Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Barnes third quarter 2022 earnings conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. To withdraw your question, please press star one again. Thank you. William Pitts, Vice President, Investor Relations, you may begin. Thank you, Chris. Good morning, and thank you for joining us for our third quarter 2022 earnings call. With me are Barnes President and Chief Executive Officer, Thomas Hook, and Senior Vice President, Finance and Chief Financial Officer, Julie Streich. If you have not received a copy of our earnings press release, you can find it on the Investor Relations section of our corporate website at onebarnes.com. That's O-N-E-B-A-R-N-E-S dot com. During our call, we will be referring to the earnings release supplement slides, which are also posted to our website. Our discussion today includes certain non-GAAP financial measures which provide additional information we believe is helpful to investors. These measures have been reconciled to the related GAAP measures in accordance with SEC regulations. You will find a reconciliation table on our website as part of our press release and in the Form 8-K submitted to the Securities and Exchange Commission. Be advised that certain statements we make on today's call, both during the opening remarks and during the question-and-answer session, may be forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Please consider the risks and uncertainties that are mentioned in today's call and are described in our periodic filings with the SEC. These filings are available through the investor relations section of our corporate website at onebarnes.com. Let me now turn the call over to Tom for his opening remarks. Julie will provide a review of our third quarter performance and our updated outlook for 2022. After that, we'll open up the call for questions. Thank you, Bill, and good morning to everyone. During my first full quarter at Barnes, I've traveled to our manufacturing facilities across Europe and North America. I'm impressed with the people, operating processes, and manufacturing expertise at Barnes. There's a highly engaged and passionate team of leaders and associates, and I appreciate the frank and clear discussions held with these team members during my visits. Barnes has a good business portfolio and a solid foundation upon which to build our future. That said, not all aspects of our core business execution are performing at the level needed, and we are taking actions to improve our execution to deliver the true value embedded in our businesses, in particular, in our commercial processes. To put it in simple terms, our focus is to drive revenue, improve profitability, and secure the backlog required to drive future growth. This top line, bottom line, pipeline triad you'll hear me repeat often is the guiding principle through which we will steer the company's revival. Our first step is to determine the most advantageous ways to address the markets we serve. Approaching our markets in a more holistic manner by leveraging the breadth of our portfolio to more efficiently and effectively serve our customers. This moves beyond cross-selling products to providing valuable solutions that solve customer problems. Doing so will allow Barnes to command price while creating incredible value for our customers. With our operations, there are significant opportunities to drive enterprise value. On the aerospace side, we have a well integrated and aligned business that approaches its global markets as Barnes Aerospace. It's a highly investable, solidly performing business with opportunities to scale through greater participation in the industry recovery and further expansion into military and MRO. Accordingly, we'll dedicate more resources to top line growth and to evaluate M&A targets in this space with integration and alignment top of mind. At Industrial, our immediate priorities are different. The portfolio strategy has been built along decentralized and independent brands, and this has led to a high level of complexity. While there are pockets of strength, the global pandemic has exposed inefficiencies and gaps in our effectiveness. At this time, we are pausing M&A activity until we more fully integrate, consolidate, and rationalize the business within this segment. This includes an evaluation of Industrial's architecture with a view on simplifying and streamlining the business. To that end, we have advanced our restructuring efforts. Since our second quarter earnings call, the closure of our Bristol facility announced on our July call is tracking to plan. We have commenced the closure of our Molding Solutions facility in Aue, Germany, which will be completed by June 2023. We have undertaken headcount reductions in Canada, Sweden, Spain, and Germany, and we have closed several smaller locations. In addition, in October, we approved the second round of our multi-phase restructuring, which will drive $12 million in annual savings at a cost of $5 million. Collectively, with what we announced in July, we anticipate approximately $26 million of annual savings with a total restructuring cost of $29 million. We expect to achieve full run rate savings by 2024. Plans for additional restructuring actions are in development and will be shared in due course. With all of the above, we will approach the work at hand with a refreshed organization culture built on candor, clarity, and action. While respectful of the existing company culture, we are moving with greater agility and urgency. We are focused on getting things done. We are more analytically driven, letting data support our decision making processes, and we are driving a pay for performance mindset deeper into the organization. This increase in speed and directness is uncomfortable for some, but we have a lot to do, and we're getting after it. Before I close my prepared remarks, you may have seen in our 8-K this morning that Patrick Dempsey has voluntarily retired from his role as Executive Vice Chairman, and that he has also voluntarily resigned as a member of the Barnes Board of Directors for personal reasons related to the health matters affecting a family member. We are incredibly grateful for Patrick's leadership and contributions to Barnes over his 22 years at the company. Personally, I would like to thank Patrick for his support in my transition to the CEO position. I truly appreciate his advice and counsel. From the entire Barnes team, we wish Patrick and his family well in this next phase of life. In closing, I'm incredibly energized by the future I see ahead at Barnes. The leadership team and I are rapidly working to deploy actions designed to accelerate our financial performance recovery, drive core business improvement, align our commercial resources, and address industrial complexity and inefficiency. These actions will work towards unlocking our full potential, delivering the top line growth, bottom line returns, and steady orders flow that Barnes is capable of. Let me now pass the call over to Julie for a discussion on our third quarter performance and some end market color. Good morning, everybody, and thank you, Tom. Let me begin with highlights of our third quarter results on slide four of our supplement. Third quarter sales were $315 million, down 3% versus the prior year period, with organic sales increasing 2%. Foreign exchange negatively impacted sales by 6%. Operating profit was $30 million, down 31% from last year's $43.7 million. Excluding net restructuring charges of approximately $9 million, Adjusted operating income was $39 million this year, down 11% from $43.9 million last year. Adjusted operating margin of 12.4% was down 110 basis points from 13.5% a year ago. Net income for the quarter was $17 million or $0.33 per share, compared to $27.9 million or $0.55 per share a year ago. On an adjusted basis, excluding restructuring charges of $0.16 per share, net income per share of $0.49 was down 11% from $0.55 a year ago. In the quarter, interest expense was $3.4 million, a decrease of approximately $670,000 as a result of both lower average borrowings and a lower average interest rate versus a year ago. Other expense was $2.4 million versus last year's $1.2 million, primarily driven by incremental pension expense from restructuring actions. Excluding restructuring charges, our adjusted tax rate for the third quarter was 27.6%. For the first nine months of 2022, the effective tax rate was 111%, compared with 27% a year ago and 21.9% for the full year 2021. The increase in the 2022 year-to-date effective tax rate from the full year 2021 rate was driven by this year's goodwill impairment charge, which is not tax deductible, and last year's benefits related to a realignment of Italian tax basis goodwill and intangibles and foreign audit adjustments. These items were partially offset by a change in the mix of earnings between high and low tax jurisdictions. Now I'll turn to our segment performance, beginning with Industrial. For the third quarter, sales were $204 million, down 12% from a year ago. Organic sales decreased 4%, while unfavorable foreign exchange lowered sales by 8%. Industrial's operating profit was $8.8 million versus $30.1 million a year ago. Excluding $9.1 million of restructuring charges in the current year, Adjusted operating profit of $18.3 million was down 39%, and Adjusted operating margin of 8.9% was down 410 basis points. Adjusted operating profit was impacted by lower sales volume, lower productivity, in part attributable to supply chain challenges and the net impacts of inflation. For the quarter, across the Industrial segment, we incurred approximately $10 million in gross raw material, freight and utilities inflation. Through ongoing pricing and procurement actions, we were able to mitigate approximately $8 million, resulting in a net $2 million inflation impact. For the fourth quarter, we anticipate a net inflation impact of approximately $1.5 million. Across Industrial significant end markets, we saw YoY orders strengthen in personal care and medical. Organically, Automation orders were very strong. There was a bit of relative softness in packaging, while automotive and sheet metal forming orders were flattish, excluding the impacts of foreign exchange. Book-to-bill was 1.03 x for the third quarter. With respect to orders and sales across our businesses, at Molding Solutions, organic orders were strong, increasing 15% YoY, while organic sales decreased 9%. For 2022, we continue to expect Molding Solutions organic sales to be down low to mid-single digits. At Force and Motion Control, organic orders were up 4% and organic sales were approximately flat. We anticipate low single-digit organic sales growth for the year, which is a bit softer than our prior view. Engineered Components saw organic orders increase 3% and organic sales increase 6%. The organic sales growth is driven primarily from cost recovery efforts. Full year organic sales growth is anticipated to be up low- to mid-single digits. At Automation, organic orders were up 22%, while organic sales declined 6%. Order performance provides some positive momentum heading into the fourth quarter. We continue to expect flattish organic sales for Automation in 2022. For the segment, we also continue to expect flat organic sales. We have tightened our Adjusted operating margin expectation to the range of 8.25%-8.75%. At Aerospace, sales were $111 million, up 18% from a year ago, primarily driven by strength in the aftermarket business, where sales grew 55%. This business is clearly benefiting from the continuing narrow body recovery in the commercial aerospace industry. Operating profit was $21.2 million, up 56% as compared to the prior year period. Excluding a favorable restructuring adjustment of $400,000, Adjusted operating profit of $20.8 million was up 50% from last year. Contributing to the strong performance in Adjusted operating profit is the benefit of higher sales volumes, in particular, robust aftermarket sales, offset in part by unfavorable productivity due to labor availability and supply chain challenges. Adjusted operating margin of 18.8% increased 400 basis points from 14.8% last year. In our OEM business, after two consecutive quarters with book-to-bill in excess of 1.5 x, orders took a pause. Third quarter book-to-bill was 0.65 x, though we see that as a timing item and nothing of concern. Our OEM backlog declined slightly from the second quarter as a result, though remained solid at $729 million. We expect to convert approximately 45% of this backlog to revenue over the next 12 months. Our OEM outlook is unchanged from our prior view as we see low double-digit growth for 2022. In the aftermarket, sales growth remains robust, with MRO up 39% and spare parts up 85%. For the year, we continue to foresee low 30%s sales growth in MRO and now expect even stronger spare parts sales up over 50% for 2022. Aerospace Adjusted operating margin is now forecast to be between 18% and 18.5%, an increase of the bottom end, reflecting the higher aftermarket contribution. The Barnes Aerospace team continues to perform strongly and expects to end the year well-positioned for 2023. With respect to cash, year-to-date cash provided by operating activities was $43 million, versus $128 million in the prior year period. The primary drivers of the lower cash generation are an increase in working capital and paid incentive compensation related to 2021. As discussed last quarter, inventories have increased as we built buffer stock to combat supply chain constraints. We'll begin to wind inventory down over the next several quarters, and it will be a focused priority for 2023. Free cash flow was $22 million versus $101 million last year. Capital expenditures were $22 million, down approximately $5 million from a year ago. With our balance sheet, the debt-to-EBITDA ratio as defined by our credit agreement was a bit under 2.3 x at quarter end, down slightly from the end of the second quarter. On a net debt to EBITDA basis, we'd be just under 2x. Our third quarter average diluted shares and period end shares outstanding were both approximately 51 million shares. During the quarter, we did not repurchase any shares and approximately 3.4 million shares remain available under the board's 2019 stock repurchase authorization. Moving to our updated 2022 outlook on slide 6 of our supplement. We continue to expect organic sales to be up 5%-6% for the year, although we now anticipate a higher negative FX impact of 4%. Adjusted operating margin is forecast to be between 11.5% and 12%, up 50 basis points on the low end of our previous range, given the strength of the Aerospace aftermarket. Adjusted EPS is now anticipated to be in the range of $1.90-$2.00 per share, down 2% to up 3% from 2021's adjusted $1.94 per share. Excluded from our adjusted earnings is a $0.27 impact on EPS for restructuring, primarily associated with our Industrial segment, and a $1.33 goodwill impairment charge taken in the second quarter. A few other outlook items. We anticipate interest expense of approximately $14.5 million and other expense of approximately $4 million. An effective tax rate of approximately 24.5%, excluding Regulation G items, CapEx of approximately $35 million, which is lower than our prior view, average diluted shares of approximately 51 million, and cash conversion of approximately 90%. In closing, for the third quarter, we experienced a continuation of the performance trends we've seen throughout 2022, with strong Aerospace and challenged Industrial performance. As Thomas articulated in his comments, our change agenda that started in Q2 is progressing. There are many actions underway and others under evaluation to address our cost structure and competitive positioning. We are laser focused on delivering the underlying value of our business and taking the necessary steps to accelerate the process. Operator, we will now open the call for questions. As a reminder, if you would like to ask a question, please press star then one on your telephone keypad. Our first question is from Myles Walton with Wolfe Research. Your line is open. Hey, good morning. Lou with Wolfe on for Myles. Good morning, Lou. Hey, Lou. Hi, how are you? Julie, thank you for all the color. Thomas, nice to speak with you. Can I just go back to the, I guess, the margins in Aerospace again? They were good, but I guess given the mix again sequentially, maybe thought they would have been stronger. Is that just the productivity and supply chain you mentioned or anything else to be aware of? It is partially attributed, attributable to some of the supply chain challenges. There was a little bit of a mix issue in our OE business that also contributed to that. Okay, great. You said just timing on sort of the backlog and the orders and stuff like that. Nothing else to be mindful of given the slower sales there as well? No, no. Nothing you're seeing from the OEMs, I guess. No. I think. Okay. No, I think the OEMs are just rationalizing the production schedule to a realistic rather than opportunistic. Yeah. There's really nothing there other than normalizing the output rate on their end. Yeah, yeah. We're linked to that very tightly. Okay, yeah. It just seems like we've heard some comments this week about, you know, maybe production not necessarily being where people thought it was gonna be. I just wasn't sure if we were starting to see that. You know, again, some rationalization that could be that. I guess also the lower CapEx, just obviously anything just pushing out of things, nothing major there. Then did you give us the Industrial margin guide? I may have missed it. From a CapEx perspective, yes, it's just what we're actually seeing is some slowdowns in delivery of the equipment we have on order, which is pushing cash into next year. That's been a trend where our suppliers on that equipment are just not living up to, you know, the original timelines they expected. Nothing of concern and the investments are still being made in the business. Your question on Industrial margins, was that for actuals or the outlook? Yeah, the outlook. I just didn't know. I know you gave it for aero. I didn't know if there was one for Industrial. I may have missed it though. Yeah, no worries. Our outlook for the Industrials for the full year is 8.5%-8.75%. 8.25-8.75%. We just tightened that range. Really didn't change the midpoint. Perfect. Thank you. Yeah, no worries. Thank you. Thank you. The next question is from Christopher Glynn with Oppenheimer. Your line is open. Yeah, thanks. So, amidst all the actions being taken and great opening explanations, Tom. You're closing Bristol. Curious about the revenue there. I know you'll transfer some, but how are we thinking about attrition, exit? I'll leave any, you know, divestiture intents to the side for now. In terms of intentional shrinkage as, you know, I think you have some mix issues within the Industrial portfolio and you're looking at mix and maybe some attrition as one of the levers. Yeah, Chris, that's a great question. Is that as part of my learnings in garnering really deep insights into the Industrial business with Julie and Steve Muehl to kind of look at the tail product lines we have and evaluate the product portfolio, in particular, things that are high mix and low volume. When we're doing this consolidation rationalization, we're going to be kind of trimming the tail or pricing the tail in a way that would move customers to more standard products, let us drive faster turnaround for them in order to remit. In trying to, you know, I mean, there's a balance here. We are a solutions provider, so there's a lot of customization, but we don't want to have infinite customization because it's extremely expensive and slow. It is a tool we're using during the Industrial rationalization at each product line. It's embedded into the projects for manufacturing facility consolidations, and that is active both for the Q2 announcements with Bristol as well as the Aue, Germany facility, as well as the phase two restructuring that we just announced. In there is the product lines, you know, realignment and rationalization as well. Okay, thanks. I know we're not going to talk 2023 guidance at this point, but a lot of influences, such as some of what you just discussed, are on the table. You know, conceptually, you know, you mentioned focus on revitalizing backlog, refill to drive growth. Should we be thinking at this point, you know, granted more information to come, 2023 a year of maybe modest organic declines and, but you know, with some margin leverage, maybe a little, maybe a good bit? Well, Chris, as a CEO of only 100 days, it's a little early to give 2023 guidance. However, I will not be satisfied with accepting in our Industrial segment declines in our revenue opportunities for 2023. Since my arrival and transition with Patrick Dempsey, we are heavily focused on core business execution in Industrial. Julie and I and Steve Muehl demand that we grow that. We have to win business, book it into orders, and get it into our P&L through order remittance process. I won't accept that we're going to shrink in 2023 in the Industrial segment. Okay. I have one on Aero. You mentioned targeting further expansion into military and MRO, and I think it might have been related, the comments on looking at acquisition targeting in that space. I'm wondering if you could elaborate on that bucket of comments? Certainly is. Well, I find our Aerospace business is performing at a very high level currently, and it is managed through, you know, prior leadership in the business through the COVID period quite effectively. It had actually improved its efficiency and effectiveness during COVID operationally. Coming out of COVID under Ian M. Reason's leadership, we've picked up a lot of commercial momentum, and we're leveraging that operating capability. We feel we can naturally, organically use that capability to expand military opportunities and MRO. Also because that business is really well run and it's recovering very strongly in each of its segments, OEM, MROs, in the aftermarket, that we feel that we can also entertain targeted M&A opportunities, and we've been evaluating those for where they would be complementary into our portfolio. Although Barnes has not done an Aerospace acquisition for a couple of decades, we still think that is a very well prepared and aligned business to consider that. We're being very disciplined in the approach of those evaluations right now. That extends into investments organically into our operating capabilities within Aerospace that could also potentially open up market opportunities for us, in particular on customer projects, where we think we have competitive differentiation into the market. I think Aerospace for us is a very investable segment, and we're looking at it very broadly as to where we feel we could grow that to continue the growth trajectory and profitability, you know, trajectory that they're already on. Sorry, if I could do one last one. How is the pipeline looking? The pipeline in Aerospace looks very healthy. We have right now some operational limits, as Julie pointed out, labor availability has been particularly complex in certain areas. We have also been actively arbitraging production locations to where we have better labor availability to be able to mitigate that effect. I would say that we expect obviously in the single aisle, the continued robustness in the market. I still think the wide body aircraft recovery is gonna occur over a longer period of time. There the opportunity set is not as robust. Right now, we feel very confident in the trajectory of our customers and their demand patterns, and if we could get more out, we'd be growing faster. Sorry. I agree with all that. I meant the deal pipeline. No, there's plenty of opportunities on the deal pipeline side is very narrow in terms of our focus. You know, is mostly focused on organic core business performance on the Aerospace side. But we're looking at individual targets or a handful of targets, but mostly just on the assessment phase. I think that, you know, our Aerospace business looks, you know, similar to many other Aerospace companies that went through COVID. They went through difficult times. There's targets that potentially could fit, and there's plenty of targets that really just strategically wouldn't fit with us. A lot of evaluations right now that we're going through on the Aerospace, but really nothing to communicate in terms of, you know, deal opportunities. Great. Thank you very much for everything. Thank you, Chris. Thanks, Chris. Thanks, Chris. The next question is from Matt Summerville with D.A. Davidson. Your line is open. Thanks. Good morning. Good morning, Matt. Hey, Tom. Realizing that this might make some internal people uncomfortable that might be listening, I have to ask the question. You've been there 100 days, what is your assessment as to the effectiveness of the leadership team here at Barnes? Where are you finding gaps, and what are you doing to affect change therein? Yeah. No, Matt, it's a fair question. You know, I believe in a lot of candor and communication, and I never mistake effort for results. Our results, you know, in particular on our Industrial performance, need to improve dramatically. I think from a leadership perspective, we have leadership improvement that needs to be done, have already started that, on a targeted basis. As you know, many of the senior leaders here are fairly new. You know, Steve Muehl, two years. Ian Reason, six months. Julie has been here 18 months, myself 100 days. I find there's a lot of very good leadership talent on the manufacturing floor. I've gone to about 27 facilities in 100 days to do very comprehensive visits to garner deep insights into the business. So I think manufacturing leadership-wise, we're strong. We have weak commercial leadership. I come from a background of much stronger and impactful commercial leadership. On the Industrial side, we've been reorienting our entire go-to-market here quickly in the first 100 days, and that has meant the transitioning and displacement of leaders in several of those businesses. I view that it would be a progression, Matt, over the course of quarters to have this done due to the upheaval and the tumultuousness of making these types of changes. It's a progression that I'm working on with Dawn Edwards, Julie, Steve Muehl to do. It's really more focused on Industrial. The operational leadership and executive leadership in Aerospace is very good. Commercial teams, manufacturing teams, very good in Aerospace. Most of, I think, the references that I would make towards leadership transitions will occur on the Industrial side of the house. Understood. As a follow-up, maybe just bigger picture, your strategic view on the Industrial asset base and, you know, the SBU structure by which that business has kind of been operated upon. What's your early assessment therein? Too much complexity and too much inefficiency. Part of the integration, cost rationalization, and consolidation initiatives we're, you know, really communicating at the second quarter and the second round today, phase two today, is aimed at realigning, driving efficiencies, and reducing that complexity. If I had a year to do all the evaluations in real time and then kind of do it at one time, sometime next year, that's the approach we would have taken. But given the urgency of the need to make a change and do these, you know, realignments, integrate, consolidate, cost rationalize, we've made the decision to do this in a series of phases. That way it allows us to, you know, plan out, decide, and lock off on buckets of opportunities like we announced in the second quarter conference call in July and today for the second phase. You can expect that going forward, there'll be additional phases that are a continuation on addressing that complexity and driving efficiencies and effectiveness. Because in the end, the underlying product lines in Industrial are very sound. We have too many facilities that need to get aggregated. My background is in doing a lot of facility consolidations. There's a lot of efficiency to gain on more comprehensive facilities at a scale that can leverage better productivity. That's the direction we're going. We have a lot of opportunity but we have the resource limitations on how fast we can do this within the company. By taking these in phases, a series of quick phases, kind of chunks at a quarter at a time, it'll allow us to get a lot of progress over the next, you know, 12 months in a kind of an orderly and effective manner to let us dramatically improve not only the profitability of the Industrial business segments, but it'll simplify it and it'll give us the ability to invest more intentionally and go to market to get the top line moving more aggressively. Hopefully, that's helpful, Matt. Well, that is helpful, Thomas. Maybe just one more follow-up. The $26 million of anticipated cost savings from phase one and phase two, can you maybe bucket how much of that will be realized and benefit the P&L 2022 versus 2023 versus 2024? I'm kind of looking for, I guess, kind of a cadence of realization. Sure. Yeah. Let me have Julie answer it with the kind of the data forensics on that. She'd be able to do that easily. Hey, Matt. For 2022, you know, the net impact is pretty de minimis when you consider the charges. For 2023, we would expect, you know, somewhere in the neighborhood of, call it, you know, $17 million-$20 million to drop through, and we'll be at full run rate in 2024. Got it. Thank you, guys. I appreciate it. You're welcome. Thank you. Thank you. The next question is from Michael Ciarmoli with Truist Securities. Your line is open. Hey, good morning. This is Peter Osterland on for Mike this morning. Thanks for taking the questions. Morning, Pete. Hey, Pete. First, just wanted to get your thoughts on the supply chain and labor dynamics and how you're thinking about that, as the coming year approaches. Just, trying to get a sense for if there are specific raw materials that you're building inventory for or, you know, if you expect that you would be able to continue mitigating any cost pressure you see, with higher pricing. Yeah. A great question, Pete. There are the supply chain challenges, you know, continue to exist, however, they are abating. Both within the Aerospace and Industrial product lines, we do still see longer lead times and some levels of constraints and availability, but it's nowhere near as bad as it was in prior years, during the kind of peak COVID. We systematically, as a company, are focused very heavily on, you know, the mitigation of inflationary effects from materials to labor by working with our customers to do pricing pass-throughs, value engineering as ways to mitigate those effects. We cannot, as a company, accept that we will accept the brunt of inflation without fully offsetting it with our customers and our own productivity efforts in partnership with our customers. We do see labor availability constraints, but asymmetric. They vary by region. Certain regions have less recovery in the labor markets and availability than others. We've been using some level of arbitrage to production areas where we can attract direct labor that allows us to grow the business. As you know, because we're doing a lot of consolidation work in the Industrial segment in particular, we're making some decisions with regards to where things are consolidated into based on there being labor availability in those markets to pick up the business and expand in our facilities. We're partially addressing it through the consolidation programs. Going forward, I expect that there's going to be continued inflation in 2023. The reason for very quickly here with Ian Reason in Aerospace, Steve Muehl in Industrial, and Julie been very focused on getting on rational terms with customers on an ongoing, continuous basis. Because the secret for inflation management is to mitigate the full amount of inflation at the time it's occurring. Unfortunately for Barnes, 2022 was a really tough year of learning because we were late in mitigating it, and we did not have the systems in place to mitigate the full amount. We've basically been on a recovery loop with that, and we don't want to be on a recovery loop for inflation in 2023, so we'll have the, you know, the operating mechanisms to ensure that does not happen prospectively. Very helpful, Thomas. Thanks. I also wanted to ask where within your production footprint or your supply chain would you be most exposed to any potential energy-related disruptions in Europe? Are there any specific product lines or facilities where there'd be elevated risk of production curtailments if the situation does worsen over the winter? Yeah, I mean, that's a fair question, Matt. We're particularly sensitive to our operations that are in Germany and Italy for natural reasons. So, I think we end up having to be, you know, somewhat careful in terms of how we're gonna plan our operations. Right now, we don't see that as a, you know, a significant factor, but it's something we're very aware of. If we do have limitations, we will alter our production schedule to use off hours with our manufacturing teams to run the facilities when energy is more available on a reliable basis. So we're gonna be nimble, but we have a contingency playbook, but right now we don't necessarily see that as being an issue. All right. Very helpful. Thank you. You're welcome, Pete. We have no further questions at this time. I'll turn it over to William Pitts for any closing remarks. Great. Thank you, Chris. We would like to thank all of you for joining us this morning and look forward to speaking with you next on February seventeenth of 2023 with our fourth quarter and full year 2022 earnings conference call. Operator, we will now conclude today's call. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.