A fabulous acquisition, like 4.5-year payback period, roughly. And still very relevant product in the space. We're on pace with Vox to be just a hair longer than that from a payback period standpoint. If we find the right target, we're very open to debt. The biggest challenge is when we are very difficult to deal with on the acquisition side, because we have a very high bar of what we think is an acceptable price to pay for a technology. And so, basically, we look at it very simply: any acquisition is also compared against share repurchases, which is the better return profile for shareholders. Right now, the reason why we're overweight share repurchases is the price has retrenched. We look at where we're going, our sales growth projections, our cash generation—this seems incredibly cheap to us. And that's why you see us moving really heavily on share repurchases over the last 6 months, because we believe we're the best investment out of the peer group. That being said, we're not opposed to taking on debt to do that as well, if it becomes necessary or opportunistic. And so one of the things I love is that despite all these challenges, 21, 22, 23, again in 26, the amount of cash generation has not changed drastically during that time period. We operate a very thin—if you look at our—if you look at our operating expenses, we tend to operate a very thin OpEx business. I always joke we're Midwestern guys, so we like to keep it real simple and work hard. And that has tended to play out really well for us. At times, obviously, the volatility in the space, the stock price doesn't always reflect that. We believe we're in one of those moments right now. And so if you see us get really aggressive, it would probably be more on the repurchase side than on the acquisition side. Last word, I want to give you an opportunity to talk outside of your core automotive market, and maybe talk about some of the opportunities in aerospace and medical, and maybe some other adjacencies that the market may not otherwise be thinking about as it relates to Gentex. Yeah, I think if you—if you look at the other spaces, it's really interesting. We get asked this a lot: like, how do they correlate to what you do? And if you actually look at all of our product strategy, it's all born out of, like, similar skill sets. So when we talk about it, if you look at any of our investor presentations, we always talk about our core competencies. What are we good at? And so we build off of that. If we're something we're good at and we can build on new products, have some type of a unique application, it's something we feel like we can invest in and we can use our own cash generation to create those R&D space and build a new product line, especially stuff that has great IP coverage. And so if you look at a lot of what we've been working on in the last few years—so I've mentioned the visors, the large area devices, further growth in the aerospace sector—one of the things I think probably gets missed a little bit: we talk about our windows at Boeing and Airbus, but with every one of those windows, we're selling an electronics module. And so we're certified in aerospace both as an electronics supplier and as a window provider, both at Boeing and Airbus. And so we're pushing really hard in that space right now, trying to say, "Hey, what other advantages? What else could we be doing on the electronics side?" And then you look at our fire protection division, which has been a very legacy-based product, older technology. This new place lineup that we just discussed, this is all brand new, cutting-edge technology, fully connected, first time doing an app development for a direct-to-consumer product. These are the things that we believe, and I should say it wasn't just the one app development that was very relevant. We've also been introducing our own HomeLink app for automotive. And so you look at these—we love them because they're multi-leg opportunities. You're not doing a development just for one plate appearance. You're actually doing a development that has use both in automotive and outside of automotive in direct-to-consumer. And so we believe there's—we believe there's quite an opportunity—we believe there's quite an opportunity to continue to leverage our existing—to leverage our existing footprint and skill sets to grow outside of automotive. And the one thing I always like to caution there is that is not us saying we're getting smaller or walking away from automotive. That's not the case. You know, you look at our 10-year plan, the plan is to double our automotive business, but we believe there's a way to add to it outside industries, all using the same skill sets that we're using in automotive every day. I think it's terrific. I think it's a great opportunity. Steve, Kevin, and Josh, thank you very much for being here. We really appreciate you taking the time. And if you do have the opportunity to go to SEMA, please check out the Gentex booth and all the technologies that they have coming. So thank you all very much for making 50 is special as it is so far. Thank you. Thanks, Matt. Thank you. Thank you very much. Yeah. It's not what I'm—that's not what I'm expecting here. No, I wouldn't expect it. Yeah. I have Derek to it. He'll be a barrel monkey. That was We know when they're—are they up? Yeah. Oh. Okay. All right. Are we connected? All right, terrific. Moving along, we are delighted to have a company that has been with us at least all 19 years that I have done this conference. AutoNation, which is the second largest automotive retailer in the U.S., a terrific company, and when we talk about businesses that over time have generated value for shareholders through buybacks, I think AutoNation is right at—right at the top. Company has just under 32 million shares. How Mike Manley have gone about transforming AutoNation from a dealer model to really being an all-inclusive cradle-to-grave, or maybe not grave per se, but value provider for the automotive industry. Did we lose Tom? I think you might be muted. Okay. No, he was live. Do we have you? Derek, do we have
Loading workspace