Actualités en direct • Jun 04
StandardAero Stock Falls After CEO Succession Plan and Sector Downgrade Announced StandardAero announced that long-time CEO Russell Ford will retire after 13 years, with Paul McElhinney appointed as his successor effective October 1, 2026.
Ford will remain Executive Chairman through the end of 2026, with McElhinney set to assume the Chairman role starting January 1, 2027.
Following the succession announcement, the stock fell 8.1%, with the move also linked to a Jefferies downgrade from Buy to Hold tied to a softer near-term air-traffic outlook for the aerospace sector.
The structured handover from Ford to McElhinney signals a planned leadership transition over the next 18 months. This may help limit operational disruption even as investors reassess the company’s leadership and sector exposure.
The combination of a CEO change and a sector-related downgrade highlights that you should watch both execution under the incoming leadership and any updates on air-traffic trends that influence aerospace services demand. Annonce • Jun 02
StandardAero, Inc. Announces CEO Changes StandardAero announced that Russell Ford informed the Board of Directors of his decision to retire as Chief Executive Officer after 13 years leading the Company and 45 years in the aerospace industry. The Board of Directors appointed Paul McElhinney, a 35-year industry veteran and the Company’s current Lead Independent Director, to succeed Mr. Ford as CEO effective October 1, 2026. Mr. Ford served as CEO since 2013 and led StandardAero through a period of transformation and growth, increasing annual revenue from $1.6 billion in 2013 to more than $6 billion in 2025, and guided StandardAero through its initial public offering in 2024. Paul McElhinney serves as Senior Operating Partner and Co-Head of the Portfolio Strategy and Optimization Group at AE Industrial Partners, LP, brings more than three decades of aerospace and industrial leadership experience and has been a member of the Company’s Board since 2019. He previously served as President and CEO of both GE Power Services, a $15 billion power generation aftermarket business, and GE Aviation Services, where he was responsible for more than doubling the backlog of the business to over $100 billion. He also held General Counsel and Business Development roles at GE Aviation and GE Capital Aviation Services over the course of his thirty-year career at General Electric. Buy Or Sell Opportunity • Jun 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.9% to US$27.36. The fair value is estimated to be US$35.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last year. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Reported Earnings • May 11
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$0.24 (up from US$0.19 in 1Q 2025). Revenue: US$1.63b (up 13% from 1Q 2025). Net income: US$79.9m (up 27% from 1Q 2025). Profit margin: 4.9% (up from 4.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.6%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Aerospace & Defense industry in the US. Annonce • May 09
StandardAero, Inc. Increases Earnings Guidance for the Year Ending December 31, 2026 StandardAero, Inc. increased earnings guidance for the year ending December 31, 2026 . For the year, the company expects revenue in the range of $6,325 million to $6,450 million. As it incudes effect from the elimination of $300 million to $400 million in material pass-through revenue. Annonce • May 04
StandardAero, Inc., Annual General Meeting, Jun 25, 2026 StandardAero, Inc., Annual General Meeting, Jun 25, 2026. Annonce • Apr 24
StandardAero, Inc. to Report Q1, 2026 Results on May 07, 2026 StandardAero, Inc. announced that they will report Q1, 2026 results After-Market on May 07, 2026 Annonce • Mar 31
Standardaero Announces President of Business Aviation Changes, Effective March 31, 2026 StandardAero announced Giovanni Spitale as President of its Business Aviation segment effective March 31, 2026. Spitale will replace Anthony (Tony) Brancato III, who is retiring after nearly a decade in leadership positions with StandardAero and more than four decades in aviation. Spitale is a results-driven executive with more than 30 years of experience in engineering, operations, and global leadership. He will oversee strategic growth, operational excellence, and customer support for the StandardAero Business Aviation division. Spitale will be based at the company’s headquarters in Scottsdale, AZ, and will report to Kim Ernzen, Chief Operating Officer of StandardAero. Spitale joins StandardAero following his most recent successful tenure as Chief Executive Officer at Davis Standard, LLC, where he led a $1B revenue private equity-owned business through significant organic and mergers and acquisitions growth. Prior to Davis Standard, Spitale held several senior executive roles at The Boeing Company and leadership positions at Milacron Holdings Corp., GE Aviation, Moog, and Honeywell International on various business aviation programs. A veteran of the Armed Forces of the United States, Spitale began his career in the U.S. Navy where he served as a Nuclear Propulsion Plant Supervisor for nearly a decade. He holds an MBA in international management from Arizona State University’s WP Carey School of Business and a bachelor’s degree in nuclear engineering from Thomas Edison State University. He is a PMP-certified professional and a Six Sigma Green Belt. Brancato’s career spanned roles with Textron Lycoming, AlliedSignal and Honeywell. He will remain with StandardAero through June 2026 to help ensure a smooth transition. Recent Insider Transactions • Mar 19
Lead Independent Director recently bought US$984k worth of stock On the 13th of March, Paul McElhinney bought around 37k shares on-market at roughly US$26.41 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Recent Insider Transactions Derivative • Mar 03
Chairman & CEO notifies of intention to sell stock Russell Ford intends to sell 160k shares in the next 90 days after lodging an Intent To Sell Form on the 2nd of March. If the sale is conducted around the recent share price of US$30.80, it would amount to US$4.9m. For the year to December 2023, Russell's total compensation was 40% salary and 60% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2025, Russell's direct individual holding has decreased from 3.19m shares to 2.87m. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Reported Earnings • Feb 26
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: US$0.84 (up from US$0.038 in FY 2024). Revenue: US$6.06b (up 16% from FY 2024). Net income: US$277.4m (up US$266.4m from FY 2024). Profit margin: 4.6% (up from 0.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Aerospace & Defense industry in the US. Annonce • Feb 11
StandardAero, Inc. to Report Q4, 2025 Results on Feb 25, 2026 StandardAero, Inc. announced that they will report Q4, 2025 results After-Market on Feb 25, 2026 Annonce • Feb 05
StandardAero Completes First CFM Leap-1A PRSV StandardAero recently completed delivery of its first CFM International LEAP engine to undergo a performance restoration shop visit (PRSV). Achieving this milestone, which followed pass-off testing of the engine at StandardAero's San Antonio, TX facility, demonstrates the maturity of the company's LEAP program in support of more than 20 customers around the world. The engine referenced was a LEAP-1A owned by leading aviation leasing provider AerCap, powering one of thelessor's Airbus A320neo family aircraft. Aviation leasing companies such as AerCap account for approximately half of the global commercial aircraft fleet. AerCap's fleet of approximately 1,700 owned and managed aircraft includes more than 350 LEAP-powered Airbus A320neo family and Boeing 737 MAX aircraft. StandardAero supports the LEAP-1A and LEAP-1B engine family from its 810,000 sq. ft. facility in San Antonio as a CFM LEAP Premier MRO provider, having signed the first non-airline CFM Branded Service Agreement (CBSA) in the Americas for the LEAP and LEAP-1B in March 2023. StandardAero has been providing LEAP quick-turn shop visit (QTSV) services to operators since March 2024, and completed correlation of its first test cell for the LEAP in November 2024, paving the way for PRSV inductions. In addition to establishing MRO capability for the LEAP-1A & LEAP-1B at its San Antonio facility, StandardAero is also industrializing new engine component repairs for the LEAP family through its Component Repair Services (CRS) network of locations, and its Repair Development Center of Excellence. To date, StandardAero's CRS team has industrialized more than 450 component repairs for the LEAP-1B and LEAP-1B. StandardAero also continues to grow its team of LEAP technicians through its in-house Aviation Mechanic Training Program, located at its San Antonio site's Training Academy. AerCap is the global leader in aviation leasing with one of the most attractive order books in the industry. The company serves approximately 300 customers around the world with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and is based in Dublin with offices in Shannon, Memphis, Miami, Singapore, London, Dubai, Shanghai, Amsterdam and other locations around the world. CFM International, the 50/50 joint company between GE Aerospace and Safran Aircraft Engines founded in 1974, has redefined international cooperation and helped change the course of commercial aviation. CFM is the world's leading supplier of commercial aircraft engines with a product line that sets the industry standard for efficiency, reliability, durability, and optimized cost of ownership for narrowbody aircraft. The company produces the LEAP and CFM56 families of engines, and supports LEAP and CFM56 fleets for more than 600 operators worldwide. StandardAero is a leading independent pure-play provider of aerospace engine aftermarket services for fixed- and rotary-wing aircraft, serving the commercial, military and business aviation end markets. StandardAero is a commercial, military and business aviationend markets. StandardAero supports the LeAP-1A and LE AP-1B engine family from the 810,000 sq. sq. ft. facility inSan Antonio as a CFM LE AP Premier MRO provider, having signing the first non-airlineCFM Branded Service Agreement (CBSA) in the Americas for The Americas for the LEAP-1 AER) in the Americas for the LeAP-1A. AerCap has been providing LEAP-1A and LeAP-1B in March 2020. StandardAero has be providing LEAP quick-1A and LEAP quick-1B services to operators since March 2024 and completed correlation of its first tests cell for the LEAP in November 2024, paving the way for PRSV inductions. Recent Insider Transactions Derivative • Feb 03
Chairman & CEO notifies of intention to sell stock Russell Ford intends to sell 160k shares in the next 90 days after lodging an Intent To Sell Form on the 2nd of February. If the sale is conducted around the recent share price of US$30.89, it would amount to US$4.9m. For the year to December 2023, Russell's total compensation was 40% salary and 60% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Russell's direct individual holding has decreased from 3.19m shares to 3.03m. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Recent Insider Transactions Derivative • Jan 06
Chairman & CEO notifies of intention to sell stock Russell Ford intends to sell 160k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of January. If the sale is conducted around the recent share price of US$29.64, it would amount to US$4.7m. For the year to December 2023, Russell's total compensation was 40% salary and 60% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Russell has owned 3.19m shares directly. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Annonce • Dec 10
StandardAero, Inc. (NYSE:SARO) announces an Equity Buyback for $450 million worth of its shares. StandardAero, Inc. (NYSE:SARO) announces a share repurchase program. Under the program, the company will repurchase up to $450 million worth of its common stock. Reported Earnings • Nov 12
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: US$0.21 (up from US$0.058 in 3Q 2024). Revenue: US$1.50b (up 20% from 3Q 2024). Net income: US$68.1m (up 315% from 3Q 2024). Profit margin: 4.5% (up from 1.3% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Aerospace & Defense industry in the US. Annonce • Nov 11
StandardAero, Inc. Raises Earnings Guidance for the Full-Year 2025 StandardAero, Inc. raised earnings guidance for the full-year 2025. For the year, the company now expects revenue of $5,970 million - $6,030 million (prior $5,875 million to $6,025 million). Annonce • Oct 24
StandardAero, Inc. to Report Q3, 2025 Results on Nov 10, 2025 StandardAero, Inc. announced that they will report Q3, 2025 results After-Market on Nov 10, 2025 Annonce • Sep 30
StandardAero, Inc. Announces Executive Changes, Effective October 6, 2025 StandardAero announced Michael L. Kaplan will rejoin the company as Chief Legal Officer effective October 6, 2025. A former SVP, General Counsel, Chief Security Officer, and Secretary at StandardAero, Kaplan is returning to succeed Steve Sinquefield, who is retiring after holding the position for more than ten years. Kaplan will be based at the company’s headquarters in Scottsdale, AZ, and will report to Russell Ford, Chairman and CEO of StandardAero. Kaplan brings more than 25 years of legal and executive leadership experience to StandardAero. He most recently served as Senior Counsel at the global law firm Norton Rose Fulbright, where he advised clients on complex corporate, securities, and mergers and acquisitions matters. He also spent more than a decade as Chief Legal Officer leading the legal and compliance functions at M.D.C. Holdings, Inc. and Red Robin Gourmet Burgers, Inc. Annonce • Sep 23
StandardAero, Inc. Announces President Changes StandardAero announced the appointment of Gregory Krekeler as President of its Component Repair Services (CRS) business. Krekeler succeeds Kimberly Ashmun, who will remain with the company through the end of the year to support the leadership transition. Krekeler will be based in Cincinnati, OH, and report to Kim Ernzen, Chief Operating Officer of StandardAero. Krekeler brings to the position more than 20 years of aerospace and defense experience. Most recently, he served as Vice President and General Manager of StandardAero’s facility in Maryville, TN. In addition to the past three years with StandardAero, he spent nearly two decades in various global engineering, supply chain and procurement leadership roles with Boeing, both within the United States and in the United Kingdom. He also held roles in engineering and program leadership with McDonnell Douglas. Krekeler holds Master of Business Administration, Master of Science in Aerospace Engineering and Bachelor of Science in Aerospace Engineering degrees. Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: US$0.21 (up from US$0.019 in 2Q 2024). Revenue: US$1.53b (up 14% from 2Q 2024). Net income: US$67.7m (up US$62.3m from 2Q 2024). Profit margin: 4.4% (up from 0.4% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Aerospace & Defense industry in the US. Annonce • Aug 14
Standardaero, Inc. Provides Earnings Guidance for the Full Year 2025 StandardAero, Inc. provided earnings guidance for the full year 2025. For the period, the company expected revenue to be in the range of $5,875 million to $6,025 million (prior $5,825 million to $5,975 million). End Market Revenue Growth Assumptions: Commercial Aerospace is Mid-Teens Growth. Military & Helicopter is High Single Digit Growth. Business Aviation is High Single Digit Growth. Annonce • Jul 28
StandardAero, Inc. to Report Q2, 2025 Results on Aug 13, 2025 StandardAero, Inc. announced that they will report Q2, 2025 results After-Market on Aug 13, 2025 Annonce • Jul 18
StandardAero Expands Its CFM56-7B Services Portfolio with Exchange Engine Solutions, Helping to Maximize Aircraft Availability for Boeing 737NG Customers Worldwide StandardAero has recently expanded its portfolio of CFM International CFM International CFM56-7B services to include exchange engine solutions. StandardAero is already an OEM-authorized CFM56-7B MRO provider, with full engine overhaul and test capabilities in two locations across North America, and this new engine exchange offering introduces an additional service option for Boeing 737NG customers worldwide. Under the exchange engine program, StandardAero provides a serviceable CFM56-7B turbofan engine with strong remaining life, taking delivery of an unserviceable powerplant in turn. This approach offers a responsive and straightforward solution for a wide variety of customers, including airlines, lessors and other asset owners. StandardAero has a long and successful track record of offering exchange solutions on other engine platforms, and the company has applied this expertise to its CFM56-7B program. StandardAero recently completed such an exchange for Stellar Aviation Solutions Pvt. Ltd., a leading Indian aviation company, which took delivery of a serviceable, warrantied CFM56-7B26/3 engine (including QEC) in exchange for a time-expired unit. This deal, which was completed in just six weeks, enabled Stellar Aviation to assist with the immediate return to service of a Boeing 737-800 aircraft which was urgently required for cargo operations. StandardAero and Stellar Aviation also agreed on a future end-of-life solution for the serviceable engine after LLP expiration, and the two parties are also working on an additional engine exchange opportunity. StandardAero has provided the global CFM56-7B operator community with a comprehensive range of engine services from its Winnipeg location since 2010. In addition to its existing Winnipeg capabilities, StandardAero now also provides CFM 56-7B MRO support from its DFW International Airport location in Dallas, TX, USA, which is seeing strong demand from Boeing 737NG operators and asset owners. These newly introduced capabilities offer operators the confidence and convenience of a second CFM56-7B engine line, enabling StandardAero to accommodate the MRO requirements of its customers around the world while also providing the assurance of test cell capability redundancy. The company provides an extensive range of additional services for the CFM56 family, including component repair and overhaul capabilities through StandardAero's Component Repair Services (CRS) segment; engine, module and used serviceable material (USM) asset management support through PTS Aviation; and engine health monitoring (EHM) data analysis services. Based in New Delhi, India, Stellar Aviation was incorporated in 2009 with a view to providing aviation consulting services in the field of aircraft acquisition, airline project evaluation, implementation, execution and various other maintenance and operations related activities. Stellar Aviation's expertise includes advisory services for engine overhaul, engine acquisition, avionics, engine/airframe valuations, and sale and leaseback deals. Stellar Aviation and its affiliates also run a general aviation MRO at Delhi airport servicing various types of business aircraft. Annonce • May 23
StandardAero, Inc. has completed a Follow-on Equity Offering in the amount of $840 million. StandardAero, Inc. has completed a Follow-on Equity Offering in the amount of $840 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 30,000,000
Price\Range: $28
Discount Per Security: $0.7 Annonce • May 22
StandardAero, Inc. has completed a Follow-on Equity Offering in the amount of $840 million. StandardAero, Inc. has completed a Follow-on Equity Offering in the amount of $840 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 30,000,000
Price\Range: $28
Discount Per Security: $0.7 Annonce • May 20
StandardAero, Inc. has filed a Follow-on Equity Offering. StandardAero, Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 30,000,000 Reported Earnings • May 13
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.19 (up from US$0.015 in 1Q 2024). Revenue: US$1.44b (up 11% from 1Q 2024). Net income: US$62.9m (up US$58.6m from 1Q 2024). Profit margin: 4.4% (up from 0.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) also surpassed analyst estimates by 5.6%. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Aerospace & Defense industry in the US. Annonce • May 13
StandardAero, Inc. Revises Earnings Guidance for the Year 2025 StandardAero, Inc. revised earnings guidance for the year 2025. For the year, the company expects revised revenue to be in the range of $5,825 million to $5,975 million compared to previously expected revenue to be in the range of $5,800 million to $5,950 million. Annonce • Apr 28
StandardAero, Inc., Annual General Meeting, Jun 12, 2025 StandardAero, Inc., Annual General Meeting, Jun 12, 2025. Annonce • Apr 22
StandardAero, Inc. to Report Q1, 2025 Results on May 12, 2025 StandardAero, Inc. announced that they will report Q1, 2025 results After-Market on May 12, 2025 Buy Or Sell Opportunity • Mar 31
Now 20% undervalued Over the last 90 days, the stock has risen 7.6% to US$26.64. The fair value is estimated to be US$33.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.8% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. Annonce • Mar 27
StandardAero, Inc. has completed a Follow-on Equity Offering in the amount of $1.008 billion. StandardAero, Inc. has completed a Follow-on Equity Offering in the amount of $1.008 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 36,000,000
Price\Range: $28
Discount Per Security: $0.84 Annonce • Mar 26
StandardAero, Inc. has filed a Follow-on Equity Offering. StandardAero, Inc. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 30,000,000 Board Change • Mar 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Chairman & CEO Russell Ford was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Annonce • Mar 11
StandardAero, Inc. Provides Earnings Guidance for the Fiscal Year 2025 StandardAero, Inc. provided earnings guidance for the fiscal year 2025. For the year, the company expects revenue to be between $5,800 million to $5,950 million. Annonce • Feb 22
StandardAero, Inc. Elects Derek J. Kerr as a Class III Director On February 18, 2025, the Board of Directors of StandardAero, Inc. elected Derek J. Kerr as a Class III director of the Company, effective on February 18, 2025. Mr. Kerr was designated as a director by affiliates of The Carlyle Group Inc., the Company’s controlling stockholder, pursuant to the Stockholders Agreement, by and among the Company and the stockholders party thereto, dated October 1, 2024, and filed with the Securities and Exchange Commission on October 3, 2024. Annonce • Feb 21
StandardAero, Inc. to Report Q4, 2024 Results on Mar 10, 2025 StandardAero, Inc. announced that they will report Q4, 2024 results After-Market on Mar 10, 2025 New Risk • Nov 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Annonce • Nov 05
StandardAero, Inc. to Report Q3, 2024 Results on Nov 13, 2024 StandardAero, Inc. announced that they will report Q3, 2024 results After-Market on Nov 13, 2024 Reported Earnings • Oct 03
Second quarter 2024 earnings released Second quarter 2024 results: EPS: US$0.019. Net income: US$5.40m (up US$5.40m from 2Q 2023). Annonce • Oct 03
StandardAero, Inc. has completed an IPO in the amount of $1.44 billion. StandardAero, Inc. has completed an IPO in the amount of $1.44 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 60,000,000
Price\Range: $24
Discount Per Security: $1.26
Transaction Features: Sponsor Backed Offering Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Chairman & CEO Russell Ford was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.