, the OEM will get is a type certificate, but they need to get a production certificate which says, "Yeah, every time you make one of these, it's gonna be the same." That's, you know, kind of very, superficial way of summarizing, but that's the kind of concept of a production certificate. That's really critical, actually, a production certificate. They still need to get that in order to go into volume production. They do source a lot of the key components from Western suppliers. Congratulations, COMAC, for achieving a very important milestone. This program is potentially a very important program for Park. Unlike the A320, the COMAC C919 at this point only uses a LEAP engine, so we're not sharing the program with somebody else from a Park perspective. Let's go on to slide 30. The Bombardier Global 7500. Not a lot new here. A very good program for Park. You know, the Bombardier, I think we talked about this last time. They recently announced the Bombardier Global 8000 variant with a 2025 entry into service. Slide 31. This is the sad slide. Boeing 747-8. As you know, Boeing announces terminating production of the Queen of the Skies. The last remaining Boeing 747 expected to be delivered this month to Atlas Air. I heard that actually one was just delivered, and then the ones being assembled, they're getting the last few, so that would go to Atlas Air later on this month, apparently. A sad day for one of the best commercial aircraft ever built. I think Atlas Air has more of the 747-8s than anybody. Saying goodbye to the great Boeing 747 in Anchorage, Alaska. That's where the Boeing 747 reigns supreme. I'm telling you see a lot of Atlas airplanes, a lot of Atlas Air Boeing 747 airplanes. They're almost all, I shouldn't even say almost, all for freight, for cargo that are coming out of Anchorage. Lots and lots and lots of Boeing 747 operations in Anchorage. Long live the Queen. Let's go on to slide 32. This is where things get kinda complicated. The left part of the left-hand column is just history. Nothing too earth-shaking here. Q2, $6.1 million. It's been in that $6-$7 million range per quarter for a while now. Okay, got it. Look at the right side of the page. What is this about? GE Aviation programs sales forecast estimate for Q3, $4.25-$4.75 million. What the heck does that mean? This is a good number because, you know, this is basically what's booked. We don't think we're gonna get any new orders for shipment in Q3, so this is gonna be the number. What the heck is going on here? Good question. Let's go on to slide 33. This gets a little bit, I don't know, delicate, let's say. Let's talk about what's going on here. First of all, let's talk about the programs which we just covered. A320, 50 per month this year, 65 per month early 2024, 75 per month by 2025. When do we have to be at 50 per month to support 50 per month this year? Like, you know, six, eight, nine months ago. How about 65 per month early 2024? We should be ramping to that level already. 75, yeah, that's gonna follow shortly thereafter. What the heck is going on here? The COMAC C919 just got certified. That would be good news. Bombardier Global 7500 doing quite well. What is going on here? We talked about downstream inventory and production management challenges and dislocations. We don't wanna talk out of school here, but you know, a lot of loyal investors are very interested in this stuff, and we think we owe you some kind of explanation as to what the heck is going on here. You know, it's funny with this inventory management stuff. From the electronics industry, you know that. Electronics industries, you have no visibility. There are no lead times. There's no visibility. There's no forecast. I mean, you're lucky that in some odd cases with these airplanes, there's 6-, 7-, 10-year forecasts. Electronics would be great and happy to have 6-week forecasts. You know, electronics, the industry is very effective at managing inventory and production. We didn't have these kinda crazy, wild swings. That's the irony of it. In aerospace, apparently, this is kind of a common thing. It's not just related to our customers. I don't know, apparently, it's not getting better. Very poor track record with managing inventory and production. There's always overshooting. Even though there's these long-term, you know, and market forecasts, that should make it a lot more straightforward to properly plan inventory and production. The explanation, well, there's finished goods inventory. The question is, okay, how much and where? Haven't gotten a meaningful answer. You could imagine how exasperating and frustrating this is for us, and it's what we're dealing with. At the end of the day, the only thing that matters to Park in connection with the GE Aviation program through support is how many LEAP-1A-equipped 320 A320 family aircraft Airbus delivers. How many COMAC C919, COMAC ARJ21 aircraft COMAC delivers? How many Bombardier Global 7500, Bombardier Global 8000 aircraft Bombardier delivers? Period. End of story. There is a big but, though. The downstream inventory and production management dislocations create major challenges for Park in managing our production supply chain. The thing is, it's almost like we're our own worst enemy because we're known our carbon to be very flexible, very agile, very responsive. I think people just kind of maybe take advantage of that. Oh, Park, they'll just turn on a dime. We will. Our suppliers, no sir, no ma'am. That is not true. It makes it much more difficult for us because maybe we can turn on a dime. Good luck with our suppliers. If we go to suppliers, this kind of crap, what they're gonna do in two seconds is, "Okay, thank you. We're gonna give your allocation to somebody else." When it's time, you know, to ramp up, "Oh, sorry, we can't do that because the supplier gave your allocation away." You know what's happening. You know what? Sorry. You know what's gonna come. I mean, it's just math. It's just math. It's only a matter of time. I don't know when. We'll get that call. Oh, boy. We already did it. We gotta ramp up fast. This is what we deal with on a daily basis, weekly day basis, and I don't know if it's getting better. Like I said, I don't wanna talk out of school, but, you know, we got a lot of loyal shareholders that would have been with us a long time. I think you're all now owed an understanding, an explanation of, you know, why the heck would we be looking at that kind of number for Q3. That's our explanation. We're sticking with it. Slide 34. Let's go on to the forecast for Park. So you see, first of all, you got the Q3, Q2 actual. We stated that. Q3 forecast, nothing earth-shaking here. $13.25 million, sorry, $13.75 million, $13.75 million sales, $3 million and $3.5 million adjusted EBITDA. Now, we really wanted to give you a Q4 forecast at this point. We actually had the first draft, but it really wouldn't have been meaningful, and mostly because these two big variables from Q4. One is this C2B product. We discussed that in slide 17 at some length. We just don't know how much of that is gonna be pushed into next fiscal year, so it really makes Q4 very up in the air. Also, you know, the forecasting that we're receiving over the GE Aviation programs quite suspect. It would not be possible to provide you with a meaningful forecast for Q4 at this time. We're sorry about that. Like I said, we really wanted to, but it just wouldn't be meaningful. Let's go on to slide 35. Now we're doing time not so good. Sorry about that. I said 45 minutes. It's already 45 minutes. We covered this, these slides are pretty much what was in the last presentation, so we'll just skim over it. I'll just start by saying, you know, forecasting, highly problematic, probably not very meaningful in the current environment. With supply chain chaos and disorder, significant inflation, serious recessionary concerns, and staffing challenges, very difficult to provide short-term and certainly long-term forecasting wouldn't be that meaningful. We go through what we think our outlook is because we think we can provide you meaningful input on the company's outlook, even if there is an economic recession. A lot of people say there already is, but even if there's a recession. We're not gonna go through that. Feel free to read it. Ask us questions if you like. Let's skip over to slide 38, where we have the kind of bottom line at the end here, based upon the above considerations, although there are serious concerns about the economy, inflation, workforce shortage, and supply chain chaos, we believe the outlook for Park is quite positive. Like I said in the prior three slides, we went through why we believe that. Let's go on to slide 39. Our major expansion in Newton, Kansas. We can cover this pretty quickly because I'm not even gonna read the numbers to you. I mean, there's really not much news here. In contrast, many others are slashing their capital budgets or canceling their capital budgets altogether. We've pushed forward and completed our expansion. Okay. Let's go to slide 40. James Webb Space Telescope. This is our cool slide, fun slide. I think this is our second fun, cool slide. Reminder, 21 of our proprietary SigmaStruts are incorporated into the James Webb. James Webb, along with those struts, is established at the Lagrange 2 Orbit Point, which is about 1 million miles from Earth. That just kind of blows my mind. I think of those struts we produced in our little factory in Kansas. They're 1 million miles from Earth. Don and Elaine are in charge of this. We have so many really cool photos, images, from the James Webb. I said, "Okay, you guys have to choose three." That was hard. You should probably have to choose 100. These images are just so unbelievable to me, just so awesome. I don't even know. I can't explain what they are. Elaine is our resident James Webb geek, so she could probably give you a great explanation as to what these images are about. I did see something interesting, a recent article indicating that James Webb is seeing stuff which is not supposed to be there. I thought it was very interesting. If I digress for a second, isn't that the whole point? You know, seeing what is there rather than what's supposed to be there. Isn't that what kind of science is all about? You know, Doesn't matter what you believe is true. Science is about the truth, reality, not what you believe or what's supposed to be there. That's how science progresses. That's how the humankind progresses, I think. Not getting hung up on what people believe is supposed to be there. For Einstein, I mean, time and space are supposed to be absolutes. It doesn't matter what they're supposed to be, they're not. Anyway, I'm digressing, like I said, but I just found that kind of very interesting, and I don't want to spend a lot more time on James Webb, but this article about seeing stuff not supposed to be there. Okay, let me move on. Slide 41. Sorry about this. I know a lot of you are looking forward to a really great update on the ADL. Just a reminder, our materials are currently sole source qualified on ADL's ADRS program for the Boeing 737 Legacy Aircraft. There are many thousands of Boeing 737 Legacy Aircraft with service around the world. You can look it up. I think it's over 5,000. However, recently, ADL asked us to low-key it about the ADRS program. We're not going to provide any new updates to the program at this time, except to say we continue to work actively on the program opportunity, and we're also very pleased to have the opportunity to participate in this exciting potential program. Sorry about that again, but we want to honor ADL's request at this point. 42. This is kind of a big one. Slide 42. We've been talking about space set aside, a new factory for project initiatives. Let's update major potential project initiatives, a new plant. We've been talking about this for several quarters, but we haven't told you what we have in mind. Now the big reveal, we're gonna tell you about one of the main projects that we have in mind. This project relates to automated fiber placement, AFP manufacturing of aerospace composite structures. A final decision has not been made on the project, but Park has conducted significant due diligence on the project. The capital investment for the equipment, including all support equipment necessary to provide complete AFP manufacturing capability to interested customers, is estimated to be approximately $10 million. Although the equipment location decisions are still being reviewed, we believe that all the equipment involved, and it will be a lot, would fit in our recently completed major expansion in Newton, Kansas. Let's go on to slide 43, continuing with this update on AFP. What is AFP? AFP manufacturing utilizes robotic technology as a form of additive manufacturing, technology as compared to the subtractive manufacturing technology utilized by conventional hand layup of composite structures. That's an important point. If Park proceeds with the investment in AFP manufacturing, it should be seen as a long-term strategic investment. It would not be a quick payback investment. This would be long-term, would be strategic. At this point, AFP manufacturing is generally done in-house by large Aerospace OEMs, not people like Park. We believe there may be a niche for us in AFP manufacturing of aerospace composite structures. If Park proceeds with this project, it may, at least to some degree also, though, be a build- it- they- will- come type project. It'll take some conviction and courage to do this, but you know, we normally aren't short of those things, I don't think. There are many potential advantages to AFP manufacturing of aerospace composite structures compared to traditional hand layup manufacturing, which is what we do now and what most companies do. Labor cost reductions relating to elimination of certain manual processes. Just don't do them with AFP. No ply cutting, no manual layup. Now go on to slide 44. What is this not? We're not interested in automation to replace our existing people. A lot of companies talk about that. That's not what's going on here. A big but, since it is and may continue to be indefinitely very difficult to properly staff our operations, AFP automation may be a very useful strategic approach to supplementing our existing workforce in order to facilitate expanded manufacturing activities. Expanded strategic, I should say, manufacturing activities. Cost savings related to very high material utilization rates from AFP additive manufacturing process compared to much lower yielding material utilization rates associated with hand layup subtractive. Just think about it. When you do subtractive manufacturing, you're subtracting stuff. You're taking stuff out of the equation, throwing it out. So material yields with subtractive manufacturing and layup could, you know, significant yield loss, you know, 10%, 20%, 30%. I mean, that's huge. An AFP manufacturer is not because it's additive. You're not subtracting it, you're only adding. So that's a big difference. Also significantly improved quality, reliability, repeatability, and consistency associated with the AFP automation, process automation, which is kind of typical of automation as compared to manual operations. It's also potentially suited, better suited for volume manufacturing, especially of larger composite structures. Now, the disadvantage is, let's go on slide 45, AFP manufacturing. AFP manufacturing, like most automated processes, may not be well suited for a lower volume production, especially of awkwardly designed quirky composite structures. Quick turns, smaller volume, you know, the economics may not always be there. Also, this is the big thing. This is a big barrier to entry. Significant upfront investment. We told you the dollars, but the learning curve cost, it's a big deal. A lot of companies think, "not for us." There is still due diligence which needs to be completed, and there is no hard deadline for the final decision on the AFP project. We're hopeful to be in a position to make the decision in the near future, and we'll keep you posted. This is a, you know, we don't know if we're gonna do it or not. We may not. We thought we should share with you what we're doing. We're putting a lot of time into it and doing a lot of work on it. Potentially, though, I think it could be a pretty exciting project for Park. Although, like I said, it's kind of a long-term concept rather than a, you know, a quick ROI or payback. Let's go on to 46. Slide 46. Park's people. Changing gears here completely. Update on our great Customer Flexibility P rogram. You see the numbers, percentages. It just wouldn't be possible to continue to get the job done under the current very challenging circumstances without our Customer Flexibility P rogram. That's not just hyperbole. This is a fact. I mean, every day, our Customer Flexibility P rogram comes into it becomes a factor for us, has an impact on our ability to get things done. Park's current people count, 99 people. That's not a good number. Ideal head count, people count would be 125. Minimum people count to properly operate and function, 115. What's going on here? What is going on here? There are a number of factors, but one important factor, this may not be, you know, politically correct, but I'm not here to be politically correct. I'm here to tell you what, you know, what we're thinking and what we believe. One important factor is that certain other companies, mostly larger companies, have been aggressively targeting our people for recruitment. You know, people on LinkedIn, it's so easy to find them. They want people from this function or that function. Slide 47. Maybe this is just capitalism, the free market at work. Sure, isn't that great? Is it? Some of these companies which are targeting our people were given huge amounts of government money. Where did the money come from? From us. Other taxpayers like us during the pandemic. Huge bucks. This government money, funded again by us and other taxpayers, was intended to incentivize the recipients not to lay off their people. In some cases, recipients laid off significant numbers of people anyway, thousands. In some cases, the recipients of the government money, funded by us, are still losing, you know, very big bucks. You tell me, is this just capitalism and the free market at work for the government to take our hard and honestly earned money, tax money, and give it to others who have done nothing to earn it or deserve it, so those others can use that money to aggressively target and recruit our people? Is that capitalism? Slide 48. Maybe it's crony capitalism or phony capitalism or no capitalism at all. What do you think? One more thing about these companies who are targeting our people. What will they do as soon as the people they recruit and hire are not needed? You think they're going to keep them? Well, maybe come up with your own opinion about that. In any event, whatever the cause or the politics of it all, we're dealing with our workforce challenges as we always do. We don't give up. We keep going. We don't sell out. We don't sell our souls. We keep coming up with new ideas. We keep working at it. We're not looking to sell out. We're looking to use this challenge as an opportunity to actually upgrade our workforce and make sure we have the right kind of people working at Park. Latest idea, which seems to have some promise, is bringing on a weekend shift. I could tell you that Courtney, Nancy, and Cory as well is something they're putting so much effort into all the time. Working it, coming up with new ideas. Meeting with prospective employees, promoting Park, promoting the Park culture, a lot of effort. It's worthwhile to do it right rather than to do it wrong. That's my opinion. Slide 49. Back to Park's people. Another not-so-great story. Inflation. Now, I'm not talking about Park's inflation. We're talking about the inflation our people deal with in terms of living every day. Even though we didn't cause it, and we're not in a position to stop it's very hard to hear people talking about choosing between buying gas and food. It's very hard to hear that. This is not rocket science. Any high school economics student will tell you, if you pump trillions of dollars into an economy which is already recovering from the pandemic, then you seek to shut down the oil and gas industry, you will cause significant and persistent inflation, not transitory inflation. The people who caused this inflation, they're smart people. They knew what they were doing. They understood the consequences of their actions. In our opinion, they just didn't give a damn. They just don't care about our people, how their actions are going to hurt, are going to hurt our people, are hurting our people. To them, our people are expendable. They don't matter. To us, our people are not expendable. Our people matter the most. Our people are precious. Slide 50. We recently implemented an inflation pay premium for all of our people who are making approximately $60,000 or less per year. As I said, we did not cause this brutal inflation, and we're not in a position to cover all the, you know, all the sins, all the damage done by this brutality. It bothers us a lot to see our people suffer. We implemented this inflation pay premium to do what we thought we could do to help our people. You should know, since you know, sometimes numbers matter, that this recently implemented inflation pay premium will cost us approximately under $50,000 per year going forward indefinitely. Let's go on to slide 51, closing thoughts. Sorry to go on so long. It's already an hour, but we just had our closing thoughts now, so let's see if we can wrap it up. At Park during and throughout the pandemic, the topic here or theme is we earn what we get. At Park during and throughout the pandemic, we kept all of our people. We laid off nobody while many others were cutting their employees loose by the thousands. We made money every quarter while many others were losing money by the bucket loads. We maintained our quarterly cash dividend while many others were slashing their cash dividends or canceling them altogether. We continued and completed our major plant expansion while many others were slashing their capital budgets or canceling them altogether. We maintained our outstanding balance sheet of significant cash and zero long-term debt, while many, many others were leveraging their balance sheets just to stay alive. We paid our taxes, lots of them, while many others were paying none, maybe generating NOLs, so they don't pay tax in the future either. We took no government handout or corporate welfare money, although we easily could have taken it, lots of it. I was told by lots of people, "Brian, what's wrong with you? It's free money. Take it. You know, go take it. You take millions of dollars." While many others were taking huge amounts of government handout money funded by taxpayers like us. Money comes from us. Slide 52. At Park, we earn what we get. We don't wanna ask for or accept government handouts or corporate welfare. What do we want from the government? Not that anybody's asking, but I'll tell you anyway. Our only ask would be stop taking our hard-earned, honest, and decent money, giving it to other companies which have not earned it and do not deserve it. One of the keys to success in life and business, for Park, achieving great things through sacrifice and dedication. For certain others, we're not sure. What is it? Hiring better lobbyists, make sure you're at the front of line for government handouts and favors. What sense of value is that? You know, what kind of values are those? Kinda sad. At Park, we're not like the others. At Park, we play for keeps. At the end of every presentation, we always feature some, you know, a Park people, a crew, or department. Bottom right, this is Park solution mix team, a crew. We have William Davis looking very cool with the shades on, with Johnny Jamieson. Johnny is the, you know, how should I say it? The guy who's done this the longest. I don't wanna say old-timer, but Johnny's the veteran. Daniel McNamara. Daniel's new to the team, but I understand Daniel's doing very well. Great new addition to our solution mix crew. Let me tell you something. You know, we used to have electronics locations, and I count in my head, I think we had about 14 locations which had solution mix rooms around the world. Every time I go visit a location, I go see the mix room. Why is that? Because that's always the dirtiest, crappiest looking room. There's resin is dripping everywhere. It's caked on the floors. When I tour the factories, often the management, local management would try to steer me away from the mix room. Of course, that means I would be more determined to go. I've probably been in mix rooms hundreds, maybe 300, 400 times over the years. It's not an exaggeration. Probably 300 or 400 times. This is by far the cleanest mix room, solution mix room I've ever seen anywhere in my life. I never asked these guys to do anything. They did this on their own. It means so much to us. It means so much to me that people take the initiative to create such a wonderful environment, such a beautiful mix room. I know you probably haven't been to 300 other mix rooms, but if you had, you would know what I'm talking about. They didn't clean this up for this picture. This is how it looks all the time. Beautiful. As people say, we could eat off the floor. I said, "Yeah, maybe we should have a little picnic, eating off the floor in the mix room." To me, it means a lot, very special. Thank you very much to William, Johnny, and Daniel for doing such a wonderful job in terms of keeping the mix room so in such a beautiful condition. Okay, operator, that ends our presentation, and Matt and I'd be happy to take questions at this time. Thank you. We'll now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. The confirmation tone will indicate your line is in the question queue. You may press Star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment, please, while we poll for questions. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. Thank you. Our first question is from Brandon Dietz with Huffman Prairie Holdings. Please proceed with your question. Hey, Brian. How are you doing today? Thanks for taking Good. How are you doing? Thanks for taking the question. Not too bad. Good. I just wanted to follow up real quick on the GE Aviation Q3 guidance. Pretty decent size reduction from Q2 to Q3. I may have missed some of your commentary, but can you provide maybe just a little more detail? I mean, is this just a calendar shift into Q4? You know, do you expect to recoup? You kind of missed sales in following quarters. Just hoping to get a little more detail around that reduction. If you missed it, you know, I did a lot of commentary on this point, and you probably wanna go back and listen to it. I certainly don't wanna go over all the commentary again. I don't wanna try to sum it up unfairly because there are a lot of factors here. Somewhat of it is a little bit delicate, let's put it that way. I think what I did was I tried to be as candid as possible out of respect for you and other long-term shareholders that are really interested in what's going on. My suggestion is go back, listen to that portion of the call if you haven't, then give us a call and ask if you have any other follow-up questions about that point, if that's okay. Okay. Yeah, yeah. That's definitely okay. We can follow up with you on that. I did have a question on the 2025, $32.5 million figure. I'm pretty impressed by, you know, the increases you guys have noted over the last few quarters. If I go back and kinda back into the ship set value that implies, it's pretty decent, I think 8%-13% increase over the last few quarters. Is that just pricing, or are you able to provide any commentary on what's driving the increase in ship set that you guys are seeing? Yeah, that's just for the A320neo Aircraft Family also. I guess a couple things going on here, a few. One is we have these new usage numbers. Remember, as we had questioned whether the prior usage assumption was correct. Remember, when we ship something, we don't know what program it's going to because all the programs are shipped to the same spec. This usage information is really critical to us. The usage information changed and went up, you know, more square feet of material for shipset for A320neo Aircraft Family. Second thing is that in 2025, there's a built-in price increase based upon our LTA. That's fixed. That's part of our LTA. The third thing is that I mentioned that by 2025, we also expect that film adhesive would be on the A320neo Aircraft Family program. Those are the three factors that would affect the A320neo Aircraft Family unit numbers, let's put it that way. Okay. Okay, excellent. All right, well, that's everything I had. Once again, appreciate you. Appreciate the time. Oh, yeah, I appreciate your time, and a long call listened to, but thank you. Thanks. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. Thank you. There are no further questions at this time. I would like to turn the floor back over to Brian Shore for any closing comments. Thank you very much, operator, and thank you all for listening. I apologize for going so long. This is the longest we've ever gone, I'm pretty sure. Also apologize for the coughing. I can only imagine just irritating to listen to that. You know, got through it, but without probably some distracting coughing noise. Thank you for hanging in there and bearing with me on that little issue. Thanks again for listening. Feel free to give Matt and me a call anytime if you have any follow-up questions. Have a good autumn, and we'll talk to you soon. Take care. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.