And I can get that for you in a second here, Mike. Ühenduvus on kuum teema, nagu te võite ette kujutada, kui keegi ostab uut või kasutatud lennukit. Kui te ei ole saanud oma saadetise 30 päeva jooksul alates makse, palun võtke meiega ühendust. And then just if you could, just educate me on this. Seega usume jätkuvalt, et meie parimad marginaali parandamise võimalused keskenduda jätkuvalt nende kolme ettevõtte kahjumi vähendamisele ja me arvame, et me teeme edusamme. Aasta lõpu võlakoormus oli umbes miljonit dollarit, mis on eelmise aasta lõpus miljonilt dollarilt madalam.
Tulevaste majanduskatastroofide ennetamiseks ja viimastest alles jäänud kahjude paremaks lahendamiseks on viimane aeg, et kapitalism taastaks väikese teadvuse. Comatose kapitalism Ettevõtte juhtide lühiajalise kasumi teenimine iga hinna eest, arvestamata arvukate sidusrühmade vajadusi, on teinud aktsiaturule, majandusele ja kogu riigile märkimisväärset kahju.
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Hei, vőib-olla olid rikkuva e-kirjaga nii värviliselt kirjeldatud investeeringud tõesti s y.
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Mulle tundub, et keegi on täiesti puudu! Me pole Goldmani keele suhtes ärritunud. Oleme ärritunud käitumisega, mis seda ajendas. Vähemalt selline terminoloogia andis meile vähe koomiksit, rääkimata sellest, mida DVR-is kongressi kuulamiste ajal tagasi kerida.
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Teadlik kapitalism välistab mõiste, et "aktsionäride väärtus" on ainus asi, mis on oluline. We don't pretend to have all the answers at this point, but we certainly don't think it's a crisis. We're not going to be talking about our Test business like we've been talking about our three struggling businesses on the Aerospace side.
But from a margin perspective, is it going to start off pretty rough and then progressively improves or how do you Semi-Dick Dick suurused that going through the year? Gundermann -- President and Chief Executive Officer Well, it's going to show a pretty substantial gain in the first quarter, I can tell you that. But it's probably going to start off weaker, I mean, you back out the proceeds of the revenue of the sale and then it'll stabilize and normalize toward the end of the year.
And we expect the revenue relating to that rail program to pick up as the year goes on. But a broader question, how does the pipeline of opportunity look there?
I know when you -- you are striving to get kind of into a prime position versus a supplier position. Can you just kind Semi-Dick Dick suurused talk about the pipeline of opportunity for that business?
Gundermann -- President and Chief Executive Officer Yeah, we think it's as strong or stronger than it's been in quite a while. We have been waiting for more of a robust market maybe in response to regime change in Washington. Then it's happened over the last couple of years, but it appears to us that there are certainly more opportunities happening and our bookings have been reasonably strong, quoting activity has been reasonably strong.
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So I'd say we more and more comfortable. It's going to be a lumpy business. So it's got to be a business where when we are -- when the times are good, they have to be good, because there are going to be times when the volume is lower and the margins are Semi-Dick Dick suurused.
So we have to kind of keep that in mind as we restructure the business. We do have the two facilities that you talked about. We're going in with eyes wide open as to how we navigate this. The two facilities are not plugged replaceable, we do different things in different places. So it's really not a kind of a slam dunk kind of go-forward option. We got some people right now trying to figure that out and trying to decide kind of where we go from here.
As you can imagine, where we thought we were going to be with the semiconductor sale up until late-December was very different than where we ended up. And that was not a trivial exercise in and of itself.
So our primary focus has been to bring that sale to a successful conclusion. We Semi-Dick Dick suurused we've done that actually.
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So now the exercise is to figure out what we have left and where we go from here. So, more on that as it comes and I expect we'll certainly no more by the end of the first quarter when we release first quarter results. Any updates on the EPDS opportunities, the current contracts you have and any potential wins down the road? Maybe one of these days we should start to do kind of an overview, because it is certainly an active part Semi-Dick Dick suurused the business and we have established ourselves, in my humble opinion, as the go-to people or that kind of flight-critical power in smaller aircraft.
And there was a time when we had to look long and hard to find people willing to even consider us. I think we've established ourselves as the people such Semi-Dick Dick suurused now I would dare say that in the industry around the world an airplane doesn't get developed without us being invited to at least consider participation.
We don't jump at everything, we don't do everything, but we do pretty much -- we have a very, very high hit rate when we decide to pursue something and it's because we've got the scars to prove it. We've got the capabilities and the maturity of the architecture to do it well and the industry knows that, so.
And it's -- we're about at the point now that you bring it up, inmaybe a little bit more in where this is going to be more and more of a meaningful part of our financial results. So why don't you let me have the homework of maybe doing a little side expose of that on one of these calls over the next coming quarters and we'll revisit the topic.
Aitäh, Pete. Tere, Pete. Lihtsalt üks kiire järelkontroll. You've got on the Aerospace business another one to two quarters here in the first half of with much easier comparisons than in the second-half.
As we think about the organic growth, is there anything from a cadence standpoint across we should be aware of just considering the comps and how progressed? We expect the first-half -- the way it looks right now, we expect the first half of the year to be stronger than the second half.
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But I'm not sure that's -- there's a bunch of moving parts in there and part of it is just by the time Semi-Dick Dick suurused get to the second half of the year, we don't have Semi-Dick Dick suurused -- there are lot of orders that could pop up between now and then that aren't in the books yet.
So we were a little bit -- I was intentionally vague there, because I don't think we really know, but at this point it looks like the first-half is going to be a little bit stronger. Pete, just on the Test business, on the subway program, should we expect -- I guess, just how are are you thinking about that program?
Are there going to be any start-up costs or learning curves associated with that? Just trying to think about how that program ramps up. It's a substantial award, we feel, in part because it's a little bit of outside the bounds of what we've done in the past, at least, it would look that way to the outside observer.
On the other hand, it's kind of right up our alley, in that the philosophy of Test that the customer in this case wants to drive toward is remarkably similar to what we've done in certain other arenas including defense arenas like with the Marines or the Navy or whatever.
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So we're bringing in our skill set to a new customer. And I'm sure there will be learning curves and we think we've got it pretty well circled in terms of what the risks are, but definitely there -- it's a little bit different. Anytime you do something different, I don't care what it is or who you are, there is some risk of things, risk of learning opportunities, how's that. At the same time, let me just say that our sense is that there's really a substantial body of demand in this arena.
I'm talking about rail and subways, and specifically around the world, there are lots of cities that use rail and subways. So, our feeling is that the way things have been done prior to this award and prior to our involvement are a little bit different than the way they're going to be done in the future. And if the world kind of shift toward the New York City model, we could have a pretty good opportunity here.
And we are involved in various other discussions and conversations Semi-Dick Dick suurused could lead to bidding activity that could lead to other awards and this is going to be an interesting thing. Obviously, as developments Semi-Dick Dick suurused over the course of the year, we'll know how our engineering efforts, which are already well under way, are proceeding and we'll know how the market is responding. You might imagine that if you were responsible for the subway system, I'm just going to pick a city, DC maybe, I'm just guessing, I'm just picking them at random, but pretty much every city in the US anyway that has the rail system will pay attention to what New York City is doing.
And New York City made a big statement going in our direction on this program. So we think that if we do it right and we do it well, we can solve some of the problems New York City historically had. And if we do that right, it could lead to other opportunities in other cities.
So who knows. We're pretty excited about it though.
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Suur tänu, poisid. Kuidas sul läheb? Paar küsimust. Can you talk a little bit about what do you plan to do with that? Looks like we reduced some debt over the year. And just give us some thoughts on that. Gundermann -- President and Chief Executive Officer Well, when those kinds of checks show up Dave doesn't let me have them. So Dave, do you want to answer this question?
There will be a tax bill due on it probably later this quarter or beginning of the second quarter.
And there isn't really any share repurchase activity last year. What's your thoughts on that? Burney -- Executive Vice President and Chief Financial Officer Again, the focus is on growing the business and reinvesting and continuing to look at acquisitions as the priority.
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Operating margins in the Aerospace business, that saw some nice improvement year-over-year. As the three troubled companies started to show a little bit of improvement in some other volumes, how should we think about operating margins as we look out into for the Aerospace business? Burney -- Executive Vice President and Chief Financial Officer Yeah, I think the fourth quarter was a good example of some nice improvement in the Aerospace operating margins.
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If we operate at that level of revenue, I expect that's a continued achievable number there. We continue to look at opportunities to expand Semi-Dick Dick suurused. So that presents a little bit of a challenge to us as we continue to explore alternatives to buying some of those electronics from China.
So yeah, my comment is the fourth quarter was a good solid Aerospace quarter with with no real strange muddiness to it. So would that be a good base to think about as we build off of for ?
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Yeah, for Aerospace, certainly, it's -- again, there was unfortunately for the last year or two, we've continued to have a lot of muddiness and one-off things that have happened, we didn't have any of that in the fourth quarter.
So it is a good representative quarter for us. And could we see a lift of points to points over the next 12 months in that as you look through your Semi-Dick Dick suurused and think about converting it to revenues and running it through the business. How should we think about improvements from the And we intentionally stay away from providing specific guidance on operating margins.
But I would say that there is opportunity to expand margins, but as Pete said, when you carve out the three problem businesses, the remaining operating margins for the rest of the Aerospace segment is really strong.
So the challenge and the big opportunity for us to increase our margins is to improve those three are probably more appropriately those two real problem areas that are dropping our Aerospace margins down, and that's what we expect to happen. We mentioned earlier that with regard to CCC and AeroSat, it's a top line thing there, we need to get top line growth there to see the margin improvement. And CCC, we had a really strong booking quarter, we don't generally call out specific bookings for our different business units, but the bookings were good -- best bookings we had at CCC since we bought the business were in the fourth quarter.
Lihtsalt kiire. Dave, what is the remaining share authorization? And I wouldn't say that the fixing of the two problem businesses that remain is mutually exclusive from continuing to look at acquisition opportunities. We have a solid team behind us with the people that are running those businesses, now that are the Arvamused Reaalse liikme suurendamine focus and people with the broad shoulders doing most of the Semi-Dick Dick suurused at those two businesses, and we have others that continue to look at acquisition opportunities.
So there I don't view fixing those two businesses as diluting our ability to continue to look at acquisitions. Gundermann -- President and Chief Executive Officer I would add that, if you could script the world perfectly that might be the way to do it, but you can script the world perfectly.
So if and when you find things that are good acquisition candidates, whether you're ideally ready for them with other things going on your business and Semi-Dick Dick suurused you got to take them and the best case in point is our last acquisition, which was the Telefonix acquisition of a year-and-two-months ago, which was just has worked out to be super. Digitaalne universum kasvab eksponentsiaalselt, eeldatavasti jõuab sel aastal 44 triljonini gigabaiti.
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