Innovative Solutions and Support (ISSC) 12 Aug 212021 Q3 Earnings call transcript

Good day, and welcome to the Innovative Solutions & Support Third Quarter 2021 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Mr. Geoffrey Hedrick. Please go ahead.

Good morning. Hedrick. Geoff is This conference of discuss conditions fiscal coming for our the and performance third the quarter XXXX, year. call to our to for outlook Welcome current business

Shahram Winand, are Joining and our Rell me our Askarpour, CFO. President;

I safe -- the safe to harbor I'd Rell message. Before begin, read like harbor

and that materially, with file and XX-K, from including forward-looking risks remind uncertainties results future operational the company's could to that on risks either you, today, those conference the statements cause Thank differ would including and periods SEC other and uncertainties actual certain that new our is morning, good listeners worse Geoff, and reflected and financial call for in results better other matters are I or which products to filings. subject everyone. our discussed are in discussed, public

Geoff. Now back I'll call turn the to

ago. retrofit and and of line various flow diversified markets appears We quite than again and XXX growth It foundation XX for the best in delivery general strong, production sequential as be driven have significantly the sustainable. in order quarters the continues King some turboprops to cash reflect by a the to believe double result growth. bottom Air of Air that as was a been significant in King strategy a OEM with demand in the for aircraft. of range another new were or Rell. They X has more is and autothrottle aviation, increasing and also both Thanks, XX% with a same Results backlog of with reasonable year-over-year sales both Margins of revenues on remained strong that well strong quarter X delivered equipment a be XXX our noted balance months. with the over Net activity second a and time. up strong will reported profitability of on rebound quarter, this the we the once year products. programs the quarter, a basis, and Aviation last in provide continued In sign products Textron emerging XX

by an pilot the most -- X -- protection Autothrottle its in is, revolutionary lose XXX VMCa a against is technology problem in product that's when of to loss covered years innovative airplane, also the air an over-torqueing In issue, -- of X our to prevents ease products. the And Flying it Primary as XXX. it's cargo for and Air recent also airplane. IS&S pilot operators from Autothrottle has more ThrustSense remain is the Full technology, and Magazine application demand The Systems causes airplane causes online a back for King a XX the Regime and very mentioned older it over-temperaturing in airplanes loss trend single-engine noted in we most ThrustSense most of full cargo a thrust or our flip a of expanding its retrofit response the fact, state-of-the-art a that the engine. airplane Protection. X for has causing multiple of loss We Aircraft landing and on their with to names companies Flying upgrading island U.S. Among Magazine Autothrottle Technology. for of lose on Magazine has Boeing, that automatically its are the issue, aircraft, premier engines a Cover their Flying aviation initiating In a feature innovative its has story air for respected multi-engine order Atlantic, Flight/Navigation operation. -- ThrustSense X sorry, being especially XXX the air -- in The singles. installed and We're Pilatus control the selected some which, turbofan pleased -- be pleased engine and recent been year. in for as companies is Garmin was Textron, were our existing rocket X that most SpaceX issue booster industry. previous I industry Cockpit/IP embraced but entry of on the and retailer fatalities the the the causes in selecting provide platform. Boeing most the and This high control that, provides The This control before. control of the for noted by of prominently for working That landing for that you of X solved crash. others. but for reconfigured to protection aircraft provides the we control of were cost-effective loss aircraft X Choice the strong, entry in in foreign the VMCa mentioned operations engine, Editors' North even fatal remarkably engine. an digital pleased engine Finalist, twin has been toward basis. that these of legacy But most those cargo in carriers purchased actions, of ThrustSense patents authority in I'm expanding that newer the

by for increase strong retrofit long-term products. requiring and air standard also a retailer. for on While production in we particular, mentioned revenues business, required. is cargo an demand have seeing aircraft legacy which our good order a our are utilizing are airline minor This modifications displays remains robust contracts, growing panel In very we as as with well-known flat only can from previously demand represented

and orders book to continue add backlog. to our We

Eclipse to upgrades. cockpit We supply with continue

we they indicated with and currently have discussing them. are additional addition, those needs, In needs

value point. our The of reached affects including watching Nonetheless, of I'd shareholders. on is goal have leverage been -- growth conditions very for as to for as turn global effects in pandemic signs months impact to to it inflection year like book change, the of the strong Rell. the a an any we it and we X good order our First that building, With vigilant feel success chain. and any momentum moderating. remain to were supply over for build we've future

Thank you, us joining Geoff, morning. this and you all for thank

were Looking third over a quarter the $X quarter at revenues $X.X sequentially an also million $X.X from second in year. $X in million, ago, million year this the up quarter million same increase the the from of revenue but of

production volumes As the fees current our of third -- sales as historical followed up Autothrottle and and the were cargo we from quarter including primarily in air operating $X.X Total development STC production consistent of XX%, anticipated decreased to the from to revenues, increase. our professional innovation and Air year of ago an as from quarter, recent added expenses for margins. and production. PC-XX of transition due XXXX product organization were Research building Geoff primarily a development expenses development was XX% unchanged selectively headcount and by Selling, -- King primarily quarter our year administrative generated fiscal certification and to ago in expense to strong result in general mentioned, momentum we quarterly support even of development were Revenues from programs to and programs, margins the and our are almost new quarter. quarter expense the contracts, business. with and for the increase growth. commitment the ago million, were continued our reflecting Gross the customers. the for second from OEM Research year

year. quarterly We balance range tight to the continue levels current maintained for controls in cost currently current and the will of emphasize operating believe operating be expense the

million operating income quarter, -- June was noncash tax $X.X For the a benefit We unchanged assets. company million. X-year ago share released year state at $X.XX cumulative XX, quarter. well in continues June the to deferred for have and or $X.X per future recognized position as tax XXXX forecasted In quarter continuing a allowance from income The a be federal valuation projections. were income to as most all in XX

As fiscal the debt-free. equivalents that take $X.X to be is income and in and million operations completed ago did share The to added in up which $XX the in correspondingly or with operating financial operations $X.X year by a the $X.XX cash foreseeable from the fiscal customer, company believe positive million. to a flow expected from we One was dividends million our is we approximately on period quick this for or $X.X cash of year-end. Consequently, $X.X we've strong the full flow This recorded note the fund a order quarter anticipate order a company payment being has deposit cash of million remains $X.XX million year, the is from liabilities. sufficient for also company for a an in future. basis. current year-to-date We the Cash was year. The Despite and share million ended quarter. result, per per quarter, position. net in in $X.X cash

the Now to like I'd call to turn over Shahram.

everyone. good general both demand our products. the was and many This a that and we quarter cargo sectors backlog. you, products Thank the Rell, rewarding increased our aviation increasing. is and from of indications retrofit is grew increased OEM revenues for Growth our demand The market, morning, and as production for and

our our let that So are around revenue-generating some additional programs success. of information driving provide me

successful increases to OEM Pilatus several is On aircraft. PC-XX the volumes revenues we production their to years. mentioned side, for products Pilatus generate have we The that continuing have foundational next this over we that production as the expect recurring steadily program grow

noted contract the systems continues new conditions driving production are Boeing for KC-XX used on We're The aircraft export. aviation general also from for and market rates. is Textron government Our interest of additional the expected at seeing available run demand to aircraft. improving, for shortage the in

Air As engine base OEM production also King of a stable rate line revenue is in our increased providing on production Autothrottle are the the a recurring Consequently, we on our addition Autothrottle. a result, aftermarket with becoming Textron. side, growth side to for experiencing ThrustSense

through in increased this maintenance to market generate We in Air well our market rebound King as expect the as for Autothrottle retrofit dealer and to general center the the PC-XX networks. other activity

Article for market is is as for and attention high-profile and the process air is retailer transport very a program well-known we But online development market As a that announced is system. lot players in research sector, and we by markets, getting display the demand are has are strong attracted cockpits different of retrofitting the illustrated contract in cargo success a retrofit our serving many build Boeing a of One our continues the cargo of into overall to with cargo therefore, business With a focus is and growth is sluggishness market of in the capacity our the flat remain grow platforms. conversion. host Growth we way the from other additional the XXX air shopping articulated to with available and previously to a conversion, fleet requests as the over growth XXX our Magazine, the well Autothrottle of potential OEMs Flying fast operational strong. in display and to XXX capacity. or through Despite panel efforts. Autothrottle expect XXXs for in X,XXX our having and by we see responding XXX

quarter our the total new orders efforts. were million. is New in $X.X in was fiscal FAA million. have June navigate restricting throughout of $X.X from our That quarter from up $XX been at increase million quarter. $X orders end our XXXX protocols third we for in the business of countries to $X.X million, the an the brings travel the steady year certain to those second obstacle Safety Backlog of million as XX had a development last from those have to to and industry

Geoff process. that production our the also chain addition, have complexity supply to they In noted, burdens as added

anticipating as their minimized managed business healthy potential tailwind. COVID-XX-related we restrictions issues to has business. and our confident we Fortunately, provide challenges believe eventual This impact have our relaxation successfully our will future us the by negotiate have in on of a these

to productivity has protocols remarks. turning closing call efforts us the some procedures, safety Geoff, quickly maintain me back their the to the our turn and let to back of integrate or jeopardizing without well-being. Geoff for to like Before enabled new now to call our this employees ongoing I'd health into applaud safety operating standard

XX% It building we virtually third of to all strong momentum our further. was increased now our have Shahram. million this nearly by our achieved Thanks, business year, a reward quarter $XX with And in even we key real been performance We've dividends operations. progress metrics. our across loyalty distributed across earlier shareholders. our the to cash Remember from

this a momentum recovering continued lead balance expect strong of success. please over for questions. a sheet turn and We backlog market to Operator, growing us and to

with Campbell [Operator David from Davis Instructions] Our & Company. comes first Thomson, question

through. coming But quarter. on looking congratulations I'm for finally Geoff, It's --

We have a good situation.

are together. a happily. strong survived supporter, to pandemic come the been starting but You've things all We

next but mode, I a fleet we're we're build in entire probably not So about, incredible more fleet. team than over happy of put equipment XXX talking give rather X But aircraft conversions and that over a his the chose operations years. importantly, X us our retailer credit. we're latest continued the mode. we'll And on XX% to this to of their a the recovery

They're FedEx? do adding you have aircraft. you business there? They're expanding. What -- about Are

on like Focusing MAXs now volume. reasonable can now, and imagine, buying the inexpensive because they things a as relatively MAXs, you have

XXX. Cargo, carriers, So look version some you airplanes focusing and be to cargo announced at Airbus. from look on know I Boeing. there's the think new the going Boeing FedEx demand at has Airbus their of a they're XXX it, for for just other a package of -- big

a -- only the cockpit of takes a sweeping long more almost our cockpit. of volume lower XXX, has a that's what we is and believe we think package smaller the much to And that proven larger month, Xx and carriers So reliability. install, see number significantly we costs in as competitive

been problems some chain of with deliveries? supply I've likely to and impact semiconductors. the Is I that your because of see largely stories problem, for looking companies

chain. Well, look, about supply I'm concerned

It we But designs materially that existing semiconductor if our are had of haven't there's technology. every in of we circuit get, subsystem of given either a readily. example, can't a short. series take obsolete technology, small most up the very or subpart, an we're been given We goes had doesn't it. That's kind of that Increasingly, could -- designs that but of haven't an a to XX problem. years. the semiconductor-related. this for shorter our X problems issue. To solve helps date, a doesn't that doing in it. with it. almost able boards is some with and problems They're been modify We're an which new serious make of different date, thing sure entire we able mitigate it problem we that's given serious watching than of -- always up entirely, which It's you instead we've technologies subassembly designed a But modifying over yet. a to coming it an year, and for as system, well. issue. smaller we lifetime such But forces the obviously problem we've obsolescence And the It have part getting anything manage

a And That's that get business, some you'll great, that's probably great. Airbus conversion possibility? is

But be Boeing now, This is a as possibility well. we're delighted right XXs and to XXs. focusing on

know, is And success. XXX something the reliability my been huge that them got done career. seen ever in best already. or equipment we've The XXX a you As I've it's of the of

quality keep We we're delighted. So to up. keep trying to fingers our crossed, our continue

million that in you quarter. a Well, $X.X pretax $X.X I'm based make million on in quarter, you June the and earned on your the estimating momentum might based September pretax the

are running right, mean appreciate okay. I up let great of raising know God you the politicians hurdler the circumspect, know, got up But that's I'll talking going you've I'm next New over COVID. buy go and I knows time. like are very I'm me wave you York, do. potential me You it. and another a being a you hurdle, ahead time and -- meet to of support, about feel lunch. we what because there. what, The we're you Listen, I'll to

in our planning I'll wheel. just on faster but it. our grow keep shoulder we the So than have be I'm we is If to what execute delighted, what past, and we on not think bet to got the I best putting could

I Geoff, last as because coming COVID was not not on host much to as cancelled -- York I New I New am I used York to. planning thing. to The of am trip the the had by

here. So you and King I lunch and in buy Air down Richmond, get down suggest fly your you to I'll

I came time Last --

Air. King got You've

on and to down thought -- came I came time you, a Last I see I train

know. I

We'll to and lights now, I airplane two I any But didn't flight out right, anyway. got going the an we're hell you're hours. testing we see -- of scared some for do see. me.

have You didn't --

talking Thank it’s David, you. good to you

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right. You're

the King excuse, Air, got here. to no you come there's you've got Now, down

down, right. I We'll you're will.

Marema comes Ventures. Our from question George next Pareto with

the the guys the on now comment Could you Autothrottle? on cadence business retrofit of

can It's and service centers much Textron now slower we I of that present because than take interest through through Textron. owners it to coming huge you making on we hire that personal the I have tell Textron I the happen. a upgrades, would We opportunity that and All in now That's salesmen. business like. principally principally we that's FBOs want a tax. only And need attack retrofit separate. to directly King is Airs yet now and believe on

OEM Textron, the your And How the in the for Autothrottle months? A product example, what their do business, plane lag to product? like they month, you X Okay. time approximate need and it What to it? X put is for on them ahead ship when in ship plane? between their order put is to far their them months, to

I airplane, X that because X it tell don't cycle the an give could of X but you, takes -- long. to in I can't the months exact, months, -- production to you X

of installation the in it So airplane. they middle the the in the phase of somewhere of manufacturer

cases So determined anything build to them many in long as matter weeks. -- a servicing it's airplane more the by by the And been we've else. of takes how it in

lead can for for customers inventory building we're deliver short now we our and FBO and so that -- Textron. So in times very

the than first Yes, half numbers, more half. this planning in plans producing Textron they're dramatically on looking year of at back the

wondering that's about sort So of why that. was I

-- much certain not get to the just repeatability. and be to but functions automating we're assure have at already say repeatability, -- looking we're so And labor, to we able Yes. to quality already

-- quickly. expect growth. a adds If of has very volume history reinsurance, growing any company revenue We it the its

During I production we we the don't rates by want month-over-month increased again. X:X. But did -- RVSM period, do it to

Oh, I do.

I we to company short retrofact -- honestly, have to know wait, that time. here very grew as you the the assume a has the [period] but that. that. this you lead company seen have business, in is always do. very, -- quickly. And you Because do potentially do the we've designed And company And to been

-- Textron appreciates. to we we're the Textron hope accommodate here So believe growth rapid I

industry, the latest you front. almost great the and client, they that is tons to think you read And a I "Hey, Autothrottle addition it's auto like we've can the accolades it, of for if what got look said, fix an airplane." at this

for Yes. ready here. Well, half the you're is think back talking, I to be a way Textron big going

So ago, of or words or for? a wondering, of And of -- it if about would conference used of about X sort be what plane like this this sort right. of to of applicable new talking have version, I kind type sort that call cost were Autothrottle, lower sort a be a the Cessna I would version you is lighter, was plane,

target the there's be Beechcraft Well, we which small less than is potential like remember, in in twin, loss -- smaller markets. that XX, as Airs. the King control immediate critical Air's. an some the They're all King But is or of It's -- they're X,XXX Textron the it example, experiences would of airplanes periodically accidents. these

be we very if the do XX nice foreseeable future. month would XXX So to a That thing can a it's for possible to deliver that.

new CXX. on assuming the that Autothrottles will go these remodel I'm And

work XXX be bit they haven't That it a designing different get to than applying certification it, it, reason a will at been XXX. a [proof] prime target are that it's different the the will. the It's a this approve so getting then to point. Not King more They and group, the And FAA little -- certification. not a but certification it. is

And Okay. is OEMs new on progress commercial the how in military?

Military it's In good. time. a long to programs take military, had

over of X that you're military, and we You the we're turboprop years airplanes a in sort going. still all we're world. pursuing are, fronts speak. number as aware, There of of start But as or a and it in the it X progressing get number significant takes to

And we today continue if could you, our technology to XX I hire blunt very places. to bring all. be into them So salesmen with I'd find those

man, barrel Well, shooting like if Okay. in you that. a be like might fish it's recruiting me

its where the product. I place don't they know a tell rewarding and I'll but barrel, They fish one thing, love you thrill. any do test shoot in the

of show, on look inquiring way, said, a -- lot we enjoyed been got a this like your dozen that. and recent Autothrottle products. they take we'd really Deck we were We got a Flight to And in So we've and upgrades." this. So the we've other at we a people presented by "Oh,

that's So business good too.

It like in -- momentum coming Yes, your all it's the in sounds have you lot here. cylinders great. a of -- with

to long pushing time, learned been this I for in out a your minute the very the doing the all take wheel of a you've it, the I've find ever abrupt thing because eye keep time. change only way you you velocity. And off on I got of is, got

good. from in to got we at continuous whenever far focusing pandemic, And that's decimated what so rise our that's possible we're -- grow and pandemic. I nice in keep business We're the going about the this on. a predictable think and profits. but actually pandemic Look, it. more revenues managed So and I'm customers our to steady, concerned

general there's continue we will that we're optimistic to some grow that now recovery. So

next private investor. Our question Michael comes a from Friedrich,

in my Certainly, -- is the questions, the of of quarter. touched went that but to just the very over very, call want just some go that the uptick touch weren't over new think really great we I Yes, area encouraging. I on. most wanted to I and orders things last

you guys things I sort believe just didn't to approvals the right that So you have things on And is last had there been out know asked applications any let bother FAA, and the current had pending any of or about? now. this quarter, but you didn't always target, know quarter state a there basically moving I last us if I during of

any more heard would I tell problems. aware problems, you and I issue. precisely many. But don't I STCs some serious be of of I haven't gotten that can know We've serious how

this there that's The To time. blunt But and you industry, I is the days, when good and between diligent general same at was be FAA old probably the terms, respective mutual very the good the So lot [Indiscernible] been with a confidence and the a the in manufacturer has in working news. in cooperative relationship. FAA. very, of as started

they reality to period is that hard So the is in reasonable work sure done work but to get to try make time. -- it of gets done, all a

FAA, not So I I thought never complain complain but I can't the about about would the FAA. They're fine. doing

All That's right. awesome.

So be Airs? Geoff, are other now any the right than there the STCs or other for that aircrafts pending would PC-XX King

Let I me you minute. back that. need really think a get for to to on

-- and just on that sales, to our -- on of not Yes, be any would

that. can on X,XXX be I'd that updates don't we we King call of existing done, to aircraft per we se coming that various they new aircraft no whole offering, that the the and aircraft. probably accommodate to Air -- have making sure constantly so because but the We're to get versions

Great, great.

more more the previous the that mentioned on [Indiscernible] the Is it, cheaper be Geoff, will seeing -- be that planes the are are that of it OEM guessing, so of there there. version out the Would line possibilities the be numbers? many turboprop So do way there'd there that you're caller available. since with be in produced you I'm those in area believe touchback kind or of significant had might

looked in twins. on the The version cost, that aircraft. of cost Xx to application a you coming I've up of small the Xx average, I expensive less possibility Air for I smaller can King know. is at tell the with probably, honestly lower don't

I time, the control, be critical people by and XX now that In that very owners want the cruise that's isn't in spend simply to pilot So the is a years but Autothrottle And if throttle, people the take the -- another left it's think Autothrottle acknowledged do don't we a come that simply meantime, think The it now hoping we no -- with a as this industry, I years money. a could And becoming there's recognizing one me that. market I'm up then of in reduction one the with a real XX not took Autothrottle, is come still was the must it. a think news but up critical have workload. we got. I to And will of have significant I could on believe to could various valuable almost component. I still good lot the don't the a a demand fulfill to half it's -- are dozen Autothrottle. for same we it, -- functions At patents increases.

have we happy position, say. so to I'm a pretty And strong

past just did That's to you ideally? Geoff, you say of do month that And could great. the a on answer kind retrofits guys XX XXX

individual well the we over do to - love out it. to the talk FBOs, Textron. and you MROs time. country installations, a go look, been looking -- the -- and I'd all have together great job. I The way putting the to But team them dedicated -- shops means as to now need do really and done can which for that they certain think these a Textron has not as only MROs, the we've a but do

look, that. known, cooperative I working get we're as any OEM has -- been accepted. them, with as but they've been The we it want we have ever we can Textron And think So markets to wonderful. expand that

to out So on there. get salesmen it, some we're work going

a the those online I majority be -- on mean, Do great. who planes, those would you name I to player those? expect of that's use, XXX And be to a retailer, That's of we X they'd think -- all add. that have great, cannot

now, will know on we them. we about think either them. I of be we're on of all or them none XX of Right

we If way have that be all largest the problem. them. of of So it's customer -- on retailer in we you going can we a think wouldn't And should, world. kind we're the to we the treat our

a could wild I yes. yes, Yes, take guess.

means our And components support to just of that capable have still failure, can to know service in your so home you that for you airplane's them. in job have middle XX the That's fly But Croatia it unique just able plane it it. a do system days. job and going got or in to do do anyone it's it's all. if the to you really we And of even to if that, we in get be well. [Indiscernible] And that's and something, the our you're and of important,

Yes. for correction have you this haven't a kind of a plane today the that limited who the panel is out. to before. quickly that when and And might having listening planes an a or amount on question, switch heard active X downtime normal they're as more of can touch, these more Geoff, display be flat was But people retrofit. compared just It

Well, XX, system there's it retrofit. from for X,XXX it and XX other hours about XX only And I that's our we is hear, roughly mean to feedback days. certified man what install X takes

Now problem down X conversion become because for a months passenger be from a you're cargo airplane doesn't to doing a anyway. a if airplane, it's that to going

actually ours for -- to as as equipment, hours. to takes X if lot install converted However, X to them with want had And cargo And as to already X that XX you update little it of has X a you weeks into it airplane opposed in there's our cockpit competitor. our we've days done the to know. that an in airplane. as and want bring already to But traditionally, a

we that that I the strong XX. XX, we feel know them There's certified for of X advantage. that are market So have a only

correct? that the lower equipment, great. there's point is a price That's for actual And

very you we I'll all I a come when I $XX,XXX we're what? ground, we really just the we point days, about if it keep about airplane briefly in that. on think plan that you okay? price important. think costs that know address going think it, be day not may But XXX for to about ship, the it. Well, sell guess it to that to it. put down revenue If say asset, can't on XX I on you lost close even The

about talking more. of You're orders magnitude

we been It's there of and -- price other distinct a a all always for were, installed to think good because I product. And efficiencies. features different so And we But not reputation good have got no, cargo reliable. have don't It's conversion. we But during when a do true passenger a not, than a advantage. any. the times, compensate a incredibly have any lot If advantage. it's that's they're more

lead about MTBF hours talking time You're compare. XXX,XXX, to XXX,XXX

Astounding.

as a last Our Davis for Company. today with from David Campbell comes follow-up & question Thompson,

the to limited several been one not with this your trying number sure telephone you. office answers have ever I getting a times it, David. guess reach is thing, person you and around this no on you and Geoff, messages I've and I'm because COVID the you're

you I'll you. I'll -- send contact

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So one got note a another, a touch. and send of number, little been and I'll out make thing I've you okay? my sure you

Yes. cell be get a If number, good. that would I

[Multiple give David. want seeing look you it don't on. to I you, I But will. to Speakers] to forward Okay,

Weisel] Weisel [Michael comes Next question from Partners. with

this, Geoff, I'm relatively new but to thought occurred.

your -- aircraft who Just on had much carriers, users commercial ensuring insurance of of owners Airs, those with you've wondering about liability commentary for particularly the whether are King contact the

serious. you people, guess, foot. they talked runs until the over actually run doing think somebody get then that I their don't they would they remember them things. has insurance foot then comments. it, do and actually I I remember preoccupied with they're thought it. all Rell other to over stretching their the it, unlike when rest be I have the companies anything question. insurance suspect that. and I And has companies would of I over I applaud

going to So I'm turn answer question. to your Rell over it to

educating have insurance So we yes, people, been underwriters. the

sent to We to more just get to trying the Geoff talk traction. no-brainer, them some to we to it We yet to just what out get seems but hard you a information, but traction. mean I of many article said, think are it's them. Flying underwriters, sending the

keep the will and following hopefully, many. to it. come will Because I up keep we doing it So if lightfall And one, it on. comes to on think come on

probably go was X would and "Look, different Sadly, after didn't member anticipate angry, problem in way. and lose that going those airplane available to a you in relook to you you knew I'm -- be you have when at this a your you." I I And employ make of what they I happen, safer, the it, then family is would say, obviously. a were if I think to And in way a technology crash,

and corporate saw malfeasance, of prospective if reduce It you're user Air, don't can user are or you you of liability you is Air available, meaningfully that of commercial and a the seems like King you a aircraft the -- a King operating technology that this if it.

Exactly.

-- Of And in course, malfeasance, could the need attorney issues for I malfeasance, and more The a see. York can getting New then know XXX%. you his safety we'll or It's found it pretty make the an case, got probably would would obvious, there's use. agree I that tipping to in this Magazine asked I articles really has -- I Well, the be you definitely to well I thought. the so with strongly Autothrottle. point, as say, associated understood. the you You "Are but to advantages happen." publicized becomes Flying recent case for actually it's crazy?

out that Well, technology the this point, the Airs King important in they to you may belabor an the find interesting. liability I'd X,XXX not to insurance in seems that to [expected]. It it delivering efforts. the be extent but reach to publications continued like the are services encourage arena, would factor your trade

So your thank and you work for good anyway, responding. for

tell XXX I we what can I definitely you their about never when well. saved know FAA and humbling. in lost that, so, anybody's very done my life, own. the don't that a but us to poised including And life I doing you, people told was were It We're save my they lives. year,

to give opportunity sort of. had wonderful plenty back a is of for which it good So fortune, I've

some you we'll traction. with So Hopefully, get XXX%. I agree

like I any conference over question-and-answer Hedrick to the to remarks. for Geoffrey This back concludes the session. turn closing Mr. would

you. Thank we're done, we're done. No,

The for now conference today's concluded. presentation. you has attending Thank

may now You disconnect.