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Operator: Good day, and thank you for standing by. Welcome to the TransDigm Group Incorporated Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode.
While the private transaction market was effectively closed for a portion of 2020, and remains tepid in various sectors including Industrials and (to a lesser extent) Services, our origination and diligence activities ran at full throttle throughout the year. A handful of potentially actionable opportunities proved sufficiently compelling to merit significant diligence and careful consideration. These were excellent businesses which, we believe, could have potentially met our target returns. These businesses, however, fell short of the high bar we set for our pla...