Great. Thanks everyone. My name is Rajat Gupta, a member of JPMorgan Autos Equity Research. We are very pleased to have with us the team from Magna to round out our conference today. Phil Fracassa, Chief Financial Officer, Louis Tonelli, Vice President. Phil has a few opening remarks that he would like to go through, and we will jump right into Q&A then. Sounds great. Well, thank you, Rajat. It is great to be here. Thanks everybody for attending the session. I just wanted to maybe offer a few themes coming off of our second quarter earnings. There were three things I wanted to leave you all with today relative to Magna. One would be, Magna is a company that is expanding margin, growing earnings, despite a flattish industry production environment. So that is really an execution story at Magna. Self-help operational excellence. It is having a big impact, and I know we will talk about it as we get into the session, but we feel like we have got room to run from here. Second point I would say is the free cash flow story. Free cash flow is durable and sustainable. Certainly, 2025 and 2026 has benefited from some large recoveries. But we do believe the structural free cash flow performance for the company remains strong, which then enables not only investments in the core business, but other capital allocation as well. And the last point would be around capital return. We have stepped up our share buybacks this year, and I do believe not just this year, but looking into the future, capital return will remain a key differentiator, I believe, for Magna in the marketplace. So, three themes. And with that, maybe we can go right into the Q&A. Great. Thanks for that quick overview. Maybe just to start with the recent quarter, you put up a really good quarter, raised the outlook on margins, EPS, cash flow. Can you just walk us through what is driving the strong margin performance and what is giving you the conviction to take the guidance higher? Sure. I would say, despite all the uncertainty out there around trade and geopolitical, the business performed really well in the second quarter. Again, as I said in my opening remarks, it was the execution, it was the operational excellence. We continue to gain traction in our operational excellence initiatives. As we thought about the full year, given the strong first-half performance, given our expectation for continued momentum in the back half of the year, all of that gave us conviction to take the guide up, and we took our guidance up. We took the sales guidance down to reflect currency and divestiture that was happening earlier than we previously thought. We took the guide up for margins to close to 6.5% at the midpoint, took our guidance up for earnings per share to $7 at the midpoint, and cash flow to $1.8 billion at the midpoint, really on the confidence of the first half performance and second half momentum, if you will. Really, that earnings per share of $7 at the midpoint represents over 20% growth in EPS, despite really a muted production environment. So, good performance and felt confident to do it. As we sit here today, I feel very confident in the outlook. We've seen some varied, I would say, guidance outlooks from some of your peers. I'm curious how we should think about the level of visibility or just conservatism in the second half outlook. I know you gave us a third quarter, fourth quarter trajectory as well, but maybe even help us think through the timing of the next two quarters. Yeah. Certainly the full-year outlook that we put out a couple of weeks ago reflects our best visibility into the back half of the year, obviously, based on production releases and our expectations regarding input costs and the like. Really, as we think of the second half versus the first half, we do expect, as I said, revenue to be down first half to second half, mainly because of foreign exchange and the divestiture. We're divesting our Lighting and Rooftop Systems businesses, and that's taking place largely in the third quarter, so that's going to be a negative to revenue. But we do expect margins to be up sequentially from the first half to the second half, and we also expect earnings to be up as well. And again, that's mainly driven by continued momentum on operational excellence as well as the expectations for some commercial recoveries in the back half of the year, which tend to be skewed toward the fourth quarter. That's normal commercial items we have typically every year with our customers. But the nature of the dialogue is that they generally get resolved in the back half and typically the fourth quarter, which is kind of the reason for some of that first half, second half cadence on the margins. But do expect margins to be up year-on-year in the second half. Then third quarter, fourth quarter split will be a little skewed to the fourth quarter as we expect revenue to be a little bit stronger, and then the recovery timing, as I mentioned earlier. Understood. We'll dig into margins and operational excellence a little more a little later. But one of the more interesting things on the call was you addressing the non-auto question head on, robotics, automation, data centers, other adjacencies with some project wins already in hand. Magna is already one of the most diversified names, at least in our supplier coverage. So I'd love your read on what drew you to those particular areas, how you think about the return bar relative to core auto, and whether on robotics specifically, this is supplying components and subsystems into those platforms or building the units. Then given you were clear this isn't diversification just for the sake of diversification, how do you make sure this doesn't pull capital or maybe some focus from the core areas? Yeah, no, it's a great question. We had been getting questions heading into the call, so we thought the second quarter earnings call was a good opportunity to really kind of talk more broadly about what we're doing and more importantly, how we're approaching it. We've always said if there's opportunities to utilize our technology or our capability, whether it's engineering, program management, manufacturing, metal forming, et cetera, and use existing capacity, we'd be open to it. I think as we look at non-automotive opportunities, really the point we were trying to make was, number one, we do see opportunities outside of automotive. We're actively pursuing those opportunities. We've actually booked some revenue that will hit in 2027 related to those opportunities. But probably the more important, and it's still obviously still early days, so we'll probably have more to talk about on those fronts in terms of specifically what we're doing in our Investor Day on November 11th. But the more important point, I think, was really to communicate that we're approaching it kind of in the Magna way, which is let's be very disciplined. Let's not invest capital for the sake of investing capital. In the early days, we're really focused on areas where we can leverage existing technology, leverage existing capabilities, use existing footprint, so it's minimal incremental capital, and let's kind of test the market in these areas, as you said, Rajat, whether it's robotics, automation, data centers, warehousing, et cetera. Then if we find an area that we like, we certainly wouldn't be opposed to investing further. But obviously very early days, and at this point, really trying to see what is out there and see what looks attractive to us longer term. I think the opportunities are there. We are pursuing them, but we are pursuing them in a very disciplined way. I would say early indicators are will be good growth opportunities, but very good margin opportunities. But you have to keep in mind, Magna is large, $42 billion in revenue, so it needs to be big to move the needle. So it will be a while before we see a big needle mover, but I do think incrementally accretive to margins, accretive to growth, and accretive to returns. We look forward to maybe hearing more on the investor day, on those fronts. Maybe going back to some of the operational excellence and the Factory of the Future. It was a strong driver, again, in the second quarter, 70 basis points margin bridge in the quarter. You have talked about 35 basis points- 40 basis points for the year. It has been 200 basis points since 2023. You are still calling this early innings. Could you give us some color on how much runway is left, whether that annual cadence is the right one we should think about, at least in the medium term? Which of the buckets, either material flow, advanced tech, just digital standardization of the work, and where are the most opportunities left right now? Sure. So, if you rewind the clock a little bit, obviously when we got to 2023, chip shortages and hyperinflation, Magna has always been focused on operational excellence. It has been a core competency since the founding of the company, frankly. But around that 2023 timeframe is when we said, look, we have really got to step it up. We have got to get that margin back that we lost through the hyperinflationary period, not just through negotiations with our customers and improved economics, but self-help and getting costs out. So it was really an all of the above approach, whether it was between the individual programs at every plant that may be going on to reduce costs, but some bigger programs, as you mentioned, around factory automation and Factory of the Future. We have seen really good margin expansion from all the initiatives. When we talk about the 35 basis points- 40 basis points a year that we have delivered for the last three years and that we are targeting for 2026, that is net of direct labor inflation. That is net of normal course customer price concessions. So it really is bottom-line margin expansion that we have delivered and frankly think we can continue to deliver. As we think about factory automation, we are probably, I do not know, less than halfway on our journey through, maybe close to halfway on the journey through our facilities in terms of connecting them digitally, giving us better visibility into equipment performance, operational productivity. We've got a lot of initiatives around material, a lot of initiatives around SG&A. Where we're at in time and space, we don't see any reason why we can't continue to drive these initiatives over the next few years at least, which would then give us the ability to continue to expand margins, even if industry volumes continue to be flat. That's really the objective. We're still below the peak margins we generated pre-COVID. With operational excellence, improved economics on new contracts, growth over market, getting good incrementals on our growth over market, we don't see any reason why we can't get back, and even get beyond the prior peak margins that we've delivered. Got it. Magna is a large company. Your structure is quite decentralized with divisions owning their own P&Ls. A lot of these gains depend on standardizing tools and sharing the know-how. How do you balance that autonomy against the coordination you need just to proliferate across the whole enterprise? Louis? Yeah, I would call that the magic of Magna. If you think about our work structure, it could be described as functional oversight with operational decentralization. If you think about the divisions and the plant managers, they're responsible for manufacturing, responsible for launch, execution, quality, et cetera. They're happy to use the tools, the standardized tools, and to share best practices because it benefits them, and they're paid off the bottom line of their division. At the group level, they're focused on managing their products and their divisions and selling the products, so marketing the products. At the Magna level, the focus is on setting strategic direction and targets and stuff. We believe that function, that structure that we have is the fastest way to accelerate the efficiencies across the company. Got it. I'll just pause there for a second to see if there are any questions in the audience. No. Okay, so going to some of the growth aspects of the business, you're 90% booked through 2028, I think you've mentioned. Is that ahead or behind, or in line with where you'd normally be two years out? With ICE extensions and some EV programs being pushed out or canceled in North America, are you seeing bidding activity pick up, as that uncertainty sort of out? Yeah, I would say the 90% we talked about on the call would be in line, maybe a little typically be. Really just wanted to convey that, look, the book of business is solid, the order book's solid, and we have a pretty decent line of sight over the next couple of years. Feel really good about the prospects. When we talk about growth over market, you really can't think about growth over market as quarter- to- quarter or even year to year. It's really over a longer period of time. With the business we've already quoted on, that's already in the book, the programs we're quoting on today, put the economics and the margins aside. We feel really good about. We talk a lot about a growth over market target of low to mid-single digits above market. We feel really confident in our ability to deliver that over time. Did I miss anything on that one? No. We'll get into the regions a little bit in some of the segments, but any early read on 2027? Any puts and takes we should keep in mind? Obviously, large diversified enterprise, but anything we need to keep in mind either region-wise or segment-wise that could have a different trajectory than the low to mid-single digit that- I would say probably a little early to talk about 2027 other than to say the self-help that I talked about earlier around the operational excellence will continue. Working on getting improved economics on new programs will continue. The deliberate approach to capital allocation will continue. A little bit too early to talk about production volumes. We do have some new programs launching in 2027. One in particular in our seating business that we believe will be a nice uplift to margins once it is fully ramped. The seating business has done a great job of protecting margins in 2026 because we did have a big program go down with one of our customers retooling a plant. The new program won't launch until next year, so the seating business has done a great job protecting margins. It has shown really good resiliency. We have a new program that will help in 2027 that we are pretty excited about. Beyond that, I think we are just focused on what we can control, and that would be the operational excellence, the execution, and the capital return. Shifting to China, just looking through some of the regional growth aspects. Chinese OEMs are now 65% of your revenue in the region. You took your China production assumptions down like 800,000, 3% or so, but you took North America and Europe up. Can you walk us through how that mix has evolved? How quickly the domestic book backfills some of the share loss from the global OEMs and is China still accretive to the Magna average as that rotation continues? Yeah, it has evolved a lot over time. I think if you go back to 2010, we were probably closer to 20% with the domestics and 80% with the international players. Then we have been able to grow our business over that 15-year period at strong double digit, on average per year sales, and still transition the business so that we are closer to 65% of the business is with the domestic OEMs. So we feel really good about that kind of transition, that we have been able to grow through that, and we think the relationships that we developed with the Chinese OEMs are going to help us as they move into new regions. We have developed the relationships, we have the capacity in the region, so we can support them in other places. Yeah. The only thing I would add to that would be, that's an important part of the whole growth over market algorithm, if you will. It's not just adding content with our current Big Six customers, if you will, but it's also continuing to outgrow and grow at that rate in China as well as other initiatives as well. Margins are still accretive in that region relative to the overall Magna average. Understood. You serve Chery, Geely, Changan, BYD, exactly the names localizing most aggressively. As they move outside of China, are you winning component and system business with them in these new geographies? Or does the complete vehicle relationship travel first, typically? Yeah. Well, I think it's still early days, if you will, but I would say on the customers we do, we are proud of the customer base that we've developed in China, and you named them Chery, Geely, Changan, BYD, BAIC, and they tend to be some of the bigger exporters and some of the bigger players that are looking to localize. And we do see it as net opportunity for Magna and where we're seeing it earliest and probably most impactful right now would be in our complete vehicles business in Austria, where we have actually taken on programs for both XPeng and GAC, where we're assembling completed vehicles for them for the European market. It's currently a SKD or semi-knocked down assembly, so everything's kind of manufactured in China, assembled in Graz for the local market. But we do feel the logical next step would be to localize production through component assembly, and that's what we do well in Graz. We also have a lot of our other groups with facilities in that proximity. We tend to be over-indexed on vehicles that we make in Graz, just given the footprint we have in the region. We're pretty excited about that. Then ultimately, as customers look to have their own facilities over time, Magna is a global supplier, we want to serve our customers wherever they go, and I do think the footprint we have, the competitive position we have in Europe, positions us well to support our customers as they move along. Frankly, I like to think of our Graz, our complete vehicles business, as kind of a bridge. It's really helping customers come into the market, test out vehicles, see what meets with market acceptance, and then as they look to scale further, we feel like we can scale with them. Maybe because we're in the China topic and the next logical region is to talk about Europe, given all the exports that are happening, and I think the latest run rate is 8 million-10 million exports from China into Europe. How do you think about just your Europe exposure in general? Is the dynamic of the Chinese entrants entering Europe and the impact that's having on the legacy European customers, is that a net positive? Is it net neutral for Magna? How should we think about it? Well, I think it really frames up the strategic imperative that we've been talking about, and it's critically important that we continue to grow in China with Chinese OEMs. Louis talked about the fact that we've grown the business with JV revenue, the managed revenue in China. Last year, would've been close to $7 billion. We've done a really good job growing with Chinese OEMs. As they export, Magna products are getting exported with the vehicles, so we feel like we're heading that way. Again, as they move into Europe, being well-positioned to support them. As they move into Europe, they will be taking share from some of the European OEMs. Most of our business in Europe is with the G3, as you might expect. We tend to be a little bit more indexed on the premium side of the spectrum as opposed to the standard side of the spectrum. But the challenge for us, and I think the company's rising to the challenge, is to make sure we're serving the market with whoever is serving the market. That's been our approach. When you think back when the German three came into North America, we didn't really serve them in North America, and really didn't have much with them in Europe, but then grew with them in North America, have grown with them in Europe, and I think it'll be very similar with the Chinese. Got it. Moving to some of the segments that you have, starting with ADAS, autonomous. Veoneer Active Safety was meant to give you a lot of scale in ADAS, and you've captured the synergies. The China piece is coming little below what you underwrote given the shifting policy backdrop and just how interchangeable the perception software piece has become. Do you now have the scale you need? Or is there more to build or buy to round out the portfolio there? And where do you see the midterm growth, or when do you see the midterm growth re-accelerating? Yeah, look, we have business in China, and we see growth opportunities in China. We're taking a bit of a pause in terms of how much development we're going to do until the things kind of settle out in China. But we see some opportunities there, and we continue to grow. So we don't feel like there's a need to do additional acquisitions to build out our business there. In terms of growth, I think that area continues to be a growth driver. Strong growth this year, and we see growth going forward generally in active safety. Back to the theme of growth over market, we feel like we can grow over market in all of our segments, but I think clearly Power & Vision with active safety being in Power & Vision really has seen the most opportunity certainly this year. Then we think over the next few years, it'll be a little bit more concentrated in P&V. Got it. Your Waymo work doesn't get much air time. Magna is now integrating the driver on both the I-PACE and the Zeekr. Could you help investors frame that relationship, whether it stays primarily integration and assembly? Does it extend to competence in systems over time, just as the robotaxi fleet scales? Or whether your complete vehicle capability makes you a natural manufacturer platform for purpose-built platforms? I'm glad you brought it up because I do think the Waymo business is an exciting business that we have. It's not the biggest piece of business in the portfolio, but it's exciting from the standpoint of it's sort of the intersection of our complete vehicle capabilities and our systems integration capabilities. We've been upfitting vehicles for Waymo for a number of years now, and the volumes have been steadily rising. It is their system architecture, if you will, but we upfit the vehicles and get them ready to hit the road, if you will. That sort of leverages the expertise we have, and then the work we've done with Waymo has helped us further develop our expertise. As other players come to the market, we think in an excellent position to serve that robotaxi market as it grows, as it expands, particularly in North America. Got it. Maybe just following up, just on the Power & Vision, the broader segment. You took your guidance up on margins. Some of it is just the Lighting and Rooftop divestiture. What's the clean base to think about from a margin perspective for that segment? Which product lines are going to carry the incrementals in the near term? Yeah, I think the divestitures work would have already been in our look in May as we announced. So maybe a little bit on the timing as it has improved. But I think it's just been execution in Q2 and our expectation that it's going to continue going forward. I think the kind of margin range that we have for the full year is a good kind of target for going forward. And really, it's all the businesses within Power & Vision that are kind of the incrementals on that. They're all growing, so they're all contributing. Got it. And within Power & Vision, there's a 250-kW, 800-volt, two-speed drive, eDrive with Chery, going into your new Wuhu plant. It builds on the hybrid drive already in series production, the G700. Can you frame how meaningful that pipeline is? How content per vehicle compares across ICE hybrid, EV driveline, and just how the platform and building block approach is compressing time to market in other areas? Sure, so we have, I'd say, a very strong pipeline of business in powertrain. Not just electrification, which would be hybrid and BEV, but also in our traditional four-wheel drive, all-wheel drive programs. We expect to continue to launch new programs with the hybrid and eDrive technology in all regions of the world, Europe, China, and even the U.S. And what's really critical about that is when you think about content per vehicle, and we've talked about it before, but if, for example, rough numbers, if a four-wheel drive, all-wheel drive system, say, sells for $500, a comparable eDrive on the same vehicle might be double that, might be $1,000. And a hybrid drive may sit somewhere in the middle. So having capabilities, we like to say we manage our business to be propulsion system agnostic. Now, drives are not propulsion system agnostic, but Magna makes all three. We're developing capabilities in all three, and by 2027, we will be one of the leaders, if not the leading manufacturer of eDrives outside of an OEM in the world. So really proud of the technology that we've developed, the work that we've done, and excited about the possibilities that it creates. We talk about it being sort of a building block strategy, where we built the technology across all three, and as the customer's needs change, as the mix changes, as the preferences change, we're able to change with it very quickly and meet the timing requirements, particularly in places like China, where speed is definitely king as it relates to vehicle development. Got it. I have a question there from Jim. Hey, guys. Good to see you again. Hey. First off, congratulations on execution in this volatile environment. You still got roughly 38% of revenue in Europe, right? Ballpark. Yeah Of the consolidated. Relative to the G3, from what we're hearing and seeing, there's some major activity going on there in the next 12-36 months. You've been aggressively right-sizing your footprint already. I'm just wondering from your standpoint, do you anticipate another step up in restructuring activity in Europe in terms of your footprint, maybe moving from Eastern Europe to North Africa even more aggressively, moving out of whatever you still have left in Germany? Because it looks like some pretty big changes are coming. The other part of the investment cycle is, are we going to be moving back towards 4.5% in the next 12-24 months as a percentage of revenue? Because I know you were really aggressively spending back in 2023, 2024, then you came down. Just wanted to kind of double-check on what's kind of normal. Yeah in terms of CapEx. Thank you. Sure. Maybe I'll start on the Europe piece and ask Louis to chime in as well, but certainly one of the things Magna's done, been very methodical and systematic about getting after the restructuring we need to do, to your point. We feel like we've sort of kept pace in our own footprint and have right-sized it as we've needed to, particularly coming out of COVID. And certainly, as customers need to restructure, if customers are shrinking footprint, we'll have to look and see the impact on us in terms of our business with them, but also in terms of our business with maybe where some of that volume's going and who's taking that volume, if you will. But, I mean, that'll be an evolving thing, but I think it's kind of running the Magna playbook, if you will, and wouldn't anticipate any outside. We typically plan for some level of restructuring, as I said, methodically and systematically get after the footprint. So I think we'd probably continue to do that, and I don't see any outsized need for further restructuring beyond what we're already planning. Anything you'd- No, I agree with that. I think it's going to depend on what the impacts on our plans depends on exactly what they do. Sometimes moving things around, closing the plants, assembly plants, and moving business, as long as we keep the business, doesn't have any impact on us. So we're going to have to wait and see how that unfolds. But I agree that we've been doing it for a long period of time. We already planned to do it, so I don't know whether we'd expect. We don't expect to be accelerating it. We just expect to be continuing it, I guess. On CapEx, we did have elevated CapEx spending in 2023 and 2024, particularly for EV programs in North America, and those did not materialize to the degree we anticipated. We have gotten some recoveries for that capital from our customers. As I think about CapEx, last year was sub 4%. This year, the guide is sub 4% of sales, and I see what we are doing now to achieve that. It is a combination of reuse of equipment. As equipment we put in place, we do not need it for EVs, getting permission from the customer to repurpose that equipment for different programs, different applications. Reuse has really helped us. Then frankly, programs have been extended, where new programs have been sort of on the come, and that has enabled us to kind of lessen the capital need year to year. But I do not see it jumping to 4.5%. We have talked about, if you look back 20 years, Magna has kind of averaged 4%-4.5%. So I think somewhere in that 4%-ish or low 4%s range is probably the average we are going to get to, but I think we would probably step our way there over some period of time. Jim, you made the reference to aggressively spending. I would say that there was a need that required us to spend. If you looked at the profile of our spending over time, it has been up and it has been down. It kind of oscillates around that 4%-4.5%. So it was not that we were aggressively spending. There was a requirement for us to spend for programs, and now because of program extensions and just the cycle of things, we are not spending as much. So it was not like there was some intentional reason that we just, it was required for the capital. The capital was required for the programs that we had been awarded. Yeah, maybe just to follow up on Jim's, just the whole Europe comment and the challenges there in general. I wanted to talk about seating in particular. You talked about the bigger program that is launching next year. Could you shed some light on what that does for the earnings power, in the segment? How should we think about normalized seating margins? In general, how do you think about that segment within the portfolio, given some competitors obviously meaningfully higher margins? Yeah, this year we're expecting that kind of $3.2 billion - $3.5 billion range, and that's even with the Ford Escape going down for the full year. It's a big program for us. That's pretty good execution. We do have a program coming on that's going to be better economics, and that launches later, more of an impact on us in seating next year. That's going to contribute. I think the team has done a really good job of taking costs out. The operational excellence activities are just kind of kicking in. I think without getting into what our expectations are beyond 2026, I think it's fair to say we expect continued growth and we expect margin expansion from where we are today to better levels than what we're seeing right now. It's a business that we've always said we like. We have a strong position. We're number three in North America, number four in Europe. Strong position in China with the domestic OEMs there. We feel good about our business, and we feel good about the trajectory. Yeah, the way I like to look at our seating business, and we were just at one of our seating plants a couple of days ago, is great management team in seating, great technology. As Louis said, we're not the biggest, but we're big enough to compete and win anywhere in the world we play. Got a strong business in China, as Louis said, number three in North America. I think really good opportunities to generate growth over market, continue to expand margins, and generate great returns. A couple of minutes left here. I just want to make sure I ask a few topical points. Just memory and DRAM. You've said there's not a lot of disruption so far, in terms of your ability to secure supply. Is it more of a pricing issue right now? How are you feeling about just supply in general? We've been hearing some comments, I think through yesterday, that pricing has maybe stabilized a bit. I don't know if that's true, but just the latest and greatest on how you feel about just the whole DRAM situation. Yeah, it's definitely been a pricing issue. We're not the biggest purchaser of DRAM. If you look last year, it would have been under $100 million of buy, if you will. But obviously, prices increased significantly. I would probably agree, things are probably stabilizing a bit at a high level, but it's been pricing and it's been availability too. The availability is kind of week to week, month to month. We've done a very good job at Magna, securing supply for our customers and we're planning for that to continue. But it's been a little touch and go, as you know. But from an inflation standpoint, we do have inflation coming through that we've baked into the guide with some level of recovery, not full recovery, but some level of recovery in 2026. Discussions with customers are ongoing. I'd say the discussions so far have been constructive, and what we don't recover this year, we'd look to, if prices don't recede, look to recover next year. Got it. One last one. We have the Analyst Day coming up, and I don't want to front run it too much, but just thoughts on capital allocation and just portfolio. You obviously have the buyback program that's ongoing, which will continue for a couple of quarters. Curious, when does M&A come back into the picture? Other assets within Magna that are ripe for maybe some pruning? Just curious on your thoughts there. Sure. Well, we're looking forward to the Analyst Day or the Capital Markets Day on November 11. I do think from a capital allocation standpoint, we're in a really good spot from the standpoint of the balance sheet's very strong. Leverage is well within our range, targeted range. We like the portfolio. We've completed Lighting and Rooftop or close to completing Lighting and Rooftop. We like the portfolio. There's no glaring holes that would say we've got to go out and make a big acquisition. But I do think we'll continue to manage the portfolio actively as we have. But I think organic is the way we're approaching growth over market in the near term. No real need to do M&A, as I mentioned, which then says with the strong free cash flow and the strong balance sheet, we do believe capital return can continue to be a big part of the story and I think a key differentiator for Magna. You look this year, we've said we're going to complete the NCIB allocation. That would be close to $1 billion, if not more than $1.5 billion of capital allocated to share buybacks in a single year. We're going to end the year with leverage below where it was at the end of last year, at the midpoint of the guide. I think that's been a good part of the story and should continue to be. More to come at the Capital. Awesome. Great. Thanks so much, Phil and Louis. Thanks, Rajat. Appreciate it.