Airlines Confront Rising Costs, Supply Issues, and Slowing Demand

Competition to Return at MRO Americas and VERTICON 2026 Showcasing Talent and Community Impact The upcoming MRO Americas and VERTICON 2026 events will once again feature The Competition, a highly anticipated platform that highlights the skills and dedication of aspiring aviation maintenance technicians. Reflecting on the significance of the event, Gonzalez, a team leader from San Bernardino, emphasized the broader community impact beyond the competition itself. “My team is not just representing the program; they’re representing our community. Outreach is a huge priority for me because, not only are we giving back to San Bernardino, but it also increases visibility for kids in the area to see aviation maintenance as a possible path for them to pursue,” he stated. Gonzalez further praised the industry’s inclusivity, noting that success in aviation maintenance depends on integrity, skills, and opportunity rather than background. He described the students he brings to The Competition as exemplars of these qualities, underscoring the event’s value as a career-building opportunity. Although the San Bernardino team did not claim first place in the school division, the experience proved invaluable. Following their participation, Alaska Airlines extended invitations to two competitors for in-person interviews in Seattle. Both students now hold job offers contingent upon their graduation with Airframe and Powerplant (A&P) certifications, illustrating the tangible career pathways The Competition helps to create. Elevating Awareness and Confidence in Aviation Maintenance The Competition serves not only as a contest but also as an educational showcase, raising awareness about the complexity and precision involved in aircraft maintenance. Attendees at MRO Americas and VERTICON gain a unique perspective on the fast-paced, detail-oriented work that ensures aircraft safety. Ken MacTiernan, chairman of The Competition, highlighted the advanced nature of the tools and techniques used in the industry. “People don’t often realize how robust our industry is. They don’t usually expect to see a wrench with a little computer chip in it, but in aviation maintenance that’s exactly the kind of tool we need to make sure bolts are not over- or under-tightened,” he explained. Contrary to what one might expect, witnessing the meticulous care and expertise involved in maintenance tends to reassure attendees rather than provoke anxiety about flying. MacTiernan elaborated on the confidence that spectators gain from observing the rigorous protocols and cutting-edge technology firsthand. “Not only are they seeing the protocol and technology that has been developed, but they also have a front-row seat to the level of knowledge and skill that these technicians pour into every aircraft they touch. Now, when they purchase a plane ticket, they can do so with an added confidence knowing their safety is in the most capable hands,” he said. Industry Challenges and Strategic Responses As the aviation maintenance, repair, and overhaul (MRO) sector prepares for the 2026 events, it faces a rapidly evolving landscape marked by technological advancements, regulatory shifts, and persistent supply chain challenges. The competitive environment is intensifying, with both established companies and new entrants driving innovation and potentially increasing costs for advanced MRO services. In response, industry players are forging strategic partnerships, investing in state-of-the-art technologies, and broadening their service portfolios to maintain market share and adapt to emerging trends. Economic volatility, underscored by recent signals from the Federal Reserve and fluctuating market valuations, adds further complexity to business planning and investment decisions within the sector. The return of The Competition at MRO Americas and VERTICON not only celebrates the technical excellence of its participants but also reflects the broader challenges and opportunities shaping the future of aviation maintenance worldwide.

Heraklion International Airport Launches SkyImpact Challenge to Foster Aviation Innovation The New Heraklion International Airport in Crete has officially launched the SkyImpact Challenge, an ambitious acceleration program aimed at nurturing the next generation of aviation solutions. This initiative seeks to transform innovative concepts into practical applications tailored for the evolving needs of the aviation sector. Emphasizing the promotion of Greek talent, the program supports projects that can be directly integrated into airport infrastructure and air transport operations. Program Structure and Objectives The SkyImpact Challenge offers a comprehensive support framework for startups, research teams, and emerging business ventures. Over a two-month period, ten selected teams will receive personalized mentoring and coaching designed to refine their proposals and enhance their potential for real-world implementation. The program also includes cash prizes of €5,000, €3,000, and €2,000 to incentivize innovation. Participants will benefit from networking opportunities with industry executives and academic leaders, alongside five open educational workshops aimed at professionals and stakeholders within the aviation community. Notably, the challenge provides opportunities for pilot implementation of promising solutions at the New Heraklion International Airport itself. Through this initiative, the airport aims to optimize operational efficiency, improve passenger experience, and promote sustainable growth within the aviation sector. The program is supported by Bizrupt and maintains strong ties to both the local community and the broader aviation ecosystem. Challenges and Industry Context The SkyImpact Challenge enters a complex and rapidly evolving aviation landscape. Globally, the industry faces increasing scrutiny over airspace management, a concern underscored by recent regulatory challenges linked to private rocket launches in the United States. As Heraklion encourages the adoption of new aviation technologies, it may encounter heightened oversight from regulatory authorities intent on ensuring safety and compliance. Competition among airports is also expected to intensify, with rival hubs likely to introduce similar innovation programs to attract technology-driven projects and secure a competitive advantage. Moreover, the aviation sector’s ongoing struggle with climate change, highlighted by prominent figures such as Bill Gates, underscores the imperative for sustainable practices. The SkyImpact Challenge will need to align closely with environmental standards to remain relevant and competitive in this context. Local operational issues present additional challenges. Recent disruptions at Greek airports caused by radio frequency interference have exposed vulnerabilities in technological infrastructure, emphasizing the need for robust and reliable solutions. These incidents may influence both the perception and ultimate success of the program. Positioning Crete as an Innovation Hub Despite these challenges, the SkyImpact Challenge positions Crete as a potential hub for aviation innovation. By fostering collaboration between startups, academia, and industry stakeholders, the program aspires to cultivate creative thinking and support solutions with tangible operational and social impact. Through this initiative, Heraklion International Airport aims to set new standards for the future of air travel in Greece and beyond.

Boeing Surpasses Airbus in Orders for the First Time in a Decade Boeing has overtaken Airbus in net aircraft orders for the first time since 2018, signaling a notable recovery for the American aerospace manufacturer after several difficult years. In 2025, Boeing secured 1,173 new orders, surpassing Airbus’s total of 1,000. This shift reflects a growing preference among airlines worldwide for American-made jets, a trend that some analysts suggest is influenced by efforts to maintain favorable relations with the U.S. government. Recovery Amid Regulatory Easing and Market Dynamics Boeing’s resurgence follows a turbulent period marked by intense scrutiny after two fatal crashes and a near-catastrophic incident involving its flagship 737 Max model since 2018. The easing of restrictions by U.S. regulators has been interpreted as a renewed vote of confidence in Boeing’s safety measures, encouraging airlines to increase their orders. The Financial Times has reported that some carriers may also be motivated by strategic considerations to strengthen ties with Washington. Despite Boeing’s lead in new orders, Airbus retained its advantage in aircraft deliveries last year. Airbus delivered 793 aircraft, exceeding its revised annual target, while Boeing delivered 600, the highest number for the company in seven years. This delivery gap is partly attributable to Airbus’s larger backlog, which has constrained its ability to fulfill new orders as swiftly as Boeing. Production and Industry Outlook Boeing’s recovery is largely credited to its enhanced capacity to deliver new single-aisle jets, particularly the 737 Max, at a faster pace than Airbus. The company is also preparing to increase production of both the 737 Max and the 787 Dreamliner to meet growing demand. The broader aviation sector is experiencing robust growth, with airlines such as Delta Air Lines projecting a 20% increase in profits this year, driven primarily by high-end customers. As carriers continue to modernize their fleets and expand capacity, both Boeing and Airbus stand to benefit from the sustained expansion in global air travel.

Inside the Design and Production of Aviation Interiors Aircraft interior modifications may seem straightforward at first glance, but each upgrade or structural alteration undergoes a rigorous and highly regulated process. At FL Technics, a prominent aircraft maintenance, repair, and overhaul (MRO) provider, engineering, compliance, and production teams work in close collaboration to transform design concepts into certified, airworthy solutions. Donaldas Barkauskas, Head of Design & Production, and Pavel Olenskij, Head of Airworthiness, oversee how their Design Organisation Approval (DOA) and Production Organisation Approval (POA) teams manage these complex projects, ensuring compliance and quality throughout. Integrated Design and Production Processes In the aviation sector, interior design and production are intrinsically linked. At FL Technics, these functions operate as a unified, certified process. According to Olenskij, the Design Office is responsible for developing the engineering solution, whether it involves a minor interior modification or a comprehensive refurbishment, and preparing the full technical documentation. Production then manufactures the component, delivering to the customer both the part and a single installation document that specifies the correct installation procedure. This integrated DOA–POA approach streamlines the process for airlines, leasing companies, and ACMI providers by offering a complete, compliant solution from initial concept through to installation, all managed under one roof. Balancing Customer Needs with Regulatory Compliance Aircraft operators frequently seek customized solutions tailored to their operational and commercial objectives. However, not every proposed idea can be safely or legally implemented. Barkauskas emphasizes that while customers naturally present their needs, the role of the design and production teams is to assess the feasibility of these ideas within the constraints of aircraft safety and regulatory requirements. Compliance remains paramount, and regulations can differ significantly between regions such as Europe and the United States. Olenskij notes that some operators proactively plan for potential jurisdictional transitions, which can result in considerable time and cost savings. Beyond regulatory compliance, there is a growing trend among operators to invest in high-value, innovative solutions that enhance both crew working environments and passenger experiences. Olenskij highlights that while compliance ensures safety, intelligent design choices create added value. The true advantage lies in the combination of both elements. Industry Trends and Emerging Challenges The aviation interiors sector is undergoing notable shifts. For instance, the recent relocation of JetMS’s interiors production from the United Kingdom to Lithuania is altering supply chain dynamics and may affect production timelines. These changes are mirrored in the market’s evolving focus, with increased attention on business aviation interiors showcased at events such as the Aircraft Interiors Expo 2026, where advanced design and technology innovations are prominently featured. Competition within the industry is intensifying. Lufthansa Technik’s ACJ318 Elite upgrade program and the installation of Starlink connectivity systems by NetJets and ExecuJet exemplify the sector’s emphasis on integrating cutting-edge technology and enhancing passenger comfort in business jets. Selecting the Appropriate Partner Choosing a DOA or POA partner is not a matter of finding a universal solution. Only a select number of organizations possess the capability to manage the full range of aircraft modifications. FL Technics addresses this challenge by combining its certified expertise with a network of trusted partners to deliver comprehensive, end-to-end solutions. Barkauskas explains that operators seek partners capable of managing entire projects efficiently and reliably. By collaborating with specialized partners, FL Technics ensures customers receive seamless, comprehensive service, thereby eliminating the complexities associated with coordinating multiple suppliers. As the aviation interiors industry continues to evolve, the integration of design, production, and advanced technology remains essential for delivering safe, innovative, and market-leading solutions.

Heston MRO Establishes New Station at Auckland Airport Heston MRO has officially opened its newest international line station at Auckland Airport, marking the company’s first permanent foothold in New Zealand. This development, achieved through a partnership with local maintenance provider Fieldair, aims to address the increasing demands of Heston MRO’s international clientele operating flights across Australia and New Zealand. The new facility enhances the company’s regional presence, allowing it to deepen relationships with existing airline partners and extend operational coverage throughout the area. The Auckland station is equipped to service both wide-body and narrow-body aircraft, offering comprehensive maintenance solutions tailored to long-haul and regional operators alike. Through its collaboration with Fieldair, Heston MRO will deliver full Part 145 engineering services, encompassing line maintenance and aircraft certification for international fleets. Beyond maintenance, the station will also provide Part 147 technical training programs designed to strengthen the regional aviation workforce. Additionally, joint non-destructive testing services, including advanced Level 2 capabilities, will be available, drawing on the combined expertise of Heston MRO and Fieldair across Australia and New Zealand. Asta Zirlyte, CEO of Heston MRO, emphasized the strategic importance of the new station, stating, “The opening of the Auckland station is a natural evolution of our customer relationships. Many of our existing airline partners who rely on us across major Australian airports also fly into New Zealand. By expanding our geographical offering to Auckland, we can now provide them with the same high-quality, ‘Total Technical Care’ solutions across their entire Pan-Tasman network.” Industry Challenges Amid Expansion Heston MRO’s expansion into Auckland occurs against a backdrop of significant challenges within the maintenance, repair, and overhaul (MRO) industry. Recent analyses from Aviation Week highlight the difficulties faced by MRO providers worldwide in servicing aging aircraft fleets, which increase operational complexity and costs. This trend poses potential obstacles for Heston MRO as it seeks to efficiently maintain legacy aircraft, a concern heightened by airlines’ tendencies to extend the service life of older models. Looking forward, the aviation sector is anticipated to encounter increased volatility by 2026, influenced by internal divisions within the Federal Reserve and elevated market valuations. These economic factors may impact business aviation and the emerging advanced air mobility market, thereby affecting demand for MRO services. Furthermore, ongoing supply chain disruptions and the risk of new tariffs continue to introduce operational uncertainties for business aviation providers, including those expanding their regional footprint. Despite these headwinds, Heston MRO’s strategic establishment of a station in Auckland positions the company to better serve its customers across Australasia. By leveraging local expertise and strengthening regional capabilities, Heston MRO aims to navigate the evolving market landscape while maintaining its commitment to comprehensive technical support.

Delta Air Lines Orders 30 Boeing 787-10 Dreamliners Delta Air Lines has placed an order for 30 Boeing 787-10 Dreamliners, a move that has been met with widespread approval from industry analysts and frequent flyers alike. This decision has also reignited discussions about the balance between maintaining fleet and cabin consistency versus prioritizing operational flexibility and economic efficiency. For Delta, which operates nearly 1,000 mainline aircraft with an average age just under 15 years, embracing complexity has long been a strategic choice when it aligns with the airline’s broader objectives. Strategic Fleet Composition and International Ambitions Delta’s widebody fleet, although constituting only about 20 percent of its total aircraft, plays a crucial role in the airline’s international operations, premium revenue generation, and long-term profitability. Unlike many of its competitors, Delta has historically maintained a diverse long-haul fleet, favoring operational flexibility over uniformity. This approach is rooted in the legacy of its 2008 merger with Northwest Airlines, which left the airline with a predominantly Airbus widebody lineup. The Airbus A330 family currently anchors Delta’s medium- and long-haul international routes, while the A350-900 serves as the flagship aircraft for ultra-long-haul flights. Boeing 767s have also been a mainstay of Delta’s widebody operations but are increasingly viewed as outdated in terms of efficiency and cost-effectiveness. The introduction of the Boeing 787-10 Dreamliners is intended to modernize this segment of the fleet, particularly as Delta plans to phase out its aging 767s. The new aircraft will enhance the airline’s premium cabin offerings, featuring larger premium cabins and upgraded passenger amenities. This aligns with Delta’s strategic emphasis on expanding its premium segment, which currently accounts for 60 percent of the airline’s total revenue. The 787-10’s advanced technology and lower operating costs are expected to improve Delta’s competitiveness on key international routes, especially those across the Atlantic and to South America. Market Impact and Operational Considerations Industry observers anticipate that Delta’s acquisition of the 787-10 will intensify competition for premium long-haul travelers, placing additional pressure on rivals such as American Airlines and United Airlines, both of which are also targeting the lucrative premium international market. The order signals Delta’s intent to broaden its global reach and capture a larger share of high-yield customers by leveraging the Dreamliner’s range and efficiency to open new routes and enhance existing services. Integrating the 787-10s into Delta’s already complex fleet will present operational challenges, particularly in pilot training, maintenance, and logistics. Nevertheless, Delta’s extensive experience managing one of the industry’s most varied fleets suggests it is well-prepared to navigate these complexities. Ultimately, Delta’s latest order highlights its commitment to balancing fleet diversity with financial and operational performance. The airline is betting that the advantages of flexibility and premium growth will outweigh the costs associated with increased complexity. As Delta prepares to introduce the Dreamliners, it is positioning itself to compete more aggressively in the global premium travel market while continuing to refine the composition of its international fleet.

Sabre and AirBorneo Announce Long-Term Technology Partnership Sabre Corporation has formalized a long-term technology partnership with AirBorneo, the newly established airline owned by the government of Malaysia’s Sarawak state. Since commencing operations in January 2026, AirBorneo has selected Sabre’s advanced technology solutions to support its planning and pricing strategies from inception. This collaboration aims to build a strong operational foundation that will enhance regional connectivity and facilitate future growth. Strategic Technology Integration Under the terms of the multi-year agreement, AirBorneo will implement Sabre’s Network Planning and Optimisation suite to automate and manage flight schedules, codeshare agreements, and route profitability. The airline will also utilize Sabre Mosaic Revenue Optimizer, a tool designed to dynamically adjust seat availability and fare conditions in response to fluctuating market demand and business objectives. Complementing these capabilities, Sabre Market Intelligence and Global Demand Data will provide AirBorneo with essential insights and competitive benchmarks to guide its network and revenue strategies. Megat Ardian Wira Mohd Aminuddin, CEO of AirBorneo Holdings, emphasized the airline’s commitment to establishing a modern and competitive carrier that strengthens connectivity within Sarawak and the broader region. He noted that partnering with Sabre prior to launching operations ensures that AirBorneo’s pricing, planning, and revenue management systems are grounded in robust, data-driven methodologies. This approach is intended to enhance passenger service, support informed business decisions, and lay the groundwork for sustainable expansion. Challenges and Industry Implications While the partnership highlights a strong focus on technological innovation, both Sabre and AirBorneo face several challenges moving forward. The successful integration and scaling of Sabre’s solutions will be critical to realizing the partnership’s goals, presenting execution risks that must be carefully managed. Additionally, regulatory constraints within the highly regulated aviation sector could affect the deployment of new technologies. As AirBorneo pursues expansion, scaling operational and manufacturing capacities may introduce further complexities. Market responses to the announcement have been cautious, with investors balancing the long-term potential benefits against operational and regulatory uncertainties. The collaboration may also trigger competitive responses, as rival airlines might seek similar technology partnerships or invest in enhancing their digital capabilities to maintain market positioning. Despite these challenges, the alliance between Sabre and AirBorneo underscores the increasing significance of data-driven decision-making and advanced technology in the aviation industry. Both emerging and established carriers are recognizing the necessity of adapting to evolving market demands to deliver seamless passenger experiences and maintain competitive advantage.

Airbus Books 889 Aircraft Orders in 2025, Surpassing Delivery Targets Despite Challenges Airbus has reported a significant increase in aircraft orders for 2025, securing 889 commitments compared to 826 in 2024. This growth reflects sustained demand for the European aerospace giant’s commercial jets amid a complex operating environment. Over the course of the year, Airbus delivered 793 aircraft, exceeding its revised target of 790 despite encountering several obstacles, including quality issues related to fuselage panels on the A320 family and a major recall that led to a downward revision of its initial delivery goal from 820 aircraft earlier in December. Delivery Performance and Order Backlog December proved to be a particularly strong month for Airbus, with 136 aircraft delivered—nearly doubling the 72 units delivered in November and surpassing the 123 deliveries recorded in December 2024. The company also secured 203 new orders during the month, offset by 14 cancellations. Airbus’s current order backlog stands at 8,754 aircraft, which equates to roughly 11 years of production at the current delivery pace. This substantial backlog underscores the company’s robust market position and the enduring demand for its products. Airbus’s ability to meet and slightly exceed its delivery targets amid ongoing supply chain disruptions and technical setbacks highlights its efforts to stabilize production processes. A key factor contributing to the improved delivery rate was the anticipated enhancement in the supply of LEAP engines during the second half of 2025. These developments align with recent market forecasts, including those from Bloomberg, which indicate that the company’s share price remains stable despite the operational challenges. Industry Context and Outlook The competitive dynamics within the aerospace sector are evolving, with Boeing, Airbus’s primary competitor, also demonstrating a strong recovery. Boeing delivered its highest number of aircraft since 2018 and achieved the most net orders in seven years, signaling renewed momentum for the U.S. manufacturer. This resurgence reflects a broader trend of robust global demand for commercial aircraft, intensifying competition between the two industry leaders. Looking ahead, Airbus is scheduled to release its full-year 2025 financial results on February 19. The company is expected to announce new targets for 2026, building on its performance this year. Despite the operational headwinds faced in 2025, Airbus’s ability to navigate supply chain and quality control challenges positions it with cautious optimism as it prepares for the year ahead.

Thailand Removes Age Limits on Commercial Aircraft Thailand’s Civil Aviation Authority (CAAT) has announced the removal of age restrictions on commercial aircraft registered in the country, marking a significant shift in regulatory policy. Moving away from fixed age limits, the CAAT will now focus on assessing the airworthiness of each aircraft through established evaluation processes. Operators will continue to bear responsibility for maintaining compliance under the Air Navigation Act to ensure ongoing safety standards are met. Aligning with International Standards This regulatory update brings Thailand in line with international aviation practices, which prioritize rigorous maintenance and inspection regimes over arbitrary age caps. Under the new framework, mid-life and older aircraft operating in Thailand will be subject to enhanced inspection requirements and more frequent oversight by the CAAT. Aircraft lessors, particularly those managing older fleets, are advised to review and update maintenance and inspection clauses in their agreements with Thai lessees to reflect these changes. Implications for Thailand’s Aviation and Tourism Sectors The timing of this policy change is critical for Thailand’s aviation and tourism industries, both of which are navigating recovery challenges. In 2025, the country experienced a 7.23% decline in foreign tourist arrivals alongside a 4.7% drop in tourism revenue, prompting calls for strategies aimed at attracting higher-spending and longer-stay visitors. Concurrently, Thai airlines, still recovering from the financial and operational impacts of the COVID-19 pandemic, have struggled to renew and expand their fleets amid global supply constraints on new aircraft deliveries. By removing age restrictions, the CAAT aims to provide airlines with greater flexibility to acquire or lease mid-life aircraft, thereby mitigating delays and shortages associated with new aircraft procurement. Industry analysts suggest this could open new opportunities for lessors specializing in mid-life planes, as Thai carriers may increasingly consider older aircraft to meet operational needs. However, this potential is tempered by a global trend of airlines retaining mid-life aircraft longer than initially planned, reducing the availability of such planes for lease or sale. Future Outlook for the Aviation Market Looking ahead, Thailand’s aviation sector faces intensifying competition, with premium travel demand projected to outpace economy class growth in 2026. Additionally, anticipated major airline mergers are expected to reshape the competitive landscape. While the removal of aircraft age restrictions offers Thai airlines enhanced operational flexibility and supports sector recovery, industry experts emphasize that broader economic conditions, tourism trends, and market consolidation will ultimately influence the policy’s impact on the industry.

Saudia Technic Sends 40 Students to U.S. for Aviation Maintenance Training Advancing Aviation Maintenance Skills through International Collaboration Spartan College of Aeronautics and Technology’s Tulsa campus has recently welcomed 40 students from Saudia Technic to undertake Federal Aviation Administration (FAA) Part 147 Aviation Maintenance Technology training. This cohort, comprising both men and women from Saudi Arabia, will receive comprehensive instruction in airframe and powerplant certification. Upon completion, the trainees are expected to return to Saudia Technic, the maintenance, repair, and overhaul (MRO) division of Saudia Airlines headquartered in Jeddah, to contribute their enhanced expertise. This initiative is closely aligned with the strategic objectives of Saudi Vision 2030, which aims to establish the Kingdom as a leading global aviation hub by localizing advanced MRO capabilities. Saudia Technic, currently employing over 2,700 certified aviation technicians, regards this program as a critical investment in cultivating a highly skilled and technologically sophisticated workforce. Thamer Filimban, head of Learning and Development at Saudia Technic, emphasized the importance of this effort, describing it as a pivotal step toward building the most capable maintenance workforce in the region. Partnership and Training Excellence The collaboration with Spartan College not only facilitates FAA certification but also immerses Saudi trainees in U.S. aviation maintenance practices at one of the nation’s largest aviation training centers. Established in 1928, Spartan College has trained more than 100,000 pilots and technicians from over 40 countries, offering FAA-approved maintenance programs across multiple campuses. The partnership was developed through close cooperation between Abdulrahman Sadawi, Supervisor of Learning and Development at Saudia Technic, and Dan Bregman, Executive Vice President of Strategy and Development at Spartan. Kari Pahno, President of Spartan’s Tulsa campus, expressed pride in supporting Saudi Arabia’s commitment to technical training and workforce development. Challenges and Industry Implications While the program represents a significant opportunity for skill enhancement, it also presents several challenges. Saudia Technic must ensure that the training maintains high quality and relevance, particularly as students adapt to differing regulatory and safety standards in the United States. The logistics of managing an international student exchange further complicate the initiative. Additionally, the return of these newly trained technicians to Saudi Arabia may intensify competition within the local aviation maintenance sector, potentially prompting rival firms to upgrade their own training programs or expand maintenance capabilities to preserve market share. This partnership exemplifies a broader industry trend, with airlines and MRO providers increasingly turning to international training solutions to address a global shortage of qualified maintenance technicians. However, specific details regarding the program’s cost, duration, and post-graduation employment obligations have not been publicly disclosed.