Good afternoon. Welcome to the 26th Annual Needham Growth Conference. My name is Jim Ricchiuti, Senior Analyst in the equity research area of Needham, following advanced industrial technology companies. Our next presentation will be from Park Aerospace. We have, we're pleased to have, the company's Chairman and CEO, Brian Shore. Brian will go through a presentation, and if there's time, we'll have some Q&A. Brian, please. Thank you, Jim. And thank you, Needham, John, George, and company for inviting us to your 26th Annual Needham Growth Conference. I believe we've been to every one since the beginning. I'm not sure, but I think that's true. Just FYI, Martina, we're gonna team up. She's gonna help me advance the slides, so just want you to be aware of that. A little bit of a challenge here, so we're gonna start with a little bit of background history on the company, because I'm gonna assume that some of you, you folks are new to the company, and we like that. We always like new blood. But also, we just announced our Q3 exactly one week ago today, and we're gonna go through some of the slides that we did go through when we announced Q3, but we're not gonna have time to go through a complete update. It just, just won't work for us. So, we'll kind of skim through it a little bit, and we're not going through every slide we had in our Q3 presentation. So a couple suggestions. If you wanted more information, you can go back, go to our website and review our Q3 presentation, the audio and the presentation, or you can just give us a call, and we'll be happy to answer any of your questions if they're not covered in the question and answer on this at the presentation. I'll try to get through it, certainly before the time's up, but we may not have much time for questions. And I just want to mention, this is our seventieth year in business, so if we could, let's go on to slide two, which is our forward-looking disclaimer information. Martina, are you there? You gonna advance it? There we go. Okay. And if you have any questions about that, forward-looking disclaimer information, let us know. Go to slide three, please. Here we go. So we're gonna do a little bit of a review of our business. So just some basics. Park Aerospace Corp develops and manufactures solution and hot melt advanced composite materials used to produce composite structures for the global aerospace markets. We have a wide array of prepreg materials, designed for hand layup or AFP manufacturing applications. We also have film adhesive materials called Aeroadhere and lightning strike protection materials, Electroglide. Our advanced composite materials are used to produce primary and secondary structures for pretty much the whole gamut in terms of the aerospace market. Let's go on to slide four, please. Okay. So at the top of slide four, we also offer specialty ablative materials and radome and materials for radome applications. We consider those to be both niche kind of materials. And as a complement to our advanced composite material offering, we also design and fabricate composite parts, structures, assemblies, and low volume tooling for the aerospace industry. I'm not gonna go through all the examples, but below are examples of the type of applications we would find our composite parts going into. Let's go on to slide five, please. So let's talk about our history. Park was founded in 1954, March 31, 1954. So this March 31 will be our 70th year anniversary in business. Founded by my father, Jerry Shore, and his partner, Tony, with about $50,000, as I recall, or I'm told anyway. I wasn't there at the time, but that's what I'm told. And I think this is money they had left over from war duty, Tony and Jerry. The company started a small factory, if you wanna call it that. It was really a garage in Woodside, Queens. Here's a picture of it. It's still a garage, although we are not located there anymore. 1954 results, we found a tax return from the first year, $124,000 in sales. Pre-tax profit, we made a little money, $887,000. Sorry, I gotta adjust my thinking. $887, not $887,000. It was our first year. We paid a little taxes, too. We always had a thing about making money, even in the first year. Our first invoice was approximately, l et me get rid of that. Sorry about that, folks. It was approximately $300, and it was a handwritten invoice. Let's go to slide six. Slide six. Sorry about that. Got a little distracted there. Somebody called. Wasn't anticipating that. So November 17, 1960, we went public, originally in the American Exchange, over the curb, I think they call it. On the curb, over the curb. 1961, we acquired something called Nelco for $200,000 bucks. I think the company was in bankruptcy. That'll become relevant in a slide or two down our presentation. 1984, fast-forwarding to 1984, we then relisted on the New York Stock Exchange, and I think we're probably coming up on our fortieth anniversary of that pretty soon as well. 1985, we commenced our regular quarterly cash dividend. By the mid-1980s, fast-forwarding again, we'd become a global electronics material business with other ancillary businesses, but our main business was electronic materials at that point. And let's keep going to slide seven. So in January of 2007, fast-forwarding again. We decided to commit aerospace as our second area of business focus. Now, just backtracking a little bit, that acquisition in 1961 of Nelco, that was our electronics business, and that's the business that we said became our main business by the mid-1980s. So let's back on slide seven. Okay, so now we're doing our groundbreaking in January 17, 2008, of our facility in Newton, Kansas, and in 2009, we opened that facility. So what's going on here? Well, we were concerned that we were not gonna have a long-term future in electronics, so we decided to go on to another business. A lot of people thought we were out of our minds and maybe and crazy, and they might have been right, actually. It was a pretty radical thing to do, but we were concerned about our future in electronics, and we wanted Park to have a future. Let's keep going. February 28, 2014, we made our first production shipment to MRAS, that's Middle River Aerostructure Systems, for engine nacelles, TRs, and internal fixed structures for the legendary 747 aircraft. That'll become a little more relevant as we proceed into the presentation. Let's go on to slide eight, where everything kind of gets into focus here. December of 2018, we announced another expansion of our Newton, Kansas, facility. That's been complete. Also in December of 2018, we sold that electronics business to a Japanese company called AGC. So at that point, we completed our transformation from electronics company into an aerospace company. That was that. Then, July 17, 2019, we actually formally changed our name from Park Electrochemical Corp to Park Aerospace Corp. So Park, from 1954, it's the same entity. It's, it's the same company. We changed our name twice, but same entity. So Park, that entity that was started and incorporated, I guess, in 1954, that's Park today. Let's go on to slide nine. We talked about the major expansion of our Newton, Kansas, facility, and we announced that in December 2018. I'm watching the clock, so I'll keep hustling here. We announced that in December of 2018. So it's a redundant plant that we built for GE Aviation. They asked us to build this plant, and we did it. We'll explain a little bit more about that a little later into the presentation. 90,000 sq ft, doubling our footprint. Expansion is complete, and in production, it cost about $20 million. If you look at the picture on the bottom, you know, that circular picture on the bottom, you could see our campus, and on the right-hand side, a little building, that's R&D. The middle building, that's the original building that we built starting in, I guess, 2008, and on the left is the new building. So that's our campus in Newton, Kansas. While many others were slashing their capital spending or canceling projects altogether during the pandemic I'm referring to, we pushed forward with and completed our major expansion. Let's go on to slide 10, please. Park's balance sheet, cash, and cash dividend history. Park has no long-term debt, zero. Park reported $74 million in cash and marketable securities at the end of our Q3. That Q3 we just announced last week, that ended. We have a different kind of fiscal year. That ended basically at the end of November of last year, of 2023. Our cash dividend, while others cut or canceled their dividends during the pandemic, Park maintained its regular quarterly cash dividend throughout the pandemic and economic crisis. A couple other things that we did that are not in the list of the slide here during the pandemic, we didn't lay anybody off, zero. We don't do that. We took not one cent of government money, even though we could have easily taken millions of bucks, but we made money every quarter. We have a kind of funny thing about we always make money every quarter. That's our objective anyway, and we've lived up to that objective. Park, back to dividends, we've paid 38 consecutive years of uninterrupted regular cash dividends. We never skipped one, reduced the dividend amount. And get this, folks, we've paid $558 million. That is a million, that's not a thousand, or $28.725 per share in cash dividends since the beginning of fiscal 2005. And as I usually say, when we go over the slide, that's a heck of a lot of money for a small company like Park. Let's go on to slide 11. So here's where I'm gonna kind of start skimming, skimming over things, because here are our quarterly results. We covered these in pretty good detail during our Q3 presentation. We just don't have time to go into a lot of detail with the quarterly results at this point. What I will point out is, look at the sales for Q2 and Q3, and you see that they're quite a bit down. And if you look at the first arrow item, the MRAS, remember that company, MRAS inventory burn down significantly impacted our Q2 and Q3 revenues. A lot more discussion about that during our Q3 call. The burn down is complete, though. If you look at our forecast for Q4, this Q4, it ends in February, so we're talking about current quarter. You look at the numbers coming back up to where, you know, kind of more historical levels, and that's because the burn down is over. The other thing about Q3 I'll quickly mention is that approximately $560,000 of missed shipments in Q3 due to international freight disruptions related to what? The Mideast war. We got customers in Turkey, we have customers in Israel, so shipping has become more of a challenge. Let's go on to slide 12. Now, here's annual results for perspective. Remember, our quarter's end the end of February, so just keep that in mind because the fiscal year, you know, can be confusing unless you keep that in mind. Look at the pattern, 2017, 2018, 2019, 2020, you know, $10 million, going up by $10 million, more or less each year. You know, not bad. $31 million, $40 million, $51 million, $60 million. Then what happened? Well, we ran into this funny thing called a pandemic. 2021, the revenue's way off. 2022 and 2023, the industry's trying to claw its way back up after the pandemic, but still suffering badly from things like supply chain issues and, a nd workforce issues. So it hasn't really been able to break out yet. And if you look at our forecast, this just is, you know, three quarters of actual, one quarter of forecast. For Q4, which ends next month, you see we're kind of in that $55 million range, and EBITDA is kind of in that same kind of range. So kind of an interesting snapshot when you look at these years. Let's go on. I've got to keep moving here. Sorry. Slide 13. I'll quickly go over this. This is in our Q3 presentation. We always, you know, provide the list of the top five customers. This is alphabetical order. I won't go into the different programs, but each of these photos relates to a program that one of these top five customers is on, and that we supply into, of course. Let's go on to slide 14. These are our pie charts. I find them interesting. If you look at the bottom right pie chart, that's the current fiscal year, first five months. You see commercial is off a little bit as compared to the prior two years, and that's because of those burn downs, you know? So the burn downs were mostly related to commercial, and that really explains why commercial is off percentage-wise as compared to the prior two years. Let's go on to slide 15. This is always a fun kind of slide for us anyway, that we include every quarter, and I won't go into the descriptions of the individual programs. We don't really have time for that. I will say that rocket nozzles, drones, and radomes, those are really good niche military markets for us. Even aircraft structures is a niche market for us because it doesn't have, aircraft structures isn't always niche, but for us it is, because we're pretty selective about the programs that we go on. And there's little 1% for space. Let's go on to slide 16. Oh, here's an example of space. This is not a big revenue item, but it's something that we feel so very privileged to have been involved with. I know the James Webb Space Telescope, really a revolutionary thing. Twenty-one of our Park's proprietary SIGMA STRUTS are incorporated into the James Webb Space Telescope structure. Without those struts, the structure wouldn't exist. It couldn't. It just would collapse. So they're very important parts of the structure. The James Webb Space Telescope, along with our SIGMA STRUTS, are established in that Lagrange 2 orbit point, about 1 million mi from Earth. It's pretty far away, I would say. Last item, James Webb recently spotted the oldest black hole ever seen. Natural black hole, the mass of 1.6 million suns from 13 billion years ago. They say the universe is about 13.7 billion years old. This is really early days in the universe. The problem is that, I won't go into this in great detail, that according to our modern scientific theories, black holes this size should not have existed until much later in the development of universe. So the James Webb is really challenging modern scientific theory about the universe and its origin. Let's go on to slide 17. Let's talk about trends and considerations. Brief update, first of all, commercial domestic air travel is reported to have fully recovered from the pandemic. International air travel is getting there, approaching pre-pandemic levels. Not surprisingly, demand for commercial aircraft is very high. But here we go, supply chain and labor shortages, they continue to challenge, and they're, they continue to be the biggest headwinds for commercial aircraft. The recent reports of supply chain stabilization, we're not sure we're totally convinced of that. We'll see. Notwithstanding these ongoing supply chain constraints, so this is pretty key. Now, many now believe that 2024 will be the year that the commercial aircraft industry breaks out, you know, gets notwithstanding supply chain constraints. I don't think anybody's saying they're going away, but there's, you know, a number of analysts, commentators, just in the last couple of weeks, have opined anyway that this would be, this will be the year that the commercial aircraft industry breaks out of its kind of, malaise or doldrums of the post-pandemic era. Let's go on to slide 18. Now, don't have a lot of time for this, but the recent impressive ramp-up of the A320neo family aircraft, it's kind of supportive of that, that thesis that the commercial aircraft industry is breaking out. And we'll talk about that a little later on, as we talk about the A320 program, which is the, you know, the biggest program we're on. Military markets, demand is quite high because of the wars and extreme tensions around the globe. Not a big surprise. Let's go on to the next slide. Oops, I skipped a slide, which would be, sorry, which would be slide 19. Good. Thank you, Martina. But military markets also are affected and in some cases, constrained by budgetary concerns, political concerns, and of course, supply chain and labor constraints continue to plague the military markets as well. December 17, 2023, that was the 120th anniversary of the Wright brothers' first powered flight. Happy anniversary, aerospace industry. Let's keep hustling along, slide 20. I've got to stop and slow down a little bit for this slide. GE Aviation jet engine programs, this is a big deal for Park. So we have a firm pricing LTA through 2029 with Middle River Aerostructure Systems, MRAS. The name keeps coming up. Why MRAS? What do they have to do with GE Aviation? It's kind of confusing, right? They're a sub of ST Engineering Aerospace. Look at all these programs. They're all GE Aviation programs. So what happened here? What happened is, we've gotten these programs when MRAS was owned by GE Aviation, and, GE Aviation subsequently sold MRAS to ST Engineering Aerospace about four years ago. But, you know, we continue to supply into these programs, and MRAS does as well, of course. So that's that story. Redundant factory, as I said, we built a redundant factory because GE Aviation asked us to. Why is that? Well, look, we're sole source in all these critical programs. A320neo family, huge program. Two Chinese aircraft programs, C919, ARJ21, the Global 7500 program. We're sole source in all these programs, so GE said: "That's fine, Park, we don't mind putting all our eggs in one basket." But you got to build another plant for us. We need to run down the plant because if something happens to that plant, then we're in crisis mode immediately. It takes a long, long, long, long time to qualify a new material supplier. Materials are so fundamental to structures, it takes a long time, three years maybe, to qualify a new material supplier. And I didn't want to tell you the price tag. It's so, you know, lots and lots of money. So that's not really something that they would be willing to, you know, consider as a risk. So we did that. We're happy to have done it. Let's go on to slide 21. The second item, the 777X program, a very interesting program for us. Then go on to the second to last slide, well, third to last, sorry, not third to last bullet item on my slide, on slide 21. Park, sorry, MRAS qualification of three proprietary film adhesive formulation product forms in progress. That's really nice. That's a new product line for us. And, that LTA with MRAS has been amended to include our film adhesive product forms. The other thing is that both ST Engineering, the owner of MRAS, and MRAS have asked us to agree to a Life of Program agreement. Our current agreement, as I said, expires in 2029. They said, "Well, that's not gonna work." They want a Life of Program agreement. That means this agreement would last through the life of the programs, as it is obvious. So like the A320, for instance, I don't know, you tell me, is that gonna go through 2045 or something like that? That's what a life program agreement means. Let's go on to slide 22. Okay, we're doing an update on GE Aviation jet engine programs. This is important stuff, so I got to slow it down a little bit. The first program is the A320 aircraft family, and that includes A319 to A320, the A320 to A321, all the different aircraft variants listed up here. That's a very - That's a big program. Big, big program for Park. Airbus has a huge backlog of A320neo aircraft family, 6,753 airplanes. That's a whole lot of airplanes. Airbus continues to state and reaffirm they're gonna get to a rate of 75 A320neo airplane deliveries per month in 2026. So, that's a target they've been talking about for a while. They continue to maintain they're gonna be able to get to that level, which is an unheard-of level, production level. So how are they doing so far, that ramp up? Well, actually pretty good. In December of 2023, they delivered 81, in Q4 of last year, this is calendar quarters now, an average of 60 per month. That's moving up, and for all of last year, an average of 48 per month. So let's move on to slide 23 for perspective. See these numbers. Let's just look at the average numbers. 2018, they're kind of ramping up, 39 to 47, 2020 down 2021. What's happening? Got the pandemic, so slipping back, 43, clawing their way back up. And, sorry, 43 and 2022, they're clawing their way back up. In 2023, what did I just say? It was 48. And, the important news is that in 2023, calendar 2023, for the first time since the beginning of the pandemic, Airbus was able to surpass their pre-pandemic A320 family aircraft production and delivery rates. So that's a big milestone for them. And that would be indication that, yeah, they are ramping up and gives us optimism they will get to 75 per month in 2026. Let's go on to slide 24. First, item, says, boy, they got a lot of orders for these airplanes as well. What about the engines? This is important. I got to slow down here again. There are two approved engines for the A320neo family of aircraft. One is the CFM LEAP-1A engine. That's the program we're on. The other is the Pratt 1100G GTF engine. We're not on that program. We supply into the CFM LEAP-1A engine for this program. Let's go on to slide 25. So according to this Aeroengine News, the CFM LEAP-1A had a market share of 65.6%. That's kind of a bible, Aeroengine News, so lots of data there that supports that conclusion. So at the delivery rate of 75 planes per month, what does that market share mean to Park? It translates into 1,181 LEAP engines per year. Keep that number in mind. We'll get back to it. What's it worth to Park? We'll get back to that, to that as well. There are about 8,150 LEAP-1A engine orders, firm engine orders. What's that worth to Park? It's about $250 million more or more or less. Just do the math. We'll get to that later on, you know, what our revenue per unit is. Pratt is unfortunately struggling with serious durability issues with their engine. CFM is introducing upgraded components to actually improve their durability. So moving in two different directions, Pratt is struggling. We're very fortunate and lucky to be on the CFM engine. That has the large market share, and maybe that market share will even get larger. We'll see. Slide 26. Still on the A321 family. This relates to the A321XLR, very interesting aircraft, which is supposed to start deliveries next quarter, the second quarter of 2024. That's a potentially important program for Park. There are two Chinese airplanes that were on, that we mentioned through that are used GE Aviation engines. First, the COMAC C919. The COMAC company, which is the Chinese commercial aircraft company, recently announced variants for that aircraft, which is good. That means they're continuing to invest in the program. Go on to slide 27. COMAC also has a regional jet that they produce, and we're on that program as well. Let's go on to slide 28. We talked a little bit, a little while ago about the 777X program with the GE9X engines. Very important potential program for Park. And even though they're planning to certify this aircraft in 2025, you see they're already ramping up some production, which is how commercial aircraft companies normally do it. They start to ramp up production in anticipation of certification. So we still, we have a couple million dollars of revenue that are expected on that program this calendar year. And with the cancellation of 747 and the A380, this 777X occupies a unique space in long-haul, high-payload capacity, wide-body aircraft market. This is potentially a really important airplane, aircraft program for Park. The legendary Boeing 747, that program was canceled, but we still make some spares for that program. Let's go on to slide 29. And then with slide 29, I think we'll get a better feel for what we call that burn down, the MRAS burn down. Remember, MRAS supplies into these GE Aviation jet engine programs. So you can look at the array of all the quarterly revenues under GE Aviation, MRAS, GE Aviation programs, jet engine programs. You go in the right-hand column, look at Q2 and Q3 at the bottom there. See those revenues really dropped off like a rock? I mean, really dropped off. $6.2 million down to $3.1 million, then $4.15 million. What's that about? That's about the inventory burn down. The programs are ramping up, so you say: "What, how could that happen?" Inventory burn down. Is that gonna continue in our current quarter, Q4, which ends next month? I don't think so. We got $7.5 million booked already. So you see how things are reversed and recovered, the inventory burn down is over, and now our sales are being driven by the end market ramp-up of the programs. You go back, you can't, you don't see a $7.5 million quarter in any of these quarters. I think there were a couple before the pandemic, but it's, you know, not listed here. Let's keep going. Slide 30. Financial outlook. This is something we've covered in the last couple of quarters, I think a few quarters. So, the thing is, what's the timing for this outlook? That's what people ask a lot, you know, because it's a pretty impressive outlook. You'll see that in a second, and we're not sure. So, like, here's a question. The Airbus says that they're gonna get to a rate of 75 A320neo airplanes per month in 2026. Who am I to question the CEO of Airbus? But maybe it's not 26, maybe it's 27. Will they get there? I'm very confident they'll get there, but the what year it is, we're not quite sure, and as far as we're concerned, it doesn't really matter because we're thinking long term about Park. And the key thing for us is the freight train is coming, and you'll see what I mean when you look at the numbers. It can't be stopped, and we better be ready. So, let's go on to the next slide, which is slide 31. And I just wanna refer back to myself for a second to the slide where we talked about the GE Aviation revenues. $21 million forecasted for 2024. If you go back to slide 29, I just had to check myself. Sorry about that. Slide 31, $55 million. That's quite a difference, $55 million. Now, the key thing here is that this is just math. The revenue per engine, we know that because that's provided by our customer. The only thing that really is subject to any judgment is the engine per unit assumption. Remember 1,184, we talked about a little earlier? That's just doing the math. 75 per month, assuming the market share. The other unit assumptions, pretty conservative, actually, pretty conservative, based on what we hear from the OEM, is what we hear from our customer in terms of build plan. So, we're not gonna go through the details, but you can, if you look at the footnotes, there'll kind of be more explanation as to how we computed the different revenues, how we got to these revenue assumptions of $55 million per year. So our point is that this is not aggressive. We consider this to be actually relatively conservative. What year is the outlook year? We don't know. Is it 2026, 2027? I could be 2028, but I don't think it will be. But to us, it doesn't matter. What matters is this is a solid outlook as far as we're concerned, and we better be ready for it. So slide 32. What we do with slide 32 is now we're talking about not just GE Aviation, we're talking about Park as a whole. We take the baseline of fiscal 2023, $54 million sales and $11.5 million EBITDA. Then we make adjustments to that baseline, based upon assumptions that are laid out in this, on slide 32 and 33, including especially the incremental revenue on GE Aviation sales. How much was in fiscal 2023? How much are we forecasting with our outlook? There are certain other adjustments, like certain other programs we're talking about that we're already sole source qualified on. There's a minor adjustment. Well, it's not minor. There's an adjustment of $8 million. That's saying our non-GE Aviation sales in 2023 were $32 million, and by the time we get to our outlook year, we're saying it'll be $40 million. So we think that's fairly conservative. The key thing about the outlook that I want to emphasize, though, is that this is not a forecast. It only deals with programs that we're sole source qualified on, and that's subject to that $8 million increase between, but from $32 million to $40 million, which we believe is, fairly conservative. It does not take into account all the new programs we're working on, some of which we will not get, but my guess is some of which we will. It doesn't take into account, any of those, opportunities. But if you look at the outlook year, it's about $150 million in sales, $115 million, and about $36.5 million EBITDA, without taking into account these opportunities. Let's go on to slide 33. I won't go through each of the footnote items, but if you look at the last footnote item, Item 6, that's what it's just talking about. This financial outlook analysis, not a forecast, only considers estimated growth programs, growth of programs in which Park is already sole source qualified, plus that 25% going from $32 million to $40 million. And let's go to our last slide. We're just talking about our Park family here. We have a little Harley party. The reason I just wanted to finish the presentation with a quick reference to the Park family is because, as far as I'm concerned, Park's a pretty special company created from our aerospace business, created from nothing, starting in 2007. I think we've done a lot of things right, a lot of things the hard way, but it's all because of our people who are featured in these pictures. Without these people, we wouldn't be much of a special company at all, of course. Okay, so, Jim, I think we're done with our presentation, and we'll be happy to take any questions that might be coming in from the audience. Okay, let's Brian, just some questions. You seem to, if you think of the commercial aerospace and the military, looks like you have very good visibility on the commercial side, assuming, you know, you see the ramp in going forward. What about military? Because we're still hearing about all sorts of supply chain challenges that. Is that impacting that part of the business, apart from, you know, the things you alluded to, the geopolitical concerns that have also impacted supply chain? But just in general, how are you thinking about the military portion of the business? Yeah, that's a good one. I should distinguish something here. Now we're talking about supply chain, how it impacts the whole industry. If you wanna talk about our supply chain, that's a little different. We're pretty good at managing our supply chain, in other words, the stuff we buy to make the materials and products that we make. But the overall industry, and it applies to commercial as well, is very much impacted by supply chain issues and staffing issues, labor issues as well, which really are the same thing. Why are there supply chain issues? Because it's very difficult to hire people to produce the stuff that comes out of supply chain. And it impacts both commercial as well as defense. But I think what you're getting at is correct. For us, the visibility in defense is less than it is with commercial. Commercial, we have much more visibility because a lot of what we do commercial relates to GE Aviation. Not all of it, but a lot of it relates to GE Aviation, and we work so closely with the customer that we have lots and lots and lots of visibility on the build plans. And then also, the programs are so huge that we don't have to talk to anybody except to listen to what the CEO of Airbus says and what he's planning to do, and watch that very carefully. So you're quite correct in the, I think what you're getting at, the implication of your question is that we have better visibility commercial as compared to defense military, although supply chain does affect both those markets. If we think of the areas, those two areas of the business, I would imagine, you correct me, though, is the overall level of profitability on what you're doing in both markets, is it fairly similar? Hmm, that's a good one. I'm gonna be a little careful how I answer that. I would, but military might be a little bit better. Military is very much in our, we're very much niche-oriented with our military programs. There are military programs where the margins aren't gonna be very good, but we don't really go after those. Yeah. Okay, let me pause for a second to see if we have any others coming in. Don't see any. Brian, I wanna thank you for for participating. Thank you for the presentation. Okay. Well, thank you, Jim, and thank you again, and Needham, for inviting us to your 26th Annual Growth Conference. Very much appreciated. It's an honor to be able to participate. Take care, everyone.