AAR Corp. (AIR): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of AAR Corp., and honestly, after two decades analyzing these kinds of operations, I can tell you their business model is defintely built on being the essential, independent backbone for global aviation maintenance and parts. It's a powerful position, especially when you see they hit $2.8 billion in consolidated sales for Fiscal Year 2025, driven by a mix where parts sales alone accounted for about 40% of that. To really grasp how they manage that massive global footprint-from MRO facilities to their Trax software-you need to see the whole picture laid out. Below, I've mapped out their entire Business Model Canvas so you can see the specific partnerships and activities that make this engine run.

AAR Corp. (AIR) - Canvas Business Model: Key Partnerships

You're looking at AAR Corp.'s Key Partnerships section for late 2025, and honestly, the data shows this block is all about securing exclusive access to high-demand parts and locking in long-term government support work. The numbers from fiscal year 2025, where consolidated sales hit $2.8 billion, up 20% from the prior year, really underscore how critical these alliances are to AAR Corp.'s growth engine, especially the 20% organic sales increase in new parts Distribution activities.

Exclusive distribution agreements with OEMs for new parts

AAR Corp. is actively expanding its exclusive distribution footprint, which directly feeds the Parts Supply segment. This focus is paying off, as new parts Distribution activities saw organic sales growth of over 20% in fiscal year 2025.

Specific recent agreements include:

• Exclusive multi-year defense distribution agreement with AmSafe Bridport (a TransDigm company) for KC-46 and C-40 platform parts.
• Multiple distribution contracts won in fiscal 2025, including one with Unison for sole source spare parts.
• Exclusive agreement with BELAC LLC, a Chromalloy subsidiary, for PW4000 engine high-pressure turbine blades.

Strategic alliances with major airframe manufacturers like Boeing and Airbus

While direct financial data on specific Boeing or Airbus co-development revenue isn't public, AAR Corp.'s government work clearly supports platforms derived from major manufacturers. For instance, AAR Corp. won two five-year contracts with the U.S. Navy's Naval Air Systems Command (NAVAIR) to support the P-8A Poseidon aircraft, which is a commercial derivative.

The operational environment is also a factor; AAR Corp.'s Used Serviceable Material (USM) sales faced some softness in early fiscal 2025, partly attributed to external pressures like the Boeing strike. Still, the overall strategy is to align with government needs for these platforms.

Supply Chain Alliance charter with the U.S. Defense Logistics Agency (DLA)

AAR Corp. has formalized its deep relationship with the Defense Logistics Agency (DLA) through new charters. This is a major structural partnership for government aftermarket support.

Key DLA partnership facts include:

• AAR Corp. signed a new parts Distribution Supply Chain Alliance (SCA) charter with the U.S. Defense Logistics Agency (DLA) Richmond.
• AAR Corp. also signed an SCA with U.S. DLA Land and Maritime.
• This builds on the 2022 award of a 20-year base Supplier Capabilities Contract (SCC) with DLA Aviation, making AAR Corp. the first non-OEM to secure this long-term structure.

Joint venture with KIRA Aviation Services for U.S. Navy training contracts

The joint venture, KALS LLC, formed under the Small Business Administration Mentor-Protégé Program, is a direct pipeline to specific, stable government training revenue.

The numbers here relate to the contract scope and duration:

• KALS LLC was awarded an E-6B Mercury pilot training contract by the U.S. Navy.
• The contract is structured as a firm fixed-price indefinite-delivery/indefinite-quantity agreement.
• Work is scheduled to be performed in Oklahoma City through March 2027.

Long-term component distribution agreement with FTAI Aviation through 2030

This is a cornerstone partnership for AAR Corp.'s engine component business, focusing on the high-demand CFM56 platform.

Here's the quick math on the FTAI Aviation relationship:

This collaboration supports AAR Corp.'s Component Services capabilities, which were enhanced by the acquisition of five global component repair facilities since the original 2020 agreement.

AAR Corp. (AIR) - Canvas Business Model: Key Activities

You're looking at the core engine of AAR Corp.'s business as of late 2025, based on their fiscal year performance. It's a mix of moving physical parts and selling high-margin software, all while servicing government and commercial fleets.

The Key Activities are best understood by looking at how the business segments contributed to the total sales of $2.8 billion in Fiscal Year 2025. The company's overall Adjusted EBITDA for the year hit $324 million, pushing the Adjusted EBITDA margin up to 11.8% from 10.4% the prior year. That's a 34% increase in Adjusted EBITDA.

Global parts distribution and inventory management (USM and new OEM parts) is the largest piece of the pie. This activity involves the sales and leasing of Used Serviceable Material (USM) and distributing new, original equipment manufacturer (OEM) supplied replacement parts. AAR Corp. is an authorized distributor for more than 300 Federal Supply Class codes from over 20 leading OEMs. The Parts Supply segment saw its sales increase by 12% in the third quarter of fiscal 2025. The new parts distribution part of this business grew organically by 25% in FY2025. Still, the USM side was constrained by asset availability, seeing only modest growth.

Airframe Maintenance, Repair, and Overhaul (MRO) services is the second-largest activity. This includes major airframe inspection, MRO, painting, line maintenance, and structural repairs. The segment's strong performance was significantly helped by the Product Support acquisition. Management is working to add capacity, with two Airframe MRO facility expansions underway in Miami, Florida, and Oklahoma City, Oklahoma, which are estimated to add 15% in capacity once complete. The Repair & Engineering segment was responsible for 32% of sales in fiscal 2025.

Integrated supply chain logistics and fleet management for government is bundled with software solutions in the Integrated Solutions segment, which accounted for 25% of sales. This activity supports government programs with logistics and supply chain management. The segment posted meaningful earnings growth from both commercial and government programs. The company also divested its Landing Gear Overhaul business for $48 million during the fiscal year.

Developing and selling Trax MRO/fleet management software solutions is a high-margin focus within Integrated Solutions. The Trax software, a cloud-based electronic enterprise resource platform for the MRO industry, achieved a significant milestone. Trax software revenue doubled to $50 million in fiscal 2025, with gross margins exceeding 70% due to the shift toward software-as-a-service (SaaS) models. This included securing Delta Air Lines' largest contract for the platform. The entire Integrated Solutions segment grew sales by 10% to $181.5 million in FY2025.

Manufacturing and repairing expeditionary mobility systems falls under the Expeditionary Services Segment, representing 3% of sales in fiscal 2025. This activity supports military and humanitarian missions by designing and manufacturing transportation pallets, containers, and shelters. Sales to government customers increased due to increased pallet demand in this Mobility business. However, the business also experienced losses related to the U.S. government exercising its termination for convenience clause on a new-generation pallet contract in the first quarter of fiscal 2025.

You can see the operational focus through these key metrics:

• Full Fiscal Year 2025 Sales: $2,780.5 million.
• Full Fiscal Year 2025 Adjusted EBITDA: $324 million.
• Net Leverage at year-end: 2.72x.
• Gross Profit for FY2025: $527.7 million.
• FY2025 GAAP Net Income: $13 million.

Finance: draft 13-week cash view by Friday.

AAR Corp. (AIR) - Canvas Business Model: Key Resources

Global network of MRO facilities, including new capacity in Miami and Oklahoma City

• The Miami Airframe MRO facility expansion is a 114,000-square-foot addition, set to increase capacity by 33%.
• Miami-Dade County is expected to reimburse the anticipated $50 million cost to construct the new Miami hangar over time.
• Operations at the new Miami facility were projected to commence in October 2025.
• The Oklahoma City MRO expansion provides an additional 80,000+ square feet of hangar and warehouse space.
• The Oklahoma City expansion supports a maintenance commitment from Alaska Airlines.
• The new OKC facility is expected to be operational in January 2026.

Extensive inventory of certified aircraft parts and Used Serviceable Material (USM)

• AAR extended its exclusive agreement with FTAI Aviation to provide USM on the CFM56 engine platform through 2030.
• AAR is an authorized distributor for more than 30 product lines.

Proprietary Trax cloud-based MRO and fleet management software

• Trax software revenue crossed the $50 million threshold in fiscal year 2025.
• The Trax segment, including Integrated Solutions, grew sales 10% to $181.5 million in 2025.
• AAR acquired Aerostrat for a purchase price of $15 million plus up to $5 million in contingent consideration.
• Aerostrat's Aerros software currently supports more than 5,000 aircraft worldwide.

Highly skilled, global workforce of approximately 6,000 employees

• AAR Corp. had 5,600 employees as of May 31, 2025.
• The workforce breakdown as of May 31, 2025, included 4,200 employees in the United States and 1,400 outside the United States.
• The company also retained approximately 500 contract workers as of May 31, 2025.

FAA and EASA certifications for maintenance and repair operations

• The Engineering Services team has accomplished 80+ FAA and EASA supplemental type certificates (STCs), amendments and validations.
• AAR was recognized as the first independent MRO approved by the FAA for Safety Management System requirements, in accordance with requirements set forth by the FAA and EASA.
• An EASA Certificate Number NL.145.1133 was dated December 02, 2024.
• AAR Aircraft Services, Inc. holds an ASA-100 Accreditation with an expiry date of June 3, 2028.

AAR Corp. (AIR) - Canvas Business Model: Value Propositions

Independent, cost-effective alternative to OEM parts and services

• Parts Supply segment sales grew 14% in fiscal year 2025.
• Repair & Engineering (MRO) business revenue increased 38% in fiscal year 2025.
• Both Parts Supply and MRO segments landed gross margins at 19% for the full year 2025.
• The MRO segment has returned a Compound Annual Growth Rate of 12.5% over the past 20 years.

Comprehensive, end-to-end MRO and supply chain support globally

AAR Corp. has operations in over 20 countries globally. The Parts Supply segment was approximately 40% of consolidated sales in fiscal 2025. The Integrated Solutions segment, which includes supply chain logistics, was approximately 25% of sales in fiscal 2025. Sales to commercial customers represented 71% of total revenue in fiscal year 2025.

Digital transformation of maintenance via Trax software for efficiency

• Trax software revenue doubled to $50 million in fiscal year 2025.
• Trax gross margins exceed 70%.
• The Integrated Solutions segment, which includes Trax, had sales of $181.5 million in fiscal year 2025.
• The acquisition of Aerostrat, which expands Trax capabilities, was for $15 million plus up to $5 million contingent consideration.
• Aerostrat\'s flagship tool, Aerros, supports more than 5,000 aircraft.

Operational readiness and logistics support for military and government missions

Sales to global government and defense customers were $804.3 million, or 28.9% of consolidated sales, in fiscal 2025. AAR Corp. has several large, multi-year indefinite delivery contracts (IDVs) supporting government readiness:

A new mobility solutions contract awarded in September 2025 has a total value of up to $85 million.

Fast access to critical parts through a vast distribution network

• Firm backlog as of May 31, 2025, was $537.2 million.
• New parts Distribution activities saw growth of over 20% in the fourth quarter of fiscal 2025.
• The Parts Supply segment grew sales by 14% in fiscal year 2025.

AAR Corp. (AIR) - Canvas Business Model: Customer Relationships

AAR Corp. structures its customer relationships to balance long-term, high-value government commitments with dynamic commercial aftermarket needs. The relationship model is highly segmented based on the customer type and the nature of the service provided.

Long-term, performance-based contracts, especially with government and large airlines form a bedrock of the Integrated Solutions and Expeditionary Services segments. For government customers, sales were substantial in fiscal 2025, reaching $804.3 million, which represented 28.9% of consolidated sales of $2.8 billion that year. Specifically, sales to U.S. government branches, agencies, and their contractors totaled $687.6 million, or 24.7% of consolidated sales in fiscal 2025. These relationships often manifest as multi-year, performance-based agreements, such as the ten-year Worldwide Aviation Support (WASS) contract with the Department of State (DoS) that started in fiscal 2018. The U.S. Navy awarded AAR Corp. two multi-year contracts in fiscal 2025 to support the P-8A Poseidon aircraft. Furthermore, AAR Corp. secured several large indefinite delivery contracts (IDVs) with the U.S. Air Force, including a $1.095 billion contract for F-16 depot maintenance services extending through 2032. On the commercial side, AAR Corp. extended its exclusive agreement with FTAI Aviation for used serviceable material (USM) on the CFM56 engine platform through 2030.

The customer relationship for complex Maintenance, Repair, and Overhaul (MRO) programs is decidedly high-touch, consultative. The Repair & Engineering segment, which provides airframe MRO and component repair, accounted for 32% of sales in fiscal 2025. To meet growing demand, AAR Corp. expanded its physical footprint; for example, a new 114,000 square foot MRO facility in Miami was slated for October 2025 operation, designed to increase airframe MRO capacity by 33%. The company also invested up to $9.5 million to expand its Wellington facility by 100,000 square feet by April 2025.

For customers requiring integrated solutions, AAR Corp. deploys dedicated account management, often centered around software and logistics offerings. The Trax software solution, part of the Integrated Solutions segment (which was 25% of sales in fiscal 2025), generated revenue exceeding $50 million in fiscal year 2025. The company also acquired Aerostrat for a deal valued at $15 million plus up to $5 million contingent consideration in 2025 to bolster this integrated offering.

The transactional sales model is most evident in the Parts Supply segment, which is the largest contributor to revenue, making up approximately 40% of sales in fiscal 2025. This segment saw its new parts distribution business grow 25% organically in fiscal 2025. The company generally sells products and services under standard 30-day payment terms, though some customers negotiate extended terms of 60-90 days.

Digital self-service is facilitated through the PAARTSsm Store for parts ordering. While specific usage metrics for the PAARTSsm Store are not explicitly detailed, the overall Parts Supply segment demonstrated strong digital adoption, with new parts distribution leading the way with over 20-plus% growth in the fourth quarter of fiscal 2025.

The relationship structure across key customer types and associated financial scale in Fiscal Year 2025 is summarized below:

Commercial customer sales, which often involve transactional parts ordering and MRO services, were $1,976.1 million, making up 71.1% of consolidated sales in fiscal 2025. In the first quarter of fiscal 2026 (ended August 31, 2025), commercial sales remained a significant portion at 71% of consolidated sales.

AAR Corp. (AIR) - Canvas Business Model: Channels

You're mapping out how AAR Corp. (AIR) gets its services and products to its customers as of late 2025. The channels are a mix of direct sales, physical infrastructure, and digital reach, which is key to understanding their market penetration.

Direct sales force targeting commercial airlines and defense organizations is a primary route, supported by a global footprint. AAR Corp. operates in over 20 countries and employed approximately 5,600 employees worldwide as of May 31, 2025. The revenue split clearly shows this channel mix:

The Parts Supply segment, which accounted for approximately 40% of sales in fiscal 2025, relies heavily on its distribution network.

Global network of parts distribution centers and warehouses supports the Parts Supply segment. The company has a headquarters and warehouse near Chicago's O'Hare International Airport. This channel is bolstered by strategic agreements, such as the new parts Distribution Supply Chain Alliance charter signed with the U.S. Defense Logistics Agency (DLA). Furthermore, a new multi-year defense distribution agreement makes AAR Corp. the exclusive distributor for AmSafe Bridport products for the KC-46 and C-40 platforms to the global defense and military aftermarket, including the DLA.

Airframe MRO facilities in North America and component repair sites worldwide form the physical backbone for the Repair & Engineering segment, which contributed 32% of sales in fiscal 2025. Significant capacity expansion is underway to serve this channel:

• New 114,000 square foot Airframe MRO facility in Miami, expected operational by October 2025, increasing Miami capacity by 33%.
• New Airframe MRO facility construction started in Oklahoma City, anticipated operational in January 2026, adding over 80,000 square feet.
• AAR Corp. currently has seven MRO facilities worldwide, augmented by the March 2024 acquisition of Triumph Group's Product Support business for component MRO capabilities.

Digital platforms, including the Trax software suite, are delivered through the Integrated Solutions segment, which made up 25% of sales in fiscal 2025. Trax is a cloud-based enterprise resource platform for the MRO industry.

• Integrated Solutions segment sales reached $181.5 million in 2025, a 10% growth.
• Trax achieved a $50M+ revenue milestone in fiscal 2025.
• The software supports approximately 5,000 aircraft across its customer base of airlines, MROs, and government operators.
• The shift to high-margin Software-as-a-Service (SaaS) models for Trax commands gross margins exceeding 70%.

Government contract vehicles for defense and foreign military sales provide structured access to the defense customer base. AAR Government Services Inc. utilizes several Indefinite Delivery/Indefinite Quantity (IDIQ) contracts to channel services and products:

• A $1.095 billion contract with the Air Force Materiel Command for F-16 depot maintenance services through 2032.
• A $1.89 billion contract with the Air Force Lifecycle Management Center for KC-46 initial spare parts through 2027.
• The Worldwide Logistics Support Services - Contractor Logistics Support (WLSS-C) Master IDIQ has a substantial shared ceiling of $25.5 billion.
• AAR was awarded an E-6B Mercury pilot training contract from the U.S. Navy through its joint venture with KIRA Aviation Services.

AAR Corp. (AIR) - Canvas Business Model: Customer Segments

You're looking at the core customer base for AAR Corp. as of late 2025, based on their latest reported figures. Honestly, the split is pretty clear: they are heavily weighted toward the commercial side, but the government work provides a solid, often long-term, foundation.

For the full fiscal year 2025, AAR Corp. reported consolidated sales of $2.8 billion. The split between commercial and government customers is a key indicator of where the day-to-day revenue engine is running.

The customer base is served through four operating segments, which gives us a good proxy for the revenue derived from different types of operators:

Commercial Airlines, which include major, regional, and low-cost carriers, represent the largest portion of the business. For the full fiscal year 2025, sales to commercial customers made up 71% of consolidated sales. This segment drives the high volume in the Parts Supply segment, which accounted for 40% of total sales in FY2025.

Global Government and Defense organizations are a critical segment, evidenced by specific contract wins and segment contribution. Sales to government customers increased 15% in the first quarter of fiscal year 2026 over the same period last year. AAR Corp. is the exclusive distributor for KC-46 and C-40 platform parts for the United States Defense Logistics Agency (DLA), U.S. Armed Services, and foreign militaries, including the Japanese defense market, following a new agreement signed in August 2025. Furthermore, AAR remains the prime contractor on a ten-year Worldwide Aviation Support (WASS) contract with the Department of State (DoS).

Original Equipment Manufacturers (OEMs) and other MRO providers interact with AAR Corp. primarily through the Parts Supply segment, where AAR has established formal distribution relationships with OEM suppliers. The Repair & Engineering segment also supports MRO activities for other providers. The Integrated Solutions segment, which includes the Trax software, is used by MROs; for example, Trax implementation was announced across the Delta TechOps line maintenance network.

The customer base also includes operators of fixed-wing and rotary aircraft globally. The Repair & Engineering segment supports airframe maintenance for Airbus, Boeing, and Embraer regional aircraft. The Expeditionary Services segment, which was 3% of FY2025 sales, supports the movement of equipment for military and humanitarian missions globally.

Aircraft Lessors and asset trading companies are served through the Parts Supply segment, which focuses on sales and leasing of used serviceable material (USM). The Integrated Solutions segment also supports fleet management for operators.

Here's a quick look at the government-facing activity:

• Ten-year Worldwide Aviation Support (WASS) contract with the Department of State (DoS).
• Exclusive distribution for KC-46 and C-40 platform parts to the U.S. DLA and militaries.
• Repair & Engineering segment supports U.S. government defense agencies.

Finance: draft 13-week cash view by Friday.

AAR Corp. (AIR) - Canvas Business Model: Cost Structure

You're looking at the major outflows for AAR Corp. as of late 2025. The cost structure is heavily influenced by the integration of recent acquisitions and significant capital deployment into expanding MRO capacity. It's a mix of direct operational costs and fixed overheads that support their vertically integrated model.

Cost of Revenue (CoR) for parts procurement and MRO labor/materials

The Cost of Revenue directly reflects the expense of goods sold in the Parts Supply segment and the labor and materials consumed in the Repair & Engineering (MRO) segment. For the full fiscal year 2025, AAR Corp.'s revenue grew to $2.78 billion. Consequently, the Cost of Revenue also increased by 20% year-over-year, leading to gross profits of $527.7 million and landing gross margins at 19% for the year. This 19% gross margin is consistent across both the Parts Supply business and the MRO business as of the end of fiscal year 2025, though the Parts Supply segment has historically shown high topline growth rates.

Here's a look at the scale of the full fiscal year 2025 performance:

Significant investment in new MRO facility expansions (Miami, Oklahoma City)

AAR Corp. has been actively investing capital to increase MRO capacity, which is necessary because most existing hangars were at near capacity. Management estimated these two new facilities would increase capacity by 15% once fully operational.

The Miami Airframe MRO facility, a 114,000-square-foot expansion, was scheduled to be operational in October 2025 and is expected to increase Miami capacity by 33%. Miami-Dade County committed to reimbursing the anticipated $50 million needed for construction. The Oklahoma City expansion, which broke ground earlier, is designed to add 80,000+ square feet of hangar and warehouse space and was expected to be operational in January 2026. Funding for the Oklahoma City project involved a grant and rent concessions from the airport.

These investments represent significant near-term capital costs, though the Miami reimbursement offsets a portion of the construction expense.

Selling, General, and Administrative (SG&A) expenses, including software development

SG&A expenses are the overhead costs not directly tied to producing a part or performing a specific maintenance task. For the first quarter of fiscal year 2026 (the quarter ended August 31, 2025), SG&A was $71.2 million. This was an improvement from the $75.9 million reported in the first quarter of fiscal year 2025.

The Trax software solution is a component of the Integrated Solutions segment, and while it contributes to revenue, specific software development costs within SG&A aren't itemized separately in the readily available reports. However, the company noted meaningful contributions from Trax in Q1 FY2025.

• Q1 FY2026 SG&A: $71.2 million
• Q4 FY2025 SG&A: $77.4 million
• Q1 FY2025 SG&A: $75.9 million
• Acquisition, amortization, and integration expenses were $4.4 million in Q1 FY2026, down from $7.1 million in Q1 FY2025.

Interest expense on debt, which increased due to the Product Support acquisition

The debt load increased significantly to fund the Product Support acquisition, which is clearly reflected in the higher interest expense compared to the prior year. Net interest expense hovered around $18 million per quarter in the first half of fiscal year 2025, for example, $18.3 million in Q1 FY2025 and $18.8 million in Q2 FY2025. By the end of the fiscal year, AAR Corp. had reduced its net debt from 3.58x leverage post-acquisition down to 2.72x as of May 31, 2025. As of August 31, 2025, net debt stood at $950.0 million, with net leverage at 2.82x.

It's clear they are prioritizing debt repayment, but the cost of servicing that debt remains a substantial fixed expense.

Logistics and transportation costs for a global supply chain

While a specific line item for logistics and transportation costs isn't explicitly detailed, the scale of the Parts Supply segment indicates massive associated costs for inventory management, warehousing, and global movement of materials. The Parts Supply business saw 14% growth in fiscal year 2025 sales. More recently, in the first quarter of fiscal year 2026, the Parts Supply segment saw organic growth of 27%, driving the need for continued investment in inventory to support that demand. The company also secured a new parts Distribution Supply Chain Alliance charter with the U.S. Defense Logistics Agency (DLA) in Q4 FY2025.

Finance: draft 13-week cash view by Friday.

AAR Corp. (AIR) - Canvas Business Model: Revenue Streams

You're looking at the core ways AAR Corp. brings in cash as of late 2025, and it's a mix of physical goods, hands-on work, and digital services. The total consolidated sales for Fiscal Year 2025 hit a record $2.8 billion.

The bulk of this revenue comes from three main buckets, based on the structure we're using for this canvas view. Sales of aircraft parts and components, which maps to the Parts Supply segment, accounted for approximately 40% of that total. Then, you have the service fees generated from Maintenance, Repair, and Overhaul (MRO) activities, falling under Repair & Engineering, which brought in 32% of the year's sales.

Contract revenue tied to integrated logistics and fleet management, which aligns with the Integrated Solutions segment, represented 25% of the total revenue for the fiscal year. Honestly, this diversification is what helps AAR manage the cyclical nature of the commercial market. Here's the quick math on those primary streams:

The shift toward higher-margin digital offerings is a key strategic move, and that shows up clearly in the software revenue line. This stream is becoming increasingly important for AAR Corp. as they pivot toward more recurring revenue models.

• Software licensing and subscription fees for Trax MRO solutions generated $50 million in revenue in Fiscal Year 2025, which was double the prior year's amount.
• This software revenue is part of the Integrated Solutions segment, which saw its total sales grow to $181.5 million in 2025.
• The company is aiming for gross margins exceeding 70% on these software-as-a-service (SaaS) models.

To be fair, the $2.8 billion total sales figure for Fiscal Year 2025 includes all recognized revenue, and the specific segment reporting might allocate the Trax software revenue differently than this canvas breakdown suggests, but the $50 million for Trax is a concrete number for that specific stream. Finance: draft 13-week cash view by Friday.