The first presentation is a fireside chat with myself, and happy to say we have Chairman and Chief Executive Officer of Aptiv, Kevin Clark, as well as Joe Massaro, our Chief Financial Officer, Senior Vice President for Business Operations. Kevin, Kevin, let's see, I think green means on. Okay, Kevin and Joe, I don't know if you have any remarks you want, you wanna make to start, or we can just fire away, or how would you like to? Yeah, maybe just, one, thanks for having us here. Thank you. We appreciate the opportunity to, to kick off your, your conference. So thank you. We announced earnings, about a week ago, so we gave a preview or we gave an overview of our strong second quarter performance and our outlook for the balance of the year. I'd say we don't have a lot new to talk about since then, so I think it'd be best to maybe just turn it over to you and start with Q&A. Yeah, absolutely. Terrific. You know, we thought to ask all of the suppliers at the conference a few standard questions so we can compare and collate responses. Because the industry and the macro is so dynamic and changing, and we've been through so much, happy to get your latest takes. The first question is on demand. You know, with demand for new vehicles in the United States in particular, having surprised quite positively thus far this year, now, how would you rate the strength currently of the different economies and end markets most important for your company, and what is your outlook going forward? Yeah, I... You know, as we talked about, a week ago, demand remains, demand remains strong, really across all, all markets, especially North America and Europe. We're a little less positive as it relates to underlying GDP growth in China, when you look at North America, Europe, very strong. I think for our industry, from a supply-based standpoint, to be transparent, I think it's tough to separate how much of that is incremental demand versus how much of it is a more normalized supply chain, what had been pent up from a production standpoint, and, you know, what OEMs are trying to push through their production facilities and get out onto dealer lots. Looks like likely a balance between the two. You know, we're, we're watching very closely orders in North America, Europe, China, especially as it relates to late 2023 and heading into 2024. That's something that we don't have clear line of sight at this point in time, but we're watching very closely. I know you've probably read Germany orders, order intakes appear to be down somewhat at this point in time over the last couple of months, but we'll see what sort of trend that, that, that actually makes or creates. I'd say the other item for us, just given where we sit, setting aside vehicle production, which is always helpful from a revenue standpoint, you know, when you're growing eight to 10 points over underlying vehicle production, whether it be ADAS solutions, high voltage electrification solutions, some of the other product areas that we operate in, that clearly, you know, that clearly continues to drive out growth, and, you know, that's, that's something we expect to continue near term and longer term. Great. Thank you. You know, the second question is more around the supply side. You know, where do we stand here in the middle of 2023 in terms of the semiconductor chip shortage, port delays, and all those other, you know, supply chain bottlenecks that have impacted the level and stability of customer production in recent years, and, and, and what do you think the outlook is going forward? Yeah, the last, it's tough to say we're done, and we're through it. I mean, to be transparent, the last co years have been very challenging with COVID, supply chain disruptions, semiconductor shortages, material inflation. I, I would say we would tell you, global supply chains across all regions are operating better than they have over the last three years. We would tell you they are still tight, especially in areas like semiconductors, select areas of, of, of semiconductors with select semiconductor manufacturers. We're managing through it. It's not as tight as it was, but I would say, both from a semiconductor standpoint, from a distribution transportation standpoint, from a supplier standpoint, more, more availability of parts, but we're also operating much better across the, the, you know, the entire supply chain, so there's much more efficiency. We're not running into the, you know, change in, short-term change in schedules, the swings in labor management, the swings in, in manufacturing costs, and it's much more predictable. We would say, you know, over the next 12, 24 months, that in reality, it's something, in our industry anyways, that we're gonna have to watch very closely and stay on top of. Very interesting. Thank you. Now, next, I wanted to ask on the backdrop for operating margin for suppliers generally. You know, EBITDA margins for the suppliers we cover averaged 11% last year. Maybe they'll hit 12% this year, although in the years leading up to the pandemic, had averaged more in the, like, 13%-14% type range. You know, considering all the macro and industry factors that roll up into the backdrop for supplier margin, such as the aforementioned level and stability of customer production, you know, the timing of commodity and non-commodity inflation and related recoveries, and the needed spending on R&D at times in advance of revenue in order to support industry change, where do you think we are on the path to normalization of the backdrop of supplier margin? Given, you know, structurally higher costs, and recoveries, could we be potentially looking at a, a new normal, with maybe return on invested capital or another metric perhaps being more helpful to gauge performance? That's a very complicated question. There's not a simple answer. I, you know, normalized margins, I, I, I guess I'd start, and, Joe can walk you through some of the specifics from an input standpoint. The first part of my answer would be, it depends. It depends where you sit in the supply chain. It depends what you supply and provide, provide, OEMs. The reality is more cost is going into cars, whether it be, battery electric vehicles, it'd be advanced ADAS solutions, it'd be versions of autonomy, it'd be, more advanced user experience, systems. Those need to be paid for. There are areas within the vehicle that I, I would say are more standardized, that are gonna continue to become more commodity-like. We fortunately have worked real hard from a portfolio standpoint to make sure that we stay out of those areas. Those have been challenging areas, they'll continue to be challenging areas in the future. I think we would say they're gonna be even more challenged so that OEMs can put more, more content in. As you look at the last three years, and certainly we were impacted by it from a cost structure standpoint, when you think about a global company like ourselves managing through COVID and keeping our manufacturing facilities running, our employees safe, our, our customers connected. When you look at what's gone on from a supply disruption standpoint, where in reality, we're managing schedules on a day-to-day basis within our manufacturing facilities to respond to part availability with a real focus, and we made the intention, a real focus on keeping our customers connected, that that would pay longer term, dividends. Then third, just the material, material, and to some extent, labor inflation standpoint, what we've seen from a pricing standpoint. COVID, listen, we've, we've managed, you and Joe can talk about the numbers there. The, the supply chain aspects, those situations are improving, so the inefficiencies are, are certainly getting better. We're getting better. We continue our normal sort of productivity initiatives, where we drive productivity. From a material inflation standpoint, it's really twofold. We've spent a lot of time over the last couple years engineering in and out various solutions. One, for capacity, two, to drive, drive efficiencies and productivity in our product portfolio. Lastly, over the last couple years, quite frankly, pushing a lot of that material inflation through to our customers. Over the last couple years, it has been, it has been significant. You know, we've gone through a challenging three years. We've talked about our, our guidance in February for 2025. It's something that we have high confidence in. It's gonna require continued work to get there, but we have clear line of sight and a path. I think over the last couple years, when you talk about normalized, I think there were a lot of abnormal things that some of us were, were dealing with. Joe, if you wanna give a specific- No, I think you covered it. We did in February, talk about 2025 EBIT margins of 14%-14.5% for Aptiv, and laid out a path of, of how we plan to get there, and have really started executing on that path really as we got to the end of last year. To Kevin's point, COVID and disruption costs were very expensive for us. Just to, just to give an example, in 2022, we spent about $315 million related to supply chain disruption cost and, and trying to work through the disruptions and keeping customers connected. The sequential improvement Kevin talked about in the supply chain and the operating environment has, has helped this year. That number this year will be about $150 million, down from $315 million. We're starting to see the, the improvements in the overall operating environment come, come through the numbers. We saw, saw that in Q2 in particular, where the improvement alone, Q2 over Q2, was over $70 million because of Q2, 2022 just being heavily disrupted. You know, a combination of those costs falling away and then, you know, a return to our, the ability to have time for the teams to work through our annual performance initiatives and sort of how to make the business better, big contributors to that margin expansion. Maybe to just dig in on that, margin expansion outlook. I think investors were surprised when you unveiled that guidance because, you know, you were looking at the time for a 10.3%-10.8% margin this year, which has since been tightened to, you know, 10.4%-10.7%. That you, you would advance from that to the 14%-14.5% aforementioned range in 2025. You know, it's well above the 11% that you generated in 2019, pre-pandemic, well above the 12.5% in the five years leading up to the pandemic. I know they were surprised because Bloomberg consensus was for just 12.6% margin. It's still not, you know, up to the guidance range. Your stock jumped 7% when you made that announcement, because I, I think it does stand sort of athwart these industry pressures that are impacting other suppliers. Maybe you could just talk about what, what is giving you that, that confidence that you say that you have. What do you need to do, like, within the company, within your control to get there? Or what is assumed that's kinda out of your control? What, what sort of industry backdrop or environment also needs to maybe fall into place to hit those very strong numbers? Well, I, I think I'll, I'll start. I, I, I think it's a version of what Joe and I just talked about. One is a more normalized environment, certainly from a availability and supply chain standpoint. We don't fully control that, but it certainly has improved. We've taken actions, the supply chain's taken actions. Volume helps. I think our outlook for vehicle production at our Investor Day on a relative basis, was low growth, but there was an element of growth. Certainly, just given the nature of our business, the fixed cost nature of our, our business, that, that is helpful. Continuing on our our initiatives as it relates to productivity, certainly drives margin expansion. Again, you know, a big piece of what we've been focused on over the last several years is how do we make sure, from a product portfolio standpoint, we're positioned in areas that are higher growth, that are higher margins, that have better industry structures, that we're delivering more value to our customers, therefore, we have much more pricing power. You know, that's reflected in what you saw in the 2Q. It's reflected in what you'll see in the back half of the year. We're confident in that and into, and certainly into 2024. Our competitive position, we think is, is reflected in the, you know, literally hundreds of millions of price increases to our customers. At the same time, record bookings in some of the most advanced areas in and around vehicle, vehicle architecture, ADAS systems, and software. Lastly, I think the acquisitions that we've, you know, that we've made recently, Intercable, Wind River, others, that certainly is accretive to our current historical margin structure. You mentioned the bookings, and that's really an area where you've excelled, over the last couple of years. 2021 and 2022 were both by far records for you, for bookings. You know, in the first half of 2023, you've already booked three-quarters of what you booked in, in, in the record last year, and, and, and, and you're at two-thirds of, of the $5 billion target, for this year. You know, what, what would you say accounts for, that big uptick, in the bookings? Does the trend in bookings, potentially, put you on track to even exceed the 2025 numbers, that you shared only earlier, this year, which, which did come out, after all, before you announced, some big awards? You know, what, what are the financial implications of booking huge amounts of business? I mean, obviously, it'll benefit profit at some point in the future, but is there maybe any kind of interim period where you might need to invest more heavily in development expense or capital expenditures to, you know, to prepare for it? Yeah, we've been investing, and we've always been investing heavily in development expense. Our model has been, how do we take that engineering box, how do we keep the box at the same level, and how do we basically repurpose more of that into advanced development activities? You know, 10 years ago, I'd say it was roughly 10% of our total engineering, and engineering to sales then was, was roughly in line with where, where we are now, call it 6% on a net basis. 10-15% would be advanced engineering. Today, it's 25%-30%, and that's on things like Smart Vehicle Architecture, advanced compute solutions, high voltage electrification, you know, ADAS solution, all those areas. Those are areas that we invest. Our success on bookings in and around Smart Vehicle Architecture, we began talking about that in 2015. We introduced our customers to our first solution in 2017. We worked with several of them in and around our view of the hardware aspect of the architecture and where it needed to go to have software-defined vehicles to effectively do what our customers say they wanted to do. That translated into strong strategic relationships that have resulted in these big awards. I mean, we've, we've developed strong relationships and confidence in our, in our capabilities, and, you know, now we're expanding that from hardware, quite frankly, into what does the software stack look like as well. In terms of incremental investment, we would say, in certain circumstances, may there be some incremental investment? There may be. Is it significant? No, because in reality, we're launching 2,500 programs every year. When you think about incremental costs, that tends to be from an execution standpoint, where that incremental cost takes place. Well, as you can imagine, if we're, we're launching 2,500 times per year, programs are rolling on, programs are rolling off, and we're able to reallocate resources, you know, within our businesses in various capacities to, to, you know, to be able to fund and support those sorts of programs. I wanted to ask about one award in particular, and that's the one that was announced in conjunction with 1Q earnings for a Smart Vehicle Architecture zone controller, the value of which was estimated at $4 billion. I haven't exactly been keeping track, but, you know, it strikes me as maybe the biggest award you've ever won and, and the biggest award that any supplier I, I cover has ever won. Maybe you would know better than I. You know, I know you're a little limited in what you can say, but what can you say about that award? You mentioned it was with a large North American OEM. I mean, would it be fair to say, just given the value, that it must be a, you know, a high volume platform, you know, multiple top hats, et cetera? Then, you know, what are the implications of winning an award as large as this? What does it say about the trust the automaker has in Aptiv or your relationship with that OEM? Yeah, it's a, it's a very large North American OEM. It's one we have a very good relationship. It's one we've been working with for a long period of time on advancing their vehicle architecture. It's this particular solution, they'll replace, you know, out of 100 ECUs, they'll reduce those by roughly 75, 75%. It's, it's how do they take out content, which they're in areas where, quite frankly, we don't have products, and, and how do they consolidate that? That's an area where it's accretive from an overall content per vehicle standpoint for Aptiv. It'll go across literally all of their vehicle platforms over a number of years on a, on a global basis. You know, the exciting thing about this is, one, winning the award, two, the reality is, given the strategic nature of something like this and the closeness of our, our, our, our relationship with that customer, it brings with it other opportunities, both hardware and software. It brings opportunity in vehicle architecture, so wire harness and, and, and connectors, as an example, that we can bring to bear and we can sell. It positions us with that organization to talk about the software stack and where there are opportunities like middleware, like Wind River, like engineering tools, where we can bring incremental value to that particular customer. We're very excited about that. There was an award we received last year from a very large global European OEM that is a, a very similar situation. Our expectation is, based on our conversations, you'll see more of these large awards, on a go-forward basis. You know, there are very few players in our space that are actually positioned to, you know, design, develop, and, and ultimately deliver these sorts of solutions for OEM customers. Ryan, one thing I'd add, I think this speaks to some, to some extent, the size of the awards, and we expect to see this continue. You know, Kevin mentioned aggregating 75% roughly of the existing ECUs in the vehicle into those controllers, right? This content aggregation, you're pulling a whole bunch of other content that Aptiv historically hasn't participated into, into those awards, which is one of the reasons they're getting so much larger. Yeah. Sticking with awards, I'd thought to ask how you go about managing the pricing risk when it comes to a newly won business, you know, in case that inflation tracks differently between when the contract was awarded and when it enters into production, which can sometimes be several years. I know you're well protected when it comes to commodities, but we were all surprised in 2021 when inflation went from 2%-9%, with a lot of impact on non-commodity costs. Thankfully, inflation, you know, looks like hopefully coming back down now, but if it were to pick up again, do you maybe have different, better, or more complete protections in place in the contracts? If not, you know, maybe better processes to more quickly reprice contracts through more ad hoc type negotiations? Yeah, let me I can start with that. You're right, on, on large commodities like copper, we are effectively indexed for sort of well over 70% of our copper buys. We adjust prices automatically, contractually, monthly, quarterly, or semiannual, depending on the customers. For us, the real challenge came on the electronics side over the last couple of years, particularly semiconductors, where we were seeing inflation of, you know, 25%-30%. Excuse me. I'm not, I'm not sure that we're. I wouldn't expect that, particularly on the semi side, to come down anytime soon. We had a couple of challenges there. Obviously, we had production in process where those costs had gone up, and we had programs that we'd be launching in the near term, call it 12 months out. For those 2 categories, went back to the customers, with a, you know, a very clear message of, particularly for things like directed buys, direct material cost increases. If a chip was $5 and then cost $8, you know, we were passing through that $3. There was a lot of documentation we shared with the customers. We were very transparent with them around, sort of at almost at a PO level. To your question on bookings, obviously, we've adjusted prices up on the, on new bookings programs over the last couple of years. Contractually, and this isn't something new, we've always had this in place, contractually, prior to what we call capital going into the ground or ramping up the start of production, we have the opportunity to go back to our customers and discuss program economics. It's actually, it actually works to the OE's benefit as well. Historically, it's been used to discuss maybe changes in volume or changes in product design that have impacted the overall profitability of the program. Again, sometimes it works to the customer's benefit. There's higher volumes, and they would expect maybe a different pricing structure if the program's volume estimates have gone up. We'll obviously be able to discuss BOM costs at that point as well. From a bookings perspective, for the things that are, you know... On average, it's two to three years from when we book something to when we start production. We do have those protections in place, and we're taking advantage of them. The challenge really was the in-process production and the near-term launches that we had to spend some time, obviously, going back to customers. To Kevin's point, it's, you know, that, that was a significant amount. We're well over $800 million over the past year and a half of direct material price increases passed through. Yeah. I'd say there are certain areas, like, like, we, we get asked, you know, there seems to be a, a recent debate about, you know, penetration of battery electric vehicles. Is the industry overly optimistic? In areas like that, we have volume-based pricing, so to, to the extent an OE, an OEM doesn't hit platform, platform volumes, price adjusts, right? Those areas where, where we've been more conservative than the industry, more conservative from a customer standpoint, selective from a platform standpoint, you know, to, to, to create incremental insurance, we've, we've made, made sure that there's, you know, certain commitments to volume, and if there aren't, those volumes aren't achieved, that there's a pricing mechanism. That's great color. Thanks. I'd thought to ask about your re-entrance into the power electronics market. Of course, you transferred your silicon carbide inverter technology to Delphi Technologies at the time of the spin. And we've touched the last few years at this conference about your interest to potentially get back into this quickly growing market. Now, you have an award to talk about with the battery management system announcement just last week. Maybe tell us what you can about that award and about your ability or appetite potentially to compete in other power electronics categories, such as, I don't know, inverters or onboard chargers. Do you have interest in supplying electric motors? Would you ever look at, you know, system integration of three-in-one electric drive units? Yeah, the last two are a bit far afield from what our current capabilities are. They're important. Some of those are areas, especially on the electric motor side, where, for us, there's a real question whether or not the OEM really wants to control that and effectively do that. That, that's an area that you wouldn't, you wouldn't see us. On the BMS and power electronics side, given our strength in vehicle architecture and our success, a number of OEMs had come to us, asking us about our interest in expanding in those areas. We took the opportunity to invest in capabilities, and we've had a lot of success. So the award you mentioned, there are a couple other opportunities that are out there that hopefully between now and year-end, we have more positive announcements to make. Our real focus, whether it's high voltage electrification or it's ADAS or it's user experience, is to provide system solutions that are open, that give our customers flexibility to pick and choose. We think it ultimately gives a better value proposition to our customer, one, so it's lower cost. Two, it makes us better at each of the categories where we operate, and we provide parts that come, that bring together the full system solution, and, you know, just enhances our competitive position. Thank you. What, what update can you provide on the Motional business? How are they progressing along their milestones? How much of the business do you expect to initially be with Hyundai versus, you know, more third parties? How should we think about the funding of this business? Is that something you would want to continue to participate in in order to maintain your stake, or are you open to, I don't know, bringing in other investors besides yourself and Hyundai? I'll let Joe talk about the funding piece. I'll, I'll touch on how Motional's doing. Joe and myself and another senior member of our management team sit on the Motional board. There are three Hyundai senior execs and three from Aptiv, so we meet with them on a regular basis. From a technology development standpoint, they're progressing extremely well. They're on track launching fully driverless vehicles in Las Vegas later this year, be a part of the Lyft network. They also have an agreement with Uber, both from a, you know, movement of people standpoint in Las Vegas, as well as Uber Eats in California or in Santa Monica. Making progress from a commercial standpoint, making progress from a tech development standpoint. This gen two platform will be on an IONIQ 5 that that Hyundai has modified for mobility on demand. Hyundai is also building a gen three vehicle that will utilize that will launch with the Motional technology or tech stack on it. From a vehicle standpoint, Hyundai will be the vehicle. From a customer standpoint, at least at this point in time, I, I don't believe Hyundai's focused on providing mobility on demand as a overall manager. It's really players like Uber, like Lyft, like Grab, like others that are out there, that they're really, really focused on, as well as maybe, you know, some of the rental car companies as they transition from a more traditional model to a, to a newer business model. Yeah, from a funding perspective, you know, we consummated the JV with Hyundai in March of 2020, and Hyundai put $1.6 billion of cash into the business at that time, and that's really the cash that Motional has been investing over the past few years. That cash goes through the midpoint of next year. We are in the early days now of assessing next steps on funding. As we've said publicly, I think just given where the business is, particularly on the commercial development, would expect the partners... You know, again, we're, we're, we're looking at various options, but at this point, we'd probably expect the two partners to fund an additional year of operating activity, jointly. There's no minimum funding requirements, but if you look, the business spends about $500 million-$550 million a year, so the partners would split that. We're certainly open down the road to additional partnerships. I think we've demonstrated a willingness to bring partners in that could add value to the business, that could help accelerate maybe commercial deployment. Hyundai was very important in helping get the technology on the road vis-à-vis their, you know, their, obviously, their vehicle know-how. Certainly open to it, but again, if I had to, if I had to look ahead for the next six months, I'd probably say the next round is current parent funding. Maybe as you get into 2024, 2025, think about partner opportunities. Great. Thank you. Maybe moving to Wind River, it'd be great to get an update there, including, you know, how the customer introductions are going. Part of the rationale was that you could help them substantially increase their revenue within the automotive sector. At the Investor Day, it was suggested that, you know, moving to Wind River could save an automaker 25% of the cost to develop, deploy, and operate software. Automakers are showing increased inclination to do some of this stuff themselves, but all automakers like to save money, right? How's that pitch been received? Good, but I, I think it's important to start with, 90% of Wind River's revenues are really aerospace, defense, telecom, industrial markets. In that area, they're doing fantastic. I mean, and, and we, we, we want them to continue on investing in and growing in those, those markets. From an automotive standpoint, we'd tell you we're ahead of schedule in terms of both progress we've made with existing automotive customers. It hasn't been huge, but it's, it's bigger than, than what we were initially expecting. Awards in China, a number of awards in China, a number of, of, of discussions with customers in North America, award in, in Europe. OEM customers are seeing the benefit of the overall solution, especially today, the, the, the embedded, you know, the embedded solution, whether it be their Linux solution or VxWorks. You know, in the fall, later this fall, we'll have a number of, of partners in our ecosystem, as well as customers that'll be at least working with and validating kind of Wind River Studio, the engineering tools solution as well. Those initially will be non-revenue generating. They'll be just giving them the opportunity to test it, work with it, but we're, we're excited. It's, it's, it's doing extremely well. You know, we've seen an increasing number of headlines just in the last few days about the upcoming UAW negotiations, I know you yourselves don't have labor unions in the U.S. Just curious how you think about the potential outcome there. It seems like the two sides are maybe further apart than they have been in recent memory, and if there could be risk to your business in an indirect way. Yeah, well, you know, I think it's a better question in terms of likelihood of, of the strike for the, our OEM customers, so you'll. Ryan, it sounds like you talked to a few of them today. We're just making sure we're in a position to manage through it, so we're making sure we're in a position to enough inventory, not too much inventory. When we look at from a, from a, a labor standpoint and managing the workforce within our facilities, we have the flexibility to adjust down and then back up if, if, if there is a labor disruption. We had to deal with it in 2019, so it gave us a very good playbook to operate off of. You know, we already have a plan developed, and quite frankly, we're executing on that plan as we speak. We'll see how it plays out. Okay, great. Thanks. I've got a number of more questions here, but why don't we see if there's any in the audience? I know, too, you received, when you checked in, some instructions how you could submit a question anonymously, too. Are there any questions in the audience? Thank you. Oh, here, there's one. Thank you. Thank you for that. That was very insightful. I just wanted to ask, from your perspective, what do you see as macro headwinds coming through in the future? Well, we're, we're, you know, we obviously are watching GDP growth and inflation. That's something that we're, we're watching. I think as Ryan talked about, there was a period of time where inflation for a number of industries was higher than it had been in a long period of time. That seems to be coming down, and that's something that, you know, companies like ourselves, have been able to manage through, will continue to manage through. For us, it's, it's quite frankly, underlying GDP growth, what that means for vehicle production and what that means for labor and material inflation, and how do we respond to that? The aspect of vehicle production we don't control, you know, whether it's material, labor, that is an area that we don't control it fully, but we respond to it. Whether it's rotating engineering, you know, out of certain locations into lower cost, best cost countries. Whether it's moving manufacturing footprint, in some areas, maybe more automation, less dependence on manual labor, a more standardized product that we automate, and, you know, how do we connect engineering to our sourcing and manufacturing organization, and how do we continue to take out costs? I mean, maybe a more tangible example, during the semiconductor shortage, and this, this didn't relate to inflation. It related to availability of parts. We had 175 different engineering programs, engineering out one semiconductor alternative for another. Those engineers today are really focused on, okay, the supply chain is stabilized. It appears as though we're balanced between demand and supply. How do we turn a big piece of that organization focused on how do we engineer out cost or engineer in much lower alternatives over the long term? Maybe just one on capital allocation. Could you remind us of your strategy there, including how you, you know, prioritize between, you know, funding all this, you know, all these awards, all this organic growth, but also how you weigh inorganic growth versus share repurchase and debt deleverage? Sure. Let, let me start. As we laid out in February Investor Day, we, we generate and are going to generate a significant amount of cash, almost $4 billion between now and 2025, and we've got a really strong track record of, of deployment. Primary focus today, as it's been for the last few years, is really organic and inorganic investment in the business. We've talked about, you know, last year's acquisitions, both Wind River and Intercable Automotive Solutions, adding significant value out of the, really, out of the gates to Aptiv and to our, to our product lines, to our segments. I think continuing that path on the inorganic side, organic investment, you know, we've grown our active safety business, will be over $2.5 billion of revenue. That's really been organic investment. We've grown a significant business now in commercial vehicles through organic investment, so that's really the focus there. To the extent we, you know, have additional capital or feel like it's we don't have the right place to deploy, we've got a really strong track record of returning cash to shareholders. I think going forward, that'll primarily be through share repurchases. This year, we turned the share repurchase back on, doing about $100 million a year, basically to offset the dilutive impact of the incentive comp plans, which is something we had historically done sort of pre-COVID, and still have $1.9 billion authorized for share buybacks, so have the ability to be opportunistic. Don't see the dividend coming back, at least in the, in the near to midterm. Again, we think we have ample organic and inorganic investment opportunities. Okay, is there a last question in the audience? In which case, I'll get the last one, which is on the 20% non-automotive target or non-light vehicle target, I should say. You updated at your Investor Day, you're at 16% at the moment, so getting closer. At the same time, the automotive business grows very quickly. So, I don't know, if it's gonna require some inorganic investment to get there. As you think about that, you know, what are the kind of product categories or, and it's kind of the same product categories, but different end markets, right? Like, aerospace, industrial, what, what, what do you find, most attractive? You even got some telecom in there, too, right? Mm-hmm. Yeah, listen, I, I think we're, we're, we're at closer to 17% or 18% as we sit here today, right? Okay. I... Your 16% was right when we did Investor Day. Listen, we'll, we'll, we'll continue to, to, to, to stick to those areas that are close to where we have capabilities. How do we take capabilities and expand in those other markets? It's a path we'll continue on, whether that's through Wind River, whether it's, you know, traditionally, a lot of that activity has been in and around our Engineered Components business, our connector, connector business, as an example, and that continues to be a big, big area of focus. Okay. With that, we really are out of time, please join me in thanking Kevin and Joe for the great color- Thank you. and insight they shared today. Great. Thank you. Thanks, Joe.