I'm the Home Building and Building Products Analyst here at Citi, and we're very pleased to welcome Jesse Singh, President and CEO, and Ryan Lada, CFO of the AZEK Company. Jesse, Ryan, thank you for joining us. Great to be here. Thank you. I think most people here know about AZEK, and I'm probably willing to bet that many of you own AZEK or TimberTech products. But, Jesse, just in case, can you maybe give us maybe one two-minute intro on the company? Sure. I mean, the general way to think of us is we take recycled materials as our primary supply source and make outdoor building products. The two main product lines we have, the company was founded producing exterior trim out of PVC under the AZEK brand, which is the way to think of trim as basically it's the accent on top of siding. We'll give or take about 40% recycled in that product and increasing. Then our decking deck rail and accessories products, which make up north of 75% of the company or of the residential business. That particular product is we have two different product lines, one made out of recycled polyethylene and the other made out of recycled PVC. Our primary value proposition is really around having the most premium aesthetics. One of the key growth drivers of the business is wood conversion, which is kind of a commonality to all of our businesses. Great. Great. You recently reported strong fiscal 1Q results and raised guidance. Can you talk a little bit about kind of the decking season and how you see it shaping up? Yeah, I mean, at this time of the year, it's obviously, I'd say, the lower part of the season, obviously where we sit right now. You can build, but in many geographies across the country right now, there's snow on the ground and it's quite cold. So we are in a low season. This particular season still has plenty of building, and it's also the season where we negotiate our shelf space with our Pro channel, and about two-thirds of the market or higher on the exterior side is the Pro channel, and we basically go through a series of mini line reviews with all of those folks, and so the quarter we just finished was going through that process. We had what we define as double-digit sales growth, which basically means those key dealers are pulling inventory at the end of the year out of distribution. And we also include that's blended with our retail point of sale. And we saw strong growth there. And then we had a little bit of really modest inventory positioning from some of the new wins. So in terms of what your Pro channel partners are telling you maybe about expectations for this year, how much visibility do they have? And then maybe how conversations have trended versus? Yeah. As you look at where we sit in the market right now, there's some modestly increased optimism, I would say, from a year ago, maybe from the fall. And once again, it's hard to tell. Is that the election? Is that certainty? Is that the expectation of, in particular, in some of the sectors that are more interest rate dependent, is that an expectation of interest rate cuts? It's hard to really tell. We went through a pretty large contractor summit. We went through a pretty large dealer summit in the fall, incrementally, just modestly more optimistic as they come into the season. I think for our contractors, when we ask them about backlogs, it's roughly in line with what we've seen over the last few years. You mentioned channel inventories, and I guess we've gone through five years when sort of nothing was normal, including channel inventories. Where do we stand today, and if you could kind of roll the clock back, maybe pre-pandemic, or where do you think inventory should be versus where they've been historically? We've added a lot of capacity since the pandemic. We've expanded. We built a new factory, which the good news is we don't have to rebuild a new factory. We've got our new facility online. We think we're in a really good shape from a capacity standpoint. Because of that, we're in a position where we've got really good lead times. One of the big shifts from pre-pandemic to now is pre-pandemic, we didn't have enough capacity to meet full demand during the season. You had to build inventory, position inventory, and then respond through a blend of capacity and inventory, We have plenty of capacity to meet demand in season. I bring that up as a backdrop because we do believe that it makes a lot of sense for our customers to carry less inventory than they did pre-pandemic. So that's kind of the backdrop. If you think about where we sit right now, we're roughly at about 15% below our historical averages at this time of the year. We've been trending 15%-20% lower than our historical averages. And that's on a days on hand. So basically, you position product and you have this process of they and we look at how many days on hand you have. I think we're at a pretty good balance right now. And so the way to think of inventory, we always have changes in inventory in the channel. Every industry does. Really starting last year at about this time, we've been operating at a pretty normalized level. It's not to say quarter to quarter there won't be a little variation, but in general, we're in a really good spot relative to very normalized inventory. I think when you reported earnings, you guided to resi sales up mid single digit, high single digit against a more flattish repair and remodel market. I guess within there, there must be three components, right? So outdoor living seems like it's gaining share from R&R. Composite decking seems like it's gaining share from wood decking. And then it seems like AZEK, you're gaining share from competitors. I'm wondering if you can just kind of help us unpack those three things. Yeah, the last two years has been highly unusual in repair and remodel. And I know I talked to some in the room, and you would have said, well, the two years prior to that was highly unusual in repair and remodel. And what's been unusual is we haven't seen growth in repair and remodel. The historical track record of repair and remodel is give or take 3%-4% growth for an extended period of time. And last year, we assumed 0% growth. The residential business grew 12%. This year, we are assuming 0% repair and remodel growth, effectively flat on new construction from where we sit now. And then you layer on top of that, we believe we've got the ability to grow 5-7 points, 5-700 basis points above that particular market. And the question is, excuse me, is it outdoor living? Is it conversion? What's kind of driving that? I think for us, we believe conversion is happening, but it has to be earned. In other words, you have to have the right. Someone's just not. The consideration set for our types of products is much higher. The consideration set is higher than the current purchase percentage. So 35% of people, give or take, are considering composite decks. 25% is the current rate of purchase relative to wood, 75% being wood. But to get that incremental 10%, you've got to have the right products. You've got to have the right marketing. You've got to have the right positioning, etc. So it's hard for us to say what's market and what's not. What we do feel comfortable on is that 5-700 basis points above the underlying market. Can you tell us a little bit about how your products are positioned along a kind of good, better, best spectrum and maybe the kind of buyer that is looking at a TimberTech deck? The buyer thing is an interesting one. There's certainly at times, so if you think about the portfolio we have and the way it's been articulated in the market, good, better, best, right? We define it as good, better, best, premium. On the premium side, it is meaningfully more expensive. And one of the questions we get is, well, what's the relative cost versus wood? And the honest answer is, I have no idea for most of our product portfolio. I put an X in front of it. Is it 2X? Is it 3X? Is it 6X? We honestly don't track that. What we look at, where it comes into play is kind of in this good category, which will be give or take 2X the cost of wood. I would say consumers, our types of consumers in general aren't looking at that. When you're buying a chair, you're not pricing it out on, hey, I'm buying this beautiful chair. Is it wood or is it not? What would it cost wood? I mean, you look at the price of the product and the value and all that, but you're not. When you're in the market for the most part with our customers, they want to solve a problem, and they've already defaulted to not wood, and with the exception of that pure opening price point, which is on the shelf and DIY. So the only consumer kind of segregation we can have is this opening price point, DIY, on the shelf, sort of a consumer, They will be 10 days i f you're in one of the large retailers, you tend to be more DIY centric, and you tend to be a bit more cost centric depending on where you are on that spectrum, but everyone else, we have some of our what we would define as a middle income consumer buying by far our most expensive products, and you also have the reverse. You've got $10 million homes that are going up with the cheapest wood you can possibly put on the outside of a house, and so I think it's hard to segregate consumers based on that. Our positioning, if you look at good, better, best, premium, we start with premium. We've launched products in there, We will continue to launch products. It is a constant stream of winning that particular aesthetics i t's got to look like wood. In our case, it also, our more premium products don't burn. They've got a designation which is called Ignition Resistant, and if you think about plastics, in general, plastics come out of petroleum PVC is made a different way. It has a different makeup. It is what is behind the walls here carrying our electrical current because it doesn't burn, right, so we use recycled PVC in our more premium products, at least in one of those lines, so it has some advantages i t's cooler, etc. So I would say we disproportionately play in kind of the mid to premium in all of our products, and we have grown by expanding in the premium, but also we've grown by adding some good and better products to allow us to access more of the market. Great. Great. Great. Great. That's, by the way, across the whole portfolio. Our most recent product launches, and I know it's probably preempting a question, our most recent product launches on trim and will start to get from just purely premium to kind of that mid price point to also an entry level price point. Got it. Got it. And Jesse, I want to go back to the Pro channel. And is it possible to quantify or maybe talk in a little bit more detail about Pro channel wins, your position there, kind of room to run? You've been very successful with. Yeah. Opportunity is an interesting thing because when you look at it, you end up being somewhat pleased that you've made progress. But then you're always looking w e just finished our discussions with our customers. For this year, we're already trying to define what is the opportunity next year. We didn't get 100% of what we were going after. There is a lot of opportunity. We're not quite where we want to be in this geography. This customer said, give us another year. We had a small position here next. Long-winded way of saying when we look at opportunity, we're always looking at it over a multi-year journey. We picked up. We haven't disclosed specifically, but I would say in the neighborhood of, call it greater than two points of growth the last couple of years coming from shelf space gains. And in the pro. Now, that doesn't always mean we eliminated a competitor, Think of shelf space gains, When I talk about it, it is reach, right? You weren't in this particular geography in Northern California. You had contractors that wanted you, but you weren't on the shelf, and you didn't have the right position. And so now you're on the shelf. You have access to the contractors that are buying from that dealer, and you're in a good position. You could say North Dakota, Northern California, Texas, Florida, pick any geography. That's how we think of it. Right. Right. Kind of moving to the other side, in terms of your retail strategy, can you talk about how that's evolved over the last few years? Yeah. In 2016, 2017, give or take, we were about 5% of our business was retail, and we thought about a third of the market was retail. And all of that business, well, there was some trim and stock, and it was primarily special order. We didn't have necessarily the right product portfolio, We didn't have the right coverage model, etc. Every year that's gone by since then, for the most part, I'm sure there's a year that what I'm going to say is not quite perfect, but it's been a creative growth. So when we look back, we've been driving really good growth rates in what we define as the retail channel, which is, in our case, three larger retailers. It has been a creative to our aggregate growth. That's come out of both special order and a stock position. We had a stocking position in one retailer that we had built up, a relatively modest stocking position, $10s of millions, but not many $10s of millions at one particular retailer, and we had an opportunity to expand with the other retailer. And the outcome of that was at some point, whether you do it consciously or not, you end up having to have some choices, and the retailers have some choices, So where we sit now, both retailers, major retailers, and all three retailers are great customers in very different ways, and from a stocking position standpoint, we will be expanding more with one retailer, and we will not be in another retailer, but we will continue to drive special order across the portfolio. What that adds up to is where we sit right now, we're about 15% of our sales in retail. We would expect that to modestly continue to grow as we move forward. Your next natural question might be, what's our objective in retail? I don't know that we have one w e just want to make sure that we're in a really good position to continue to serve customers and in particular pros, and then selectively DIY where there's an opportunity to appropriately represent our products, and we'll continue to expand in both pro and retail, and we feel really good about the opportunity ahead of us. In terms of pros buying at retail, is that a sort of step change difference than it was a few years ago? It's kind of. I would say there might be some incremental activity there. It's hard for us to know at times perfectly whether or not the pro was new to that particular store or whether the pro was there and just wasn't buying our product. I would say that there's some incremental shifts, but I don't know that I have a good enough database to be able to be specific on that. Got it. I guess the last question, just following up, you referenced geography. You obviously built the plant in Boise. Is it safe to say that your kind of geographic wins have been really weighted towards the West, West Coast, or is there sort of other areas that you point out? I would say, if I look at, and Ryan, what do you think? When you look at the data from a footprint standpoint, what do you think? Yeah, I think having the West Coast manufacturing has helped to win on the West Coast, but I think from an overall perspective, we're focused nationally, So I think there's been wins. I think some of the recent ones we've talked about with Capital and Doman, that's more West Coast focused, but again, it's been nationwide. Jesse or Ryan, in terms of price cost, how should we think about 2025 kind of shaping up? And can you talk about sort of your pricing strategy generally? You want to go ahead. Yeah, I think for 2025, we did some select pricing increases on the decking and railing side, not the entire portfolio. And then, as we've mentioned kind of prior, we feel like this will probably be the last year, but on the exterior side, a little bit of programming discounting, think of it as 100-150 basis points. So when you add those up on the year, it'd be basically flat to modestly up on price for the year. I think longer-term strategy, I think coming out of COVID and kind of the inflation we saw there, I think the pricing has been kind of consistent the last three years, but we have opportunity probably in 2026 to get back to our more, I guess, structured cadence of pricing. Got it. Got it. And in terms of raw material inputs, what should investors be tracking? What have been maybe the most inflationary? Where have you gotten a break? Yeah, I think if you go back a couple of years, it was really the PVC side. And I'd say really that's our biggest input. Our current view is really relative stability there. No major increases or decreases. Great. We talked a lot about decking. In terms of the opportunity and adjacencies, I'm wondering if we can do maybe just like a quick deep dives on rail, exteriors, I guess, premium siding, and then other maybe outdoor furniture purposes, stuff like that. Yeah. So So when you kind of step back, we define for us, it's deck rail and accessories. So rail has been a key part of the value proposition for years. We had historically sat at a more premium position in rail. So we had a composite rail, which was made out of wood and PVC and has this kind of rigid New England feel, right? So if you think of the Hamptons, you think of Cape Cod, you think of this beautiful white thick rail. That was a lot of the rail we had. But obviously, as you look across the entirety of the country, there's a lot of different styles. So for us in 2018, we bought a small aluminum rail company. Think of it as barely $10 million in revenue. We have scaled that up, and aluminum rail is a meaningful part of our rail business. And then most recently, in the last year, and specifically in the last few months, we've launched products that access two entirely other segments of the rail market. So once again, vinyl rail, think of it as a lower-cost wood look, hollow vinyl rail. We bought a company that was a contract manufacturer, and we have been retrofitting that company, reformulating it, and then scaling it for the purpose of having a more premium look and feel vinyl rail. So why does vinyl rail matter? It is the lowest price point typically in the marketplace. It is incrementally very close to wood, depending on how you look at it from a post-paint, post-stain process. And wood right now is 60% of the rail market. So for us, launching that particular product category is really important. It's core to what we do, w e just didn't happen to have to manufacture it. We're using our own recycled PVC. We're using our own capping technology, which has some aesthetic benefits. This is just what we do. We extrude PVC profiles for the entirety of our business, and that's what this business is. We have 0% share in this particular market, which is $300 million, and it's a market where our contractors are buying product, our distributors are buying product, our dealers are buying product. It's part of the necessary offering in this area, so we're really excited about that product. We view that as having a very long runway, and will help us drive wood conversion, and then we've also launched a steel rail, which is another, give or take, few hundred million dollars segment of the market. And the way to think of rail is it's highly fragmented, and it has more SKUs, but it's a natural part of everything we sell. And then on the exterior side, we've historically had white PVC trim. We launched products that were very paintable, which allows us to access more of the market. And then most recently, we've launched a very high percentage recycled PVC trim product. Why does that matter? I'll reiterate, garbage is probably the best raw material you can have. And our PVC is when we recycle PVC, we start with something that looks almost like a landfill of PVC products, and then we process it and make a product out of it. And so having a high recycled content trim product will allow us for the long term to continue to drive wood conversion and trim. Then lastly, just on the siding side, as I mentioned earlier, our trim and our exteriors business is basically an accent on top of siding. There are some great siding players out there. They're really good at doing flat things. So when we look at the market, when we look at areas where they don't do as good a job, we have the ability to mold PVC in different shapes and do different things with PVC. We've launched a premium siding product that installs traditional vinyl siding, but has a look and feel that's much more premium. We'll see where that goes. We think it's at least double-digit millions. There's probably $100 million of products that are similar already sold in the market. So we should incrementally pick up, as I mentioned, double-digit millions t he question is, does that scale? Can we actually have it be more than that? It might be, but once again, it's always going to be a very, very, very niche accent type product compared to the siding players that are at scale, at least at this point. The contracted base for all these products is basically the same, or the overlap is, yeah. Yeah, yeah. So think about what we do. We sell exteriors and deck rail and accessories through the same distribution. We sell it to the same retailers. We sell it to the same Pro channel. Every one of our major Pro channels, think of a local dealer, lumber yard, will carry both those product sets. And then our contractors divide up a little bit. There's decking contractors. There's general contractors. There are exteriors contractors. But pretty much anyone that's installing trim or that are trim and siding contractors are obviously by definition installing siding. Got it. Got it. And as you kind of zoom back out and think about sort of long-term maybe growth and margin targets for the company, and you think about sort of decking versus non-decking, can you talk about sort of the contribution or the profile? Yeah. I I think our biggest opportunity has and will continue to be our core, which is our decking business. If you look at deck rail and accessories, you think of each of those categories. For the most part, they're all in the same general gross margin range. We might be modestly lower on the stuff we source versus what we buy. It's just more capital efficient. But in general, you're in the, call it the 40s. As you look at our exteriors business, it runs at a similar gross margin kind of cost structure as our deck rail and accessories business. Our intent, as we've highlighted, is to hit 27.5% EBITDA margins by 2027. If you look at our guide and what we've done, we're probably going to hit that earlier. We should hit that earlier. The question is, what's the next stage? Just to give you an order of magnitude of how much margin opportunity is left for us, we were just going through as we're looking at we just bought a recycler a few months ago w e just bought another one that we announced this morning. As we start looking at the opportunity from either recycled PVC or polyethylene and in-housing and driving some of that, there's probably another at a minimum $40 million plus of incremental margin opportunity as we look at all the cost savings. That's there, Now, I don't take that and put it into your models, I'm just saying that's the opportunity, so there's a lot of runway ahead of us t he question ends up being, what's the right long-term target? I have one in mind. I'm not going to share it, but it's probably going to be higher than 27.5% EBITDA margin. So we've got to figure out the right time to have that conversation, but we're far from done when we hit our target. Great. Great. And can you or Ryan talk about you talked about PVC versus HDPE versus LDPE? Can you talk about that kind of transition and what sort of drives the savings and maybe where you are on that? Yeah, if you want to. Yeah, for sure. Yeah, on the PVC side, I think it's continuing to source lower-cost streams and converting that cheaper and then the inclusion rate in the product s o if you think about decking, we're in the mid-60s% i think at our investor day, we laid out a target of getting to 70%. That's not a finish line. I think we can go above that. But every few years or every year, that couple of points step change helps drive some favorability there. On the composite side, the low-density, high-density mix, we're running 50% high-density, 50% low-density. We're in the process of converting to 75% low-density, 25% high. That's about 50% of the way through on a conversion perspective, So we'll look to complete the rest of that this year. That's a line-by-line, product-by-product. So it takes time. It doesn't just roll out overnight. And then a lot of the opportunity on the sourcing and recycling side there is we still source probably 75% of our low-density material that goes into the recycle. If we could source raw and convert that, there's a large cost savings there. So a lot of these acquisitions give us additional capacity and network to do that. So that's part of the strategy as well. Great. And you had the announcement this morning, I guess, Northwest Polymers, and you had the acquisition in Indiana. I mean, should we envision kind of maybe a string of these kinds of acquisitions? Can you give us a sense of broadly what the price tag for these kinds of assets? And are you just buying really a material stream, or is it technology that's part of this, or? Yeah, I think it's both. So the acquisition we completed in December was about $11 million, The one that was completed last week was south of $10 million s o I think of mid-single-digit millions on that. What you're buying with the Indianapolis location or Indiana location was source, was additional capacity, and it was new technology. So we actually have opportunity on some of you might get a batch of mixed polymer, It could be polyethylene and PVC. We weren't able to separate that before. Some of the new technology allows us to do that and use lower grades that would typically end up in a landfill. So that helps us from a long-term strategy. And then with Pacific Northwest acquisition, I think about localization with Boise facility out there. We're shipping material across the country. This gives us opportunity to process locally and increase that in-house conversion versus sourcing it, So those are kind of the opportunities you have there from the acquisition. I think from a longer-term perspective, we're pretty active on the recycle side t he payback's typically less than 18 months on that. So we'll continue to be active there as opportunities come up. Great. Great. And we have to ask this question to all our management teams in terms of potential tariff impacts, either directly or indirectly, raw material costs, how much product maybe crosses the border into Canada. And then just generally, I mean, sort of your non-U.S. exposure and maybe non-U.S. strategy. I mean, you have a competitor that's maybe more active overseas. Just how you think about all the. You want to hit the. Yeah, on the tariff side, right? So our exposure, think of it mainly on metals like that for fasteners, for railing, things like that, for substructure. We've estimated that between $100 and $120 million of material costs for us, That's multiple different countries and sources. As you know, the tariff situation is changing daily. So exposure could range from low single-digit millions up to $15 million on the worst case. I think as you think about that, we're monitoring that daily w e have actions in place if we had to take appropriate pricing actions and things around that. We're always looking to qualify additional sources and regions. So I think we're being proactive on that, and it's part of the daily dialogue now. Yeah. And the international strategy is an interesting one. So I used to work at a company that was 65% outside the U.S. And to win internationally, you've got to be good and local. And so I think our strategy and there has to be a reason. I think we view ourselves as being U.S. and Canada-focused. And we believe those are two markets where we primarily play are the best places to fish. There's a ton of opportunity. We've got competitive advantage. We have scale. We've got resources on the ground. And that's predominantly where we're going to win. And obviously, it's borne out. We think it'll continue to bear out, especially given the way that the housing markets are in the U.S. and Canada t here's a certain type of build and a certain type of structure that really works for us. We do It might be $10 million or something that we do from an export standpoint. Maybe that grows to 20 over a period of time. We've got some business in Australia and the U.K. and in Germany. It's fine. It's good business, and they should have access to a good product if they want it. And we'll continue to have that. And then relative to Canada, it's a good business for us. So we export from the U.S. We've had some discussions on what we can localize in Canada. We do have a local team there. And so it might make up three, four percentage points of our aggregate sales going to Canada. And then for the most part, we're U.S. for U.S. Great. Great. Maybe going back to kind of the outlook for '25, can you remind us sort of capital allocation priorities, where leverage should sit, repurchases kind of? Yeah. I'd say the priorities remain the same, right? So first, we're going to focus on investing in organic growth, our typical CapEx, 5%-7%, things like that. Second would be kind of inorganic, and whether it's tuck-in M&A, nothing transformational, or additional recycle M&A like we've just announced it too. And then I think third would be repurchases. So I think the timing of that historically has been more back-half weighted. We typically burn cash in the early part of the year and then generate more in the back-half. We paid off some debt in our fiscal first or Q4. And then with the two acquisitions and lowest cash generation quarter, we would look to be more active in the back-half on share repurchase. Then on leverage, when we went public, we said kind of twos is probably the right spot. We also went public in a zero-interest rate environment. I think retiring some debt and where we sit right now is we're probably around one. It gives us flexibility if there is an opportunistic some type of an opportunistic scenario acquisition or whatnot. If we needed it, we have the wherewithal to do it. And then I don't know that we have an exact leverage target. It's something greater than zero, but it's probably not two and a half right now as we sit. At least it wouldn't be two and a half for very long. So I think we're in a good spot right now. Our debt payments, we adjusted out, obviously, for EBITDA, but our debt payments are meaningfully lower, Our cash generation's in a good spot. So we feel pretty good about where we sit right now from a capital allocation standpoint i t gives us plenty of room against the buyback authorization to continue to modestly bring down the share count every year. Got it. Got it. Just checking quickly, any questions from the audience? Maybe we'll wrap up with a couple. I guess on M&A, you kind of identified an opportunity from these kind of smaller recycling centers. Outside of that, are there opportunities, and would they be in some of these adjacencies, or what is the? Yeah, I think Ryan did a good job of highlighting it. We don't want to be coming in and having a discussion with you all saying, "Hey, we're going to do this transformational acquisition," because we really like the model that we play in. It allows us to get that double-digit growth. And every year, I have a target of expanding our EBITDA margins. So you should think of any acquisitions as tuck-in and very, very selective relative to does it fit within the portfolio? Does it fit with our contractors? Does it drive material conversion? Does it have a differentiated position or differentiated technology that allows us to continue to expand our share of wallet and do a better job with solutions with our customers. So think of, for the most part, everything is kind of tuck-in. We do buy things, right? So we've got an M&A process w e've got a department, some really sophisticated individuals that do it, and so we feel good about our ability to engage w e do think that's an advantage. We're scaled to do it. People talk about it. In our particular segment, we've got a nice track record of stringing together some good acquisitions, so it's part of it, but a tuck-in part of it. Great. Great. So maybe just wrapping up, if we had to summarize, I mean, it sounds like pros and consumers are maybe incrementally slightly more positive on decking kind of going into the spring season. It sounds like composites continue to gain share, You're gaining share within composites. Your long-term margin target, it seems like you're going to hit it maybe sooner rather than later, Not ready to raise it, but it seems like that's at least a possibility. And. It's going to be hard not to. Yeah. Yeah. Yeah. So anything else that you'd add or? No, you have the benefit when you go public, you have the benefit of laying out what you think the future would look like, And I think we said a few things. One is we believe we're a double-digit grower t he other one is we believe we're resilient. And we believe our business model has some competitive advantages. And I think as you look at the last few years, we look at it as we could have done certain things better. But in general, I think what you see is in a flat market, our goal is to find ways to drive growth independent of the market. I think thematically for us, we're assuming things are about the same as we move through the year. We'll have to see what happens. But against that, we believe that growth is something we should control as best we can, And the way to do that is to have a portfolio of programs, new products, expansion. One thing we didn't talk about is our downstream sales force is constantly driving market activity. We think that model sets us up pretty well on the growth side a nd then we've got the recycle and continuous improvement on the margin side. So we feel really good about our ability to operate in just about any market. And we're excited about the opportunity that's ahead of us that's meaningfully larger than what we've gone through in the last few years. All right. So we appreciate it. Thanks. Thank you. Take care. Thank you again. It was great. Thank you.