as our Thank you, This me call. second quarter Matt operator. Welcome, everybody, is to Brian. CFO. our conference usual, Farabaugh, With
As this different a time. noticed, you we're obviously something little trying
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When language. be looking for we disclaimer X, go a to Slide
you information, So questions contents, in which know, it. go financial X, I Slide if any have through us of call we about won't table presentation, this, is attached the investor X. Appendix supplementary but please our
We're going if have call about the you financial questions any but that, during us through please supplement to not go information.
Slide here probably the down now, as to We'll go the slow is with little unfortunately. history bit Let's quarter X. a well. X results second Slide
second Sales $XX.XXX million. margin, for quarter, Gross XX.X%. the
I number think we that to know, is As XX%. don't you like really when it down
feeling the And percentage, under be don't margin EBITDA So so talking -- the we're about about. adjusted And EBITDA, $X.XXX gross EBITDA, million. either. pretty happy much like to not XX%, margin XX% that I'm under We XX.X%.
aren't really we're very those things So thrilled percentages about.
call? ]. say million. of we QX $XX the we estimate the had first a that's Sales QX So sorry, about to -- [ did during cough million $XX.X What investor
we $X.XXX in $XX.XXX kind million, of So that under EBITDA in we number, at well came million. middle adjusted came $X the was right but million in And million. range of $X.X to that estimate
Slide we Why So let's go talk on that. to don't about X.
the meet QX these are a number talked not things going are disruptions, broken the record with away. shortages. things chain freight lot A it's start we let's going supply that things sales in know disruptions, by these but recently. to staffing about away. record, significant outstanding people I job broken not considering So parts challenges sense severe These
the for almost things notwithstanding kind almost how live difficult, to to our all oppressive, these top to are and people I how making want of understand things. number, sales give credit and You'd -- have these
combine made X But all line X nevertheless, shipments These totaled of $XXX,XXX still them. things we number. about missed together top you our probably of when
would make number number, you So would top the EBITDA EBITDA made we what we considering line our think happened number. to the
talk let's about that. So
had which by items, customer about X were in customer $XXX,XXX there item million, negative another of the a all, EBITDA and related impact $X.XX combined bankruptcy of total of quarter. $XXX,XXX first So
to on go Slide inflation. Significant Let's X.
we inflation bit expect we not new, in, you list we supply Now new costs, fully you is want. of expensive, our maybe some fully or freight were more probably and costs, absolutely, out, just didn't freight a Material when gave little insurance, a numbers expecting. you should both into than our you things bake XX of forecast. Freight story, ways, but people more costs, it, it we name of not a give but can course,
we honor like costs very because good Now fully commitments most. to a and principles are honor others, and in It's confirmed are pass At not these Park, negotiable. increased why relative in and integrity At don't matter honor we what our many QX? And are question. Park, on integrity our POs. customers not
I if It's doing Remember of honoring it, customers with not kids, POs our think, It's about like when meaning is everybody I one that what you are you for whatever. quarter lecturing doing something this POs. you, way. thinking everybody suppliers sad a he was excuse that was told that count, is well, saying, last else It's our told adults that honoring else -- our it. us doesn't -- Well, were of and doing were you good remember not kind
] we business. And [ well, other a the thing is run
business better yet, most. So we're a doing and than I lot gone out the haven't we of suspect
So or are POs. means those confirmed think, our excuses. explanations that good what The lag effect, we that good I honor things, is so
people, be X and we we if costs choose for But on into can can. take The fine, when other extra confirmed do quote, have, our not will actually are these to, X, might then months we Now account road. pricing that we not saying is we pass them then in that we just not lots They're -- of waiting. -- can't down PO. they're the difference what
that. do don't we Now
always have we behind little wait, in we're to that's of things why And effect. lag the that's and passing So on. terms the a
So to the on let's go slide. next
margin getting back that, genie Also too that talked in product the about a mix. looking Not we've Yes, inflation. high bottle. Historically lower promising.
didn't chaos. well, ask, when that forecast? why world "interesting" gave to we planning anticipate Well, very the is you of going in this You're supply-chain
it like the we're always almost because a for It's never moving whatever. plan, around, to because but We but raw things moving this we're -- out -- week things material won't through do that planning it's moving juggling, always in. produce comes and something planning, come
So we've got in materials we have to raw that for. move something else
forecast, So it's a producing it quarter. bottom shipping. But producing of brute what little a chaotic, know we're amount line sometimes When bit what at we're the kind a is think enormous this is give we good chaotic. we I and of effort. to in it's like mean, an force, be more but don't going we're we maybe you
reason we We don't there's we disruptions, couldn't -- issues based uncertainties fully fully anticipate chain know say. the so really why also that workforce would because anticipate product many supply upon didn't That's the mix. [indiscernible] especially
mix. lower product So it's a somewhat of margin
stuff our quarter just ship time, of inefficiencies in -- just wasn't end significant the the at there. -- didn't materials it was get it operations. in There manufacturing didn't didn't wanted are get possible to and come margin. will cause the higher chain supply some disruptions The that We we just on we The raw done. to
this and you That's could all the like have from start at And a week, everything do next in simple and it then people tomorrow we'll that window do again. nice to nice good. or calm. nice We'll Tuesday. throw manufacturing and is this and X quiet all and and Most plan weeks over
And all That's manufacturing like living with people the efficiencies, we're with. doesn't we're -- efficiencies a gone. stuff around window, moving lot, what manufacturing the it out they're
of Park, of list our our excuses excuses in thing. So are not
of rewards quarterly kind line, it not We're simple. Bottom did you our of we say it it the And lot earn together. our story, not. what EBITDA make harsh not No And at could get. might in for don't a we but don't of plain period, we people we earn doesn't number, whether this people. people like harsh, bonus, get the fall. be, But matter. or all We and money, Park, to end that's
we things our with way things kind about affected would and of thought some doing want of to living you at we're of QX. Park. key which But still our the That's know
we're I you know. [indiscernible] want think Now to but
Let's are few this the go 'XX fiscal highlight 'XX and is on year for to results. Things We historical last X. interesting. This obviously, the Slide very quarters. because We've shown gross percentage, the the the sales, higher. you lower, our at bit not much little number a XX' a quite higher. number, the is margin but look actual even EBITDA the And
you. So I want flag that to for
why good, on our don't very has idea, investors, to Slide Actually just make for not. we people suggested This Let's it, it. a good investors getting covering always piece do of And good go from don't something like the of we're something do feel we few sure, that last a to we now but suggestions one X. stuff quarters. is
have Anyway, of added and zero that's end at quarter. the sure. no so marketable We of cash to the out Park, of don't [indiscernible] here debt. the kind long-term this -- securities for $XXX.X million stuff
management high-grade philosophy, secure of our XX months. average an liquid paper, and securities, -- governments, maturity treasuries, commercial Our highly investment example, current as
about they're sure. did hold important. coming, second. We'll last of I to rates practice that's and talked that And that and maturity. of to the our our get been and was going time. interest and keep we And kind for up, up has until up this I investments up, our back up knew because cash, This That's reporting as mark-to-market moving
cash our an we it for -- on GAAP how report -- we So the purposes. have affects
cost they the we the Now to that higher. $XXX more invested a talked million. that been -- $XXX.X this until our cash is result -- with in rather has items quite like hold million. the if It's approximately we're number, our these higher $XXX.X investments than theory And of cash is mature, these which base amortized million we actually bit we about that practice, likely
go to XX. FYI, on let's Slide Just
payment, million the some still go. let's talked this about It's over spent. year. about to million money QX, tax being the a to $X.X expansion, in spent talk go, complicated, total transition million paid still about about $XXX,XXX This So where we date. little nuance, bit we've $XX.X $X.X installment Major but is to
This complicated. has to do It's with repatriation.
to better we go want don't explanation, time this in payment through you If $X.X want QX, made again. a your explanation Matt, to the up take But million. call
year. don't see balance So of of the you then in inventory think if beginning also, you starting the fiscal to our add And I $X.X compared million noted that's sheet to build up.
rough intentional. of really I we're said out. kind supply having just pulling your really a hair with that's time So chain
it commitments inventory meet We're to that doing more we ability chain, our to build ability that give the more of terms make we're hoping theory supply us that things kind have plan, to on well. So to our strategically. as of opportunity will in kind of some customers predictability, more better
cash of thing -- regular one have know million Every you that just approximately other million course, $X probably about. we a of payment dividend. -- cash And $X quarter,
some are regular the those spending interested. pandemic. items So we're maintained throughout just others dividend, on, FYI, or cancel and you're dividends, cut if Cash money a of the where we've dividend
paid cash XX consecutive uninterrupted regular dividends. years We of
then Slide And go let's on XX. to
Here Park. a company is for involved. of of we go, like $XXX I XXXX. share the I number $XXX million. a say. lot a $XX.XX million, heck must since money it of money, always like That's lot per
long-term and got we cash. of no remember, So bit still you a debt got quite
a repurchase we announced buy. about May we are have shares time, talked on We share million X.X authorized XX, this authorization, to that of last
this We our under haven't not purchased authorization, any yet. shares of
more but with and our to our job, value basically buy of job not the So company. agree our fundamental your it's not to you this, stock, maximize job, everything do our may possible the feeling
look know but a what That's like people now. at disagree, I don't that, how of lot we it.
might So price see. thing refuse. of any the We'll that that's But And offer metric market can't me will here. way, happen? the on stock based put will is kind reasonable us I think people we an every then, getting and let interesting, And now that the make that it use.
can said, if our to opinion, it's our not stock, it's disagree, our want buy Like you yours that's not you to. I job
XX/X, I maximize do within the is value what it It's [ That's the everything our of power our all think. if to we're you So job to company. fundamental ]. want doing to
last cheap with rising money to honest easy and item money So money something? will be end, it, we interest finally hard-earned do of worth an our and come era the rates
Slide quarter. to boring well, that's same on last of Five, companies, same Let's as go because number names Top XX.
missile; with is and it's off keep Mark that missile, So fast we new damn quickly. new fast is goes to up how The latest. programs I pictures a it guess, SM-X the about It's one, program coming in variant. some XX, fast got
is the LEAP-XA [indiscernible] GKN the into to understand. of and the MAX a XXX-XXX. kind Nordam, and Program WeatherMASTER that's our that actually as you target ties be ] an the reference. regular drone. So to of of this well as AXXXneo, these their they're -- as with probably lot used Nordam a MRAS I the It's materials, the it is This days, GKN one legacy, [ think XXXs That's also supplies Radome, Kratos, and because Nordam, drones.
if XX. kind too stuff at first of So pie less, of let's fiscal pattern seems not of say. or much it percentages of falling the Slide this except difference. I you Not is go last months, look on X would shocking first to a with a couple which But lot months, much be a here, to there. X or here chart stuff, but year, Not the more on and I like here
So it's whatever worth.
new come programs. a cool parts biggest to it's fine with discuss and And and are is up to stuff. aerospace ablatives. cool military more Niche with a loves project you. always Park the XX. Slide with materials. on ones, its Elena's and actually of This with always programs kind go These GBSD, Let's structures
Raytheon Hawkeye, Space space and Helmets Program. there's Clark, suit parts David stuff MK guided is it's producing. EX-D the materials, Probably one XX for most we're this Orion some ablative by missile,
in award category get of the that the I cool, think this quarter. So might for
And pie you different. nothing chart, see dramatically the
niche we've and in category. Nozzles, usually the Radomes, I talked think drones Rocket
We have of well which aircraft military, be plenty course for us, of structure is for considered good. would as niche their Niche
Slide XX.
so of this to we'll with covered this last different but cover we topic. little So again try time, angle, bit
covered certainly defense major war. defense change, in budgets we significant Two and based sea as America. world Asia We covered spending, industry the increase order, Europe, the North that, upon New as impacts, well that.
alliances individual time. taking Europe and which didn't U.S., in and and defense spending and modernize responsibility countries significantly less are on predominantly defense These example NATO, Deglobalization, defense needs. one rely up for really is These Asia, both depend their to that expand increasing is really last for willing other on spending. military. touch to countries Poland, ante, Best needs probably more
Slide to And surprise-surprise, on XX. missile. systems, surprisingly, the go including Patriot Let's not missile PAC-X defense
to missiles emphasis, One people of probably of the shooting areas at rockets come mind. you, defense systems are at missile when key you,
now materials, those in As that with are Park previously discussed, in missile recently a Lockheed we both PAC-X the Defense believe in System, significant especially increase and ablative system. Missile Aerojet the for supports have program. composite and orders -- interest sole-sourced PAC-X program
adding Korea, Defense PAC-X process their Taiwan not System a used systems of upgrading defense kind rough parts of in Japan, these as key now, systems. of South Missile Asia, It's countries world or unfortunately. And in surprisingly systems. are their right
I'm us, you, up happy If ordering different world. Defense Poland Romania, they they're they're but a thank would supporting these Systems. -- it already -- programs. In just We're ordering more, about and to PAC-X buying Netherlands be it. it Poland. additional PAC-X, Poland. was They're have not Missile The
XX. Slide
continuing Just military on trends. markets,
that indication and increases because to adjust. received customer discussed, program. ablative we OEM other product significant support RAYCARB gave Park and got to last indications requirements this PAC-X in we need go to defense previously regarding missile materials systems time Park into As CXB we which
we we quarter, thought our would and over million last in product that ablative this well RAYCARB So CXB sales fiscal $XX be year. said
QX, for on was planned RAYCARB recent based customers, next $X is million into or in -- sales we believe pushed whole year. which that, planned from key the maybe However, product part, our of a fiscal inputs in
our $X final product happen. CXB sales of million. not probably all be the for ablatives sales fiscal just pushed and QX 'XX we're CXB this those So would at what is perspective, saying are will fiscal year, into If
the said, baseline. we're not want to like that we give Now you saying I
to for into want me X/X guess -- of guess us, $X would million you stays please fiscal of that and we year. $X underline moved million about maybe year, for in guess fiscal If next those this
maybe million other million, year, remains $X So that in $X $X pushed. fiscal gets the of the maybe million the
like. the do can however you math you So
Big caveat we a the the as The facing struggling, management serious and is XX. order industry seemingly is supply far badly increased from industry that world Slide immune maybe to is stuff reported kind do caveat, Defense defense chain the industry the meet demands. here. U.S. challenges from supply chain new of inventory significantly
Okay.
going to me bearing here. with we're go Slide now to So for Thanks commercial, XX. on
market trends commercial So and considerations.
of at quarters this discussed we pandemic lots not beginning and and going the many again. So now, industry the the that to over subsequent collapsed go recovery, details. We're of all
pandemic family. like industry Commercial suffice Aviation generally rebound to Commercial crisis. seems continued recovery. and recovery AXXXneo that its serviced Domestic the Domestic from But the aircraft demand economic there robust to say continuing Aviation, lead Aviation. The support recovery to be commercial the continues the aviation by it Commercial single-aisle it to and the customer strong of
to the broken and raise XX. on But and falters they? the go concerns to watch Slide items, economy recovery. continue fly badly? but the so watch The -- are record, there's if economy here, caution -- a items. about big These will ones, obvious Let's the people of sustainability What
my maybe job, take I I my that o the it. I'll escalating I'm vacation. Inflation, not lose the lose -- his neighbor -- continue flying cost Will prices like airlines take other won't pass going anywhere, loses people. significantly you really fancy my to job, stuff a as for be and jet willing absorb their on increased fuel these public goodness. to ticket get
expect aircraft question, will $XX,XXX how if Aviation commercial push to respond. the the to be does drastically to putting Will industry. we services new If a aircraft hear operations?
And would defer, appropriate first about, the handlers, runs more may respond schedules [ back flying cancel That's to it shortage press required answer aggressively. on orders, provide retention, the it's flight who pilots, to Labor the public to I'm an I are be tied we Airbus going talk differently it. seek depend airlines just they'd he that filter talking operation. friend thing which cut the because them I you is of speculating, or aircraft airline Boeing, OEM will the what able have industry to find know. out we're about. the mechanics, to people. try don't I'm I industry out, their ]
Maybe name can't attendants, advantage good and to And airlines Airbus. even and ticket there. I their Commercial
course, of still the getting industry with I industry know. not worse. know, to own And to commercial inflation. XX. chain, aircraft remains going maybe what? Slide challenges away, don't needs deal aviation its even labor commercial if Yes, -- the strong, supply if broken don't massive that staffing, big I are things record, related
probably I You it know about than more do.
An interesting international to Demand to ever. not course, all travel commentators all presentations. simplicity of us maybe like in to to or happen couple and recovering our these and a all for according is [indiscernible] of Not for things years complicate now nicely. wrinkle these you industry new That experts. for pretty is, was happen supposed of supposed
But as number Maybe these are are connection. analysts now serviced predicting Wide-body, and There's a of international a international forever. generally travel by dead a longer-range operations commentators result, aircraft. is for now wide-body a resurgence aviation wide-body.
its has the resurgence timing A-XXX. this as deliver So canceled it's Airbus soon predicted interesting for will wide-body last XXX. Boeing
go to XX. Let's Slide on
the XLR damper ask to this will XXX-X, only know, range resurgence? widebody the but AXXXXLR which So profile passenger widebodies close the BXXX, know, the smaller the something of about. And an AXXX? has I've far aircraft XXXX, as how maybe?
And the take question, think for A-XXX, to also, in share don't is opportunity like the on much mix, and from a is, the I this as be the to which capacity I got will
lining, the jet fuel-efficient more the maybe airplanes, extra or silver the prices And this to replace such provide more airplanes AXXXneo quickly before. discussed we've Generally, as guzzler gas fuel with MAX. XXX motivation airlines high last with modern the --
legacy that high jet the earlier than they very And swapping airlines airplanes out are their of happening because fuel originally there are planned reports this prices. of
to go on Let's XX.
of kind shared every is you quarter, you slide just a this a So give that summary. we with
through a firm XXXX Engineering. Middle have with We they're Systems, of sub contract River Aerostructure deal pricing requirements ST
all All is Engines programs. What like seem about? this kind these of
a So a And what's River the connection? I MRAS you they sub when this of was think Aviation. sub Middle -- most were deal, into we entered of Aviation. GE know, GE of
GE mostly Nacelles, sole factory Comac for a this redundant family, all for going away these GE we've what? Thrust which Is know. off.
They're it up. XXX MRAS. really Bombardier, for -- legacy Aviation, them we The built So Aviation Engine composite that through and as won't and we materials work programs, source Reversers We sums on AXXX tick
bottom Hopefully, quarter. containment the go Let's This is it's jinx ourselves wrap for Hopefully, we here. fan GEXX as engines the XXXX premature. right add to did don't we this the something not for in aircraft. XX, case
but We airplane getting pushed talked out and about delayed this delayed and pushed before, and out. the kept
now that it's just will we're like wrap attempting of resurgence. maybe kind as containment designed Safran, AFP be containment seems we discussing we the it this the it you also on cooled composed the So out containment is But redesign wrap, have to don't it it. [indiscernible] for remind produce need eliminate for to wrap. making to possible materials that a know the comeback, of We we the
there a have for remind to you -- just has been that's risk time, we long So that of.
XX. we're times. our everything Okay, gone here. best go tedious, on we've are I'm to Slide can over These slides let's go be not but -- so doing trying many to over
[indiscernible]program. So about update talk Aviation's GE on let's
the includes we LEAP-XA read variants. [indiscernible]AXXX with obviously, bunch a started So aircraft what whole you family different family of with And big could engines. the aircraft
length, discussed, anyway, several the over public quarters aggressive ramp we Airbus' about programs. indications last for at its rate these So
tension about members challenging the and and exists those certain of public because chain which chain certain meet above. and to skepticism members of then their and Airbus chain's supply the Airbus Then by all the supply supply of between failure expectations, of publicly the expressing expectations
you dynamic, of have perspective. go remind to over So of we're again, this details to the so the just you kind going that full not
XX. Slide
XX aircraft month Airbus to achieve of a intention to mid-'XX. production by say, indicated XX by though, and has its family AXXXneo aircraft month rates that say, early Let's a 'XX aircraft suffice
a doubled, And shockingly even aggressive, is Airbus recently a is tripled, though commitment rates. Also, these the admittedly I rate down AXXXneo per or couple last its think, has end indicated, XX this month XX quadrupled on the of like ramp-up in big by of its aircraft-s the Airbus production to achieve so, month. one, weeks to to year. intention meet per That's of these rates this now.
kind So, a wow, that's big deal. of
of end that this family the was aggressive quite thing, the Airbus Next year, rates. like? what to there's is market And according these week? about -- aircraft the AXXXneo no to are clear, For doubt which almost a There's one according support one thing, there and backlog that. to sorry,
is X,XXX AXXXneo This of family matter produce these the rates. pressing the support airplanes current for and whether a these of much chain airplanes. to can buy is and customers airplanes these Airbus they aircraft Their have a is they very airplanes. not backlog matter supply It's ship the to
backlog. Now but an can this you I'm heck airplanes of that's they not all, tell a at in expert have lot I of that at stuff a
Airbus updates. Let's Slide these go hit XX, XX still on the early mid-'XX? we 'XX, targets? on to Do XX think will
they think or come we will close. Yes,
publicly done. challenging being them. that's supply get probably kind of this, it's good to its our a for hellbent think they're worth, strange rather energy To it's than whatever aggressive should production there, if targets much, and not supporting Airbus's reasons lot we Because focus it. on have they Why? In of chain AXXXneo opinion,
our out of XXXX, rates for reduction XX, our on this course, concerned we're support family. and June of announced the At Park, we At little. Park, full we staked news plan AXXXneo release, Airbus' controversy, ground unwavering
support which supposedly honor aircraft is a commercial AXXXneo program, biggest us it's to program the to to able for us, going be d Airbus For be privilege this ever.
all are in. We
We Let's quarter. to go every on this do Slide XX.
pages. as of had firm has News, like it's the like source is month, The amount of orders LEAP-XA AXXXneo Every the huge the Engine XXX Aero data. family of share end XX.XX% that's of of aircraft. July, CFM bible. It's So of
somebody So off this kind opinion not they is of or like the is just top stuff. had
that's a And actually XX.XX%, rounded number.
carefully, also engine probably the XX.XXX% it's why AXXXneo material unit Park make from all it. our sense? like the composite hear Airbus, into we detailed Does we possibly look it very, it we point. that we that, question updated very, is we information, it happened? Everything MRAS, a sense? little computer, everything like Because at everything and integrate very very make for data. think challenge something I Does and received could or recently usage
back MRAS say And is is this critical to material of usage we or the information looking all information went and we this, to when isn't remember same their some it's information to because, this spec. supplied supply to Why us. are right -- say, MRAS through contractors,
this XX going. -- know the So Passport we XXX, to if the We don't really information. or know where it's have AXXXneo or usage don't XXX so it's critical us for
producing this the is can Airbus many LEAP this market right, So share. airplanes, if and is all say, we
that terms translate Park. -- will that for of know in We revenues to what
them, So for back And anyway, with They came all you're challenged we information went we right." they back it. said, to usage "Yes, different us.
checking. don't it's accurate, looking accurate, We that's accurate we that's Now more whether know. or checking, looking and just keep -- and more probably whether totally but
Anyway, go. here we
we program increase the XX.XX% data, why on based revenue price that's Park focus rebates, LTA. our there's XXXX? when Assuming focus represents we XXXX, [indiscernible] built-in XXXX. That's rate of in and expect on updated Why is do and the in we XXXX. It a per a also on to XX CFM aircraft AXXXneo market million month usage approximately before per share starting family $XX.X year
to every out usage changes. information month we're not So quarter comes sure because that the this not and has changed, if going the every the update we're market engine problem even is this, share
So a saying do there we by by time may down of a thousand -- be by conference or a quarterly it's every call. driving this few up hundred do we you couple crazy dollars -- here
just that. have give wanted see so you to But we'll you information, about that So it.
Slide GE XX. updating Still on Aviation.
key. At But the the So produces kind only a which connection Airbus on equipped for the is AXXXneo to matters LEAP-XA happen. is a revenue this with many not delivers. the is Park doing reconcile short will AXXXneo that. going interval with is to not derived AXXXneo and of whole to of which There's basis, Park's in what program deal end Airbus engines aircraft day, how thing CFM reasons
it. That's
we quarter these We Assume is every is into LEAP-XA to the but delivered on quarter. what just the with correct, discuss are timing. built talked information day, end have the XLR. Park of little and at how of news -- What many think, matters engines. the -- we usage A goes this, the airplanes rest I
new, of not actually. this is Most
XX, entry June certification into next service, expected flight XXXX. test First year,
it has -- and lower unique response. capabilities, over to XX% they Airbus burn So not lot Boeing planning a -- including legacy compared XXX per addition, airplanes, is firm in of as orders fuel seat claim claim
this changer? Well, operating expensive to much people replace I costs of is this the has aircraft game certain less a because it on -- Is lot shorter airplane think missions. wide-body think ability wide-body with
So let's Slide go XX. on to
Okay.
AXXX, production China President the type XXX, a kind still certificate at China, Beijing FAA. Comac FAA, In here's received from its of Airport XXX on some attended Central certificate. Comac CAAC, Comac from Moving China by receive needs the to big the news. recent Xi ceremony of
summarizing. the That's production the don't very first is a it's with I a usually you of if says time they way to get certificate a make be this, will kind But get these, production need OEM familiar which same. certificate. that's going of kind one of of superficial concept thing to know type but of you're but the certificate, every
certificate. critical, the really production actually, That's
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structures. in the main of Replacement, now this tell you we AFP about one the composite going manufacturing to big have Fiber And in of But project aerospace projects we're reveal, mind. Automated to that relates
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manufacturing an of utilizes by form to the a manufacturing hand composite That's conventional compared layup technology is additive subtractive utilized as AFP AFP? is structures. what technology important technology manufacturing of robotic So and point.
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Slide XX.
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Slide XX.
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to Let's Slide go closing thoughts. on XX,
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we if see wrap it let's up. So can
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our Matt And take that I'll questions time. at be happy Operator, presentation. and Okay. to this ends
