TDG
#We think the model is fine.
We will keep watching.
I don't quite know that we are as bought into the structural changes, but our ---+ and how much of it is just a normal cycle, but we keep watching them.
We don't see any reason that our fundamental model doesn't continue to work, at least in the foreseeable future.
I can't tell what 20 years from now does, but in the foreseeable future, I don't see anything that structurally changes the fundamentals here.
Anything ---+ ultimately, as I like to say, if TransDigm went bankrupt and died and all the plants caught on fire, obviously the airline industry would find a way to survive.
So it's not that there's no other way to get around it.
It is ---+ there is a significant entry barrier.
There are significant costs.
There is significant qualification.
There's also the issue that we own the IP so you've got to find a way around that.
It's a substantive barrier that we, frankly, have not seen any material change in.
Now, is it impossible.
If you don't care about cost, you can always find a way around most anything.
I don't see any fundamental change in the switching cost characteristics here.
It's not good through the whole year, but it's good ---+ it's getting good through more of the year obviously each month.
And we've had ---+ the bookings have been strong.
So we feel reasonably good about our guidance.
Though I would say we feel quite good about our guidance in total.
I don't ---+ we could be off 1 point here and there in the segment, and we think we've given you our best judgment.
First, let me peck at the word "fragile".
The vast majority of our aftermarket is sole-source proprietary stuff, so it\
It certainly doesn't change the way we do acquisitions.
We are looking for proprietary aerospace businesses with significant aftermarket content.
And I would say we don't find a quarter or a couple of quarters ---+ that would be nothing that would change our fundamental strategy, nor has it.
