Plaintiff Hall was injured in an accident allegedly caused by a defective "velocipede." The defense sought to introduce the following testimony: "Ryan would testify that he and Hall and one Regna, and somebody else, were present; that a conversation was had in which Regna made a remark with respect to the crack in the wheel; and that this remark was made in his natural tone of voice while Hall was less than 20 yards away and within hearing distance." Assume that Regna's specific remark was, "The wheel of the velocipede is cracked."

Is that out-of-court statement hearsay?