Next, fireside discussion with AAON. Really pleased to have Matt Tobolski, President and CEO, here for meetings and in the chat today. Matt, thanks so much for being here. Maybe where I wanted to start, Matt, was, you know, a year ago you were in the CEO role, now you're in the CEO role here for several months. A lot underway at AAON. A lot of it you've been engaged in really from the start. Anything different we could expect to see under your leadership here going forward? Yeah, I'd say the biggest difference, I mean, AAON has really charted a path over the last 30+ years on really great innovation and just this kind of disruption in the overall HVAC space. We layered in, obviously, BASX and the data center growth engine, which is awesome and exciting. It also kind of exposed the need to sort of build and invest in the future with AAON. A lot of that is not just in capacity, but it's in systems and sort of, I'll say, maturing of the organization. A lot of what we're doing in the midst of all this growth is also making sure that we have a lot of the technology, the people, and the systems in place to let us win with intentionality at a much larger kind of scale. That's really a lot of what my focus has been on, is really kind of getting ourselves aligned to not just thrive in today's environment, but really set ourselves up to really capitalize on this growth and deliver great performance and great value as a $2 billion, $3 billion, $4 billion a year enterprise. Okay. Matt, I wanted to spend a lot of the time today on the growth opportunities, which I think are pretty immense for you. Obviously, I think a question on a lot of people's minds is the progress you're seeing with the ERP implementation in Longview. I know you did issue an AK today. Maybe you could just share with us where things are at. Yeah, of course. You know, going back to the previous comment, the ERP is a necessary piece of the investment in letting AAON scale and grow. We were working on an ERP system that was homegrown from 1988. Obviously, it was built and improved over the years, but the level of visibility and transparency in our own operations is limited in that technology. This investment in the ERP was a necessary piece to let us scale with visibility and really transparency and communication about where we're going as a business. I always start off by saying, am I pleased with how Q2 went out in terms of the ERP implementation? Of course not. That's not the expectation we set for ourselves. That's not how we want to deliver kind of performance as a company. The AK today was really put out to answer the question we knew was going to be top of mind for everybody, which is, how is that recovery going? We talked on the Q2 call about April being the low point in overall efficiency, and it was getting better month by month. I wanted to make it a point to publish the same efficiency metrics we talked about in the Q2 call and highlight how July and August actually came through for us. We talked in Q2 that the trajectory was positive. It was going in the right direction. If you look at the numbers we published and really on the August efficiency numbers, it shows that we're almost back to the target efficiency metrics for the AAON brand as a whole. What's really implied and built in there is that Tulsa is back to the efficiency performance targets that we expect and we want. Tulsa is operating really from an efficiency standpoint where it should be operating. Longview has a little bit of pressure, but Longview has still consistently been getting better. We're just a little bit below the efficiency metrics in Longview that we really want to be at. By and large, we're seeing that recovery really materialize in the performance we're seeing throughout Q3. Has the addition of that third coil supplier been impactful for you? I think that was part of the objective to get Tulsa back to where you want it to be. Yeah, it's been a combination. I would say it's a combination of Longview improving its coil performance in terms of delivery and execution. It's also our two previous suppliers getting back on track. I mentioned on the Q2 call and afterwards that as soon as the issues with the coil suppliers materialized, we went into very much blocking and tackling. We had personnel on site at each one of our coil suppliers driving performance and understanding exactly where we're at to be able to manage the impacts to the overall operation. Those factors, plus the third supplier, have provided an opportunity or an environment where coils are not the problem. Coils are not impacting the Tulsa operation. Okay. I think the other thing that's been on people's minds, I get a lot, Matt, is just, and you did put some definitive timelines on the implementation at the other facilities for the ERP. Maybe you just talk about what you've been doing behind the scenes to kind of prepare for a smooth transition there. Yeah, the one thing I want to start with is the way we manage the business. You know, we transitioned to more of a global operating mindset on the operations and manufacturing side back in January of this year. A lot of that's because we are blending both AAON and BASX products at multiple sites across the portfolio. The operating strategy had to evolve from a geographically kind of defined strategy. The other benefit you get there from an operations perspective with ERP implementation is we already have those global functions, those global teams operating inside the new ERP. Our purchasing departments, our production planning departments, the engineering departments, they're already interacting and interfacing within the ERP. It's allowing us to get a lot more bodies in front of it than when we went live in Longview. Longview going live, that was the first time anyone in the system truly had to operate in it. We're getting the advantage of more bodies running through the system. We're also getting the ability to put personnel from different sites into Longview to be able to operate inside the system and getting more and more personnel that operate in the system that we can move from Longview to another site when it goes live. The overall kind of rollout strategy is Longview stabilization, which is getting close to where we want it to be at. Memphis is the next go live. I always say Memphis is not really an ERP transition because it's a new site. It's really just putting in an ERP. From there, it goes to Redmond and then it goes to Tulsa. By the time we get to Tulsa, which is our largest site, we are going to have three sites operating. We're going to have the vast majority of our global functions all touching the system on a daily basis. We're going to have an opportunity to move personnel between sites very intentionally to kind of get through the overall system. The other piece is you're also getting more runtime to be able to figure out where are the pain points and pinch points. We create very intentional strategies to train around that. Excellent. We'll maybe move into the growth opportunities here and start with the BASX branded product. A lot of buzz around AI investment lately with Nebius's announcement and Oracle, obviously. I know you have NDAs. You don't talk about specific customers, Matt, but just your reaction to what you're seeing out there in terms of AI investment. Yeah, I mean, the engagement, the opportunities, we continue to see tremendous strength. The forecasting we see with existing customers that we have in hand, you know, we typically see anywhere between three and seven years of pipeline visibility. I always say that seven years is more directional conversation than anything that we look at as material. The three-year windows we tend to get with those customers, you know, there's site locations, there's permitting, there's a lot that's already in place. There's a lot of stability and understanding kind of those growth projections over the next three years. We continue to see strengthening of those, not weakening. Our sales channel engagement is incredibly strong with existing, but also new opportunities and new relationships. We continue seeing a tremendous opportunity in the AI space. I would also say it's also not weakening in the cloud space. Cloud data center development, you know, is still growing in this AI backdrop. The AI conversation is certainly the buzz, given the level of growth. Cloud computing data center investment is also continuing throughout the cycle as well. Okay. In the June Industry Day deck, you showed the evolution of BASX from sort of three quarters hyperscaler focused today to maybe one half in the future. Non-hyperscalers represent the other half of the business sometime down the line. Is this sort of neocloud renaissance a big part of that customer evolution in the future for BASX? Is it something else? How do we think about that? Yeah, I mean, there's a lot of drivers to it. Part of the driver is really that productization strategy that we have. That allows us to access, I'll say, further into the data center kind of customer base. If you imagine a hyperscaler who is going to spend a lot of time and energy and has a very sophisticated team in-house, they will spend a lot of time optimizing a solution in an overall system architecture. That's where a lot of that sort of solutions engineering, that custom type product really resonates with those customers. They have the capacity and wherewithal to really build out unique solutions. That's been, and why you see that sort of, I'll say, heavy weighting towards that type of customer today is because it's representative of all of that custom product that we build. As we kind of expand our product portfolio and add in more kind of software configurable semi-custom product solutions in there, kind of the AAON mindset of what we build AAON on as a company, you start getting the ability to engage more and more customers inside that data center sphere. That's where we see a lot of that ability to diversify kind of in that environment. It is some of that on the neocloud side, but it's also really an intentional product strategy that's allowing us to really provide more opportunities to engage with a broader set of customers. Yes. You know, one more just around the Investor day and some of the targets you guys laid out, maybe there was some response or disappointment to what was implied for BASX growth going out a few years. I think sort of 20%- 25% annual growth into 2026, 2027. If demand stays where it's at right now, how do we think about the upside to that? Yeah, I would certainly say there's upside. The part that I would caution, though, is it is a conversation about capacity and demand. From a perspective of ramping up capacity, it is also being very intentional to make sure we maintain the brand integrity throughout that growth cycle. We built the brand from day one about keeping true to our word and delivering the quality and the on-time delivery that our customers deserve and expect. Really, it's being intentional and making sure that as we ramp this capacity, we don't dilute that experience. Yes, there's upside, and it's going to really come down to how good we do at ramping and scaling. We factor in a certain consideration of risk growing as fast as we're growing into that kind of conversation. I'll say the upside, the demand is certainly there. It comes down to our discipline during the growth cycle and executing properly. If we do that, and we do that as well as we think we can do that, there certainly is the ability to capitalize on more growth. That does kind of lead to the next couple of questions, Matt. Maybe one, can you talk about the progress of the Memphis development, which is, you know, huge capacity you're adding there? I think that facility will be mostly almost all BASX product. Are you selling that capacity now? Yeah, so we had started selling that capacity. Maybe going back, yes, I mentioned to Brent walking in that I spent the week at our Memphis plant. I've been on site all week with our team and kind of seeing where it's at. It's an awesome opportunity, number one, in that in the history of AAON, in the history of BASX, it's the first large-scale kind of clean slate we've had to build. You think about BASX and AAON growth over the years, it's always been kind of patching on buildings to existing facilities, which is not the most efficient operation from a manufacturing perspective. Having the ability to really clean slate design a large-scale manufacturing site has been awesome for the team to really leverage a lot of lessons learned over decades. We bought that building in December. We started assembling products back in February. We had a big empty box. We were able to basically ship parts and pieces in and go ahead and start building products. We did that to be able to start training the team and start building out the kind of personnel to be able to scale the organization. Where we sit today is a lot of the equipment that lets us become an actual manufacturer, not an assembler, which is the sheet metal fabrication, the fan manufacturing, coil manufacturing, coils for controls. That equipment is all getting installed. When you think about as we progress throughout this year, that facility is sort of transforming from an assembly site to a true manufacturing site. By the time we get to the end of this calendar year, it will be a manufacturing site. We will have the necessary equipment in place to support the production lines that we're putting online. We'll keep adding more production lines and more equipment throughout 2026, but it is progressing incredibly well in terms of actually getting the facility up and running. We talked about the applied digital order that we got in Q2 earnings call. That is the first large-scale order that will get built in Memphis. When we looked at, people asked us the question kind of post-Q2, "Man, your backlog seems flat. Like, is that a representation of a demand or an issue there?" That was an issue, or that was a result of discipline in accepting orders and making sure we can deliver them. Now that we have a much better line of sight in how Memphis is actually coming online, we can re-accelerate the conversations and sell that capacity. We now have a much better line of sight on exactly when lines will be online to be able to start delivering products. We will see that being a driver of backlog growth and obviously revenue growth kind of in the back half of 2025 and 2026. Okay. Maybe as a follow-on to that, presumably, I mean, you're filling the capacity now. As you get six months into production, do you get more comfortable? I mean, there's $750 million in capacity there that you talked about before. When do you get to a point where you feel like you can go all out? Yeah, it'll be, the equipment's not the hard part, right? It's the people. Yeah. We can bring in staff all day long and train them how to build our product. I can get entry-level assemblers and machine workers very easily, and we can train them. We have a very good training program. If you look at AAON over the years, we've shown the ability to bring on bodies efficiently when you look at growth cycles and margin profile expansion. The piece that I'll caution, though, and I'll say the biggest limiter, is that mid-level management in production floor. They need time in the seat building the product to be effective. As we get that team trained up and we start seeing the maturity of that more mid-level kind of talent, that's going to be where we can decide, "Hey, is this a chance to stomp on the gas and start accelerating?" That'll be, you know, as we get through the first half of next year, we're going to get a lot of line of sight on how fast we can push the accelerator. Excellent. Yeah, something else that oftentimes comes up to me, Matt, is people want to know how or why BASX wins over competing solutions in airside and now liquid cooling. What do you think is the differentiator for you? What's allowing you to win these orders? Yeah, I mean, the biggest driver of kind of success is the way we go about selling. I always say that, you know, we sell solutions. My background kind of prior to starting BASX, I was a consulting engineer. The way you go about helping someone is asking a lot of questions and understanding what they're truly trying to accomplish. That differs from selling widgets, as an example, and again, an oversimplification, but where you're trying to figure out how to sell my product into this application. When we engage with a lot of our customers, you know, we go in, for lack of a better term, like with a blank sheet of paper. We spend a lot of time understanding what they're trying to accomplish and then make sure we curate the right solution to kind of meet that need. In that environment, you know, energy efficiency is certainly a conversation piece, cost is a conversation piece, but also you start getting into maintainability, durability, serviceability of equipment. The ability to customize and configure solutions to meet that kind of broad spectrum is where we provide a lot of value to the market. We see a lot of that sort of success that builds long-term relationships with our customers. Is the AAON sales network something you can leverage in selling that solution? 100%. That was one of the, I'd say, one of the maybe misconceptions around BASX was everything we did, we direct sold. We did. We used, we worked with sales channel partners, even in the BASX days. We just happened to have some relationships that were direct, but it was kind of a blend. Everything we do in the marketplace, it's around relationships, but it's also around that consulting mindset. That consulting mindset is the same mindset that AAON has with the highly configurable semi-custom product. We have leveraged that sales channel, not the whole sales channel, but a segment of that sales channel and really empowered them to go out there and tackle the data center market as part of the overall BASX flag bearers. Okay. What does it take to win a new data center customer? Are you effectively serving all the major hyperscalers now? Yeah, I will say again, going back to the solution sales mindset, it is a time and value-driven relationship that you develop with the customer. To win a new data center customer, it takes obviously the conversation, but it's not a quick flip of the switch because our value that we provide is in having the conversation and helping them develop a unique way to solve their problem. It's about getting in front of them, showcasing the value, and showcasing how that provides tremendous value for them as an operator. That typically takes a little bit of time. The one great thing about the data center market is, for as big as it is, it is incredibly small. A lot of these new relationships and a lot of the way we win is we've actually had, oddly enough, a competitor had an employee that used to work for them who went to go work for a data center direct. Our competitor's former head of engineering says, "You should go to BASX." We went in front of that customer based on the reputation that we have in the industry for providing value, went and then began creating and curating a solution for them that has materialized into a great relationship and kind of order. Okay. The one more I wanted to ask on BASX, I remember when AAON purchased the business, there was a slide deck that talked about the different categories. Data centers take up a lot of the conversation, obviously, but there is seemingly a big U.S. pharmaceutical reshoring push. You've done clean room solutions, things like that in the past. Is that even on your radar? Yeah, we still do it. I mean, between pharma as well as semiconductor investment, we still are building clean room products. Obviously, while they're exciting, the growth rate of that industry is just overshadowed by the data center space. Okay. Maybe in the interest of time, move to the AAON branded side. In terms of what's sort of core to the current share capture strategy, can you talk about the price premium of the AAON product in the market right now relative to competition? Yeah, I mean, we certainly have seen a little bit of price premium compression that's kind of come into play. You know, when you factor in from 2023 and the energy efficiency standards kind of getting retooled and forcing a lot of the competition to evolve their product, you know, that gap started to close. You looked at the refrigerant transition, you look at some of the tariff impacts and sort of the vertical integration, and all of that kind of started taking it from a mid-teens down to maybe a high single digits. You know, we see it bouncing around in that level. We definitely don't see, I'd say there was a lot of rhetoric during the refrigerant transition of, you know, mid-teens price increases in some of our competitors. We didn't see that scale materialize. We saw maybe a little bit of a larger price increase kind of when you factor in all of the price increase in tariffs. That might have gotten a little bit smaller, but we haven't seen it get anywhere near parity. Okay. You've had good order momentum through the first half in that brand. What else can you point to that sort of says the share capture strategy is working? Yeah, and I, you know, I'll start by looking back at 2024. 2024 was an incredibly noisy year from a share perspective. What I mean by that is you had the refrigerant transition, you had a lot of manufacturers building a lot of product into distribution, and it causes a lot of noise. Because if you look at straight numbers, you would say, and rightfully so, you would say that AAON gave share back in 2024. I mean, the data would tell you that. Again, that's in a noisy backdrop where a lot of product went to the overall marketplace and distribution. You see conversations in the market, last week at the Laguna Conference around destocking inside the overall channel that's impacting new sales for some of the HVAC players. That's basically kind of the counterargument to that. While you saw the noise, and you might see the share give back for us last year, obviously, if you look at booking cadence for us this year, the converse is true. We're certainly seeing that sort of noise year to year that's kind of getting back to a positive growth story on share capture. In the broader spectrum, the macro environment is soft. There's no beating around that bush. The market, you can debate the volume deduct, but it's probably down 10% this calendar year as a whole industry. If you look at our Q2 implied bookings, kind of on a backlog to sales conversion, you would see we're up 20% + in overall booking escapements. Obviously, there's a big dislocation in the market as a whole in us. We're seeing the same softness in the macro environment on a traditional transactional sale. We see that in the overall performance. The booking strength you see is really a result of the very intentional effort we put into developing national accounts. We talked about that in the Q2 call where, a year ago, first half of the year, national accounts represented 20% of bookings, where they represented mid-30s this calendar year. That intentional effort that we put into developing national accounts is what's really driving that kind of conversation around growth in bookings and share. What verticals of the market would we think about that for? It's a pretty broad brush. I mean, you know, I think a lot of people might immediately think like big box retailer. Certainly, that is a piece of the national account conversation. If you think about a rural healthcare provider as an example, we think about, you know, not your core, you know, heart of the city healthcare providers, but you think about ones that are, you know, two, maybe three-story hospitals strewn out up across the country. A lot of those are being consolidated into single, large, large operators. Those types of relationships are prime, those projects are prime AAON customers. You have relationships like those. You have distribution centers, warehouse centers, quick serves. It really runs the gamut on kind of where national accounts come into play. Okay. Maybe just one more around that capture strategy. I mean, what else are sort of differentiating factors beyond the narrowing price point, Matt, that's getting you success here? I mean, anything else we're missing from the conversation? Is service parts something that you feel like you need to scale more to be more competitive? Maybe I'll answer the first part first, which is, obviously, the technology innovation is the other big driver that's really fueling some of the share capture conversation. The Alpha Class heat pump, I mean, it is the industry's most capable heat pump solution from a rooftop perspective. Having a tiered solution, there's basically three versions of the Alpha Class you can buy. You can go from, I'll say, more of a commonplace air source heat pump that'll operate as a heat pump down to, you know, mid-30s temperature range. That's sort of your baseline heat pump. You go all the way to our EXTREME SERIES, where you can actually operate as a heat pump down to negative 20 degrees Fahrenheit. When you look at municipalities that are looking to reduce carbon footprints, or you look at organizations that are looking to kind of have a strong ESG conversation around carbon emissions, that is another driver from a product mix perspective that we're seeing continue to materialize. The bookings growth in Alpha Class is outpacing the bookings growth as a whole. The Alpha Class heat pump presumably makes the product, the HVAC unit, more competitive in the market. 100%. Really, when you get down to the EXTREME SERIES, there's very little competition that can truly do what we can do. It is a driver for those companies that are looking to reduce carbon emissions. Okay. Maybe just from a macro perspective in terms of the 410 refrigerant phase out, which obviously took effect, what ending are we in terms of the market and the customers sort of digesting that at this stage? I'd say everything we're doing, obviously, as a build-to-suit or, you know, build-to-order manufacturer is all 454B. Yeah. We saw some noise, obviously, in the back half of last year in order cadence that materialized in the first half of this year around that transition. From an order book perspective, you look at the bookings growth, that is all 454B. What I would say is there is certainly some industry, there is still inventory out there of 410 product that sits in distribution. Those that are buying that product, they're not the core AAON customer. That type of product is a commoditized, standardized product. That is not really the core competition to AAON. Now, is there a certain customer base that maybe is buying that out of the fringe of our customer base? Sure, there's certainly somebody that maybe would have thought about AAON that might buy that. By and large, from our vantage point, we see a normalized 454B environment going forward. Okay. You talked a little bit about it. I mean, the macro has been volatile in terms of just in-market demand. I guess any indications that that's easing, and I know there's a lot out there, tariffs, rates, everything else, any signs of that? Yeah, I'd say, I mean, from our vantage point, it feels like we're bouncing off the bottom but getting ready to start coming back. The sentiment we're seeing in the marketplace, I think, you know, obviously some movement on interest rates, but also I'll say stabilization in price dynamics. The volatility on tariffs seems to be a lot. It's quelled a lot. It's really now a matter of the industry as a whole kind of getting used to the price structure. I mean, let's be honest, inflation, hyperinflation in the HVAC market is a real thing over the last five years. If you look from five years ago till today, a rooftop unit probably costs twice as much as it did. That's pretty big when you think about an industry that in a prior cycle might have increased 2% or 3% a year. That's a huge difference. I think a lot of what we're feeling is, you know, in this near-term environment, the real impact of that kind of cost escalation plus a very expensive cost of capital relative to what it was a few years back. As we get more time with sort of the industry just being used to the price dynamics, things start to pencil again. You get cost of capital kind of starting to come down a little bit and some clarity on that, tariffs becoming less volatile. We anticipate kind of going into next year with a trajectory starting to turn positive. It's not going to be a quick J- curve back. It's going to be, but it's not going to keep going down, down, down, down. We see the recovery kind of starting based on noise in the marketplace and really the drivers hitting a point next year where we start getting into next year with a positive kind of motion. In terms of the factors that could influence your margins, obviously, you get beyond some of the production issues you've had. Are we beyond some of the supply chain noise in the market? Anything else externally we need to be considering that could influence the margins? What we're seeing right now, the supply chain market is certainly stabilized a lot. There still obviously continues to be noise around tariff policy here and there that creates some pressure. By and large, the transition to 454B components, the manufacturing supply base, they're doing a pretty good job with that transition. We're not having the same issues we had at the beginning of the year. Really, we're not seeing challenging supply dynamics. I would also say as a company, sort of part of that evolution in growth, we've really invested in maturing our supply chain organization. We're also getting a heck of a lot more proactive than AAON historically has been in sort of supplier relations. AAON historically did a great job reacting to chaos. Our goal with some of these investments we're making in sophistication and supply chain is to see the bus coming before it hits us sometimes and be a little more proactive on managing. Okay. The last one I had, Matt, was just you financed a lot of this own growth yourself. I guess you're making big investments in Memphis that sort of finishes up this year. Are there other capital investments of significance to achieve your goals here over the next few years that you need to make? Over the next few years, obviously, CapEx will still be up on the Memphis cycle going into next year as we continue putting in more equipment. The CapEx is still elevated going into 2026. What I'd say is, you know, what we have line of sight on right now and sort of the Investor Day targets, the big CapEx investments that we have kind of in motion, they support that. Where the conversation comes down more root to your question is as we kind of start absorbing that capacity and we start looking out and kind of looking at where the demand is driving the market, that may start leading conversation around other investments, whether organic or inorganic, depending on what makes sense for the business. Okay. Any questions? Memphis isn't purely a produced factory from a company's side here. Maybe in Longview, there are fewer initiatives? Maybe what I might answer is saying it wouldn't maybe replace capacity, but we certainly have the conversation around Memphis saying, you know, we do have this great facility that, you know, in the history of AAON, we have the benefit of a clean slate, saying, how do you truly want to flow materials and put in production lines? The conversation we have internally is around the idea that are there products maybe at another facility that we could actually build a much more efficient production line in Memphis to support? The game we would play there is then saying, in doing that, we've now freed up space. Let's gut that space and then implement a more purpose-built production line. We have had the conversation around how do you start playing that game of chess and basically saying, there are things that may make sense to move from one site to a new site. In doing that, we now have a lot of square footage that we can really optimize. That's really, you know, when I think about the next five years of AAON's sort of story, we have a lot of intentionality around staring at the fleet as a whole and saying, how do we squeeze as much juice out of this fleet as possible in terms of production capacity? There may be things, and again, hypotheticals, but there may be things where you say, hey, we might add a small addition at one of our sites to put a certain process in, but in doing that, allow us to repurpose a line or rethink a line and make it a heck of a lot more efficient. We are mapping the overall fleet. We've got about 4 million sq ft under roof now. We are mapping that and really looking at every line, every site, every process to say, where are the sort of pinch points in that or where are the opportunities to really produce efficiency gains and look at that holistically, not just site by site anymore. Anyone else? I mean, it varies day to day, but the big players you might imagine, we're going to bounce up against Vertiv plenty of times. Schneider on the motive air side with liquid cooling, moating, we come up against JCI and their Silent-Aire brand. It really depends on the product type and kind of what we're going after. Definitely on the air side, it's the JCIs of the world, it's the Vertivs of the world, the Moatings of the world. The liquid side obviously is a much more dynamic market right now. It's growing so much that you're seeing a variety of existing players and new players in the conversation kind of bouncing around. Some of those big players as well obviously are on the liquid side as well. I would say, pure play AI data centers. What I'll say in the liquid space is we looked at, you know, people have asked us the question a lot saying, aren't CDUs just going to be a commodity product at some point in the future? That's a common question that we have people ask. I always counter that to say, if you look at the cloud data center market, that's a mature market at the end of the day. The cloud data center market, while it's still great growth, it's a mature market. I would counter and say, in that market, you would argue, why aren't all the CRACs and CRAHs commodity? If you look at that market, there is a segment of that market that buys a commodity CRAC and CRAH. Throughout that entire time, BASX has grown 40%- 50% selling custom airside solutions into the cloud space. Even in a mature market, there's going to be room for both a commoditized product and a configurable or custom product to thrive. We expect to see that. When we think about it in the liquid cooled space, when we look at a project that comes out and if someone's sitting there saying, here's my deployment strategy with a bunch of 500 KW or 750 KW CDUs, we're going to entertain the conversation around their flexibility to rethink the architecture. If they truly want to go out and buy a bunch of 500 KW CDUs and put those into a 40 MW data hall on AI, that's not what we're going to go chase. We're going to talk to people about larger scale or different ways to think about kind of bringing the tech water loop and conditioning to the space. Those are the ones that we really end up thriving with and developing good relationships and solutions with. Anyone else? Awesome. Matt, appreciate your time. Thank you.