The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Kenneth George Herbert - RBC Capital Markets, Research Division - Analyst
: John and Sean, nice way to end the year. I wanted to first follow up, John, on some of your comments on the USM marketplace. It sounds like you're
seeing more feedstock and it clearly sounds like you've got some opportunities very near term in the first fiscal quarter. Can you provide any more
sort of granularity on where you're seeing the opportunities and maybe how we should think about investments either in the first quarter or across
fiscal '24, specifically in the USM area?
Question: Kenneth George Herbert - RBC Capital Markets, Research Division - Analyst
: Okay. Very helpful. And based on your comments, it sounds like as you invest and you obviously transfer some of this feedstock into USM. You're
not expecting -- or in fiscal '24, the guidance doesn't imply any sort of significant step down in pricing you're getting in the marketplace for the
material, correct? I mean, it sounds like there's still enough of an imbalance that you should be able to get price on the USM at least through the
fiscal year?
Question: Kenneth George Herbert - RBC Capital Markets, Research Division - Analyst
: Okay. Great. And if I could, just one final question. On the heavy MRO side, I mean, we continue to hear about capacity constraint and a number of
maybe large captive airline operations may be getting out sort of -- getting out of the heavy MRO business to some extent. So I think your capacity
additions make a lot of sense in your -- sounds like there's other opportunities there to maybe look to add capacity. How far out are you sold within
-- or how does the backlog look maybe within the heavy MRO segment? And I guess, more importantly, it seems like if there was ever an environment
for you to get better labor rates, it would be right now. So can you comment on sort of what you're seeing from that standpoint?
Question: Kenneth George Herbert - RBC Capital Markets, Research Division - Analyst
: Okay. And so is it fair to assume that as we get the new segmentation and we see the sort of the repair business broken out a little bit better, we
should see some of that drop to your bottom line in terms of there's an area for margin expansion within that business in particular?
Question: Kenneth George Herbert - RBC Capital Markets, Research Division - Analyst
: Sean or John, can you comment on maybe what percentage of the growth in the quarter was Trax or what that contribution was?
Question: Kenneth George Herbert - RBC Capital Markets, Research Division - Analyst
: Okay. Okay. Great. And then I'm sure we'll get into more of this on Thursday. But as you look for fiscal '24, can you comment at least at a high level
on sort of expectations for revenues or sort of low double digits a fair starting point as we think about the full year?
| 
