I think we're about to get started. Okay. All right. Hi, everybody. Hopefully, everybody's well fed. excited to have our post-lunch conversation with Carrier. Obviously, a lot of news with Carrier recently. We are excited to have the Chairman and CEO, Dave Gitlin, as well as VP of Investor Relations, Sam Pearlstein, here with us today. Guys, thanks for coming. Thank you, Joe. I know you have some prepared remarks today, so why don't you get after it? Okay. Well, Joe, thanks so much for having us back to the Goldman conference. Our key theme at Carrier is performing while transforming. You know, in terms of transformation, we will create tremendous value as we become the industry's leading climate and energy solutions provider. Viessmann is the best company in the highest growth market in our industry, and together, we will become the global climate champion with integrated solar PV, battery, heat pump, and home energy and grid management solutions. We will also be exiting our fire and security and stationary refrigeration businesses as we become a pure play, simpler, focused, higher growth, higher margin business. While we transform, I can assure our customers and investors that we will not lose focus as a company. In fact, we are doubling down on it. Double-digit aftermarket growth. 1Q was up high teens. Strong growth in commercial and light commercial HVAC, fire and security, and global truck trailer. EPS in 1Q was higher than we expected, giving us confidence in the high end of our full year guidance range. Productivity of $300 million for the year, plus $200 million of price cost positive, both of which are tracking extremely well. Free cash flow better than we expected, and 1Q sets us well up for $1.9 billion for the full year, equal to net income. Joe, exciting times at Carrier, and together with Viessmann, we will be global leaders in the energy transition to provide our customers, our employees, investors, and importantly, our planet for generations to come, enormous value. Joe, with that, we'll get into the Q&A. Yeah. No, Dave, appreciate that. Look, let's just start with Viessmann. Yeah. Why was Viessmann the right asset for you? Then also when you think about kind of like your confidence in the deal economics that you're underwriting, you talked about double-digit growth and double-digit EBITDA, like, over the next decade. What gives you confidence that that's actually gonna materialize? Let me start with the market in Europe. I will tell you it is by far a once in a generation opportunity with what the transition that's happening in Europe. Rarely will you see a situation where you have fundamentally a replacement business, 80%-90% of the residential heating business in Europe is replacement. You have regulation that's essentially forcing a transition from traditional gas boilers and oil boilers to heat pumps. When you make that transition from fossil fuel to electric heat pumps, you're mixing up 3x-4x. It's de facto, it has to grow, and it has to grow in kind of that double-digit range almost by definition. You go in that market and you say, "Look, who are the key players in there?" You know, we mentioned last time, Joe, that we met with essentially every single player in the European market. You look at who's got the best geographic presence, you come back to Viessmann. Really strong with Germany, which is of course the most attractive market, but they're very well positioned in Poland, Italy, France. You look at who has the best channel. I don't think anyone can debate that Viessmann has by far the best channel access in all of Europe. 75,000 installer direct relationship, that is inherently a moat. You talk about who could be potential entrants into that market, Viessmann has a very attractive moat because of their tremendous installer relationships. They have a premium brand. They're called the Mercedes of the industry because they get paid a premium because they have such a respected brand, not only in Germany, but throughout Europe. Then there's the technology. Not only the technology for the heat pump technology and things like Viessmann Invisible, their digital solution, their subscription-based revenue, but you also look at the fact that they have integrated solutions, solar PV, battery, heat pumps, all intertwined, not only in terms of how they mechanically connect, but they have a One Base digital solution that provides effectively an Apple type ecosystem that really connects their installers and the homeowners back to Viessmann. That's super helpful. I guess, as you think about their leading position, yeah, how do you kinda think about their share in the market today? How close or how formidable are their competitors? They are the number one premium brand. They're the number one share in Germany. Number one premium share throughout Europe. Their overall share is extremely attractive. It's just, I think, just south if you look across Europe, just a little bit less than 20% overall. They have great share, and I do think they have very differentiated offerings. When we were kind of making the rounds, meeting with various folks, one of the things that is really attractive is that the only impediment to growth that you could see in the foreseeable future is the number of qualified installers. They train the installers themselves. They have academies. They have a bus. They have a whole methodology for training installers that is very differentiating 'cause they have an approach where they have a fully certified installer working side by side with a new installer that really gives them a competitive market advantage. That's helpful. You talked about the opportunity in the air-to-water pump market, right? There's other pieces of the portfolio that they have as well. Talk about those other pieces and whether there's some pieces that maybe you're really excited about or maybe some other pieces that maybe necessarily won't be part of the portfolio over long term? The other pieces, you think about the traditional gas boilers. Those are probably gonna decline over time in the mid-single digit range. You have heat pumps growing in the 20%+ range, and their margins are very similar between boilers and heat pumps. You will inherently, naturally see a slow decline of boilers over time, which is totally fine. They actually have phenomenal technology on the boiler side with hydrogen-enriched boilers, but we would expect a decline there way more than offset when you're looking at 20% increases. I mean, you think about Europe selling 1 million heat pumps a year today, going to 10 million a year by 2030. Gotcha. Clearly, it sounds like there are potential revenue synergies across your portfolio. Maybe talk about like what the opportunity is outside of Europe. I know that the real focus right now has been Europe, but what's the opportunity for this business outside Europe? Well, if I may, just one thing within Europe is that one of the most natural revenue synergies is they have this phenomenal channel. Most installers there, it's just like the United States. There's an 80% brand and maybe a 20%. Viessmann is only Viessmann. It's the only brand that they carry. It's the only brand that they use. What we could naturally do is introduce either Toshiba or Carrier into their channel as the secondary brand for many of their installers. Outside of Europe, we have long wanted to get into that full energy management solution for the home. That interconnectivity between solar PV battery and heat pumps, but also that relation with the grid and entire energy management solution. We think about taking their portfolio of offerings to places like the United States, Asia, other parts of the world. That is one of the most exciting things. They also have great digital capabilities. Their One Base technology is some of the best in the world. Their smart thermostats are highly differentiated. As we look to introduce things like sanitary hot water or some of their complete integrated solutions outside of Europe, I think it's very compelling. It's interesting. Clearly agree with you, like if you've got a well-entrenched installer network, that can certainly be a competitive moat for you. I'm curious, like are there. I know it's still early stages, but are there some learnings from the way they go to market with their installer base that you're already thinking about with your own footprint here in the U.S.? Well, the markets are different. The wholesalers in Europe are agnostic, so they will carry many different brands, and then you essentially have the pull from the installer community. In the United States, our distributors, which are analogous to the wholesalers over in Europe, are single brand. Our distribution network is exclusive to Carrier, Bryant, Payne, our brand. It is a slightly different dynamic, and it's one that really works. I mean, we have obviously very strong share in the United States. The share has been increasing, our margins are very attractive, and the relation between us and our distributors fundamentally works. You mentioned as part of this, like this is one step of the transformation. The other step is taking a look at fire and security, exiting that piece of the business as well as commercial refrigeration. I'm curious, you know, what's the interest been like so far? I know that you have an ambition for that, for that business to be an attractive asset for somebody. What are you hearing so far? I know it's early days. A lot of inbounds. It wouldn't surprise you to know that on both the strategic and the PE side, these are incredibly attractive assets. Frankly, we love them. We hate the idea of parting with them. It's just the right thing to do for the portfolio and for us as a company. On both the fire and the security side, we've gotten, I think pretty much every player has approached us so far. We've said we'll need a bit of time before we kind of formally launch the process. The interest from both the strategics and the sponsors is incredibly compelling. Part of it is, if you look at the underlying assets in there, in the security portfolio, you have things like LenelS2, which is extremely well-positioned, especially in the United States. Very high margin business. Is very distinguished from some of its competitors. You have things like, you have the Supra business, which is very high market share. You have parts of our fire portfolio like Edwards, Kidde, extremely well-positioned franchises that are high margin, high gross margin, potential to grow significantly. They're attractive to a lot of potential buyers. When you think about the entire portfolio, based on what you're hearing and how you expect that business to grow over time, do you think that the entire portfolio is gonna go together? Do you think it's gonna be sold off in parts or spun off in parts? Like how do you how are you thinking about that dynamic today? Well, just to be clear on one thing, commercial refrigeration, that stationary piece will be sold separately. That, that is its own work stream. That will be a divestiture, and that will be sold, I think, quicker, most likely, than the fire and security piece. Within fire and security, it's really TBD. There's scenarios where it gets sold entirely together. There's a scenario where you sell it in pieces, security goes one way, and then even within fire, you could imagine a scenario where industrial, residential, some of the commercial pieces go in different direction. You can imagine where all or some of it even gets spun. We're going through that analysis. We have three priorities for the fire and security sale. One is it will be a clean exit. Two is that we will maximize value, and three is that speed matters, but it's going to go in that order. Those are our orders of priorities. Under what parameters would you really just say, "Okay, let's spin the business"? We'll have to look at what maximizes long-term shareholder value. Okay, great. Are there any dyssynergies that we should be aware of at this point, from exiting either of the two large businesses that you just described? No. It's really at the margin. You know, we've been working on a strategy to really leverage being in the building as a whole, looking at that connectivity between security and HVAC, between security and fire, between fire and HVAC. The truth is, technically and intellectually, there are pockets of synergies. You know, we can put an IAQ sensor in a fire detector or smoke detector. At the end of the day, quite honestly, it's at the margin. What we actually are gonna do on the other side is you think about our future portfolio, kind of, we're not thinking of it as HVAC/R. It's kind of 85% will be what's today's HVAC business, 15% the refrigeration business. We're thinking about it as this intelligent climate and energy solution. We won't define ourselves as HVAC/R because some people say, "Well, you may get now the trading multiple of one of your peers that's a pure play HVAC/R." We think we're very differentiated than that type of portfolio 'cause we now have solar, we now have battery. We have a much more holistic offering. We think that when we look at the opportunity, it's to really shrink down a lot of the corporate costs significantly. Whatever the corporate costs are that are associated with the portfolio we have today, we're going to really address that with a fair amount of vigor and then become a much more streamlined, focused portfolio. Sounds good. When we met in February, I know that, I think I caught you on the back of, like a big day that you're meeting all your division heads. You guys had a, you know, talking about cost reduction in a significant way. Specifically. I remember you mentioning fire and security and commercial refrigeration as a focus. Mm-hmm. Does the exit change anything from a kind of margin enhancement perspective, at least in the near to medium term? Talk to us a little bit about how the productivity initiatives are going. They're going great. I mean, honestly, the productivity is just in our DNA as a company, and it always has been. I think what we've done is really brought not only more focus to it, I think we've brought more structure to it. For example, we have every single one of our productivity initiatives in a one common digital tool across all of Carrier, and we can, at any point, go in there and search it by any single metric that we're driving, whether it's G&A, it's footprint, it's productivity in the factories, it's supply chain, it's indirect supply chain. We can sort it by region, by business across the globe, and we get a weekly report on how everything's progressing, and it's even raw materials. I will tell you that we have a new operations leader, Adrian Button, who's joined us. He's brought great focus to it, and him working together with the businesses, there's just an engine there that drives it. It's also aggressive on the G&A side. You know, I'll give you an example. Commercial refrigeration, the business that we'll be divesting in Europe, has done a very nice job of shrinking down the number of individual country leaders they have, going to a more regional approach, driving increased margins through just tenacious and very thoughtful, aggressive cost reduction, and it's across the board. Just to be clear, some of the initiatives you had in place for both fire and security and commercial refrigeration are continuing to go well. Oh, for sure, 100%. It's the right thing for both of those businesses. It's the right thing for Carrier long term. That again, that's just how we run the business. We said that we'd get $300 million of productivity this year. It wouldn't surprise you to know that we are tasking ourselves with a higher number than that internally, and we're pushing that extremely aggressively. Those businesses stay the course and across Carrier continue to drive it. I think that now that some of the supply chain issues have subsided a bit, we can get back to running the business the way we know how. 'Cause there was a stretch where we were truly chasing parts to keep the lines moving, whether it was chips or other electronic components, motors, whatever it was. Now that that has, the number of surprises and the number of issues have reduced, we're getting back into takt time, driving literally seconds and minutes out of the operation, getting back into true productivity, and now looking at a completely different approach with our supply chain. We have too many suppliers. We have too many suppliers that are not necessarily on this journey with us. We've said that we're gonna partner with fewer suppliers. We wanna shrink down the single points of failure that we have globally. We will have more of a regional approach. There's an opportunity to consolidate suppliers with low-cost suppliers that are on the long-term journey with us. This past quarter, one of the big themes that we saw was that you started to see some of this easing in supply chain across, you know, broader sectors of our industrial coverage, and a lot of companies ended up putting up pretty nice revenue growth this quarter. Mm-hmm. As you kinda think about your own supply chain, it seems like it's been a little bit more gradual. Like, Are you starting to see as much easing across your supply chain? Are you starting to, like, feel less of the pinch points? Just give us some perspective on what's been happening over the last while. Yeah. I would say that we're on par, if not better than our peers in terms of the supply chain management. I don't think there's situations we're being outgrown or issues driven by lingering supply chain issues. It's not that it's behind us. We still will have issues with, you know, like I mentioned, chips or other suppliers. I will tell you that we actually feel good about the fact that we can now start to shrink down some of our lead times and get, you know, orders within more traditional type periods of time as we continue to drive the improvements there. Maybe getting into, like, the businesses themselves, right? Yep. You know, April finished out. You know, from an orders perspective, 1Q was pretty positive for HVAC. I think you guys put up 5% order growth in the first quarter. Just give us a flavor for how resi trended versus light commercial. It seemed like there was an order inflection in that combined business, but how did those businesses do in 1Q? Well, light commercial has been and just continues to be extremely strong. I mean, you're talking about order sales north of 30%. There's not a lot to be critical of right now in the light commercial business between the margins, the growth, the orders growth, the backlog, the positioning, the share gains. It's just been extremely positive, and it's been done the right way too. It's with innovation. It's with innovating new rooftop units that are 40% more efficient than the units that they replaced, having nice customer intimacy. Light commercial, extremely positive, and many of the end verticals there continue to be strong. The residential side, I think the one thing that we're gonna watch is movement. Yes, the orders we had a tough compare to the first quarter of last year, I think more than some of our peers, because first quarter of 2022 was so strong. The compares get easier each quarter as the year goes along. That will be, you know, the year-over-year will actually improve quarter-to-quarter each year as each quarter as the year progresses. The thing that we'll be watching is we're right in between seasons right now. What we need to see is strong increase in movement. You know, I think we're still calibrated on the year, which is resi about flattish, volume down high single digits offset by mix and price. We'll watch that movement piece, but right now we feel good about where we stand. I'm really pleased with how the team did on the transition to the 23 SEER units. That has gone extremely well, and it also positions us very well for the 25 refrigerant change because we obviously did the design for the 23 SEER change in anticipation of the 25 refrigerant change. We have much fewer changes, much less risk as we go into the redesign for the refrigerant change. Okay. I'll open it up to questions from the audience in a second, but just to follow up there on just inventory. Wait for the summer season to come through. We'll see where inventory levels are at the end of 2Q. Maybe there's some destock beyond that, but we don't at this point, you're watching it, don't really know at this point. I think that's right, Joe. I think we ended 1Q with inventories generally at a, at a resi level in balance to where we ended 1Q a year before, which is positive. Within that, it was a bit elevated for splits and furnaces, a bit lower in things like fan coils. Overall, it was kind of flattish. What we have to do, furnace has been a little bit weaker, not only because of the transition to heat pumps overall, but because it was a very mild winter here. Like in Europe, it was mild here in the United States. Overall, it's kind of, it's generally in check with where we thought it was gonna be. What it's, the number one, two, and three metric we're gonna watch internally over these next two months is movement. If movement's strong, we're not as worried about orders. We're not as worried about the inventory levels, which there's a direct correlation. Movement's good, resi will be fine. Okay. Sounds great. All right, I'll open up to the audience. Any questions? Or I'm happy to keep going. Got a shy audience. Okay. Yeah. Let's keep going. Let's talk about margins for a second, right? I think segment margins were down about 160 basis points in the first quarter. Maybe just talk about like some of the pressures that potentially abate as the year progresses and what's gonna get the segment margins to turn positive as we progress through the year. If you look at the last two years, our margins are up 150, 140, 150 basis points over the last couple years. Our algorithm was that we would grow margins 50 basis points a year, and we exceeded that over the last two years. This year, our margins would be up more than 50 basis points if it weren't for the TCC integration. Mathematically, that constrains it a bit. The HVAC margins are growing extremely well, even with resi, you know, we said that resi would be flattish this year. If you look at 1Q, a lot of it was frankly just timing with two big factors, productivity and mix. We had a bit of a hangover 1Q last year versus this year. Steel was very low last year, for example. This year was a bit higher. That's gonna get better as the year goes along. We had mix because you had a tougher compare with resi, which is a higher margin business. We feel good about the margin expansion as the year goes along. Okay, great. Then can we talk about pricing? Another theme that clearly played out throughout the quarter was that, you know, price costs expanded for a lot of companies. How do you think that relationship is gonna look for you going forward? How much pricing is baked into your guidance for the year? Are you still able to price in this kind of market? All those things. We banked $500 million of price into the year, and we feel good about it. We said that price cost would be positive by a couple hundred million. We announced in the first quarter 6%, 8%, 10%. It was resi 6%, light commercial 8%, commercial applied 10%. Other parts of our business have announced similar type increases, and we'll just continue to monitor it. One thing we've proven over the last couple years is we can be agile with pricing. I'll tell you that even though it was nice to see some of the CPI numbers this morning, inflation is not over. We still have to monitor some of the input side, and we still have to be agile when it comes to pricing. Great. Can you maybe just talk about service attachment rates? I know you did this. It's been a key initiative for you. How far along have you come on in your heat, AC, applied market? What's left to go? Then just talk about the margin profile of that going forward. Margins are always gonna be higher with our aftermarket than the OEM side of the business. It's nice to see that mixing up. We said that we would grow, we said we'd grow aftermarket high single digits to low double digits every year. Truthfully, we've actually, even with our board, we've said that we need to internally task ourselves significantly higher than that because it's such a fundamental part of our business model of how we wanna run the business. We task ourselves to be double digit forever, and I have confidence that we can do that. Part of the formula is increasing the amount of coverage for chillers, for example, 10,000 additional units under coverage per year. We've been doing it every year since we spun. We'll continue to do that for the foreseeable future 'cause there's 330,000 chillers out there. I think we only have something like 80,000 under some type of long-term service agreement. We feel very good about not only that, but the entire playbook. You know, we talked about digitally enabled aftermarket revenues. We now have Abound, which is, we believe, highly differentiated. We're now talking with major scale customers. As they think about it's one of the exciting things about Viessmann. We meet with our customers that say, "We have long-term ESG commitments. We don't know specifically how we're gonna get there year-over-year." We talk to them, especially those with a global footprint. We will install Abound in your entire ecosystem. We're doing it within our own ecosystem within Carrier. You can, on a single pane of glass, track all of your carbon emissions by factory, by facility across the world, and you can see anomalies. Why are my factories in this part of the world having higher carbon emissions than those? Then what we can do is use AI to create algorithms where you can take immediate action. For example, with The Home Depot in North America, we manage all of the HVAC controls out of India, and we manage those control system using AI, and we guarantee them certain savings each year. That's not only driving energy efficiency for their end savings for them as a company each year with guaranteed savings, but we're also driving lower carbon emissions. We feel really good about attaching our ecosystem to our customers' ecosystems to help them drive savings, but also help them hit their ESG commitments. You're the second HVAC company today to say that they're gonna grow their aftermarket double digits, going forward. From where we sit, it's kind of incredible to believe, right? Yes. I mean, this is a business that used to grow low single digits, and now there's this tremendous opportunity that everybody's very bullish about. I guess, like, how do you get everybody comfortable with that low double-digit number into perpetuity, and how is that actually gonna work? Well, for us, it's focus. You know, as you said, Joe, we were traditionally growing our aftermarket 1% to 3% per year. We've implemented an entire playbook around aftermarket that's not a guesswork. It's a proven playbook that we know for a fact works. You have to implement every aspect of the playbook. How we negotiate contracts with our suppliers, how we negotiate contracts with our customers, how we think about our business model, how we think about tiered offerings, so we have a base and enhanced and an elite offering. How we think about digital connectivity to our customers. The entire playbook. How we even think about what labels go on some of the parts that we buy from our supply chain. How we think about digital tools. In our resi business, we launched a Breeze platform that enables customers, like our national accounts, to order parts directly, you know, through us, and that's fulfilled through our channels. There is an entire aftermarket playbook. We brought in, I think, who I think was the single best thought leader in aerospace in driving aftermarket. We brought him in a few years back. He's partnered with our businesses. He knows the drill, and it's working. Awesome. Just to be clear, your aftermarket was up high teens in 1Q? Yes. Yep. Great. Can we shift over to just K-12? Yes. That's been an end market that has been. It was a great end market for you last year. I think your orders grew something like 35%. You talked about your pipeline up 40% this past quarter. How far along are we in, you know, those? It was three stimulus packages. Yes. How far along are we in the spending? Also, in terms of getting the schools, you know, to realize the value proposition and to spend that money on HVAC. Well, if you look at the three ESSER fundings, collectively it equals about $190 million. I think they've allocated ninety b illion. Billion. Billion. $190 billion, excuse me. I think they've allocated less than 100, something like $98 billion. There's a long, long way to go. When you get into ESSER III, that's when you go into the more significant infrastructure type spending. You gotta think about K-12 in the United States has been starved of funding for decades. You know, you read stories about teachers buying school supplies for the kids. They finally have well overdue funding levels, and it is going to things that are gonna really create an enhanced student experience for the long term, but also energy efficiency. 'Cause we know that healthy is a big deal. We know that we've proven through test results that kids that have better healthy indoor environments test 50% better, which is amazing to think about. By the way, from a societal perspective, you can imagine which schools have worse IAQ. It's often in the inner city. They're already automatically with elevated CO2 levels, worse ventilation, at a disadvantage. As schools finally start to spend on healthy indoor environments, it's not just about avoiding the spread of illnesses like COVID, it's also about providing better IAQ for the student experience, and it's also about energy efficiency and carbon emissions. Makes a lot of sense. I'll turn it back to the audience again if there's any questions. If not, I'll just keep going. We have one up here in the front. Sorry. Going back to the Viessmann acquisition in Germany. Just to try to understand, because in Europe there is this problem in terms of the installer. The installer are not tied to the company. They can, they can install whatever other brand that are sold in Europe. That's correct? That is correct. Viessmann has its own solar offering. In their portfolio, they have a solar offering that can be sold independent of battery, that can be sold independent of heat pump. Their heat pumps can interface with someone else's solar offering. The competitive advantage they have is if they sell them as a package, whether they install them all at the same time or over time, a homeowner buys a heat pump from Viessmann now and a solar three years from now, it's already built from a digital perspective, but also an interconnectivity pre-designed, so those are easily interoperable. Viessmann's heat pumps can interact with other solar offerings. In terms of the installer, they're not just tied to Viessmann. I thought that one of the competitive advantage to buy a company in Europe was to have installer tied to your brand because that's the real bottleneck. Yeah. The growth is there, but nobody is getting the growth because you cannot find an installer. It is correct that the solar installers are not exclusive to the Viessmann brand. By the way, the heat pump installers are not exclusive. They will usually be 80% Viessmann and 20% some other brand. It is a fact that the way that Viessmann has established their channel, not only in Poland, but in many... Excuse me, not only in Germany, but in many countries throughout Europe, they do have this direct intimacy with the installer base, which not only provides their ability to install, which is to train them, but it also provides some competitive advantages how they interface with their installers digitally as well. Okay. Last one. The new Carrier, you're going to be much more exposed to Europe residential. Is there a possibility to move the portfolio more towards commercial, even with the Viessmann product, or it's a product that is only for residential? Well, Viessmann has They're probably about 90% residential, but they also have a light commercial business and a small, I think a very nascent or small commercial business. In Europe, we're number one in commercial heat pumps. We have a very strong position. You think about the strategy behind this, and I think this was one of the compelling things for Max and Martin and the family and why they would do the deal is that climate change doesn't respect country boundaries. It's a global phenomenon. If you really wanna make an impact on the world for future generations, the combination between Carrier and Viessmann is unlike any combination in the world. You look at our market positions in Europe on the commercial side, but we're looking at now opportunities in Saudi Arabia. India is gonna be fast-growing. Obviously, we're extremely well-positioned, number one light commercial, residential in the United States. Very well-positioned on the commercial side. Great presence in China, especially now we've added the Toshiba brand throughout Asia. You look at our ability to have an impact globally, commercial, light commercial, residential, and now we're adding the one gap that we had, which was residential heating in Europe, which is not only the one gap that we had, but it is the most attractive market in the world. I mentioned to Joe right up front, not only do you have all the regulations at a Europe-wide level, Fit for 55% reduction in greenhouse gas emissions by 2030, 17 countries have either announced or implemented bans on fossil fuel boilers. It de facto is gonna drive tremendous growth, not only in Germany, but across Europe. Now you look at our ability to combine solar, battery, and heat pumps, and more importantly or equally importantly, is the digital solution and the grid interface. That's going to be unlike any portfolio in the world. Dave, we're coming up on it, so I'm gonna leave you with the final word. Anything you wanna leave us with before we hop off stage? Well, look, I think this is some of the most exciting time in our company's more than 100-year-old history. I look at the opportunity with Viessmann, and as we become a pure play focused company, I think our ability to have an impact on our customers and our employees and the planet, that's also gonna be phenomenal for our shareholders. I think the impact that we can have right now with Viessmann, once in a generation opportunity. In the meantime, I can tell you that our 55,000 people heads down executing every day. Congrats. Thank you. Great to see you. Yeah. Thanks, Joe. Thanks for having us.