Large is where we're going to stay. We like to say any acquisition we're going to make, we're not going to have to redo the investor deck, that it falls completely down the middle of the fairway. You know, an example of where we can continue to grow from an inorganic perspective, a good example would be railing. Railing is a product category where we have share opportunities, and it is a very fragmented space. It's kind of ideal for roll- up as an example. Yeah, makes sense. When we think about the commercial business, I mean, Vycom sold about a year ago at this point, still have a small piece of commercial left in Scranton. Where do you see, you know, that kind of going over time? Is it, you know, is it core? Are there synergies? Or is it, you know, another opportunity for tightening things? Yeah, I think it's now a little less than 5% of our revenue, as a corporation. How I would say it is, ultimately we've set our ambition as to be a residential-only business. We prefer to be a residential business with heavy R&R focus. So, you know, that is where all of our capital is being deployed, on the core residential business. So there's sort of two outcomes on our commercial division. One, it either continues to get smaller as a percentage of our revenue, or, you know, we find an owner of the business that's a better owner than we are. Yeah. I'd say, you know, from a high level, if we think about the performance and the aesthetics of just composite decking, over the past decade, I mean, it's evolved into something that's pretty spectacular today. Where does it go from here? Are there still kind of step changes that can be made in the technology and the aesthetics and so forth? Yeah, I think, across all categories, I think, there's more to do on aesthetics. It's about having the right colors, the right textures, you know, fire resistance, temperature control of the product as it's laid down, ease of install. There's still plenty of things to do from an innovation perspective to keep the category moving forward. Yeah, and how do you think about, you know, the AZEK board versus any of your competitors? I mean, what is it, what in your mind is the differentiator? Yeah, I think a couple of things. So first and foremost, I'd say portfolio-wise, I do believe we have the broadest category of collections across good, better, best, and premium. You know, ultimately, I think we have the best aesthetics in the industry. I think we have a key differentiator in terms of technologies. We actually offer both cap wood as well as kind of advanced PVC technology, and our PVC technology has positioned us with a lot of strength, especially at the premium end of the marketplace. Is there any opportunity or any desire to, to bring that PVC offering, which is beautiful, downstream? I think over time, as we can increase the recycling content, I think that's certainly an opportunity. Okay. All right. Makes sense. And then if we think about just the recycling journey, for AZEK, where are we today? I mean, you've made some interesting acquisitions, the Return Polymers, which has clearly been a catalyst. Where are we today? Where are we going? Yeah, if the baseball analogy, I'd kind of say we're in the fifth inning. We've acquired a lot of assets. We have a lot of capability. We have a lot of know-how, and that said, I still think there's a lot of room for expansion in terms of capability, know-how, increasing recycling content, getting more efficiency within that supply chain. If you take a look at our full year 2024, we continue to make steady progress, increasing our recycled content from about 57%-64% for the year. You know, we had laid out at our investor day back in 2022 a glide path to get 650 basis points, and about 350 of that was recycling initiatives, where we think we're at today across those three kind of technologies of PVC deck, exteriors, and our cap wood positions us to have a lot of headroom. We and we think we've executed about half of that. So half is kind of remaining. The only nuance I would articulate on 2024 is that when commodity prices tend to drift lower, you tend to look at your conversion costs, your recycling activities. And so we made a lot of progress there in 2024 as well. Got it. All right. Let's take a step back and think about the overall market, consumer, so forth. I mean, how do you guys, how are you thinking about how in your checks that you guys do with some of the survey work? I mean, how is the consumer today? How are they feeling, and how do you think that we kind of progress as we move over the next quarter or two? Yeah, I think you hit the nail on the head there in terms of, you know, we've got a lot of touch points with the consumer base and the channels. So first and foremost, we do pretty high-quality surveys with both our contractors quarterly as well as our dealers. We tend to get anywhere from 750 to 1,000 kind of responses each quarter. You know, kind of key takeaways from last quarter, and what we can see kind of midstream this quarter is, you know, backlogs remain stable and steady at about, you know, a little over seven weeks. Pre-pandemic levels were six, but we kind of think seven is kind of the new norm. The sentiment from both the dealers as well as the contractors is incrementally more favorable today versus this time last year. You know, informally, we had our dealer base in for some meetings in early November. Generally speaking, from that audience, I would say, you know, about 10% of the people were pessimistic, about 70% of the people were, you know, said business is really good and really stable, and 20% said, you know, things are great. Sentiment's very positive. All the digital indicators remain robust. You know, near-term, everything we can see, even POS on special order, is really, really stable the last several quarters. That's interesting. That's an interesting stat. I mean, what do you think the folks that the 10% that were less optimistic were seeing that maybe the 20% that were very optimistic were not seeing? Or, conversely, I mean, is this a regional thing or is this, you know, what, what's driving that delta, do you think? Yeah, I wish I kind of could put it in my mind as to which person gave the feedback by geography, but I'm not sure I could weave a thread through. Yeah. Sort of the 10%. Understood. If we think about just the conversion story, which is, you know, obviously something that's very near and dear to, you know, to the key thesis here, how do you think about the difference between decking and railing? And have you seen any changes in that conversion as we've been in a bit of a wonky market over the past couple of years? Yeah, you know, just the you know put some context. I mean, 75% of the decking industry is wood. About 65% of railing is still wood. So it's an equally kind of compelling conversion opportunity. I think what we've learned that's most important over the last two or three years, you know, was an open question when we entered 2022 and 2023, and that was, you know, does conversion still happen? Does it still happen at the same pace if R&R is negative or if R&R is flat? And I think the good news is we proved in both of those years that conversion does still happen, even in a sluggish or down market. You know, it's the calculation at the industry level is almost a year in lag, so it's not that fulfilling for us to look at. But, I still think, you know, the right cadence is probably somewhere in that 1%-2% per year. And again, that 1%-2%, you know, equals three or four points growth for our industry. Got it, and then if we narrow that down to further three to four points for the industry off of that 1%-2%, what is that for AZEK? Yeah, I think that's one of the most important things to understand about our space is I think folks tend to look at share more through a traditional lens of displacing someone. And a lot of the share pickup in this industry really boils down to who is best at capturing that customer who's converting from wood to composites. And we really think that's been a big part of our momentum the last couple of years is the people entering the category are seeing our products, they're being influenced by you know our contractor base, and they're choosing our products at a higher rate than they are the rest of the marketplace. Right. And I think in the past, you guys have talked about sort of getting to close to 50%, and other folks have talked to a similar level of conversion. I mean, is that still an achievable level? And if so, is there a time frame that you're thinking about? Yeah, you know, I think the 50% is kind of a minimum. I think we in the industry tend to be a bit conservative on that. Most of the surveys and work we've done on research of consumers, we really believe there's only about 25% of the market that's always going to buy on cost, and they're always going to buy wood. So the opportunity set is probably 75%. Now, does it get to 75%? I'm not sure, but I think it's probably higher than 50% someday. And in terms of the cadence, you know, if you went back five to seven years ago, it was sort of 25-50 basis points the conversion a year. And most of the last three or four years, it's, you know, been 100 basis points or more. I would think that run rate maintains and eventually maybe starts to accelerate at some point, from a baseline conversion. You know, from a high level, how is that conversion even measured? Were there, or is it, third-party sources that are pulling that data together? Yeah, yeah, it's a combination of third-party data measuring annual sales volume. Yeah. They'll go out and kind of survey all the producers out there to understand their production volumes and their sales volumes to back into what the conversion is relative to the industry, so. Got it. Okay. All right. And then you guys have focused more on kind of penetrating the big box retailers. Just curious how you kind of see that strategy evolving. It reminds me, I think maybe low double digits, you know, 10%-12% of your portfolio is there now, maybe only 5% is, you know, off the shelf. But how does that fit into your kind of equation? Yeah, as you're aware that, you know, as an industry, about a third of the deck projects go through retail, via DIY. And, you know, obviously we're in the low teens as a percentage of our total revenue in the retail channel. So, as long as we're in the teens and let's say entitlement is at least well into the 20s. Yeah. We think that we can grow, both the stock business as well as special order, over time. It should be an accretive, growth opportunity for us for years to come. How about in terms of accretion to, you know, to margin or returns? I mean, how did the margin and return profiles kind of line up? Yeah, you know, I think as a general statement, the special order business is not very different than the pros. So, a lot of consistency there. The wood category in retail can be productive. You know, I think as a general statement, OPP for many is probably dilutive. Okay, you know, there's been some fluctuations in channel inventories over the past year or so. Any thoughts on, you know, where channel inventories are today and, you know, how you see that kind of trending? Yeah, I'd say, you know, it was a pretty big shift in our business about two years ago, and how I would categorize it is at that point, coming out of the pause that happened in late 2021, or middle of 2022, I really believe we've made our distributors part of our SIOP process and vice versa. So, we've always gotten an incredible amount of tracing information on sort of sell-through, but we've also got an enormous amount of information on just inventory by SKU, by location, so we've really made their data and their business part of our process that we probably know the velocity of SKUs, of our channel partners as well as they do, and we're just working at a very different way the last couple of years. Our intent has been to try and informally drive sort of days on hand down about 10%, from the sort of pre-pandemic, you know, 2017 to 2019 baseline. During the year in 2024, we were down about 20% at the end of the first quarter. Kind of said that felt a little bit too low, from a service perspective. We ended the second quarter down 10%. We were flat in the third quarter, with historical, but that was really the impact of the $35 million that pulled ahead. Yep. That we would have been down 10%, and we ended the year at down 10%. So, we're going to continue to work with our partners. You know, Jesse and I have said many times, "I don't want to ship anything more into the channel than I need to serve real demand. Yeah. That's our philosophy, and it's been our philosophy for a couple of years. I wouldn't expect that to change. We've worked very hard to keep our lead times to four weeks or less. We did that all year in 2024, with the capacity that we have in front of us. I wouldn't expect to come off of that kind of lead time, and therefore I don't think there really needs to be a meaningful change in channel inventory. Okay. So the channel can work perhaps a little bit more just in time than they have in the past? Yeah. Yep. Okay. That makes sense. All right. You know, a big topic across many industries right now is tariffs and, you know, the potential for additional tariffs, and maybe just remind us of your exposure to not only China, but to anything, you know, in North America even, Mexico, Canada, that might be a headwind. Yeah. So, you know, of our little over half a billion of kind of material spend or input costs, little under $100 million, call it $90 million is coming from outside the US as a primary vendor. It's really concentrated primarily in two countries. We get a fair amount of both Thailand and Vietnam, and to a much smaller scale Mexico. The product categories that are impacted there, most of the fasteners in the industry, come from overseas. Ours are the similar. A fair amount of the metal rail portfolio has inputs from outside the US. Would there be any opportunity to, you know, to resource that even domestically? It is possible over the medium term. You know, as an example, our pergola business is actually all entirely domestic. Okay. Makes sense, so the expectation right now from a high level for you guys for R&R is flat. I know that there's, you know, it's kind of a baseline that could certainly change, but you're talking about five to seven points of growth above and beyond that. Just remind us of the building blocks of that five to seven. Yeah. So, again, I just circle back to, you know, look, it's a planning assumption. It's not necessarily a prediction. That said, as we were here last year, and we talked about, and a guy that assumed our planning assumptions assumed the market being kind of flat to modestly negative. A lot of people thought that was conservative because we hadn't had two years of being negative or flat. I think only one time in history, well, it happened again this year that we ended flat. So, I think it's prudent and pragmatic to set our assumptions and make sure our teams are grounded on being able to execute in any environment. So I think the assumption of kind of flat makes sense for us again this year. On the five to seven, look, you know, our growth stack every year, we talk about three or four points of growth from conversion. Some years it's been much better than that. And then usually another, you know, 1%-2% on sort of commercial initiatives, i.e., channel expansion and just various new product introductions. Okay. And again, understanding that it's just a planning assumption, do you have any thoughts on, you know, potential cadence of that, you know, R&R in? Yeah. I mean, we really have assumed the entire year at sort of mid-single digits kind of sell-through. So we don't have a more pessimistic assumption on the first half versus the second half. It's similar to set up to 2024 where the assumption's kind of flat across the year at mid-single digits. Okay. And let's, you know, put our more optimistic hats on for a moment. And let's say R&R is better than flat. How does that translate into, you know, incremental growth for you guys? Yeah. And again, I think this, our 2025 kind of positions us similar to 2024 that, if the market is better or if our commercial initiatives outperform, you know, I think we've demonstrated when we get an incremental dollar of sales, it's an incremental pound of production. An incremental pound of production, with our capacity today, gives us a lot of leverage in our plant. So, you know, that's allowed us to get incremental margins that are above the, you know, mid-30s that we talked about in our investor day. Okay. Makes sense. Let's turn to just the first quarter revenue outlook. You guys talked about mid-single-digit, the high single-digit year-over-year growth. Also said that October was running low double-digits, I believe, which seems to imply some slowing. Is that conservatism, or are you seeing anything out in the market now that would sort of support that? You know, kind of as mentioned, when we look at our demand indicators, we can't see anything that is meaningfully changed. Understood. So a little bit of conservatism is fair maybe? Yeah. I think, you know, as we talked about on our call, you know, we tried to give some perspective that we thought we had a little bit of upside to the guide, based upon some load in that we would expect to see on some of the West Coast distribution changes. Okay. And, you know, not a surprise to anyone in the room, but existing home sales are running at, you know, GFC-ish levels. You know, how would an improvement in existing home sales impact demand for decking and other products? Yeah. I mean, maybe an adjacent question is just, you know, we're not driven by interest rates. That said, you know, we've said out loud, a few times that, you know, we think about 15% of deck projects are actually financed, not all with HELOCs, but with some kind of vehicle. So even though it's a really small exposure for us and it's a small part of the total business, I think it's safe to say internally we believe that part of the business went to zero, and so if you said, "What are some catalysts or what are some things that we would be optimistic about if new starts rebounded?" I would argue it would rebound in conjunction probably with interest rate cuts. I think there is a part of our business that's pent up. Around that we would see some tailwind from that. That's a good segue into my next question. I mean, for a number of years, the concern out there was that there was pull forward demand and, you know, we're kind of going to have to live with the, you know, the effects of that. I mean, are we at a point now where there's actually pent-up demand? You know, I think when you talk to people on the ground there, that does seem to be on some larger projects and maybe more geared on the exterior side where there's been some modest pausing, that I do think people, once they start to think that it's going to be cheaper soon, there's a, "Hey, I'll put it off a quarter or I'll wait until the spring," kind of phenomenon that starts to happen. So again, it's hard, you know, we ask some of those questions in surveys, but it's more qualitative than quantitative. Okay. And I would say, you know, over the past few years, you've been pretty clear that you believe that the quality of the product that you guys are manufacturing, just the, you know, the industry structure, the distribution channel, and so forth should provide the opportunity for annual price increases. It wasn't a big part of the fiscal year 2024 plan. It doesn't seem to be not a big part of the fiscal year 2025 plan. How do you think about this longer term? Is this a business where, like other, you know, distribution-focused businesses where we could expect that type of pricing? Yeah. So, you know, I think, the 2024 story was set up with, "Look, we took, you know, significant price in 2020 and 2021 and early 2022." So we felt like there was a little bit of fatigue in the sector. In 2025, you know, it's less than 1%. But what I would say is, or how I would describe it is, it wasn't quite a traditional year in deck pricing, but it wasn't far off. And I think if, you know, in channel checks, that will tell a story that there was some price taken on decking. You know, it similarly to 2024 was offset with, we kind of said that we would do some more backside pricing on programs for our exteriors business. There is a little bit more competition on the exterior side in terms of other tech, other technologies, whether it be engineered wood or fiber cement. So, we've been disciplined in how we've used those dollars to support, you know, further penetration and conversion on the exterior side. So I guess the key to the question is, I think in 2026 you'd see a normal decking and probably a closer to normal pricing for exteriors. Yeah. Makes sense. And just on the exterior business, just remind us, you know, how much of that is, let's say, you know, single-family versus multi-family? How much is new construction, which I think is predominantly, but, you know, that kind of mix? Yeah. So it's about, first off, it's about 25% of our portfolio. About half of it is what we would call new starts driven. The other half is R&R. We are heavily indexed to single-family. There's a little bit of multi-family, but it's very modest. I think we've learned through this time period of the sluggishness on the new starts that we're probably over-indexed to custom homes, and those have fared better than the production new starts. What are some of the other exterior adjacencies, if you will, for products? Are there other areas outside the home, like exteriors, that would make sense? Erik, you want to? Yeah. Sure. Happy to take that. I think, look, when you think about our strategy and our material science and material conversion strategy, look, anything in the backyard or on the outside of the home that we believe that we can drive more recycled content in, that there's a wood conversion story, that we can leverage our channel partners and our sales team to drive the product and drive a, you know, kind of a cross-sell with our existing portfolio, I think would be intriguing to us. And so, you know, it tends to lend itself. You know, Pete mentioned railing earlier. Railing's a nice opportunity. On the exterior side, you know, we look at things that are, you know, beyond just the exterior trim and the exteriors. So like we've got some niche siding applications that we've launched recently. We've got a nice shingle siding product that is kind of an accent to walls on the outside of homes. And then you've seen us experiment with some new kind of bevel and lap siding solutions as well that tend to be, you know, more kind of niche premium products that are going after wood applications like a cedar plank, for example. It's still a pretty large market out there that we've launched some products that go after that market. And so, I think siding could be an intriguing application for us in niche kind of markets there. And then, you know, I also, I'd point you to kind of our new. Well, there's a new product that we launched called TrimLogic. And that product is really neat and it's an innovation in our market where, you know, if you think of the AZEK Trim, it's historically been kind of a classic bright white trim that you see in a lot of coastal homes or in Northeast and lower Mid-Atlantic markets. But this product here actually has 95% recycled material and recycled content in the product. And so that's getting to not only a new visual that allows you to paint the product and custom tailor it to whatever visuals you want on your home if you don't want to have white on the home. But it also, because of their high recycled content, enables us to get, you know, a different price point as well that's attractive in certain markets and regions. So. That's interesting. Is there an opportunity to introduce more PVC for some of the exterior products? Yeah, so you know, we made significant progress this year. We entered the year kind of about 30% content, exited the year at 40%. And, you know, as Erik mentioned, you know, we can probably move in bite-sized pieces that are a little bit larger in the near term on exteriors. And the why is not just because of the content being starting lower. It's this opportunity as we launch new products that are painted, you know, the recycling, the paint becomes the cap. And so the recycling content becomes much, much easier to put in a much higher recycled content on painted products. Okay. And a similar question on the railing side. What's the kind of mix or the exposure to multi-family versus single-family? You know, the lion's share of our business is still single-family, but it's, we've got more exposure on multi-family on railing than we do on the exterior side of the business. Okay. And I'm sure it's not an easy thing to kind of nail down because not all decks have railings. But is there an attachment rate number that you have in your head? I don't know that we'd like that as much as kind of a share percentage. And, you know, I think it's possible for, you know, the railing industry to look like the decking industry in 10 years, that, you know, over the last decade, there's been a consolidation on the decking side. And I think railing is primed to do the same thing. Makes sense. So we talked a bit about pricing. Let's talk about cost for a moment. You know, how are your input costs trending and, you know, what's sort of the outlook for price cost as we move forward here into the near term? Yeah. I'd say stable is the word I'd use to describe it. We're not expecting meaningful deflation or meaningful inflation for most of our inputs this year. And that's been pretty consistent the last three or four quarters. You know, a lot of things dropped five or six quarters ago really quickly, and then they stabilized. And we've had, as we've said on the last two calls, a lot of stability in material input costs. When we think about those material input costs and we think about the resins and PVC, I mean, is any of that, is that all domestically sourced? Yeah. It is. Okay. Got it. And obviously, you know, one of the huge advantages of recycling is it's all domestic. Yeah. No. Okay. Understood. Let me pause here for a moment just to see if there's any questions in the audience. If not, we'll, we'll just continue on. Oh, we do have a question. Just bear with us a moment. I always forget your microphone. You know, during the height of COVID, you know, some of the bigger composite decking manufacturers like yourself, you know, you guys were all operating at full capacity and some of the smaller guys had some capacity. So I think there was a little bit of share shift from some of the bigger guys to some of the smaller guys. You know, since then, you guys have all sort of ramped your capacity and it seems like that share has gone back to some of the bigger guys. So, you know, I guess the question is, as you get closer to that 50%-75% conversion, how does the share of, you know, the two to three biggest composite decking manufacturers, like, how does that compare to the smaller guys? Can you just talk a little bit about the health of some of the smaller composite decking manufacturers right now? Yeah, I would just say, you know, the pattern or the trend for the last decade has been consolidation and concentration on decking. I think that probably just continues to happen, you know, similarly over the next kind of five to 10 years. You know, I think the key for us in the industry is not getting in a position where the industry is under-invested in capacity, to make sure that we're investing for growth. And if we do that and we keep lead times low, then I think those who do that well will be positioned to win. Maybe just to dovetail off of that, you know, are there any acquisition opportunities that would make sense? I mean, does it make sense to roll up this industry or is it just much better, services and organic growth opportunity for you guys? Look, I think we like our share position. You could always, you know, have it be better, but ultimately the structure of the industry is constructed for us. You know, again, I think we have an opportunity to do meaningful bolt-on acquisitions, as it relates to railing. There's certainly product categories, in exteriors, where maybe we have an opportunity to broaden our basket across good, better, best, and premium. But, again, I think the structure of the industry is set up so that, you know, the couple of large players are out in front on investment and only accelerating conversion versus slowing it down, from lack of investment. I guess for any of the smaller decking players though, are there what would you be buying? Would you be buying technology? Are there technologies that you guys don't have? I mean, what would be sort of the. Yeah. On the decking side, I don't know that I'd never say never, but I don't know that we need to buy anybody. Yeah. to move the business forward. Yeah. Okay. Makes sense. All right. If we think about the high end of your fiscal year 2025 outlook for adjusted EBITDA margin shakes out around 27%. The sort of midterm target you put out there is 27.5%. Pretty close to where you've been targeting. How much, I mean, I guess, do you see things trend continuing to trend positively to that 27.5%? And then more importantly, is that just, you know, that's just one goalpost, right? And then. Yeah. I would say our time of late has not been spent dreaming about what the next target is. Yeah. We've been pushing people internally to say, "Let's just get to 27.5% sooner. Yeah. When we get there, we can have a conversation about what's the right next goalpost. I just go back to, look, we feel really good about the opportunities on the margin side that lie in front of us. As mentioned, we know we have a clear path to continue to make meaningful progress against recycling initiatives. You know, we've got a large plant in Boise that, frankly, we're going to continue to probably double or triple production over the next five to seven years, which is going to give us tremendous lift in terms of reducing our conversion cost per pound there. We do believe that we can get back to a normal pricing cycle at some point. So, there's lots of. There's not one lever, you know. We've got a portfolio of actions in front of us, as well as the fact that we really haven't actually leaned into SG&A. You know, we really believe as a business, we've been fortunate with our gross margin expansion that we've been able to be aggressive and make bets and investments on growth in SG&A. But we also do believe that, you know, when you're growing 10% organically, you shouldn't need to add 10% to SG&A. So, you know, there is an opportunity for us to get leverage on SG&A even as a margin equation story. Now, is that, is that a longer-term type initiative, do you believe, or is that something you'd start, we could expect some leverage in, in 2025? I, you know, I think we would, I'll say if we continue to exceed with growth, I think we will continue to invest aggressively in the business, and if the market really is flat and our growth is just in line, we will probably have some modest leverage in SG&A this year. Okay. Makes sense. Let's talk about working capital. About 15% of sales right now. You initially, I think at the investor day, put out a target of 18%. So outperforming that, what are some of the, you know, the puts and takes there? What's driving that outperformance? And is that 18%, you know, how would you kind of characterize that? Yeah. Look, some of it was probably a little bit of conservatism and the investor day as we were just getting better at sort of forecasting our balance sheet, candidly, but what's different is our terms have gotten better. So, you know, if you were to go back in time, our terms were really low at three back in 2022. We're above four today. The next milestone for us is trying to get to six, which I think is not unrealistic over time, and our DSO, this is an industry that, as a general rule on the pro contractor side, you know, takes the cash discount. So, you know, our DSO is sub 30 days. And I think that's completely doable and something that we can hold on to. I don't think that our working capital needs to go back to 18%. You know, I think we can hover around sort of mid-teens as a, as a go forward kind of opportunity set. How should we think about, you know, in the context of that, then how should we think about just kind of overall cash flow? You know, how, what do you see as kind of a trend level for you guys? Yeah. You know, I think we said at the investor day, and I, look, my preference is to talk is a percentage of rev, of revenue. You know, a good rule of thumb that we're trying to push ourselves to is cash flow from operations of kind of high teens. You know, ultimately sort of CapEx of that 5%-7%, which puts you at, you know, sort of, low teens to 10% kind of as a free cash flow kind of target within the business. I think that's very achievable. So on the CapEx side, I think you guys underspent a little bit this year. What sort of drove that? Is that just timing of projects? And, you know, how should we think about CapEx as we move forward here? Yeah. Not so much timing, because, you know, in our guide for this year, we didn't really have some kind of catch-up. I think ultimately, you know, we've been challenging ourselves internally, that our legacy assumption was that, you know, about half of our CapEx spend is maintenance. And I think with the modernization and new equipment that we put in over the last three years, I think we're finding what we hoped and that maintenance in some years is not going to be half of the budget. And I think this past year we did pretty well, from a maintenance CapEx spend. Makes sense. And we talked about some of what, you know, the potential opportunities within the M&A space might be for you guys, what areas you should sort of focus on. But how does the overall M&A market feel right now in terms of its overall health? Yeah. Finally, I'd say it's normalized, you know, after having a sort of dysfunctional marketplace, you know, coming out of the pandemic, you know, expectations for valuation were way out of line, and then, you know, most folks for the year after that pulled their assets out of the marketplace and wanted to get to a better market. I think we're there. The funnel's active. I think there's good assets out there, and I think we'd be disappointed if we didn't deploy a little bit more capital from an M&A perspective this year than last year, and that's really speaking to kind of core product technologies on sort of the decking and railing and exterior side. I think you should always assume that we're going to be aggressive on maintaining the boat that we built around sort of the verticality of recycling. So, we'll continue to be active there as well. Okay. Last one. Repurchased $243 million of stock last year. How are you guys thinking about that in 2025? Yeah. I mean, I think it'll be another strong year from a share repurchase perspective. Just one note, you know, on the $243 million for 2024. We did have, you know, the benefit of about $110 million of proceeds from the sale of our Vycom business. So, that's the only thing I'd call out. The 2024 was a great year, but it was a little bit elevated from a share buyback perspective because of Vycom. All right. Well, we are almost exactly at time, so we're going to leave it there. Thanks very much, guys. Really appreciate it. Thanks, Jonathan. Thanks, Jonathan. Thank you.