Welcome to the 2023 Triumph Investor Day. My name is Natasha Trudeau, and I am the General Manager of the Actuation Products and Services facility in Yakima, Washington. Yakima designs and manufactures hydraulic landing gear actuation, utility system actuation, hydraulic fuses, and carrier-launched aircraft holdback bars. We also repair and overhaul all of our products. Thank you to everyone who is in this room, as well as those joining us via the webcast. The Triumph Yakima leadership team is excited for you all to be here today. Before we begin, I would like to remind everyone, today's discussion and materials include forward-looking statements and disclosure of certain non-GAAP financial measures. These forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause Triumph's actual results, performance, or achievements to be materially different from any expected future results, performance, or achievements expressed or implied in the forward-looking statements. For those listening via the webcast, you'll be able to follow along with the presentation as the slides are presented. Today's presentation and reconciliation of non-GAAP financial measures will be available on the investor relations section of our website at the conclusion of today's discussion. Over the last few years, Triumph has undergone a significant transformation, evolving its strategy and portfolio into a stronger systems and aftermarket-driven company. Today, we will outline the path we've been on to accelerating our future and share with you the latest developments in our business. Throughout the day, you'll hear from our company leaders, including Dan Crowley, Triumph's Chairman, President, and Chief Executive Officer, Jim McCabe, Senior Vice President and Chief Financial Officer, and Gary Tenison, Vice President of Strategy and Business Development. We also have two panels planned today, the first being with our five operating company presidents, and they will discuss how each of their businesses contribute to the growth and future success of Triumph. Our second panel will be with our functional senior leadership team, where we will review the Triumph Operating System, or what we call TOS, and how their key internal initiatives allow us to execute on the path to accelerating our future. Each of the panels will be followed by a brief Q&A session, where those in the room will be able to interact with our panelists. In addition to today's presenters and panelists, we have set up displays for each of our operating companies and encourage the audience here to visit, which you were here doing that earlier. We also have one later today. At these stations, you will see various displays of products and have the opportunity to learn about the companies and their competitive offerings. I would like to introduce Triumph's Chairman, President, and Chief Executive Officer, Mr. Dan Crowley. For those of you not as familiar with Triumph and our leadership, Dan has over 40 years of experience in the aerospace and defense industry, working across tier one, two, and three suppliers. He's held various roles throughout his career. He's been an engineer, a program manager, plant manager, president, and now CEO. He's ran some of the largest DoD, NRO, and MDA programs. He is the former chairman of Raytheon UK, Raytheon Australia, and Thales Raytheon Joint Venture, and in 2016, he was recruited as Triumph's Group President and CEO. Before I turn this over to Dan, here is a brief video of what Triumph is all about. Thank you, Natasha. Each time I see an aircraft in flight, I think about the courageous and talented men and women and the pilots and the crew, and the role that Triumph plays in ensuring the safety and prosperity of the world each day. As the video highlights, there's a pretty good chance that Triumph products are on that aircraft or that it's benefited from our maintenance, repair, and overhaul services. Our role in aviation is a real source of pride and inspiration for every one of our 5,000 men and women that work at the company as they pursue our mission to overcome and help solve our customers' hardest challenges every day.... Welcome everyone to our 2023 Investor Day. It's been a long time coming. It's held here in New York, where the company was first founded and first listed in the New York Stock Exchange in 1996, just three years after the company was founded. Triumph marked its thirtieth anniversary this year in March, and as you'll hear today, my leadership team and I are excited about what we're doing to accelerate the future of our company and to generate increased shareholder value for our customers and shareholders. The timing for this Investor Day, we think, is ideal on two levels. First of all, the demand for our products, the industry, is on an upswing. We see that across all markets: defense, commercial, freighters, which is really a unique convergence of demand. We're used to seeing sort of a countercyclical cycle between defense and commercial. In fact, they're all firing on all cylinders now. Second, having completed our restructuring and transformation into a focused, pure-play systems component and MRO company, Triumph is now accelerating its path to value, and we're in a position to share our multiyear outlook and our financial targets. The Triumph resilience in overcoming adversity. As many of you in the room today know, and those that are participating by the webcast, we've been on a turnaround journey for several years. Triumph enjoys broad and deep analyst coverage, the top-tier analyst coverage that many of my peers wish they had. And I want to thank all the analysts that have joined us, insights on how we can enhance shareholder value as we exit a challenging phase in the company's history. Similarly, I'd like to thank all of the investors who've stuck with us through the transformation, through the pandemic. Your support keeps our management team motivated and to keep, and take Triumph to the next level. We've been responsive, we think, to you having tracked the company for many years, you all want to see Triumph succeed. To the prospective investors who are considering investing in Triumph, you're entering the story at a great time. As we've done the work to reposition the portfolio, to strengthen our operating system and to create new franchises, all of these things give us confidence that we'll close the valuation gap to our peers. Natasha, thanks for that, that introduction and for your leadership as General Manager at Yakima in our actuation business. Yakima produces the holdback bars that enable that F-18 to take off the deck of the carriers, and they also produce the landing gear actuation for countless commercial aircraft. I'm honored to serve as the Chairman and CEO of Triumph, and I believe my experience working at all levels of aerospace and defense industry helps our team better understand our customers' missions and how we create value. I'm really proud of the significant shareholder value that the teams that I've led at Lockheed Martin, at Raytheon, and now at Triumph have created sustainable value. They're doing this each day across a diverse set of global markets and platforms. Let's jump in. As a prelude to our future, it's important to look back on how far we've come. Since its founding as a spinoff from the paper goods company, Alco Standard, in 1993, Triumph launched with modest sales of about $60 million, perhaps 10 factories, focused on metal manufacturing. By its 1996 IPO, three years later, Triumph had 17 companies and had expanded its MRO offerings, and sales had grown to over $300 million. The growth by acquisition continued for over 15 years, with Triumph adding large structures with the Vought acquisition in 2010, Goodrich's pump and engine controls business, and GE's actuation business, just to name a few, eventually growing to 47 companies under a holding company operating philosophy. While the Goodrich, GE, and other systems-related acquisitions have been really good sources of long-term value creation, the structures business that was to drive top-line growth ended up consuming more than all of the cash generated in the good businesses. By 2014, the lack of an integration strategy and an increasingly cost competitive environment exposed the company to real hazards. Once it threatened the company's existence, a turnaround was needed. In 2016, I came in with a mandate to turn around the structures business, jumpstart our organic growth, modernize the operating system, and reposition the company from a build-to-print manufacturing to engineered solutions that have enduring aftermarket potential. Now, three years later, the board and I met at Wake Forest near our Clemmons, North Carolina plant in February of 2020, and I'm sure you all remember that date. And I have to say, we felt pretty good. Our stock was at a 24-month high, our restructuring and transformation plan was gaining momentum, and we were on a path to deliver the company in four or five quarters. The very next month, the pandemic hit, and we lost 40% of our sales volume overnight and 85% of our market cap. It would have been easy to give up, but this is when our resilience and our mindset to overcome hard challenges kicked in. We kept our people safe, we kept our plants operating, and we engaged with our customers to work through an unprecedented downturn... Now, through the perseverance of our team and the support of our board, our customers, our bondholders, and our shareholders, we came through this difficult phase as a stronger and more focused company. Now, having completed our restructuring in 2022, we're now organized around five operating companies, and we've stabilized the business, and we began to regrow our backlog in sales. With the recovery of our end market, we are now well-positioned to accelerate our future over our planning horizon, which is fiscal 2024-2028. As you're going to hear today, we see significant compound annual growth across our revenue, profit, and cash flow over this period, and we expect this to lead to payoff for all stakeholders, I know we all seek. So when you leave our investor day today, I hope that you'll share our view that Triumph is, in fact, on a high-confidence path to close the valuation gap to our A&D peers. First, we're now a reliable supplier, which was not the case in the past, with predictable and improving performance. Many of you recall when I arrived, I set three mandates for the business in 2016. The first was to deliver on commitments, the second was to become predictably profitable, and the third was to grow the business. We've done all these things. We progressed from being a company that used as much as $300 million in cash each year and had EBITDA margins below 6%, to now generating positive free cash flow this year and 16% margins. We reduced the number of red programs from many to single digits while growing our backlog to $1.7 billion. Secondly, we've created and matured an operating system that's a source of competitive advantage and enabler for continued margin and free cash flow expansion that draws from the best practices of companies like Danaher, Raytheon, and provides the controls and the agility that enhance our predictability. Then third, I'd like you to remember that the financial targets that Triumph has set are credible, they're high confidence, and they are sufficient to achieve our deleveraging goals. These targets are based on work that's already in our backlog, our sole source incumbency, and rapidly increasing customer demand, and also our demonstrated results. So how will Triumph close our valuation gap with our peers? As plotted in the chart on the left, our work to improve margins has put us in some pretty good company. Woodward, Crane, and Curtiss-Wright are just a few examples. But we're trading at a discount in terms of earnings multiples. We've got a lot to learn from highly profitable firms like HEICO and TransDigm. We'll close the gap by leveraging the positive trends, including the upswing in aerospace, increasing profitability and free cash flow, and a pipeline of new programs where Triumph is playing a larger role in next-gen aircraft and engines. These trends give us confidence to set the financial targets shown in the top right of the slide. Specifically, we're committed to delivering 20% or higher EBITDA margins, returning to $2 billion or more in revenue, and generating at least $200 million in free cash flow during our planning horizon. And when we do this, it will be off a higher quality portfolio of businesses and programs than what we had in 2010, when we were last about $2 billion in sales. We'll have a company that generates real cash, not non-cash income, with increased aftermarket offerings. So here's our launching pad for value. We've got five operating divisions that are competitive in the markets they serve, including serving our Tier One and Tier Two OEMs, airline, and freighter carriers. With 14% sales growth over the prior years of 2022-2023, and demonstrated margins of 14% last year, we now have a backlog of $1.7 billion that is growing at double-digit rates. This is a great starting point for creating a valuable company. Looking at our company by end markets, based on investor and analyst feedback, we now report our financial results by end market across OEM and aftermarket for both commercial and military customers. We committed, when I started, to increase military sales from 20% to over 30%, and last year we reached 35%. While we expect the resurgence in commercial sales to limit further increases in military as a percent of sales, you'll hear how we intend to grow the absolute dollar value of our military programs from today's presenters. On the commercial aftermarket side, third-party MRO is the largest driver, though profitable OEM spares make up 27% of our sales. On the military side, we see even higher spare sales at 38% and much higher repair levels for our OEM products. Aftermarket has been the fastest source of top and bottom line growth coming out of the pandemic. The focus of our business is our operating companies, which are really the foundation of Triumph. You're gonna hear from the leaders of all five of our businesses, as well as the functional leaders responsible for driving execution across all 25 factories. The wheel on the right indicates the relative sales contributions of our five operating companies, with Actuation and Systems and Engine Controls generating over half of our sales. It's really important to note that Interiors represents a small but growing sales contribution. one that will be increasingly profitable as volumes recover, and as we've consolidated our Spokane business down to our two factories in Mexicali, as well as booking over $1 billion in backlog on Boeing and Airbus programs. As shown in the lower left, aftermarket generates 59% of our profit from a combination of third-party product support and OEM aftermarket sales from our operating companies. Our one company go-to-market approach has helped us cross-sell between our MRO and OEM businesses, something that did not happen in the past under the holding company ConOps. While we optimized our portfolio of businesses as we set out to do in 2016, we continue to look at our portfolio each year based on market conditions, customer demand, and their contribution to shareholder value. The opening video highlighted a few of the many ways we enable the safety and prosperity of the world. Our mission is to help customers, Triumph's customers overcome their hardest challenges. This is part of the reason the OEMs are now pulling us in to the next-gen development programs, as you'll hear from Gary and our presidents. Along with our vision and mission, the values that are listed at the bottom really define what it means to be a Triumph team member. Coming out of the pandemic, we launched a New Deal to revisit the social contract between the company and our team members and to improve the value proposition for working at Triumph. You'll hear more about what makes Triumph unique from the second panel today of our functional leaders and how it's benefiting our shareholders. Early in our turnaround journey, I brought in a new senior leadership team who could create this new operating model for Triumph that's based on a new operating system, customer engagement model, and IP focus. This has been key to the results that we've created over the last several years. Operating as one company who win and execute together, this best athlete team knows that we'll only compete where we can add the most value and where we can capture the most value. The creation of customer focus teams across all of our top customers is helping to gain access and insight to our customers' hardest challenges and bringing the entire company's resources to bear. Equally important, we've shifted our focus on internally designed products and our IP that are qualified, and services that we provided that are funded by both customers and Triumph. We're using what we learned from the MRO side to benefit our OEM product offerings and recapturing our tail on legacy products. In doing so, we now support the entire product and acquisition lifecycle for sustained value generation. Our second panel will provide more insights on the Triumph Operating System, which is a blend of the best things we've learned from our legacy companies and the best practices of benchmark firms. We've gone further with the adoption of high-performance teams to replace the matrix organization, which is aligned with the value stream from initial customer contact all the way through fulfillment and sustainment. We've gone further with the New Deal to create an environment for employee engagement and development, where we're seeing higher levels of retention and motivation across all our sites. The Triumph Operating System also provides the controls and risk management framework to ensure that we maintain predictable performance as we drive to the financial targets I mentioned before. Here's the 12 members of the senior leadership team, 10 of which you'll hear from today, and another 8 leaders who are supporting our Investor Day. I'm confident that you're going to see that we built the best athletes team from across industry, one that likes to work together and is committed to shareholder value generation. And they're also increasingly diverse, with 35% of all Triumph leaders being women or persons of color, who come from a diverse background of companies and share my passion to create a world-class company. I also want to brag on our board of directors. They come from backgrounds, including leading major customer and peer aerospace companies, and bring deep governance and capital markets experience to the company. 6 of our 8 independent directors are new to the company in the last 5 years. Now, if you followed Triumph for the last decade, you'll recall the aging portfolio of sunsetting programs that we started with that made up our backlog, one that was overweighted with structures programs such as the 747 and the Gulfstream and Bombardier Business Jet wings. Those dominated the picture at that time. Excuse me. What's important in any business is that you have a distribution of programs that cover the entire life cycle, from the early phase, where you're in development and R&D, low volumes characterized by lower margins, but creates the seed corn that feeds into the higher volume, higher margin production phase. And now, we have achieved that balance, including a heavy emphasis on sustainment programs. This is where Triumph is generating most of its near-term top line, and profitability growth is from the right-hand side of that curve. By managing this portfolio of business, it allows us to be more predictable and drive a sustained growth over our planning horizon... So taken together, our operating system, our management team, and our demonstrated results, as well as a growing backlog and a strong outlook for our markets, puts Triumph in a position to put long-term targets out that reflect strong growth. First of all, on net sales, through increased volume, price increases, and new products and services, we forecast 9% sales over the planning horizon, which is higher than the 6%-7% market growth on average that our peers are seeing. And again, that's mostly from our firm backlog that we already have. We don't have a large percentage of go-get work we have to find. Secondly, we forecast 19% EBITDA CAGR over the next 4 years, again, based on higher volumes, price increases that are cutting in incrementally, and operational efficiencies from our Triumph Operating System program. Then third, our highest CAGR is in the free cash flow. And just in the last year, we've pivoted from using $73 million in cash to this year generating $35 million-$50 million in cash, so over $100 million swing in cash flow in one year. And that's been enabled primarily by the EBITDA ex-expansion, and then over time, lower interest expense as we retire debt, and then an optimized spend on working capital and CapEx. So let me close my remarks with what I believe is Triumph's value proposition. First, through all of our restructuring and transformation work, we've created a pure-play company that's focused on engineered systems, components, and MRO. Secondly, we have a huge and growing installed base of products with significant aftermarket tail, and this is only increasing as the size of the company grows and our OEM rates increase. Number 3, we've got high confidence in our forecast. You'll hear from Gary and the presidents, the data that supports that from our backlog and also increasing demand. Fourth, if you're in our space, there's high barriers to entry, with a high cost of switching once you've been qualified on the platform, and high pricing leverage. We've used that to our advantage over the last few years. And then fifth, we're expanding our profitability and free cash flow. And as we do, we'll be able to get back on that deleveraging timeline that I mentioned we were at back in 20, early 2020. So taken together, these elements of the value proposition give us what we think is significant upside as our targets are achieved each quarter and each year. With those comments, I'd like to thank you again, including everyone on the webcast, for supporting our Investor Day. I look forward to your feedback and your questions, and I'd like now to introduce Gary Tenison, our Vice President of Strategy and Business Development. Gary? All right. As Dan said, I lead Strategy and Business Development for the company, and I'm very, very happy to be with you here today to share some of the great things we have going on in legacy platforms and new platforms both. I spent my entire career in the aerospace industry, companies like BF Goodrich, that's actually where I started as an engineer many, many years ago. I eventually transitioned to Eaton Aerospace, where I ran North and South American sales for the whole portfolio, and then Kaman as a strategy lead and BD lead, and then Triumph. I mention that because my tenure in each of those organizations let me understand what good was. I understand what good is, I know how to interact with customers, and I can tell you that Triumph capabilities, processes, engineering, expertise is second to none. It's a really great portfolio, very strong engineering teams, and it's a very exciting time for us here as we look at the new opportunities coming forward, not just the rate increases that we will experience. Here you can see fixed wing and rotorcraft Triumph portfolio. The typical products across each of these platforms, our products are typically repaired or replaced many times across the lifecycle of the aircraft. As Dan mentioned, if you flew in here today, your aircraft had our products on it. This gives you a good snapshot of the product families that you saw outside in the hallway. We brought a lot of examples with us, so you could get hands-on. If you look at the upper left-hand side of the chart, hydraulic power and actuation is a very strong segment for us. We have probably 250,000 actuators flying today. Probably half of those are landing gear actuators, extend, retract, truck positioning, nose wheel steering, door actuation, and uplocks. A great product family for us. Next over is heat exchangers and thermal systems. I think it's increasingly well understood in the industry now, probably wasn't a few years ago, that we have great thermal capabilities. We design and build heat exchangers primarily for engines, but also airframes. And, we have a strong vapor cycle system capacity, which is basically where you're pumping refrigerant with a screw compressor or rotary compressor. We have an entire family of those products. We're in work on a very large one right now, which I'll talk about later. There are probably 80,000 Triumph thermal units in the fleets today, and that generates a lot of MRO. On the fuel pump side, this is a very interesting niche for Triumph... Again, maybe not very well understood in the industry, only in certain areas, but we have a real expertise in fighter fuel pumps, high pressure, high flow, fighter fuel pumps. And we've done, I think, 7 to date, and we're in work on a new next generation one that's very large, and I'll also mention later. We also have another strong niche in helicopter fuel, which is everything from a complete full authority digital control FADEC to just a electronic fuel control, to the hydro mechanical unit, to the fuel pumps on helicopters. We're very, very strong at helicopters. If you go down to Geared Solutions, all the engine companies buy some number of loose gears from us to support their engine production. But what's really interesting about that group is we have the ability to design and build airframe-mounted accessory drives. It's typically a military gearbox. Lockheed, Northrop, and others would want a military gearbox. Now, most of the gear companies were acquired by engine companies, so we look very attractive to these OEMs because we're not an engine company. They can come to us and get a gearbox and not deal with the whole engine dynamics and all the contractual issues that they're normally used to dealing with, so we look very attractive to them. We have a number of new gearbox applications in play on military platforms. On the interior side, we do cabin insulation blankets, thermal insulation blankets, acoustic thermal insulation blankets, and we're the one of the market leaders. In fact, we do every Boeing commercial transport aircraft except for 777X. We also do the Airbus A350 and the A220 we've recently won, and we're designing and building that ship set content. We also do probably half all the composite ducts for Boeing aircraft. One thing that's probably less well understood, again, I think we're sort of a hidden gem in the industry, is landing gear. We can do a complete landing gear system solution, the complete design, all the structure, all the kinematics of how the landing gear moves and stows in its bay, all the actuation, we do it all. And we've done now, I think, six complete systems. We're ready to take the next step to do a bigger system. We have the capability, I think, based on our test equipment, to do somewhere in the neighborhood of a fighter jet, so we're getting a lot of play and interest in that area. Those product segments generate our addressable market, at least in part. Some things were not shown there, like MRO. Currently, today, we have about a $7 billion opportunity pipeline. The way that's defined is we have an RFI or an RFP in hand, and that RFI or RFP will define a scope of work. It might just say, "We'll fund you to develop a new fuel pump, and you'll deliver 10 for testing." It has nothing to do with the life cycle, the entire life cycle of potential revenue. We only record what was in the RFP, so that goes into the $7 billion pipeline. We had a great first quarter. We had nearly $700 million in sales, and I think I attribute that in part to our TOS processes. We have really rigorous capture process. We also have a rigorous NPI, New Product Introduction, process to make sure when we do it, we do it right, we don't have to redo it, which was a problem we had in the past. I also shaded green in the middle. There are different channels. If we report a win in our earnings call, that is a contractual commitment for a future order, and if it's in the center channel, where it's spares or repairs or something quick off the shelf, that conversion to revenue could happen very quickly. If it's in one of the outer lanes, it could be a slower conversion to revenue. And that's how we're gonna generate the profitable growth going forward. Rigorous examination of the opportunities, doing them right the first time, and pricing them right. There are a number of growth drivers in play, not just, rate increases, but increasing maintenance. The age of the fleet has grown over COVID. Legacy fleet repair, we have a new wave of next generation platforms coming, 737 MAX, A320neo, 787, A350. They're all in that 10-year-old kind of timeframe, and they go back for heavy maintenance. So other, manufacturers increasingly have to outsource legacy stuff to make room to repair these new fleets. So we're picking up in our third-party MRO repair group, quite a bit of OEM offload. Electric vehicles, a very dynamic segment. We're finding lots of interest in our capabilities for landing gear system solutions, electric drivetrain gearbox solutions, thermal solutions, and we're engaged across a number of players. The defense budget is strong. I'll talk more about that, and it's important to us for our key programs and development. Our technology, we've spent the last few years engaged on new capture opportunities that required us to take our engineering capabilities and tools to the next level, upgrade our test cells, et cetera. So we've gone through a strong technology refresh, which is enabling us to build this new content. The defense budget, the debt ceiling negotiations set a cap on the top line of the defense budget for fiscal year 2024 and 2025. The budget's widely expected to butt up against that cap, so there is good funding going forward. It's predictable. What's that mean to Triumph? You can see some of the key programs listed here on the right side.... CH-53K is increasing. The first one is a typo, it's AH-64, Reman is increasing. Poland recently bought 96 AH-64s. We have a big thermal system on that, so that's important to us. CH-53K has the most, IP content we've ever had on a helicopter platform. We have a lot of great systems there. We're getting good lift. I think that rate's gonna go from 10 to 15 in the fiscal year 2024 budget. F-15EX, new platform. It's a new variant of an old platform where we had a lot of content. That content's translating over to this platform. It was funded for 24 units last year, and it should be funded for another 24 this year, and that's be a nice uplift for us. What says V-22 is declining, and it's largely expected the rate will decline, but MRO is still growing, and we're getting a tremendous amount of MRO out of that platform. F-35, again, we're talking about the U.S. defense budget. While F-35 may show as a decline in the U.S. defense budget, it has really substantial foreign military sales and partners. As you know, the rate's at least flat, if not growing, even in the face of a U.S. downturn, which I believe is temporary. And then F-18, again, it's a declining OEM situation, but a tremendous MRO situation. So as you look at the military sales outlook, the top black dotted line is the segment revenue, historically and projected forward. It's got a hump, and that hump was because our military customers and government allowed us to pull some work in during the COVID. And then in the out year, it's a bit flat, but it's firm and it's stable. And again, this is only a two-year outlook. And you can see the key programs on the bottom in the yellow dotted line, AH-64, CH-53K, F-15EX, CH-47, that line is rising. And so if the situation changes and what actually comes through in the fiscal year 2024 budget, maybe more V-22s, maybe more E-2Ds, that situation could change. On the military MRO side, we have strong growth. Again, all those platforms I mentioned, a lot of legacy aircraft flying, and we're seeing strong growth on that side. If you look at our content across platforms, this is new for us to share this level of information. Four key platforms on the left, on the military side. I mentioned AH-64, we do the entire thermal system. If you looked out on the benches outside, you might have seen a thermal compressor. We have 27 LRUs in that package and substantial ship set content. CH-53K, we do landing gear actuation, and we designed and built a really incredible system for blade fold actuation and blade fold and blade damping. And so we're seeing tremendous lift from that. F-15EX is translating over. CH-47, we do the entire FADEC on that system, digital engine control on the T55, hydromechanical unit, fuel pumps, et cetera. On the commercial side, these are really four key platforms for us, and I'm going to talk a little bit more in detail about these four platforms. This is our ship set content. I would point out 737 MAX, we're doing the LEAP gearbox, which is out on the table. You can see that. We do cabin insulation, ducting, some landing gear actuation. Our 787 is our strongest shipset content. We designed and built the entire hydraulic landing gear system. All of the actuation, ground service panel, nose wheel steering, extend and retract, the entire system was, was ours, is ours. And we also do cargo door actuation, we do gears on the various engine models, and really tremendous content, including cabin insulation, ducting. A320neo, again, probably 65% of that fleet is LEAP, and we do the gearbox. We have other actuation, including uplocks and cowl door actuation. On A350, A350, we do, again, the entire insulation system. We do some heat exchangers, auxiliary power packs, cargo door actuation, et cetera. So a good shipset content across the portfolio there. Here you can see, just a quick note, I'll keep this short here. Basically, we finally got back to 2019 travel, transport numbers. The market's back, the airlines are quite desperate for new airplanes. There was also a lot of supposition that the premium class cabin demand was going to be lower, which would have pressured the airline's operating profits. That seems to not be the case. It's coming back quickly, which is good news for ordering new aircraft and the profitability of the operators. If you take Boeing and Airbus rate data and you look at a CAGR for these primary platforms, you can see the CAGR is 19% on single -aisle, 27% on twin -aisle. You can debate how quickly they can rise it, how quickly that can come up due to supply chain constraints, but it's really substantial rate increases. Coupled with that ship set content I just showed you is a really positive trend for us... I provided this detailed chart, deliveries, orders, and backlog for your reference, but a couple of key points I wanna make. 2018, prior to COVID, there were about 1,600 aircraft ordered from Boeing and Airbus, commercial. In 2022, last year, there were about 1,600 aircraft ordered, so we came back to pre-COVID levels. In 2023, through the first six months, there's been 1,600 aircraft ordered, so it's a bangin' year, and this also is good news for rate increases. In fact, the Airbus backlog is at a record now, more than 8,000 aircraft. So when we talk about rate increases, I wanted to share some public data. There's a lot of discussion about rate increases. How fast can the rate increases take place? So let's talk about public data, and I picked a 2025/2026 timeframe to kinda have that discussion. 'Cause you can debate how quickly can the rates come up today based on supply chain constraints, et cetera, but by 2026, it ought to be pretty fixed and back in the box. So A320, public statement from Airbus will reach rate 75 in 2025, 2026 timeframe. A350, rate 9 in 2025. So you can go around, and you can see those numbers. It comes down to the plan is about an 80% increase from fiscal year 2023 to 2026 on A320, from 2023—our fiscal year 2023 to 2026, about a 100% increase on A350, 60% on 737 MAX, and more than 300% on 787, which at its lower end was 2.2-3. So, very positive indications for us. This chart's a little busy, but I trust I have a really smart audience, and you can follow this. So follow me here. The left chart, look at the four lines originating from the point on the left side of the left chart. Those are solid lines. They represent the production rate profile since 2019 on each of the four platforms I just mentioned. You can see they each culminate in a gold star or a yellow star. That yellow star corresponds to the public statement I showed you on the prior chart. Okay, so I just wanna say, I'm kinda tracking my rates according to stated history and according to the comments of the two companies. If those rates happen as planned, we will generate the revenue curve for the four key commercial platforms I just showed you. That is the yellow dotted, yellow dashed line. All right? Fiscal year 2023 to 2026. Now, we wanna take a more conservative position, and we did. If you look at the blue dashed line, you see what's in our plan for those four platforms. If you look at fiscal year 2024, it's somewhat below the yellow dashed line, which is the Boeing and Airbus stated rates. Now, believe me, we stand ready to support a higher rate. If they go there, we're with them. But at this time, in order to be financially conservative in our forecast, we built in the blue line for those four platforms. If you take, if you look at the commercial transport segment for us, I think year-over-year, we're up 35% revenue. At the same time, we drove revenue up 35% in the commercial transport segment, backlog rose another 13%, so a really robust action there right now. If you look at the commercial MRO side, it's also a very strong story, and we're getting, I think, more than our share. We did a great job protecting our position in the downturn, and now we're reaping the benefits. How do we support that MRO stream? We support it through three channels. We have a third-party MRO repair, and then the two channels on the right are driven by our IP. They're our IP of spares of our products, which we ship out to airlines and operators, and then IP of our commercial products, which we do in our commercial and our Triumph OEM MRO facilities. If you look at the upper right-hand unit on the far right, that is one of our engine control units. When we have Triumph IP in our products, and we're servicing the MRO of Triumph products, we have the opportunity to make an upgrade of the product. If you remember back on the product categories chart, I showed that there were about 30,000 EDECUs, HMUs, and fuel pumps flying today, Triumph products. Gives us tremendous opportunity to make an upgrade and realize the revenues from it. We upgraded the T700 controls for Black Hawk and Apache, and we're rolling those control upgrades back through the existing fleets, and generates just that program alone, about $20 million a year, and continues to generate that going forward. I'm gonna wrap this up fairly quickly here. We have a strong strategic process. We generate good roadmaps, generate new products. You can see some of the highlights on the right-hand side. 80% of wins last year included Triumph IP. We have five customers and seven programs contributing CRAD customer funding for our development of new products. We successfully saved three customer programs. Here, you can see the left side of Dan's life cycle chart. Complete landing gear system solutions, gearboxes, high-capacity thermal solutions, et cetera, all going on these new platforms which we're working on today. And I think we're doing a very good job of establishing a strong, sustainable position for future platforms. I just wanna make one point on this chart. It talks about all our new products that are in work. You can see that we have very engaged customers. They want these products, these upgraded thermal system. On the upper left-hand side, we have multiple companies paying us to develop this new, larger-sized system. We're all over the GE's new Adaptive Cycle Engine, future fighter engine, with fuel hydraulics, actuation, gearboxes, fuel pumps. We're doing additive manufacturing on housings. And we have, on the bottom center, we have a next-generation processor with cyber enhancement, which is for engine controls or motor controls. In summary, we have strong IP content on existing platforms and growing markets. We have valued MRO capabilities and strong customer relationships. We have customer-focused teams and refreshed engineering tools and laboratories, and we're generating new wins. We have a really great process of generating new IP to solve our customers' problems, and we have growing content, as you saw on a prior chart, on new and emerging platforms. We're truly partnering with our customers to solve their hardest problems, and that concludes my segment, and I hope when you talk to the presidents, that you ask them what they're most excited about in their businesses. Thank you. Gary, why don't you stay up? Just stay up. All right. I'll bring up McCabe. We're a little ahead on schedule, which is a good thing, so let's take a few questions from the audience or from the webcast. And we do have microphones, so Brad, be a mic runner, and they won't be able to hear you on the webcast if you don't have a microphone, or Tom on the left. So please raise your hand if you have any questions on what's been presented so far. I didn't give you much warning on that, so... Over here? Yep. If I take the approximately $40 million of free cash flow in the guidance and just grow it 45%-50%, I think you said 48% CAGR, that would get you over $100 million in your 2027 and over $200 million in your 2028. Are those the directional absolute numbers you're talking about? Yes, they are. Okay, great. And then the 9%- That's not a caveated number, you know, before repayments of advances and all the things that you all have had to deal with over the last few years. It's real cash flow. Cleaner. Yeah. And then the nine percent top-line organic CAGR, the guidance this year, I think, is 7%-10%, so you know, it's—that's sort of the number this year. You know, as we go forward over the next four or five years, the compares just get tougher, the base effects are tougher as the industry has recovered pre-pandemic inputs, defense budget growth is maybe slower. Appreciating the content gains in the idiosyncratic company specifics there, I guess just how do I think about holding that growth rate for that long as the base effects are tougher? Gary, you wanna start? Yeah. First, I think we're still getting a returning commercial transport market, and it is growing beyond 2019. So, I think we're doing a great job of getting more than our share on the MRO side. Our third-party MRO business is probably 15%, tracking 15%, inductions ahead of last year, and growing. Right now, we're actually growing backlog in our TASA facility in Thailand. As the Asia-Pacific region's coming back, that facility is growing quickly. In fact, I think they've got three months of backlog, which is very non-normal for them. It's normally about a one-month- Yeah. S ix weeks backlog. And then on the we have a great position on new emerging military platforms, which will start to convert to revenue as Future Vertical Lift moves forward. There's a lot of activity on Next-Generation Air Dominance, Loyal Wingman programs. We're engaged in a number of places there for new opportunities, and we have some substantial takeaways in play in front of us. We're actually. We didn't talk about F-35 ship set content, but we're in active campaigns and have been for some time now on about $600,000 a ship of F-35, and we've got really good support from Lockheed on this. So, hopefully, in the next couple years, we can convert that, which would be a more quick cut in. Great. Okay. Maybe just one more, and since you mentioned Future Vertical Lift, in your bell curve of lifecycle chart, FLRAA and FARA were pretty high up the chart, despite being very early, but you didn't highlight those in the dollar content slide. Yeah. Yeah. Yeah. When I can talk about it a little bit. I think that's where you're going. I saw the timer here, and it looked like I don't know if I misunderstood it, but I thought I was over time, so I tried to truncate things pretty quick. FARA is a really great opportunity for us. Now, on the Bell Invictus FARA platform, we've done the entire hydraulic system. We used our integrated hydraulic power packs, which is basically a hydraulic pump, a filter, a reservoir, a manifold, and you basically have a hydraulic system to drop in place. And we used that design on the commercial application of 525, and so when Bell Invictus was in work, they were like: "Wow, we really like that. We'd like to put it here." So we have good hydraulic content on the Invictus. On the Sikorsky side. Sikorsky's been a big user of our landing gear design capability. I'd mentioned that we've done, like, 6, I think it's 6, complete landing gear systems, including the structure and kinematics. We did this for Sikorsky on their Raider X version, and that's our, basically, it's our landing gear. It's all our actuation, it's all the structure, everything. We did every component. If you ever saw a video of how the Raider stows its landing gear, it has a really tight storage unit, a storage bay, and that thing folds up, like, like a Rubik's Cube almost, and goes into the bay. We did all of that, so really interesting stuff. I'll add two points. First of all, you know, I learned this from being a tier one company, that the day you lose a major campaign is the first day you go to work on killing that new program and extending your legacy, and we have large roles on the legacy fleet. So as those continue to be sustained, which they will be over a long period, we'll do well. Yeah. The second thing is, when you have no money to do M&A, you get really good at organic growth. So when Gary and I started in this journey, we revamped how Triumph did strategy and capture, and that's translating into book -to -bill and the backlog growth that you saw, and it's out of necessity. But the side benefit of that is that we have relationships now with the OEMs, Northrop, Lockheed, Boeing Defense, that are starting to generate a flywheel effect and pulling us into new starts that's gonna benefit that later phases of the life cycle. I think the company, as Dan said, was sort of a holding company, and it was about growth through acquisition. There wasn't a lot of devotion to generating new products and establishing better footholds on new platforms. But when Dan came on board, and when I joined, we pushed very, very hard to plant those shade trees for the future, and we're really seeing that successful. Okay. Thank you. So, we had a question from Sheila. One in the back, and then Sheila. Hello, Mariana at Bank of America. You mentioned key takeaways from others, F-35, you have done that on the A320. Do you need to get dual source? What is driving that? Like, why the OEMs are taking more of your content? Yeah, I'll start, and then Gary can add. So, you know, I ran the program for five years at Lockheed in the development phase. That's part of why I have white hair, but it's turned out to be the success that we know that it would. At the time, we had dedicated suppliers for all the components, like Moog on the actuation, Honeywell on the APU, heat exchanger system. The system's been operating long enough that they're evolving the capability, and they need more heat rejection out of the platform or more reliability out of a given component or affordability. So we don't need to pitch a dual source to them. They're arriving at that conclusion on their own. The question is, what's the best alternative to the incumbent? And that's where we can come in with a better solution. We're particularly excited about the Power Thermal Management System, which is supplied by Honeywell today. We've got some solutions on that in partnership with other companies. It's an important subsystem on the aircraft. It does three things: It starts the aircraft, it provides cooling, and does the APU function. The same thing is happening on actuators, so they're starting to go out and solicit dual sources. It also de-risks their supply chain by having more than one. So there's lots of reasons why they're going into this phase of the program. So when the OEMs decide that they want to look at an additional source, we become a really interesting potential for them because typically, the problem they're having is with somebody that has sole source position. They design the product, they have the IP. They can come to us with the spec, and we'll design a solution. We don't even need to know what the other one looked like. We'll design a solution, a Triumph solution for it, and get it on the aircraft and replace them with our own IP, and establish a second source or maybe the new position on the platform. In fact, today, we have a solution flying on F-35 and test right now, where we designed a second source solution on a major product. It's in flight test right now, and we expect some future orders on that, but- Let's go to Sheila. Thanks so much, guys, and great job on awesome slides. We're having trouble keeping up with all the information you're throwing at us. So maybe just on the top line, since you've focused on organic so much, you gave, CAGRs of 9% total, wide bodies 27, narrow bodies 19, MRO, I think 4, five to six. I don't wanna misquote. So can you talk about what went into that? Is that all just rate ramps and underlying market? How much is pricing? How much is new content wins? Yeah. Jim's gonna provide the bridges on sales that will break down the contribution of volume, pricing, on the profit side, efficiency. So if you can hold for that, but let's address your question broadly. The 9% is a composite of all those individual CAGRs, and I'd say the dominant driver is commercial OEM because of the rates. But MRO growth rates are pretty solid. You saw military's more flattish, so that's the short answer. But well, if we don't answer it with Jim's section, please let us reattack. I would add, too, that the single- aisle and twin -aisle rates that you mentioned are directly from Boeing and Airbus. That's their plan for production. That was units CAGR. I'd further comment that the twin -aisle CAGR was higher, and we actually have, on average, twice the shipset content on the twin -aisle as a single -aisle. So we're really looking for substantial uplift as they come back. Okay, I really want to get to our presidents because they haven't been able to show what they do to our earnings call. So at this point, I'd like to invite Natasha to come back and facilitate our first panel. Thank you. Good morning again. This is the first of our two-panel sessions. In this session, we will be talking to the presidents of Triumph. Welcome. Thank you, guys. The purpose of this session is to get a better understanding of Triumph's five operating companies, what each of these guys do, and how they contribute to the growth and future success of Triumph, sorry. Before we start, I'd like you guys to introduce yourself and your operating company. Jim, would you mind starting? Sure. I'm Jim Berberet. I'm the president of Triumph Product Support. Triumph Product Support is a leader in the third-party maintenance, overhaul of components. We have 5 locations, 1 in Arkansas, 1 in Kansas, 2 in Texas, and 1 in Bangkok, Thailand. We are a third party, as I said, third-party repair, and we support different customers across the globe. We have over 600 customers in 50 countries we support. With that, we have relationships and customer base that include people like Boeing, Airbus, GE, Pratt & Whitney, but we also have customers like Southwest, American Airlines, JetBlue, Atlas Air, FedEx, and UPS. With that, we support all the different product lines as far as structure components, which are na celle, flight controls, fan reverser components. We also support and repair and overhaul accessory components that are engine-mounted or airframe-mounted, so it's hydraulic, pneumatic, electrical, and heat transfer products. We work for partnering with all the different customers to solve their MRO solutions in a way, because we develop work scopes with them, and we also develop plans to support their program based on their forecast and support of the programs. We're integrated into their policies and procedures, but also we go out and solicit business directly on repair and overhaul and third-party business for customers around the world. Thank you. Hey, good morning. My name is Mike Boland. I'm the President of Actuation Products and Services. I guess in a nutshell, if it moves, it's Triumph, is what we like to say. We're really passionate about motion and control and moving loads, anything from developing landing gear structure and systems to landing gear actuation, utility actuation, hydraulic power generation. We even have some naval actuation as well. So the value that we develop for our customers comes from the IP that we generate by working on their hardest problems. So a customer will come to us with a problem that, you know, Gary described earlier, where they need a system, they need a component, they need it to fit inside a certain box, they have certain inputs, and we'll develop that solution for them. Having gained that IP, we then are able to, leverage that in the aftermarket as well and, and generate those profit streams across a long period of time into the long term. So overall, what we do is we support our customers on the front end and on the back end in the long tail of the aftermarket. With our partners in the industry, with our spare parts distribution partners, we absolutely serve the customer at moment's notice in the aftermarket, and that's really the value that we bring. We have 1,100 employees across APS, across 11 sites. We have about 1,000 different products that we're managing on a day-to-day basis, about 2 million different parts out in service, just to give you an understanding of the scale, of APS. So really proud to be a part of APS. So in a nutshell, it's actuation, we generate IP, and we service the aftermarket. Thank you, Mike. Scott? Good morning. My name is Scott Ledbetter, and I'm Corporate Vice President of Execution Assurance and also President of our Interiors business. I've been in the industry for 42 years, 26 years at Parker Hannifin, and six years with Triumph. Interiors is really made up of three different product lines, critical components. I think most of you fly, and you've probably never seen our products. They're very critical to the success of each and every flight, but you don't see them. First part of our product line is our insulation assemblies. We do about 3,400 components per aircraft. These are critical to not only keeping the airplane cool, but also from a safety standpoint, we have a what's called a burn-through layer in the insulation. This is a regulatory requirement to allow 5 minutes of fire safety so that passengers can exit the airplane if there was a tarmac fire. So it's very critical that we come up with this kind of design, and we ship to Boeing is a big customer of ours, along with Airbus. We also provide what we call air distribution or ECS ducting. There's about 1,250 components per aircraft as well, supply fresh air throughout the aircraft. We also supply floor panel systems, which you sit on, under the carpet, and obviously, it has to have certain levels of stability also in the cargo area as well. We have approximately 1,750 employees. A big portion of that is in our Mexicali site down in Mexico, also in Zacatecas, Mexico, North Carolina, and in Europe. Good morning. I'm Pete Gibson, president of our Geared Solutions operating company. Twenty-one years in the industry, so I'm catching up with, with Scott. Most of those with Pratt & Whitney, both Pratt & Whitney Canada and Large Commercial Engine on both aftermarket and OEM manufacturing, now with Triumph for a little over 4 years. So Geared Solutions is 520 employees across two sites, Park City, Utah, and Macomb, Michigan. Our mission is to design, manufacture, and provide aftermarket support for complex gears and gearboxes for Tier one airframe and engine OEMs in the commercial, defense, and space markets. So why is what we do important? Well, gears have been necessary for flight since the very beginning. Our sites alone have a history going back over 100 years. Also, what we do is considered flight -critical, meaning if our products don't operate as they're designed, the aircraft doesn't fly. If you think about the purpose of an aircraft engine, it's to provide thrust for that aircraft. Well, the purpose of our gearboxes, mostly, is to harness that energy of the fast-moving parts of the engine and transmit that energy to power the hydraulic, pneumatic, and electrical systems throughout the aircraft. So a few examples of some of the products we're most proud of: it's our pylon conversion actuator that transforms the V-22 Osprey from a horizontal flight helicopter to a vertical... Excuse me, vertical flight helicopter to horizontal flight turboprop. It's our inlet gearbox, which you can see out on the table out here on the largest fleet of narrow-body commercial airline aircraft, that is harnessing that energy from the LEAP engine to power those aircraft subsystems. It's our transmissions that are turning main rotors and tail rotors for helicopter applications such as the AH-6 Little Bird and Apache. It's our turbopump gears that are sending high-pressure liquid oxygen and hydrogen into to fuel and cool the RL-10 rocket engine. And it's gonna be our products that's gonna be required to meet the propulsion and power demands of the emerging hydrogen and electric markets as well. Every aircraft yet to be produced is gonna require the products that Geared Solutions produces. Thanks, Pete. Justin Wolfanger, Systems, Electronics, and Controls Operational Company. A little bit about myself, I started out in the industry, right from college. I worked at Sikorsky Aircraft for 11 years, where I spent about 1,000 hours in the back of a Black Hawk, bent over a little bit, but... And then the last 12 years in, in Triumph. So that gives me, 23 years. Pete, you're the baby up here on the stage, so. About my operational company, super excited to be here, super excited to tell everybody about what we got going on at Systems, Electronics, and Controls. I'll call it SEC if you hear me make that reference. So in SEC, we have 3 sites, about 750 employees, largely made up of a number of engineers. We'll talk about that a little bit later, but about 150 engineers, and covering electrical, mechanical, and thermal products. So our West Hartford site is about our largest site in Triumph, and that's in West Hartford, Connecticut. That does engine controls. That's the heart and brain of the engine, I like to say. We also do environmental cooling systems or control systems. That was a plant that we had moved into West Hartford and consolidated that. That's been successful for us. We're growing that business now. We have a Windsor, Connecticut, plant, a little bit over 100 employees there. That's 12 minutes apart, so we've leveraged the West Hartford and Windsor. We're pretty much down to a Connecticut plant. We leverage a lot of synergies between those two plants and resources. I have a Forest, Ohio, plant that does heat exchangers. So think about your radiator on your car, but very extreme temperatures in small spaces, making complex solutions for us. I thought it would be interesting to talk about a little bit, to start this, you know, about our history in FY 2020, before COVID, and what we did in the business through FY 2023. As we all know, through COVID, some revenue pressures there. We actually grew the business on EBITDAP and free cash flow during that period, through our Triumph Operating System, and aftermarket and pricing. We actually, in... Our CAGR during that period was 14% in EBITDAP, and our CAGR in free cash flow was 6%. Now, you might ask, what happened to that other percentage? Well, during those three years, we leveraged our R&D and our CapEx during those years to provide for the next five years that you see here, and Jim will talk about later. So, leveraged those R&D, leveraged that CapEx, and today, in the last five months, we have over $30 million in customer-funded R&D and programs, just in the last five months. So, Thank you. Natasha? Thank you, guys, for the detail and insight into your businesses. Mike, first question to you. Why do you believe customers value what Triumph does, and how does your business, APS, compete in the market? Well, I think both of those questions have similar answers. The first answer is, why do customers come to us? I think it's because we complement the capabilities that they have. So if you think about, say, an aircraft manufacturer, they have a really broad capability: structures, you know, high-level systems integration, and bringing that all together. What we do, what we bring to the table, is a depth of knowledge at a system level to develop that entire system for the customer when they'll, like I said before, give us a box, give us some basic specs, give us a load, and we'll come up with the details and really push that solution. And so that's what the customers look for for us, from us. And our engineering team, I think, is differentiated from other engineering teams out in the industry, because we're willing to take that extra step to come up with that bespoke solution for the customer, and not just trying to hand the customer what we already have. We will, if that's what they need, and if that works, that's great. It works for everybody, right? But we're really willing to get to that level where we're helping them design the best systems possible. So a, a few examples: the 787 landing gear system has been mentioned a couple of times. That was a system that was developed in our Yakima facility, side by side with Boeing, co-located in Seattle for a long time. We ended up developing, I think, 46 or 50 components, but those components have to work together, right? So that system integration puzzle is what we brought to the table. That's one example. Another example is the 525, the Bell 525 power pack, which Bell came to us and said, "Hey, you know, we typically have five or six hydraulic components here, a pump and a valve and filters over here, and we need it all in one box, and we need to fit it right here." So our Clemmons facility designed that and fit it in the weight envelope and the size envelope, and Bell was super happy with that. And now we've moved on to the 360 and are doing similar work on that as well, as a derivative. So a couple examples there. And then how do we compete in the market? Well, we compete by having that differentiated IP, and then being able to leverage that in the aftermarket, and then also serve our customers. So you can't compete if you're not on time in the first place. So we're 100% on -time delivery on a lot of programs now, and that's something that our customers really value, because as everybody knows, and the supply chain is, you know, very, you know, kind of upside down right now in a lot of ways. So, being on time, having the differentiated IP is really how we compete in the market. Great. Thanks, Mike. Justin, similar question to you. Can you give us a few examples of how SCC creates value for our customers? Yeah, so similar to Mike's business, you know, it's really the deep intellectual property we have, the differentiating engineering and our patent portfolio. We have not just centuries or not just decades, but we have a century of development and engineering in our West Hartford plant and in our Windsor plant and Forest. If, when you combine them, combine them all, we're well over centuries of IP. So a couple examples would be, you know, our CH-47 HMU. We have an R&D program that we had worked on about 5 years ago to enhance that and provide a rolling upgrade. So it increased the reliability. We did it in concert with Honeywell, who owns the T55 engine, and Boeing, who owns the aircraft and a block upgrade. And we've seen those upgrades come in. So that rolling upgrade on the T700 EDECU or Enhanced Digital Engine Control Unit, there's another upgrade there as well. So we worked on that upgrade about three years ago, and all the fruits of that labor have come into fruition now, and it's really enhancing those key technologies, right? So R&D investment, we do some initial R&D investment based off our background IP to get so far, prove it through the data, and we get the customer on board as well. So if you look out there, we talked about our large capacity compressor program. So three years ago, we invested about $500,000 on development of a large capacity compressor built off our Apache compressor. Apache compressor's been out there through customer funding over the last two years, and we're leveraging that into a larger space on the cooling side. Thank you, Justin. Yep. Pete, Justin and Mike both talked about customer value. How does that translate into shareholder value? So for Geared Solutions, we translate into shareholder value really through three streams. As you've heard, as a common theme already, the streams. This is where a customer will come to us, often fund these development programs, for us to design a solution for their aircraft or engine, requirements. So that's the first stream. The second is in our high-rate, production, both of our IP programs and complex build -to -print, which I'll talk more about here in a moment. The, the third would be that long tail of aftermarket MRO and spare. So all three of those, are where Geared Solutions contributes. Just to elaborate a bit on the design area, today, we have four NPI programs that are nearing completion and will move into high-rate production over the next few years, and we've just won two new programs that are kicking off this year, both customer funded in the initial development phase. The second stream being that high-rate production, this is where we can employ the lean tools within our Triumph Operating System to really dial in the production efficiencies and extract the most value out of our higher rate production. But I'll talk a little bit about the build -to -print. So when it comes to build -to -print work for Geared, we're very picky about the work that we pursue. We're not interested in the simple design, easy to make, highly competitive, single-digit margin programs. That's not us. We focus on solutions for our customers' biggest challenges. So the programs that we pursue are higher volume, better margin, longer-term programs on that build- to -print, and then we interject our manufacturing IP, whether that's through the equipment that we use, specialized equipment that we use, training, tooling, and differentiated capabilities to capture that work for a longer term. A great example of our differentiated manufacturing IP is the ability for us to produce complex- S piral bevel gears, which you can see an example of out on our table, and to do that within 0.0001 of an inch tolerance, and do that more repeatably, and more rapidly than our competitors, and more profitably. It's a good margin program. And then our third stream being that aftermarket MRO and spares. So a great example, as you saw earlier in the life cycle chart, the V-22 is on the tail end of that production phase, but entering a high-rate production, or excuse me, high-rate MRO phase, where our military customer will require 50-60 shipsets of MRO units per year for the next several decades. Okay, great, Pete. Jim, Triumph Product Support is different than the other four operating companies, as it focuses on third-party MRO. How does your operating company create shareholder value? Well, first I'd like to say, we, you look at us differently in a way, but we still operate under safety, quality, scheduling, cost. And also, we also manage that business just like the other people on this panel. We operate that way and use Triumph Operating System s to make improvements and approach that in a way to make capabilities, add capabilities, and also go on and improve our turn time, on-time delivery. At the same time, you look at our businesses, and then you look at the previous chart, the bubble chart that we've shown before. When you hear from the panelists as far as what the capabilities we have, if we don't make it and we overhaul it, we can repair it. What we don't make, we can also overhaul. Mm-hmm. So it's quite the combination, umbrella, if you will, of all different product lines we cover on commercial and military. At the same time, we cover new generation and legacy aircraft. And Gary's charts, and everyone here, is aware of the rates and the build up the rates of aircraft. Well, MRO, for me, the legacy side, we have a lot of large customer base that we match our capabilities up with, and a lot of our customers have legacy aircraft, and I mean legacy meaning 20- to 30-year-old aircraft, and that's usually gonna be your cargo carriers like FedEx and UPS, that continue to fly aircraft out there, and we're managing that. And at the same time, we're supporting the military aircraft of eight, you know, the KC-135, the KC-10s is retired, but obviously, the E-4B, we're supporting. At the same time, we are creating our own repairs that we have today. So we have over 6,000 owned, what we call, DER repairs, Designated Engineering Repairs, which is an FAA requirement to give our intellectual property, and these gentlemen mentioned they have a little different. You know, they have their IP when they make the parts. We create the IP when we repair the parts. With that, we have a quality standard that we follow, and our quality tag, which is the FAA documentation, which is 8130, customers want our tag, and they you know, there's a lot more people out there that are brokers that own more more inventory than ever before, so there's a lot of transactions we have. Of my 600 customers I have, a large portion of those are gonna be brokers. At the same time, those 6,000 types of DER repairs cover over 10,000 part numbers we have across our portfolio. You can see on our table outside, we have just posters, but we cover all different types of components on new generation and also on legacy aircraft. We're also getting prepared to support even newer aircraft out there as they need servicing. Thank you, Jim. Pete, we've heard a lot throughout this morning about Triumph's multi-year forecast. What are the key enablers for geared solutions to achieve the plan, and what are your biggest risks? Sure. So I think it starts with performing well today. So I can say year to date and our plan through Q2, we are on track at or above all of our key financial targets, so that's positive, and we have high confidence in our full year forecast for FY 2024. As far as enablers for the long term, many of you have seen over the last year and a half or so through our press releases, that we've signed long-term agreements or contract extensions with most of our top customers, which are profitable agreements, I might add, that are securing a level of predictable revenue, earnings, and free cash flow well into the next decade. So that's the first. The second enabler will be, as I mentioned before, our NPI program is moving into high-rate production. A few of those programs are the airframe-mounted accessory drives, for example, for the T-7A Red Hawk trainer, the Saab Gripen fighter, and the KF-21 fighter as well. So these are all programs moving into high-rate production, and we'll have a long aftermarket tail, as these are our IP as well. A third is capturing new IP programs, where we have. We're meeting with several customers today, have a long pipeline of commercial and defense and new market opportunities on new IP capture. We just announced a few months ago a partnership with Piasecki, who's chosen us to produce and design their main rotor transmission for the PA-890 hydrogen-powered aircraft, as well as their solution for DARPA on the high-speed V-tail SPRINT program. So we're winning new IP programs as well. From a technology perspective, I'm particularly excited about our leaning into additive manufacturing on gearbox housings. This will enable a faster entry into service, particularly for new programs, and reduce overall dependency on the volatile and less green traditional casting methods, so very excited there. Now, to answer your question on risk, I think many of us may say, may agree on a similar risk, which is watching very closely our supply chain. It's what we do really well, though, as Triumph overall, is play an active role in that supplier management. We partner with them. We provide boots on the ground. We help them run lean events. In some cases, we're providing raw material to enable our own continuity of supply. So we take a very active role there, and we're very intentional, and this helps us optimize our working capital as well. Great. Thanks, Pete. Scott, same question to you. What are your key enablers in Interiors? So for Interiors, when you look out in the plan period, approximately 80% of our forecasted revenue is under existing LTAs. So as we track the rates, and, you know, Gary and Dan talked earlier about the rate forecast, we track the forecast, we'll be on our way to north of $200 million in revenue and returning to the margins that we had pre-pandemic. We see that in the near future. You know, we evaluate the rates almost every day. We have good positions with Boeing on both single -aisle and dual -aisle aircraft, with Airbus, and there will be a very good opportunity for us, both on our really all three product lines: insulation, ECS, and floor panels. So we're pretty bullish about the rates and what it's gonna do for Interiors in the plan period. In terms of risk, one of the things that has been very effective at the Interiors business is the focus on our Triumph Operating System or TOS. We've been on an eight-year journey. We've made a lot of progress. We've moved some work down to Mexicali, as mentioned before. The team did a great job in really setting it up, particularly on the ducting side. We ship over 1.5 million of product a year, and effectively today, we have no past due dollars to our customers. And that's a real sign, and that's real credit to our team down there. They're very dedicated, but they're always looking for improvement. It's always a journey, and what have we got to do better tomorrow than what we've done today? So they've done a great job in that regard, and it proves it in the numbers in terms of our on-time and quality performance. The other thing that we're doing is we're branching out in the aftermarket, which is somewhat unusual in our product lines. We have what's called InsulFab, which is a trademarked name, which is a kit, if you will, of tapes and laminates that we will use with an exclusive distribution agreement to go to the aftermarket. There are over 15,000 aircraft that have our products today, over 24 million products out in the field, so a lot of opportunity, and that'll be a focus of ours, too, is to go out into the aftermarket in the plan period. Thank you, Scott. Kind of a follow-up question to you. Can you walk us through the process on how you get back to your historical margin results? Sure. Today, we're sitting at about 65% of the pre-pandemic rates. That's where we're at today. Again, as we talk about going back to the rates that we anticipate, that will really drive our ability to drive margin, quite frankly. We'll have pricing opportunities as well in the future. And then it's also cost management. We've got to continue to... We talked about it with, you know, Pete mentioned the suppliers. I think we've got to continue to manage our suppliers in terms of performance, but also in terms of cost management, and that will be a big focus in how we get back to the margins, our margin expectations in the near future. The other element for Interiors is the push for IP. You know, traditionally, Interiors has been a make-to-print type business. We've come up with, mentioned earlier, some of our creative designs and things we've done on fire protection and some of our laminates and tapes that we've come up with, and it's our objective by FY 2026 that 50% of our sales, we have IP content on it, and that's a big part of our push with our engineering team, and I think we're on our way to get there. Great. Thanks, Scott. MRO businesses, both commercial and military, have faced headwinds in the last few years. Justin, your business is predominantly military. Has SEC experienced these headwinds, and how are you thinking about the recovery of aftermarket? Sure, yeah. And when you look at the military side, I think it's important to look at a little bit of the macro level first. You know, during the Trump administration, pre-COVID, there was a big push for operational readiness. We did see a ramp in military MRO coming back, and then, you know, through the pandemic, we saw that steadiness as well. I mean, at the end of the day, military flight hours haven't really changed that much, right? We need to be operational ready, and through the Biden administration, we've seen no changes in the military budgets, and military MRO, the strategy coming forward. So when you look at that, a macro level, we see it translate. Give you an example, on CH-47, which is our HMU, our fuel control unit, we see about 160-180 units direct from the government. The U.S. government is actually our largest customer. Because we own that IP, because we own the aftermarket, you know, the governments do come to us directly for spares, spare parts, and MRO. So, you know, we see about 150-160, like I said, and then we see an additional 150-160-170 units directly from Honeywell, as Honeywell owns the T55 engine, our fuel controls on. They overhaul the engines and send them back to us. So, you know, really, the military side haven't seen the headwinds there. What we did see was, during COVID, foreign militaries were kind of tightening their belts, weren't sure what they were gonna do. So we did see a little bit of an impact in that. That's by far over. We saw that come back in 2023, and we see it going forward. We stay very close to our foreign military direct commercial sales contracts that we have. What you will see is a little bit of lumpiness, and we have a specific foreign military customer that does buy spare parts, not MRO, in 3-4-year buckets, where you might see in their fiscal years in April. So a lot of times they wait for April, and we get those sales in Q1. So you might see, I'll call it, you know, some lumpy sales or seasonal sales there. But we plan for it. We know when it's coming. We, our lead times, we get well over a year in advance. We know when it's coming and can plan for that. So, and then I, I'd mentioned, our EDECU military contracts, as Gary mentioned, we have a lot of rolling upgrades going through. So when you look at MRO, we also look at MRO and upgrades. Best time for a customer to send a unit back is either on when it's timed out through an overhaul period or when it's come off engine for a cause, whether it be the engine comes back for cause or not, and then we roll through those upgrades at that period. Thank you, Justin. Jim, coming out of the pandemic, how is Product Support operating company leading the way through recovery of commercial aftermarket, and what platforms are driving your recovery? So first and foremost, we're back. As far as inputs and sales dollars, we're surpassing pre-COVID numbers in the MRO side, which is fantastic, and we're also adding headcount and capabilities. So we continue. Well, that is a reflection of our ability to actively manage our capability portfolio, meaning piece parts and part numbers and platforms. At the same time, we're managing the legacy aircraft through our key customers and working together with our key customers because they need support, and there's supply chain issues with this, as Mike pointed out, too, that we're supporting that with our repairs, use of used service material, and also developing work scopes in conjunction with the operator, could develop a intellectual property, if you will, to allow us to sustain business. With that, we've also implemented long-term agreements with customers that allow us to continue to do business with them. With that, we've done a lot of different research and support, and actually, we reinforced it with our data analytics as far as what supply chain requirements of bill of materials, serviceable materials, all that going along to support their turn time. We continue to manage that with our 600+ customers. Really, there's about 100 to 200... excuse me, 200 customers, are key to our development. So we work closely with them in creating work scopes, creating forecasts, or working with their forecasts, and creating opportunities to support them. With that, we continue to build our business through the data analytics, as I mentioned, with the bill of materials, work scopes, and personnel to get positioned properly. As Gary pointed out, our inputs have increased 15%, and they continue to increase. But at the same time, those are different inputs we had in 2019, 2020, 2021. Some of those aircraft are grounded, some of those aircraft are retired, but we pivoted that we're not totally focused on one category. We cover major carriers, which are the airlines, the cargo carriers, military and regional carriers. So we cover across the board, all different type of operators, and we adjust properly, that we're not so heavily weighted on just one aircraft type or one engine type. And we cover all the engine types, be it GE product lines, the CFM, the GEnx, the GE90, the CF6 family, and also, we also support Pratt & Whitney family, PW 4000, 2000 accessories, and the V2500. And Rolls-Royce, also, we support that as needed. Because of the key customer base that we have, there are still flying aircraft that are out there flying, older generation aircraft, but we're also going into supporting new generation, and new generation with our partnership JV with Air France-KLM, xCelle Americas, which is based in Hot Springs, Arkansas. We're supporting the 787 nacelle, where we have access to Collins intellectual property because of the joint venture with Air France-KLM, and working closely with them in developing support on the nacelle product lines for the 787. Thank you, Jim. Aftermarket was up 43% in Q1 of this fiscal year from the prior year period. Mike, you mentioned earlier, APS is in a dominant IP position in the aftermarket. Will you continue to see that sustained growth into this fiscal year and out years? I think, yes, we'll see sustained growth and robust sustained growth. Will we see 43% year-over-year? I think that's, that's going to be tough to achieve, but I do see the growth. So the recovery in RPKs from, you know, pre-pandemic to now is, is really good to see, and the fact that we finally hit the 2019 levels, really helps us because that metric is really a proxy for our aftermarket activity, with MRO, even spares. But with that being said, we're still not close to hitting the prior trend line. So if you hit a trend line from 2019 to today, we should have a lot more to grow. So, you know, Jim will talk more about that in the future, but we see definitely some strong, robust growth. And especially, going back to the 787 again, we're sort of at an inflection point now on 787, where a lot of the landing gear are now coming in for their initial checks and their initial maintenance activity. And so that's a good time to, you know, pull our LRUs off the landing gear and then bring them to the repair station, such as ourselves, for repair. And so we see that increasing clip from 787 to be outpacing the general market in MRO for that program. And the challenge there is, again, supply chain and provisioning the parts ahead of time to make sure that we're ready for that, that uptick. And I think we're doing a pretty good job of that, and so are you, by the way, so thank you for that, you're a heck of a facility. So I'm really bullish on repairs going forward on the OEM side. So overall, it's not just 787. We're also supporting A320, we're supporting 737. We're a very proud customer or a supplier for Airbus on a plethora of A320 products, so I don't wanna forget that as well. So but those are more following the market more than the 787 is. So I see definitely a good uptrend for MRO, and our challenge is going to be keep up with it and make sure that we have the right repair stations throughout the world to support all the work, which we're working. We have sites, our own sites, around the world from the West Coast of the U.S. all the way through Europe, but we also have partnerships to expand our reach out through the rest of the world, with, you know, companies like Moog. We've had press releases with that before, and other partners and customers that, that can help us, meet that demand. Great. Thank you, Mike. Final question, everyone: How would each of you summarize Triumph in a few short words? Jim? So it would be, if you're a commercial operator or a military and you have MRO requirements, Triumph has a solution. I like that. Thank you. Mike? Yeah, for me, it's pretty simple: Act with velocity and with purpose to serve our customers and our shareholders. It's one of our core values. Scott? Well, for someone who's been around for a few years, I must say that Triumph is a very collaborative organization that focuses on solving our customers' demands and requirements. Thank you, Scott. Pete? Partnering with our customers is a key part of our mission, but we also partner with each other and go to market together, so we operate as One Triumph. Absolutely. Yeah, echo the same One Triumph, and I'll give you an example. Somebody had asked me earlier, "How do you guys work together?" I will tell you how we work together. We had a difficult issue, customer issue come up. My engineer came up with a solution, worked with Pete's team in Park City, who Mike's team in Clemmons did the structural analysis, and Jim gave us the MRO feedback on how the whole business case would work. So sorry, Scott, you weren't in that one, but in the future you want to be there, so. All right. Thank you, guys. I appreciate it. I think we have some time for a quick Q&A. Take a couple. Any questions? Oh. Want me to go? Yeah. Thanks, David Strauss from Barclays. Could each one of you just highlight who you see as your biggest competitor in each of your businesses? Kind of who you go up against most often. Yeah, I guess I can start. On the actuation side, our biggest competitor, it's hard to say, there's so many of them, right? But we're directly competing with Parker and with Eaton on a lot of the actuation products. I can talk about others as well, there are many out there, but those are the two, I think, leaders in the space. For us, it's Hutchinson, probably our biggest competitor on the interior side. For the gear business, it's largely the OEs themselves, who have a lot of gear capability. But outside of that, we are the largest independent who's not associated with a larger OE. And so for product support, as I said, with 10,000 part numbers, we have a multitude of, of competitors across the board. OEMs are key as far as competitors, but we're frenemies, if we will. They supply parts to us, and we work together. As far as partnerships, we have partnerships with Collins, we have partnerships with Honeywell going forward, and with Airbus, and we work really well with Boeing. But they're not really a competitor to us, but we have, all the different OEM competition out there that we sort out. So it's hard to level that, but I'd say it's really more or less the OEMs. And then we also have the airframe, excuse me, the airlines have in-house capabilities, and we compete against them, but we also work with them on where we come up with solutions that they can't solve. Yeah, my answer is similar to Pete's on our largest sector for engine controls is, you know, we're the largest independent engine controls, so a lot of our engine makers have their own make content, but they also look at buy, and they also look at our differentiating engineering, so which is why we've been successful across all the major engine providers we provide today, you know, GE, Safran, Rolls-Royce, Honeywell. So, we're pretty well covered on that side. On the ECS side, it's also, you know, competitor is also supplier and customer, so it gets... You know, Collins is a big one, Liebherr. And then on the heat exchanger side, I would say it's, AMETEK for us is one of our biggest competitors on the heat exchanger side. Any other questions? Myles Walton, Wolfe Research. Scott, you mentioned the opportunity to get back to the margins where you were pre-COVID. Could you just be more specific about what that target was or where you were operating versus today? And then maybe for each of the rest of you, what's the current separation of profitability performance from where you sit today versus where you were pre-COVID? Thanks. I think for us it's to get to double-digit margin returns. We will contribute this year. We have a good plan going forward. As I mentioned, we're about 65% of the rates we were pre-pandemic, so as the rates come back, particularly on our Boeing platforms, it's only gonna contribute to our margins. And we've got to do a good job in our cost control, too, from a supplier management side. So a combination of a lot of things, but it's getting back to double-digit type of returns. Yeah, I guess I'll lead us off on the pre-COVID revenues were reached last year. We'll exceed that in my opco this year. And as I think I'd mentioned before, our CAGR during COVID was 14% in EBITDA and 6% free cash flow, which set us up for the growth that we'll see in this five-year period. So we're well on the way to the 20% that Dan mentioned. As I said, we're actively managing our portfolio, so we have exited out of some programs over the years, and so it's more focused on the profitability and also the, the opportunity that is out in the market. But also with our lean events and continuous improvement, and our high-performance teams are focusing on what we can do to make improvements to that and where we offer on-time delivery and turnaround time, and also our rotables, which is the exchange pool that we have. Customers appreciate that, so we've been able to position ourselves correctly to get to retain the business, but also get, gain more business on other ones that do not have that capability. For the gear business, we're about 450 basis points higher on earnings today than we were pre-COVID. So we're well on our way with those long-term agreements that I mentioned, with pricing cut-ins over the next few years and additional operational improvements, we have a clear path to continue to expand. Yes, lastly, for APS, you know, we've had a couple of product line sales between, you know, COVID and now, but like for like, we've reached the revenue point and slightly exceeded that. As far as margins, we've been able to slightly increase those, you know, despite all the challenges, and I think that's owing to a lot of operational improvements using our Triumph Operating System to make those improvements. So slightly higher. Thanks, Mike. Any other questions? It's with you. It's first. Thanks a lot. Yep, Peter Arment with Baird. Maybe you could just talk a little bit about how your businesses have performed during kind of this higher inflationary environment, your ability to kind of pass along or share in those costs. And if I know you just mentioned about, you know, LTAs. I know Jim's going to provide some, you know, talking about pricing, but maybe you could just directionally talk about pricing and how you've been able to kind of, you know, advance that as going forward. Mike, you want to go or you want me to go? Yeah, there's been a lot of engagements with customers on pricing, and in some cases, we're protected in the existing LTA with escalation formulas and the like. In other cases, we've had to have tough discussions with our customers. We've also had to put our heads together to come up with a, you know, joint solving problem approach of how do we reduce our cost to maintain the price. And then on the aftermarket side, we've had to just keep pace with inflation because a lot of those contracts are a little more short term. And also working with our distributors to find the right market pricing for our spare parts, which we update regularly. Yeah, I would add, you know, being largely military on our military side, we match our. You know, during the fair and reasonable negotiation of a 5-year IDIQ, we know we have locked in pricing with our suppliers. So we lock in pricing over the 5-year period, so we're very well protected there. And then when there is a price refresh, you know, it's open transparency, what's called FAR 15 type of pricing. The aftermarket is commercially based pricing. We have commercially based aftermarket catalogs we refresh every year. So we do try to, you know, work jointly with our customers to get the cost down, not just pass on the supply. We've done some Triumph operating events with suppliers, with customers, with ourselves, where all 3 parties benefit. So it's not just passing it on, but military side, we're very well protected against price increases. And like I said, we try to work with our customers and supplier to make sure that nobody's losing. We'll talk a little bit about that in the next panel as well, our pricing strategy. Final question? Good afternoon, guys, or morning. Mike Ciarmoli, Truist. I think you mentioned the competitive environment, who your competitors were, but would you be able to share any market position data and where you think you can take your market position over the next couple of years? So for the MRO, we're going to continue to press on partnering with the new generation, so partnering with the OEMs, to a point that we find out our competition, we partner with them, and we're solving the problems that way. At the same time, the legacy aircraft is still substantiated as far as substantial out there, that we can still go after. So key customers there, they go after that. I think for APS, just quickly, our position in actuation is very strong. So I think we're a market leader in landing gear actuation. Utility actuation is a really crowded space, so I would say we're on par with, you know, the other competitors. Hydraulic power generation, I think we're, you know, we're a strong player. We're probably a little, you know, third to Parker and Eaton, but I think that we're a very strong player there. And then, you know, the rest of electric actuation, I think we're a little bit of a niche player. Interiors is a very strong player with Boeing. We have very strong position on the key platforms, both, insulation and ECS. We have make inroads with Airbus on A220 and A350. We want to continue to push Airbus, on other opportunities, but we have a good position today with Boeing. And just quickly, in gears, I think the good news is we have a growing addressable market. It's not only the traditional military and defense customers that are coming up with new programs and next-generation ideas today, but there's a lot of money, a lot of investment in the hydrogen electric world, and a lot of those customers are coming to us for solutions. And then on the SEC side, you know, when you look at our engine controls business and military, we're on every single military aircraft out there, right? So we're definitely a segment leader within a segment, I would say. And then, you know, fighter fuel pumps is another one that we're a leader in the market. If you look at the Triumph site that was Goodrich, as Dan had mentioned, it was Goodrich Pump and Engine Controls. That's the pump was a huge part of the business and still is. As we, you know, as we look at that, we're a dominant player on the helicopter side as well. Thank you, presidents, for giving for talking today and giving us a better understanding of your operating companies and the value that you guys provide to our customers as well as our shareholders. It's now time for a 15-minute break. If that's okay, I think we'll get back... I don't know what time it is. I think it's 10:35. We'll be back at 10:35. During the break, we'll actually have a video of the operating company, so it's about 12 or 13 minutes. So the webcast should be able to see that as well. Thank you. Stacey, can you scoot over just a little bit more then? Make it a little bit more like a circle, too. It looks like a lineup. Yeah. Stay away from the moderator. Yeah. She's, she's not a my teacher. Wait, what was that? What time is it? it? What time is it? Show time. Yeah, that, that's short. My position. Okay, thanks, man. Appreciate it. Is it hard to...? Yeah, two minutes. Choices. Some water. Good. Yeah. What should we do about mics? What? Sure, Dan. Go ahead. Okay. Welcome back from break, everyone. This panel, this is our second panel. This panel features three of our key functional senior leaders, and they will talk you through the way we do business through our Triumph Operating System, or what we call TOS. Our TOS utilizes lean and continuous improvement tools to yield results and make quality and innovative products to meet our customer needs. On stage with me is Jen Allen, Triumph's Chief Administrative Officer and General Counsel, Leonard Smith, Triumph's Senior Director of Operations, and Stacey Clapp, Triumph's Chief Commercial Officer. Thank you. Welcome, and thank you guys for participating today. Let's go ahead and get started with our first question. Jen, how does Triumph build people policies that differentiate us from our competitors? Hi, everyone. Our people are critical to the future of the company, and so like every company, we're focused on attracting and retaining the best talent. At Triumph, a few years ago, we undertook what we call our New Deal program, and under that rubric, we've undertaken a fundamental reassessment of our relationship with our people and our teams. At a corporate level, that's involved reassessing our policies and implementing new policies. For example, we have put in place a family leave policy that we think is a real discriminator for people joining the company. We've also sharpened our focus on wellness, community service, and diversity at the company. When you look at our workforce, we're really very diverse in terms of the roles that people play, from someone on the shop floor, to our engineers, to our business development team, to our P&L leaders. But one thing each of us has in common at the company is a desire to better ourselves and develop. So we've implemented what we call individual development plans. Everybody in the room that you see from Triumph has one, and we're focused on what we want to do to take ourselves for into the future, and in turn, we serve as a coach to everyone on our teams on their pathway to better themselves in role, as well as look at future roles ahead. So we think that's a real differentiator for us. And at a site level, our sites have reassessed things like shifts, part-time work in an effort to make sure we're getting the best from our people, and they've also implemented High Performance Teams, which I know you'll hear a bit more about later today. So at a time when many of our competitors are seeing attrition rates in the twen- Thanks, Jen. Just from my perspective, I lead the diversity and inclusion efforts and our engagement programs within the community, and this has been a good journey the last 24 months, partnering with Jen and the HR team as to how do we make sure that we remain the employer of choice. So our tagline is: Together, we Triumph, cognizant of the relationships we have at work. So thank you. Thank you, Jen. Leonard, Jen talked about High Performance Teams as part of TOS. We've been on the High Performance Teams journey for the last three years. Can you explain exactly what an HPT or a High Performance Team is? Yes, I can. High Performance Teams, at times you'll hear me say they look at how did they do against that day's plan. The HPTs uses the Triumph Operating System governance process to drive free cash flow, productivity improvements, efficiency improvements. So they're focused on the key process indicators, and at the end of the day, what this does is helps to drive free cash flow effects. We've seen a 20% reduction in the financial of cost of poor quality numbers, which are scrap and rework, so that those teams have been paramount in driving those metrics in the right direction. The HPTs to date are contributing with somewhere between $12 million and $14 million in free cash flow every fiscal year. How we do business with our customers. Let me start with negotiating the appropriate terms and conditions. We deploy and set our price strategies as part of the team, but we lead that effort. Thirdly, linked to TOS, we've developed, as part of the Triumph Operating System, what we call the contract pricing playbook. So we've formalized our process as to them. Thank you, Stacey. Jen, Stacey talked about mitigating risks through commercial negotiations. How else does Triumph consider and mitigate risk in its business? For us, mitigating risk starts with our strong board of directors. Dan referenced our refresh efforts earlier, and we're really proud of the attributes and skill sets that are direct each of those. So I think for us, when you bring it all back together, mitigating risk comes back to working to achieve predictable performance at the company. Thank you, Jen. Stacey, you briefly talked about pricing. Would you define or explain Triumph's pricing strategy? So we've adjusted our pricing strategy. Our pricing strategy now, let me just say, I'm proud of the teams that we've deployed across the opcos that are working this every day, as well as myself and the opco presidents. So how do we set pricing? So we look at the IP level that's contained in our product, and that implies how difficult that product would be to compete or take away from us. We look at the value of our product. We look at the full life cycle and how we expect to participate. So we have our OEM contracts, but we do expect the full 30+-year life cycle that Gary spoke of. And all of our pricing strategies, we strive to underpin with what we call cost certainty. So, so what do I mean by that? We have been working through the last 20 customers as to how we address that in the market. Great. Thank you, Stacey. Leonard, some of our systems businesses has had margin challenges in the past. What lean practices have you implemented to improve margins on existing programs? Well, that's, that's a great question, Natasha, and we use a two-prong approach. I look at it from the internal standpoint, where a cross-functional team will look at the granular data and delve into man, method, and machine, look at where all the cost drivers are, and work to take those cost drivers out of the business or out of that program. Stacey and his team look at the commercial and other, and the external supply chain piece of it. And we have a good example of a program. We have a MFP 57. It's a pump that goes on the F/A-18 program, and it was challenged from a margin standpoint. However, the team decided to look at the data and then come up with a process of how we're gonna get to where we want to get to from a margin standpoint. The first CI event ran on that event, we created a mixed model line, where we created efficiencies, set up standard work, and we saw about an 8% reduction in the manufacturing variance. The next event, we looked at it, we automated the test stands. The third time we looked at it, we created a more test stand that had two spindles, where an operator could put two tests, two items on the test stand and then go back to the mixed model line. So we realized significant inefficiencies, increased the productivity, took a lot of waste out of that program, and today we are realizing better margin. But we, we're not done yet. We're gonna keep looking at it because there are some external pressures right now, so we're gonna run another event to increase the margin, get more margin on that particular program. Great. Thanks, Leonard. Jen, Triumph places a high importance on ESG and sustainability. How is our sustainability program contribute to long-term value? Yeah, sure. We started our sustainability program properly about three years ago when we undertook a materiality assessment to identify the material issues that are most critical to our long-term success, and then figure out our path to address those issues as we move forward. We've also undertaken a process to gather and put ourselves in a position to report a robust dataset around ESG, which is a real discriminating factor, particularly with our customers, as they themselves look at their own environmental impacts. I would comment back to the social set of initiatives we talked about earlier, because we do think those have immediate and long-term important effects on the business. Secondly, on the environmental side, we're really laser-focused this year on the overlay of where we can have positive environmental impacts or reduce environmental impacts, and at the same time, achieve cost savings. So good examples of that are in certain sites, we're in high water stress regions, like in Mexico. So working there to make sure we are reducing our water consumption, obviously, is great for the earth, but also great for costs. We also are, on a site-by-site basis, working on our reuse and recycling programs, which again, can be quite cost savings, and working on energy reduction initiatives. In our sites, for example, in West Hartford, last year, they had a 13% reduction in energy usage. So that's sort of the way we think of ESG right now. As we all know, there are a lot of variables in terms of what reporting will happen in future, but we're ready for reporting requirements, while at the same time, laser-focused on where we can have cost impacts and impacts on our talent pool. Thank you, Jen. Stacey, how does the commercial function contribute to the multi-year financial plan, and how confident are you in achieving that plan? Okay, let me start with the statement, highly confident in the plan. And the reason I say that is that 70% of our price ups take around 24 months to come to fruition due to product lead time. So as the rate ramps up, as Gary discussed earlier, on top of the price impacts that we'll be dropping through, we'll see that. I'd add a few more facts. I think we focused on those price resets. In addition to that, we're focused on what we call bottom quartile. So where we have less than optimal margin or margin programs, we're tackling them right at the grassroots level by partnering with the general managers. So we're trying to address each product line. We start with the bottom quarter and continually address that, both Leonard, with his TOS and lean tools, as well as how are we going to commercially address that. From a contracting perspective, 80% of our contracts get repriced every 6 years, and 30% every 4 years. So just to give you that perspective. Regarding our aftermarket, the key is we're remaining agile, and we're testing the market for value-based pricing. Just a simple example is, we have, in many cases, a catalog price list that people buy from us to support the airlines or their military platforms. Used to be an annual update. We now do update that every 6 months, and we retest what the market will bear as it relates to that updated catalog. Finally, we continue to work together with the contracts team to align our supplier contracts. We're much more cognizant of the gaps between our supply chain exposure and our customer contracts as we work to share that risk with customers or share it with our suppliers. Thank you, Stacey. Final question, same as the President's panel: How would you summarize Triumph in a few words? Leonard? Well, that's a great question. I've told Dan this story already. I remember when Dan took over Triumph, we were a fragmented company of a number of sites, all working by themselves. Over the last several years, we've seen this transition to the One Triumph. What I would say is that Triumph engages the entire workforce around common solution, and that's one of the greatest thing I've seen. It's set the stage for profitability. It engages the entire workforce around safety, delivery, efficiency, productivity. That's what I think is some of the great things about the corporation. Great. Thanks, Leonard. Jen? Yeah, I'm gonna echo some of the comments you heard earlier, but to me, it all comes back to collaboration. I think you can tell from seeing everyone here today that we genuinely do like working together, and we like doing that to do what's best for Triumph and our customers, and that then translates to us collaborating with our customers for their benefit. Thank you, Jen. Stacey? Thank you. I'd add included and focused. So as you get to meet the team from Triumph, you'll see how focused we are on delivering the multi-year plan that we're gonna discuss later today. And we do it in such an inclusive manner that we're all in it together, and together we triumph. That's how I'd describe it. That's great. Thank you, Stacey. We can take a couple. Yeah, do we have time for a couple quick questions? No? Stay there for a minute. Oh. I think the question. Okay. Okay. Um. You have the mic. I think it's on the white element. Yeah. Thanks. Stacey, so are you actively reopening contracts that are in the middle of their term, not just negotiating the ones that are rolling out of those 6- and 4-year time frames? We're doing both, is the answer to your question. Okay. Um. Is it possible to describe, I mean, I guess, are we in an environment where the OEMs and the tier ones are pretty open to that because of the reality of the inflationary environment? Or are you getting a lot of pushback in that process? The market's changed. The OEMs are open to it, but we also try and bring more value to them. So some contract extensions, partnering with them on some cost reduction initiatives. There's more desire to do that rather than just the, you know, prior pressure for price downs. So it tends to be a more creative solution that we push towards a win-win. So a contract extension with material changes or customer takes material risk, those types of creative solutions that add value. Okay. And then just last piece of that, can you quantify at all what percentage of contracts are being renegotiated? How far into it are you, and anything on order of magnitude of how much increase in price we're talking about? Yeah, we'll see the walk-through with Jim on the increases in price over the period. Rather than state a number, Jim, if we can just hold that question. I'll address the others, though. So 70% of our price increases take 24 months to come through. We're early in that stage, 'cause typically, many of those are on the programs which are ramping up that you'll see. As a snapshot in time, 80% of our contracts will be repriced every 6 years, and 30% every 4 years, and it tends to be relatively linear. So it's not like they all come together. It... There tends to be multiples going on consistently. So there's solid progress over the next 4-5 years of those prices coming through. Thank you. Great, thank you. Any other questions? I wanted to ask the panel, what are you all most proud of, accomplishments in terms of now versus pre-COVID, and then kind of excited, most excited for go-forward opportunities? Great question. Yeah, I will go first. Is the continuous commitment to lean. Lean is in the DNA of Triumph. We apply all the lean tools, all the lean techniques, the lean methodologies that continue to take waste out of the business, on the manufacturing floor and on the business side, and we've been quite successful there. I can cite several examples. In recent months, I would say, we had an opportunity to win a program, and to win that program, we had to take a tremendous amount of waste out of it. We had to reduce the lead time. We collaborated with other sites, we shared resources, and we were able to reduce lead time from 68 weeks down to 28 weeks, enabling winning that program, facilitating a $30 million free cash flow over the next 2 years. So our commitment to lean, driven by our Triumph Operating System, is unwavering, and through COVID, we came through it successfully, and we continued on a good trajectory to implement lean, to take costs out of the business. And that's what I'm most proud of, is that the entire workforce rallies around that methodology, and we haven't given up. We continue to do it day in and day after. Yeah, I'll add to that, since you referenced COVID, I feel like at Triumph, going through the COVID years was a solidifying factor for us as a team. As you know, actually, when you look at the market in general, I think some companies found it to be a challenge and imploded. At our company, I feel like it brought us together more closely. It did serve as a springboard for some of the people programs I mentioned earlier, which I do think are very impactful at the company, and I think are very different than things that other companies are doing. The way we focus on development, for example, as I mentioned earlier, I think is a real differentiator that's very palpable at the company. We care about our people, and that translates through those policies, and that then translates to our future success. So I'd cite that. I would also say, you know, springing from Leonard's comments on TOS, continuous improvements we've made in our controls regime, compliance programs, I'm very proud of and can look forward to continuing into the future. Thank you. So I'll, I'll break my answer to three. I'm most proud of the way we all work together as Triumph, with the North Star goal of where we're gonna get to. Secondly, I'm very proud of our upskilling in the commercial and business development areas, partnering with Gary and deploying better commercial tools, stronger commercial teams throughout the organization. And finally, through COVID, it accelerated our commercial focus on our contract resetting, how we partner with our customers, and how we partner with our suppliers. And I'm, I'm very proud of the foundation we've built that we'll see the benefits of in the following four-year period. Thank you. Any other questions? Jack Ayers with Cowen. Stacey, back to, I think Noah's question about sort of the pricing dynamic and, more along the lines of aftermarket and, sort of the long-term contracts on the jet engine side, so like, Pratt, GE, Safran, with these power-by-the-hour contracts, their attachment rates, these new versions of LEAP, right? These guys are talking about 60% +, 70% +, versus previously, you know, with CFM56, it was like 20%. So like, going to market now, through that, does that change the pricing power or just the overall economics for a supplier to those guys, from your perspective? I could certainly address that. It's a little more complicated to answer on a pure basis here, but you're absolutely right. You know, good turbofan has a high percentage of PBH lock-in for a period. So there's two ways, and I'll address how it affects us. One is we can partner with the PBH providers and either provide spares, repairs to them under set terms or be a repair house or be a sub PBH provider. The other option, and Jim Berberet works it directly in his third-party repair business, where we have partnered and set up a JV so that we get to be part of the earlier of the life cycle of the engine. So I think the first 10 years has shifted, but it's only shifted as in we just have to find a different route to that market. I don't see a major impact on price in doing that or profitability. In fact, as long as we do the right JVs and set up the right OEM partnerships, it should benefit us. Thank you guys for the questions. I wanted to say thank you guys to each of you, for your time today and giving us a better understanding of TOS and how it creates the initiatives you've taken to improve the value to our customers as well as our shareholders. Jim. Now I'll hand it over to Jim McCabe, Triumph's Chief Financial Officer. Thank you. Get this out of the way. Thanks, Natasha, and thank you all for being here today. You know, I, I joined Triumph in 2016 as CFO, and like Dan, I was reflecting back on what it was like when I first got here. I had experience in aerospace and defense at profitable and growing companies, and I also had experience in turnaround situations, fix, close, and sell losing businesses, deal with pension plans, with deferred tax assets, leverage balance sheets. It was that latter experience that turned out to be the most valuable for me in the last few years as I helped Dan transform the company. When I came in, there was a different focus than there is now in the finance function. The function was about sales and EPS, and there was a whole lot of non-cash income from pension, from EACs, and from lost contracts. We don't have any of that anymore, of any substance. It's all about cash and EBITDA, and that's what we changed the focus to. We said, "The metrics we want to drive are EBITDA, EBITDAP, actually, excluding pension income, and free cash flow." We've done that, but that was a journey. The incentives are aligned now. We paid to put some new people in place. We upgraded the talent throughout the organization. We put a lot of structure and discipline in that didn't exist, about 13-week cash flows, about monthly forecasts, about process. It's all part of our operating system, but it's all supporting the accomplishments and the forecast I'm about to show you. The other thing I noticed when I came to Triumph, more so than anywhere else, was Dan treats—he expects the finance team, and I expect the whole finance team, to be partners to the operating people, to be responsible together with the operating leadership to deliver results. So we're not just reporters in finance, we are team members, and we come with the information, but we also come with solutions or ideas, or we work with the team. We install accountability. There was not as much accountability as we have now to deliver results down to the decision maker. So all these things help contribute to what we've achieved so far, which is incredible margin expansion, a portfolio transformation that's gonna enable the forecast I'm gonna show you in a minute. So we're at a high level, what have we done recently? We had some good accomplishments recently. We refinanced the first lien debt. It was $1.2 billion. There was concern from analysts and investors that it was starting to get-- it could get current if we didn't act, and the markets were tough last year. In March, we refinanced that on very good terms, a good rate, and leading up to that, we had issued some warrants, and that helped to get that transaction done, and the warrants helped to deleverage us. Those warrants generated over $100 million of deleveraging capital, 14 million through bonds that were tendered, and another $86 million of cash, majority of which we're gonna use to reduce debt moving forward. Our next maturity is not till 2025, and we're chipping away at that, partially through the warrant exercises. Then we'll redeem the warrants because we don't have a need for equity now. We are in a deleveraging path, which I'm gonna show you, and but they all were very successful. The warrant offering, redeeming them, getting the refinancing done, and we did complete the portfolio restructuring with the exit of the large structures business. Stuart, Florida, was the last transaction. That's behind us now. So the businesses we have now are businesses that are continuing businesses. And of course, we deliver results. Every quarter, every year, we deliver internal plan. Sometimes it doesn't match the external plan, and we're trying to do this communication so that everyone can see where we're going, and we have expectations aligned with our internal plans. So moving forward, we want to deliver the 2024 guidance that we've given you. We want to grow to the multi-year targets, both sales, EBITDA, and free cash flow. When we do that, we're going to be able to deleverage the balance sheet, which I know is a concern for people because our leverage is high, especially mid-year with our seasonality. But it's going to come down rapidly this year and the next couple of years. And disciplined capital allocation. We're very careful. We talked before about how we grow organically, and we do it with optimized capital. We don't have a lot of capital to do any kind of M&A, and we don't even have a lot of capital for a lot of internal investment, but our new portfolio with the transformation we've accomplished, doesn't need that much capital. It's less capital intense than that large structures business, which had a long cycle, required a lot of inventory, and had a lot of risk associated with that. So we are reaffirming our 2024 guidance today. And to remind you, this is the same guidance we gave at the beginning of the year. At the midpoint, sales are about $1.41 billion, and our free cash flow is $35 million-$50 million, so $42 million at the midpoint. And you can see all the metrics. Our plan is designed around delivering this with some cushion. And you can hear-- you heard earlier from the presidents, their confidence in this. And every month, we do a forecast where we look where there's weaknesses and who can help each other out so we can accomplish the macro goal. So here's a bridge from 2023 to 2024, just to give you some support for that 2024 guidance you may not have already. In the top left, you can see the $1.3 billion of sales we had last year, and then the drivers that are getting to the $1.41 billion sales at the midpoint. The largest driver is the OEM volume. It's the rates from the big programs we talked about. The second biggest driver is the aftermarket volume, and we all know the RPKs are up, and we had a huge increase in aftermarket volume in the first quarter. Then there's price as a contributor, but as Stacey told you, price lags a bit. Coming out of COVID, we renegotiated a lot of prices with lower volumes, and we're going to be able to benefit from that in the coming years in the forecast. And then we have non-aviation volume. We're opportunistic, too. I think you saw before the, in the video, there was the Howitzer magazines, and that's helping contribute to sales and profit this year. On the top right, you can see the seasonality. We are a seasonal business. The first quarter is the lowest sales quarter. It's about 22% last year were the sales in the first quarter, and then it grew from there. 23% in Q2, 25% in Q3, and then 30% in Q4. And that's always a letdown when you go to the first quarter next year. It's just a seasonality, but that's the way our business runs. Because we're more aftermarket than ever, we're over 40% aftermarket business. That's the most seasonal part of it, is the aftermarket. So that's not, not going away anytime soon, although we recognize it would be great if we were steady profit and cash flow all year long. This is the nature of our business. So in the bottom left, you can have the sales breakdown by the markets. You know, we started disclosing, I think it was last year, maybe a little before that, by our end markets, commercial, military, and OEM and aftermarket under each of those, and then other, because that's what you asked for. We asked everyone, "What would you like to see? How would you like to see it broken down?" And most of you wanted to see it this way. You can see what we expect 2024 to be by market. It's really not substantially different in terms of balance. Maybe commercial aftermarket's up slightly on a rounding basis. And to the right, you can see what's driving each of those markets. And you heard this from Gary and from others, from the other presidents. The commercial OEM volume is driven by certain major programs. 737, the A320 family, 787, and the A350 are all the biggest programs that are increasing in rate, and they're all driving the OEM sales to go up. Military OEM, we have a few big programs I listed there as well. It's helping to offset the OEM decline on V-22, but we're picking up some V-22 in the aftermarket under MRO. And of course, commercial aftermarket is growing 8%-10% this year. And we gave you the breakdown of the components that Gary showed you how there's kind of three components to our aftermarket. We have spares, which is obviously the most profitable. Then there's third-party MRO, which is kind of what Jim Berberet's group does. And then the rest of the businesses repair their own parts. That's the IP-based MRO of 27%. So we broke that down between commercial aftermarket and military aftermarket to give you more information supporting our forecast moving forward. We did adjust out the divested business for last year for both of these charts. That's what the footnote says there. So moving on, how do those sales translate into EBITDA and free cash flow, the important metrics to us? Well, it's different, obviously. The sales in OEM and aftermarket contribute profit, and you can see it there, but the biggest contributor is actually efficiency. So thank you to our TOS system, to Leonard, and all the work that's being done that helps differentiate us, make us more competitive. $12 million benefit in the year from efficiency. Second to that is the aftermarket growth, and third is price, and then OEM growth after that. To the right, I take the EBITDA, which is a 210-225 range, 218 at the midpoint, and then walk you to free cash flow. So CapEx is about $28 million. That approximates our depreciation for the year. So that's a sustaining level of CapEx. We're investing in sustaining the business as well as efficiency improvements, and we're investing in growth as well with that. But a lot of our growth comes from customer funding and from taking the platforms we're already on and moving on, taking the technologies we have on current platforms to new platforms. It's not that capital intense. And because we own IP, we can choose to outsource to people. We don't have to buy all the equipment and make all the parts. We can design, we can outsource, we can assemble, test, and serve the aftermarket. Net working capital is a contributor. Even though sales is growing, this year, we're able to bring inventory working capital down because there's a more stable supply chain, there's more stable demand signals from our OEMs, and that's helping us generate some cash. But moving forward, you'll see that we will be a modest user of working capital as we grow. We'll be more efficient as a percentage of sales, but we'll need some working capital to support the growth. About $7 million cash taxes. You know, the tough years generated a lot of tax assets, a lot of deductions we couldn't take in those years. We're benefiting from those moving forward. There's over $200 - about $300 million of deferred tax assets that we have, that we'll use those deductions moving forward to optimize and minimize the cash taxes moving forward. And then interest expenses is significant. It's $147 million in the year. That will come down as we de-lever, but that's where the majority of our EBITDAP is going, is to pay interest on the debt we have. So free cash flow in the $35 million-$50 million range. But if you add back the interest, which is going to come down over time as we de-lever, there's about $190 million of unlevered free cash flow. These businesses are producing a lot of cash, and we're going to get the balance sheet in order and get the debt down, so that falls more to the bottom line. So here's our multi-year targets. First column is 2024. That's, that's our guidance that I just showed you and walked you to. So by the end of the year, we'll be at 6.2x leverage, right? Because we're a user of cash in the first half of the year. We generate cash in the second half of the year. That, coupled with the warrant proceeds, which are in the second half of the year, helps reduce the net leverage. And we are generating about 3% of sales as cash flow at the midpoint in 2024. And then we're going to be two other points. FY 2026, and you can see the number is $1.7 billion. The $1.4-$2 billion to 2028 on revenue is the growth rate of 9% CAGR. EBITDAP has been growing from 7 to 11 to 14 last year. We got a midpoint of 15.5 for this year, and we're going to hit 20 in our plans in FY 2026, and that's been a target for a long time we've been driving towards. We're making good progress every year, 150-200 basis points a year, and we're on pace, and we have detailed plans supported by those products and markets we just talked about to hit 20% EBITDAP margin FY 2026 on $1.7 billion in sales. At that point, the debt will be coming down, so interest will be coming down. We'll be converting 6% of sales to cash flow, and our leverage will be at 3.5 times, which is much more, normal than, 6-7 times that we're at this year. By FY 2028, we'll be $2 billion in sales. We'll be 20%+ on EBITDAP margin, 10%+ on free cash flow as a percentage of sales, and less than 2 times leverage. So that's our multi-year sales targets, and I'm going to give you some bridges on that now. So let's talk about the sales growth by, by market. So on the left, we just have the walk from 2024, $1.4 billion of sales, and the biggest contributor is price. So, you know, after the, contracts kick in, that we've been renegotiating, and Stacey and his team continue to execute, we'll be able to get more price, and that's the biggest contributor to the growth in sales. Secondarily, is the OEM volume. That's the key programs that are ramping, that we talked about, and aftermarket volume, and, following through with that, and some new products and services, which are important, and we'll continue to develop those, but we haven't relied too heavily on those in our multi-year forecasts. So the growth rates, the range of growth rates by end market are in the top right side there. Commercial aftermarket, we believe, is going to grow 4%-6%. That's what we're planning on for ourselves. That's not the overall market. That's our products and what we're going to grow. Military aftermarket, 3%-5%, commercial growth, 8%-10%, and military is going to be less than 1% on the OEM side, but we have a transition of programs going on there, and it's a nice, stable, installed base. Profitability in the military really comes mostly from the aftermarket. There's profitability on OEM, but the most of it comes in the aftermarket. So as our installed base grows, there's more opportunity for profit there. So taking the sales, what EBITDAP margin? At 15.5, I'm gonna—I'm walking from EBITDAP over the multi-year period. So EBITDAP in FY 2024, 15.5%. It's about $218 million at the midpoint, and we're going to 20% in FY 2026. Again, you can see the third column there, the price and excess of cost is the biggest contributor. Secondarily, the efficiencies which differentiate us, that's our business process. Not everyone can do that like we are. Thirdly, the aftermarket volume and OEM volume contributes to profitability too. But the installed base is almost more important because then we can make more money in the aftermarket. On the right-hand side, I walked the EBITDAP down to free cash flow over the multi-year period. So you start. The net working capital is a slight use. The biggest use is still interest, but it's a much smaller use than in the current year because of the debt reduction. CapEx is kind of steady state. I am assuming for these forecasts that we fund the pension moving forward with cash, so that's the pension line there. And then there's the modest taxes, utilizing the tax assets. So unlevered free cash flow in excess of $200 million out there in FY 2026, and our leverage at 3.5x. So disciplined capital allocation, it's kind of simple what we're doing with our money. We're investing organically in the growth. So whether it's working capital for programs, whether it's R&D in our existing technologies and programs, we're gonna continue to invest organically to grow. But secondarily, we're gonna reduce debt, and we're gonna reduce our leverage and get down to 3.5 as quickly as we can, and the baseline plan is FY 2026. And of course, if we can go faster than that, we will. So at the end, circling back to this valuation issue, that our actions, all these actions, de-levering, expanding margins, expanding our content on platforms and therefore growing sales faster than the market, are gonna be able to increase our valuation. And I think, you know, our growing sales margins, higher cash conversion, and reduced leverage should see multiple expansion. The thing about Triumph, I think it's Triumph. Why is it a compelling investment? And the first thing is always the people, and you met some of the people here today. It really is a place where I enjoy working, and most of the people I work with enjoy being here. So we're happy to tell our story to you. That's the first thing to me, is people-wise, is we're a compelling company. The second one is our portfolio. We have a really good portfolio of products and technologies and contracts and businesses, that are poised for growth. It really is a pivot point with de-leveraging, happening rapidly. Now that we have the portfolio transformation done. Lastly is the plans. We have very good plans, very detailed plans, good accountability on those plans, and that we've provided another level of detail to you and access to management to understand them and get confidence in them, the same confidence that we have moving forward. So thank you. With that, turn it back to Dan. Jim, why don't you stay up here? Yep. So turn on the mic. Thanks. So before I do my closing comments, it's a good time to open up for Q&A, and I do encourage the folks that are on the webcast to ask your questions. I know it's a little harder to participate remotely, but we've got a system set up to field those questions and have them repeated here in the room. But we'll start over here on the left, if we can get mic runners to support. Good morning, Brian DiRubbio from Baird's Credit Desk. I'm struggling with the free cash flow walk and the reduction of interest. You talk about de-levering. You still have a maturity that you're gonna have to deal with sometime about 11 months from now. Don't think you're gonna have the cash to do it. You said you're not gonna raise any more equity. So you know, where the first liens are trading right now, you know, you're probably looking at 11%-12% refinance on any amount. So a couple of questions there. You know, you have $200 million of permitted convertible debt capacity. You have another $150 million of permitted capital lease capacity, you know, are those two buckets that you're thinking about using. And then on the walk, over the next 2 years, how does interest come down? I'm struggling with that because it's a big bar. Firstly, notes are callable in two years, but I think it's a $104.5 call price. So just trying to put all these pieces together and just... There's a big gap here. So if you could help us out there. Thank you. Yeah, sure. Let me start, and Dan, you can add, has more to add. We've got cash from the warrants that's sitting on the balance sheet that we're gonna deploy to reduce debt and reduce that next maturity. So the baseline plan would be to refinance some portion of that next maturity, but it would be reduced by the amount of excess cash we have, plus the cash we're gonna generate from operations moving forward as well. Sometimes it's opportunistically, we can monetize some product lines that may not be huge, but that can also contribute to it. And as you heard from Gary, we've tried to stay on the conservative side with some of our forecasts, so there's an opportunity to outperform on cash from operations as well. But the interest comes down because we're gonna refinance less debt, less debt. During that time, our credit's also improving too. So ideally, we're gonna be able to get upgrades in credit and get lower interest rates, but it does depend on the macro environment for interest. Yeah, I just add that we had productive discussions with the rating agencies. They gave us some credit in their outlook. They wanted to see us get the warrants done first and then a multi-year plan, which we provided today. They're participating in today's call. We'll follow up with them as well. We've got time to work on the 2025s. We're not concerned about it at this time. If we have to pull other levers to more accelerate our de-leveraging timeline, we will, but we're comfortable with doing that organically. Thanks. How much of the price increases between FY 2024 and 2026 are already contracted and done versus what's gotta get that needs to be negotiated? It's a majority of already negotiated, and they just cut in as the contracts become effective, the LTAs become effective. But, Stacey, if we could give you a mic, if you'd like to take a shot at that. Sure, as Dan says, you know, a broad brush, somewhere between 65%-70% is essentially contracted. It's, it comes through as the rates ramp up and those new prices cut in. So that's the big driver. I'd like to add, since there were so many panel questions about pricing, my perspectives on that. As I mentioned during the break to one of the analysts, I've never seen so much price opportunity as the last 3 years. Most of my career, we all thought about 3% a year is doing well, sort of a cost plus mentality. And what's happened over the last 2, 3 years is we've really had a broken supply chain, and we needed the supply chain. The OEMs needed- S upply continuity more than they needed the lowest possible price, and they were competing for a finite supply chain, and they were willing to give price. Now, if we could do things on the cost side or redesign, simplify parts, that was good, and many of our customers, we worked through that. We did break current contracts. We didn't wait for LTAs. Part of his playbook is to go through the whole, at every site, they have to go from most profitable to least, and any bottom quartile programs, they have to fix, exit, give back, outsource, move to a low-cost country, whatever it takes to move that up, and then extend our winners where we have more value. That change in mindset was new for Triumph. That's one of the things I've had meetings with Kevin Stein at PCC, I met with Eric Mendelson at HEICO, and I talked about how they think and operate, and we learn from them. Not, not everything, we don't do everything the same. Some of their products are different price points, but, we have gotten a lot of price, and it's, it's because the OEMs are valuing certainty of supply. They don't want to embark on a risky requalification of a new source, right now when they're counting on the ramp. 3, 4 years from now, when capacity catches up with demand, might we see some, slow deceleration of price ups? Probably. I think at that point, there'll be more dual sourcing. That's why it's really important that we work on the IP side, because that's your greatest source of pricing leverage is if they can only buy from us. Thanks. Myles Walton, Wolfe Research. On the EBITDA projection for 2026 from 2024, first point, is it relatively linear in terms of that improvement profile you're describing? Is the pricing really back-end loaded? Is it relatively even, which I imagine is driving most of that incremental margin, which you haven't seen to date. And secondly, I know that your long-term incentives are mapped to EBITDA growth. Does the growth rate that you're showing us map to your incentive packages? Thanks. Yeah, I'll answer the second question. Absolutely. The board has reviewed and approved our multi-year plan, and we've shown them, as recently as in April, how the raw OEM rates are maturing and the underlying CAGRs of MRO that support that. And they've set incentives, short-term incentives for fiscal 2024 to hit these numbers, but then three-year LTI objectives that are tied to these kind of growth rates, so we have to hit them. And we also have a TSR measure, that if we fail to hit certain targets, which are quite high, then there's incentive pays are docked. Not completely linear. There's a little bit of slope to it, but significant improvement in 2025 over 2024. Hey, guys. Sorry. Mike Ciarmoli, Truist. Dan, just on that commercial aftermarket growth through 2026, I think 4%-6%, I know comps are definitely getting a bit tougher, but pricing's strong. I think, Dan, you just said even in tough times, you get 3%. You know, sounds like more equipment's flying, you're doing a better job capturing 787 landing gears. That growth just seems a little light. Yeah, because MRO has more uncertainty on demand, we've chosen to be conservative. If you tied it just to the size of the fleet, you'd have a higher number and be more aggressive. But because we typically have short notice of commercial OEM, we're trying to migrate to the next gen aircraft like 737, 787, A350, because there'll be a point at which the legacy wide body, especially the fuel inefficient aircraft, are retired. That's several years away, based on the RPK demand that Gary said. But by doing the joint venture with Air France, for example, we're getting on the new platform. So as they go into their maintenance phase, that's gonna be a tailwind for commercial MRO. The other area is recapturing our tail. Over the last 10, 15 years, Triumph saw a number of its own aftermarket obligations migrate to suppliers because the focus was on top line growth and OEM, not on aftermarket. And that's another HEICO, TransDigm, you know, epiphany, which is, "Hey, this is where the money is." So when I said 59% of the profit is coming from aftermarket, that was a much lower number when we started the journey. So we do agree there's more upside in commercial, but we wanna stay conservative and underpromise and overdeliver on that. I think Sheila had a question. Sure. And then we'll come back over to this side. Jim, working through it both ways, I just wanna kind of figure it out on your capital structure, how you assume it. If you kind of think about fiscal 2028, you get to about $400 million of EBITDA or so, and your free cash flow target is $200 million. So factoring in, like, $20 million in working capital, some taxes, some CapEx, you get to interest levels flat, but then your debt to EBITDA target is less than 2x, so that assumes about $800 million in net debt. So can you just square those for me? Just what your interest assumption and debt level assumption is on your $200 million. I don't think we have the degree of certainty you'd like to have in 28 yet. It's directional. I rounded down some of those percentages because we don't have certainty out that far. But the 10% could be a little higher, the EBITDA could be a little higher than 20%. There's conservative assumptions on the cash conversion out there. Working capital is also a wild card in the out years. So we try to be conservative, and we think we're hitting the targets with that conservatism anyway. Thanks. Just wanted to come back to pricing, once more. So there was a slide where the 2024-2026 revenue projection, $1.4 billion-$1.7 billion, where about half of that $300 million increase was price, so call it $150 million. So, you know, that's about 10% of the increase over two years, so it's about 5% a year. Dan, you just referenced, you know, the industry norm with no inflation, with not paying a lot of attention to it necessarily, is 3%. Inflation's been higher than 5. Sounds like a lot of latent pricing. Is there a scenario where there's something far better than 5, or are there pieces of the business where it's going to be, you know, zero- Yeah and then there's pieces that are closer to double digits? So those pricing numbers are net numbers. If you subtract the supplier price increases from the customer price ups, you get a sort of a net number. So we are, in fact, doing better than what that- Okay. A bsolute number might represent. One of the ways we shielded ourselves from supplier price increases is, my supply chain leader, Craig Cooper, wasn't here today. He and I went to all the primes and told them that, "Hey, this is the coming threat," about two years ago, "and if we don't deal with the supply chain constraints, they're going to bite us and limit the ramp." Because we saw this movie in 2018 or 2019, pre-COVID, when MAX was ramping. Some of the OEMs got it and said, "Yeah, we're working on it. We'll pull you in." Others said, you know, "What's the problem? We don't see it yet." So we got ahead of it. What we did is we moved a lot of work to low-cost countries during that. We hustled while we waited for the ramp to return, because two years ago, we still weren't on the precipice of OEM rates. We're still marking down 787 and MAX. So now the rates are back. We've done some good work, so we're seeing less supplier price increases than, I think, some of our peers. There's a few. Scott Ledbetter talked about Interiors. We have a couple of suppliers there that have proprietary resins that, you know, we're a small percent of their business, and so they've hit us with price increases. And in those cases, we do go back to the prime and say, "Hey, you spec'd this material on your drawing, it's not our design. Supplier's asking for a ton more cost. We got to pass that on to you, or you got to let us go develop another, you know, alt- substitute material," which they don't want to do. So it's what Stacey referred to as joint problem-solving at that point, as opposed to getting middled between suppliers who are raising their prices and primes that want it lower. I think we, we've done a pretty good job keeping supplier from eating away that price upper. That's helpful. And Jim, how far in advance of the 25 maturity do you feel you need to have addressed it, and what's the minimum cash balance you want to hold at this point? Well, typically, we're looking at things before they go current, right? So we'd like to try and do something then. But there's no reason we have to do something before it goes current. We've let things go current before if we saw market conditions changing and we saw our credit improving rapidly after that point. So right now, that would go current when we report in November of next year. Minimum cash balance? Well, it's come down a lot, how much cash we need, but there is seasonality, right? So it's gonna depend on what we think our cash trough will be in the working capital usage next year. So right now, we've been kind of managing for a minimum of $200, but I see that coming down moving forward. Okay. Thank you. In the front row. Thank you. David Strauss from Barclays. The aftermarket growth that you're showing, how does that break out between MRO and spares? And then, you know, Jim, you mentioned the relative profitability. Can you give us some better idea of kind of profitability of spares versus third-party MRO versus Triumph IP MRO? I think in my section, I had some pie charts that showed third-party repairs versus OEM repairs versus spares. I'll refer you to that, or- Yeah. Y ou could pull that slide up. But, it's, it's lower spare sales on the commercial side, much higher in the military. And military tends to be lumpy. You get a big FMS order that rolls through and have a great year, and then the next year comes down. So that's, that's an area I'd like to do more on, is military spares, and it starts with these customer focus teams and, and figuring out where the channels are, where spares are sold. So we entered into a partnership with VSE and Triman, and I've gone on the road with the top salesman from, let's say, Triman, and we go to the Air Force base, and we meet with the procurement officers, and we talk about what their biggest shortages are. And sometimes it's products that we don't supply, like fuel bladders and molded cables, really odd products, but a lot of times it's products that we can help. Sometimes they're under PBH or LTAs for those commodities, but they're not getting what they need, and we look for entry points. But these partners are really good because they, they've hired the O-6s that retire out of the buying commands, and they know who. You know, they have, they have kitchen privileges, if not bedroom privileges. You know, they go into the shop, they, they talk about their needs, and then they, they help Triumph sell through. And they're also a stocking distributor of our spares. And they get a margin on that, but we found it's a net plus to have them do that. So I'd say the channel strategy is most important for spares. Jim, anything to add? Yeah, the exact breakdown's in my slide as well. For each commercial and military, the three components are repairs, the repairs, and spares. Spares could be two to three times the margin as the repairs. Yeah, I was asking about, I think, the growth rate for commercial aftermarket that you showed 2024, 2025. How does MRO grow versus spares within that? Yeah, I don't have that level of detail. We aggregate that for planning purposes. I think they would grow in similar fashion, but it would vary by program. Yeah. One thing we're excited about is we're starting to get LEAP repair business coming in from the commercial side. You saw the OEM gearbox delivery, but we've now added more repairs. As that fleet grows, that's an example of where we're gonna see commercial MRO volume. Okay. Yeah, Peter Arment with Baird. Dan, you've been drinking from a fire hose the last several years, you know, kind of transforming the company. So, are you satisfied kind of with the portfolio you have today, or do you think you could still do some more pruning? And I'm thinking more along the line to help out Jim, kind of, resetting the balance sheet, just any sort of acceleration there or anything that you would think about. So one of the nice things about the way we structure the company, these five opcos, they collaborate, they work together, they go to market, but they're really set up independently. You know, they do share a common operating system. We've deployed that now. They're off and running. So if someone came in and made a compelling offer for one of these, that accelerated our deleveraging, we would consider it. But this portfolio, as we have it, is gonna work for us to achieve our organic growth. So we're gonna be opportunistic about it. We're not actively marketing them. We do have - we get inbounds. You know, it's - we got inbounds during the pandemic for the whole company and for parts of the company, but not at the value that we knew was coming, just based on the numbers. So, you know, that's one of the key takeaways that we hope to leave you all with, is, you know, we don't have a big wedge of unidentified work that we gotta go find in order to hit this plan, both the top line and profitability, cash, and deleveraging. It's basically, we've got the work we need. We just need to execute it year -over -year. If somebody comes in and makes us an offer we can't refuse, that really would allow us to accelerate that, we'll certainly consider it. But they've got to value it as we all see it. That's key. So is there any questions from the webcast, Tom Quigley? Okay. Do your rep. Okay, great! Well, thanks, Jim, and I'll just make my concluding remarks. It has been a journey, as Peter said, and, you know, I feel very lucky to have the analyst coverage that we have. I serve on a board of a public company that does semiconductors, and if you have an iPhone or you do earbuds, those microphones and transmitters are made by this company, and they struggle to get the kind of coverage, even though they're, you know, profitable and have very low debt. So we do appreciate that you all have stuck with us, and it wouldn't have surprised us if some of you dropped coverage. In fact, the opposite's been true. Several analysts changed firms and picked up coverage again. Whether this is true or not, what I'm gonna believe is that you believe in our story, and you wanna see how the story ends. Today's Investor Day was really targeted towards answering that question, how the story ends. We have certainty. We've got a line of sight to reposition the company. By the way, when we're at $2 billion revenue, it's not gonna be the same $2 billion revenue mix that we had back in 2010, because that had a lot of metallic manufacturing and build-to-print and contract manufacturing content. It's a much healthier mix of business. When I came to Triumph, I had this idea, you know, 'cause you don't really know what you're coming into until you're inside the firewall, that we could build sort of a mini, you know, UTC. We could go on an M&A path, and, you know, I've asked each of the presidents to identify the companies they'd like to acquire. So we have targets that we'd like to do, but first job one is to get to be cash positive. So we had to put those aspirations on hold. But I hope you will see that the quality of our leadership team is very high and could scale to a 5 or 10 billion dollar company. And I know because I've run companies that size. So I'm very proud of the team we've got. I'm also proud of the functional leaders that we have, and you saw three of them today, but as CEO, I have to put equal emphasis on the functions as we do to the P&Ls if we're going to have that strong operating system and controls or pricing excellence. So we put a lot of energy into building that. Why is that important? Well, the leading companies and CEOs, they recognize that, hey, programs come and go, but the operating system is really what drives the value, and that's certainly true at Danaher. I'm not a big fan of a lot of CEOs, but I'll tell you, I've gotten to know Larry Culp over the last few years. We've talked many times, and we're sort of doing what he's doing with three fewer zeros. He had maybe the luxury of being able to do a lot of deleveraging early in his tenure. So, you know, we're doing it the old-fashioned way, the hard way, through organic growth and cash. But we're committed to make it happen. We're proud of our progress. We know we're not where we want to be yet on in all measures, but we do see a path to really becoming that valuable company. Now, where we go from that point is really exciting because now we can take our small niche positions, whether it's in engine controls, fuel pumps, gearboxes, heat exchangers, and go on offense. So we are thinking, we're looking beyond, you know, the 2026 time frame, when we're delevered towards really becoming a more valuable company. When I look back on my career and the things I've done at Lockheed and Raytheon, that's what I'm most proud of, is the franchises that we created, not just on F-35 and Patriot and THAAD, but also in the space business, and training business. And that's what we're doing. We're creating this engine, this operating system, the talent, the customer relationships to drive that value over the long term. So you've all been a witness to this, so thank you for your patience and your journey, especially the investors that have been in the name. For the new ones, welcome to the fight, and I think you're at the right place. I think Triumph has the most upside of all of our peers, and we look forward to closing that valuation gap. I'll leave you with one last analogy. I shared this with the board. When a pilot is at the beginning of the runway, and they bring the engine up to either Mil power for a military aircraft or full power for-- They begin rolling down the runway, and they achieve a velocity at which they have to either abort the takeoff or commit, but they haven't taken off yet. And then, there's another velocity, V sub r, rotational velocity, where the front wheels are off, you know, the runway, but they haven't taken off. And that's the point at which, you know, maximum lift occurs, you're at full power, you got the flaps down, and the aircraft really takes off. And that's where I think Triumph is. All the work we've done has gotten us down the runway. We've gained speed, and we're now at that rotational velocity where we could really take off, and I hope you'll all come for a ride. Thank you very much.