Great. Thanks everyone for listening. My name is Rajat Gupta, a member of the automotive equity research team at JP Morgan. Very pleased to have with us the team from Dauch Corporation, David Dauch, Chairman and Chief Executive Officer, and Chris May, Executive Vice President and Chief Financial Officer. Maybe just to quickly start, six months on from the close, Dauch is a different company from American Axle most investors have followed for years, roughly twice the size, far less North America, far less General Motors-weighted. For someone who's still catching up on the story, could you give us a sense of what Dauch is today, what you most want them to understand about the earnings power of the combined business today and a few years out? Yeah. First of all, good morning, everyone. It's an honor and a pleasure for us to be here today and talk about the transformation taking place within the Dauch Corporation. We're certainly excited about the combination of the previous legacy AAM and the legacy Dowlais coming together to form the Dauch Corporation. The big thing for those that didn't know the history is the legacy AAM or Dauch Corporation was approximately $6 billion in sales. With the acquisition of Dowlais, this year we've guided the street close to $11 billion, but for the full year, we'll be in that $11 billion-$12 billion range. We've essentially doubled the size of the company. At the same time, we wanted to make sure that we had a product portfolio that was agnostic to the market, whether it be ICE-related, hybrid-related, or EV-related going forward. That's been achieved with respect to this. In addition to that, we wanted to introduce diversification to our business from a geographical standpoint. We were heavily concentrated in North America at 75% with legacy AAM. We're now approximately 60% with the combined business. General Motors was about 40%-45% of our business. Today, they're approximately 25%-30% of our business. So you can see the power of the diversification on the geographic, the customer, and the product portfolio standpoint. In addition to that, there's tremendous synergistic opportunity of bringing these two great companies together. We're in the process of realizing that. We've already realized $70 million on a run rate basis for this year against the goal of $100 million for this year. At the same time, we now have a more robust business model as a combined business that is going to bode well for us from a margin accretion and cash generation standpoint, going forward as well. Understood. Yep. Thanks for that overview. Just going back to the quarter, very strong. Guidance was raised, big contribution from Dowlais that than Most had in the numbers, at least ahead of our expectations. Could you recap some of the main drivers of the performance and shed some light maybe also on the one-time cost that might have run through the quarter or high energy costs, the work stoppage at Three Rivers? Just to help us understand what drove the strength. Yeah. This is Chris. I will take that as it relates to the quarter. No, very pleased with our performance in the quarter. A couple of elements as we thought about the quarter. Sales came in stronger than our expectations, really on the back of several platforms. General Motors' light duty truck was very strong inside the quarter. We had some strong sales and revenue on the Legacy Dowlais product that supported BMW and a few other customers, also very strong. So pleased from a top-line perspective. From a performance perspective, I think what you saw happen inside that quarter is severalfold. First and foremost, from a synergy perspective, we put $15 million on a P&L flow-through inside the quarter, so tracking towards the run rates that David just mentioned. So very pleased with that performance. You can see how that adds to the margin profile of the company. Both legacy businesses also performed quite strongly. Legacy American Axle, and especially in its metal forming side of the business, continued to have improvements quarter after quarter. And then Legacy Dowlais business that has been invested in over the past several years from a restructuring standpoint, continued to have performance inside the quarter as well. So you put those together, and ends up with a pretty strong quarter overall for the company. In terms of some maybe puts and takes inside the quarter, we started to feel a little bit of, I would call it some energy type inflation, that we are experiencing on a macro, but not significant, but a little bit. That will obviously continue in the back half. We also had, I would call a one-timer associated with our Three Rivers facility, UAW work stoppage, which cost us about $8 million inside the quarter, and we spiked that over on our year-over-year walks. But big picture, synergies and performance at both of the underlying businesses inside the quarter. Yep, that makes sense. Let's talk through the GM truck transition, the next generation full size truck, very important launch for you. Customer downtime beginning in September. Could you help us think about the shape of the third and fourth quarters, just given the fourth quarter looks softer on production across GM, Stellantis, and just across the industry more broadly. Could you talk about where you see room for content, or margin uplift as the new architecture matures? And whether early platform share capture is something we should start to see in your numbers. Yeah. Maybe I'll talk a little bit about maybe the cadence of the back half. We articulated on our earnings call last Friday, inside of the third quarter, you have some, I would say, normal seasonality, in particular in Europe, which is generally a little weaker in August. But also, as you mentioned, as it related to the full size truck for General Motors, will start to be impacted as we supply into their Mexico facility in Silao. That's one of our largest customer endpoints for that vehicle, and they're going to start to go down, in early September for about a month. So that'll impact our production and, of course, corresponding sales and profits associated with that. In the fourth quarter, you'll have typical seasonality, generally wrapped around the holidays near the tail end of the year. So those would be the seasonal cadence items that I would call out as it relates to first half versus second half. Got it. I know you'll give us a lot more color at the Analyst Day on 27, but any early puts and takes on organic growth or growth over market We should think about for 2027. Obviously, historically, GM was kind of like a proxy for us to model that. But given now a broader regional and a broader customer base, maybe a few things you would suggest we keep in mind when we look at 2027. Yeah, it is clear we have not provided any 2027 guidance, to be clear. But if you think about some of those puts and takes, obviously macro volumes in our two primary regions of North America and Europe, obviously we will track very close to that. But you are coming into now General Motors launching these new trucks. Our experience has been that is generally very well-received inside the marketplace, so we are very excited about that launch and the benefits that will yield in the next couple of years to come. We will continue to advance our synergy objectives from a profitability standpoint. Obviously, we would look to continue to advance our productivity initiatives at the core level of the company to offset any inflation that we may experience. Those are probably some of, from a P&L standpoint, some of the higher level puts and takes for 2027. But still a little early to be into 2027. Got it. Fair enough. You gave us the $2 billion quoting pipeline number, but we will double-click on that in a second. But just related to that, you also pointed to reshoring inquiries picking up meaningfully as customers look at their North America footprints. Could you give us a sense of how real that pipeline is looking like? Whether it is showing up in actual awards yet, and whether it helps absorb capacity that frees up as you consolidate some plans. Yeah, I will take that one. We have got an increasing pipeline of onshoring opportunities, and yes, we have converted some of those already into book business, so that is positive for us. Obviously, we are leveraging our installed capacity from a forging opportunity and from a powdered metal opportunity, are the initial wins that we are seeing at this point in time. But clearly, the Trump administration is driving a lot of onshoring into the U.S. as well, that we think that we can capitalize as part of this $2 billion that we are quoting on right now also. But overall, we feel good about where we are at. Clearly, some of these opportunities require customer validation or our own internal validation before they can be put into production. But we will start realizing some of those benefits as early as 2027, but most of them will be out a little bit further. Got it. Then you gave us a little more insight around the $2 billion, the quoting activity and the mix having swung sharply between ICE and hybrid. Could you shed some light on where the demand is coming from, obviously some of the onshoring stuff, but any more details there? Then how the win rate on the Dowlais side compares to what you have seen historically? Yeah, I will just start with the last question. The Dowlais win rate is similar to what the historical AAM win rate was, which was around 30%. When you look at the quoting opportunity of the $2 billion a year, 18 months ago, it was probably 85% electrification, 15%-20% in regards to ICE and hybrid is the opposite today. So a lot of emphasis on the ICE and the hybrid, especially on platform replacements on the ICE and hybrid. We have secured a lot of replacement business already, but at the same time now there is next generation products that are out there that we are actively quoting on. The makeup of what we are quoting on is pretty well distributed across the comprehensive portfolio that we have now from truck applications to all-wheel drive applications, the side shaft, half shaft, prop shaft applications, and then the respective metal forming businesses. It is broken down very similar to the geographic footprint that we really have today, about 60%-plus North America, 25% in Europe, the balance in Asia and South America. Got it. Maybe just on side shafts, obviously brings a leading global share position that travels across powertrains, with more content per vehicle on just the battery electric platforms than on combustion. Can you talk to us about how defensible that share is? Just whether the broader consolidation of supplier base towards the strongest players is helping you there, in the sense of whether you see yourself more as a consolidator from here or just as a beneficiary of the flight to quality? Yeah, I will talk more than just on the side shaft side of things. One of the reasons we did this deal of bringing two great companies together was the power and the performance they had in their business, the power and performance we had in our Legacy AAM business. When you look at it, we are now a top 10 North American supplier, top 25 global supplier, but we are number one in all the major markets that we serve. You bring up the side shaft side of things. Legacy Dowlais has the largest market share, a little over 40% on the side shaft side of the business. They bring depth, they bring breadth, they bring a global scale and reach. They bring tremendous innovation. That is all now part of us. No different than what Legacy AAM was bringing on the axle side. We will continue to leverage that going forward. Right now, the OEMs are predominantly looking for suppliers that have that size and the scale that can weather the uncertainty and the storms that are going on in the marketplace. That does not take away that they are still looking for cost. Our big thing is to make sure that we are offering a value proposition. Legacy Dowlais has been able to protect their market share, just like Legacy AAM has been able to protect their market share, our market share on the axle side. Now it is a combined business and we will continue to work on that. Certainly there are new entrants with the Chinese supply base as the Chinese are on the offense trying to grow their share globally around the world. We will keep a watchful eye on that, but we will also leverage the Chinese joint venture that Dowlais had, which is called SDS, a very successful joint venture that gives us another competitive source and base, not only for the China market, but even for the global market. Understood. Just want to pause there for a second to see if any questions from the audience. None yet. We will move on just to the acquisition and just the integration and synergies. You obviously upsized this. You have been tracking ahead of plan. You are roughly at $70 million run rate after five months, which is ahead of the target. Could you shed some light on which buckets that number is coming from today, and which ones are the longer-dated pieces? Separately, where do cross-sell revenue synergies sit in that picture, given they were never built into the original target? Yeah. We're getting contributions from all the three main buckets that we had identified. Originally, we had talked about SG&A as one bucket, purchasing as another bucket, and then the operations as the third bucket. 30%, 50%, 20% was the distribution of the $300 million. The majority of what we're realizing right now is on the SG&A and the E side, as far as the engineering efficiencies that are going. That's going very well. You would expect that as far as the elimination of corporate duplicative corporate costs, just the overall SG&A optimization, and then obviously the engineering efficiencies. But we are getting contributions on the purchasing side as well, especially on the indirect side and from a material and supply chain management side. The insourcing will take a little bit longer just because of the validation that I mentioned to you and some of the plant product footprint work that we need to work on. And then the direct procurement and the operations will take the longest to realize. We'll start realizing more of that in the 2027 and 2028 calendar year periods of time. But we are realizing some today. Got it. And vertical integration looks like one of the more interesting pieces. You touched upon that slightly. Given you're one of the largest steel forgers in the world, while Dowlais historically bought forgings and powder outside, could you walk us through how much of that is capturable, what the customer approval process looks like as you move that work in-house, and whether it's more about filling existing capacity or just requires incremental investment as well? Yeah. Legacy AAM was the largest steel forger in the world, automotive forger in the world. We did that by acquiring MPG back in the 2017 calendar year period of time. We really put number one and number two together in North America. Subsequent to that, in 2022, we bought Tekfor, which was the number three supplier in Europe, and Metaldyne was the number two, or MPG was the number two supplier. We really put number two and number three together in Europe. Again, we have a sizable capacity on the forging side of the business. Dowlais has a forging capacity to support in-house side shaft forge requirements, but they were still buying 75%-80% of their forgings on the outside. We'll look to in-source a lot of that work going forward. The flip side, on the powder metal side, we, Legacy AAM, was already buying powder from Legacy GKN Powder Metallurgy Group. We have the opportunity to buy more from them on that, which is fantastic. Those are things that we can control ourselves internally. On top of that, we've got the opportunity from a reshoring standpoint, as we mentioned earlier, and just leverage the buying power that we have from both a steel and from a powder standpoint, and take advantage of the size and scale, which is part of the reason why we did the acquisition. Maybe just sticking to the margin side of things, just on the same theme, where are you with respect to automation, and the opportunity, and the plans? Can you give us some sort of a timeline, and how that benefits accrues into the P&L over time? Yeah. We've got a sizable piece of automation already put into our operations from a Legacy AAM standpoint. Now, there's still plenty of room to enhance our capabilities there. Dowlais also has a very strong capability when it comes to automation and robotics and a tremendous skill set within their operations. So we're in the process right now of forming a corporate group that will manage all of our automation robotics activities within the company. We're identifying projects by plant, by business unit, by region. There will obviously be business cases associated with that. They tend to be very favorable, especially as labor costs are going up in the Western countries, especially. They'll pay for themselves overnight. The other issue to take into consideration is labor is becoming very scarce on a global basis. At the same time, the skill sets associated with that labor are lower than what they've been in the past. Therefore, it behooves us all to really take the time to invest in the technology and the automation, which has gone through tremendous advancements in the last decade that I think we can all benefit from. We're really pushing that hard, just as another means of driving productivity and throughput and consistent performance in the operations. Yeah. So things like efficiency that David Dauch just mentioned, impacts of wage inflation, things like that are exactly what will help support margins going forward through automation. Got it. Part of your question. Then just following on the labor point, the new agreement locks in a step-up that takes wages from $22 to $30 an hour. Could you shed some light on how much of that you expect to absorb versus recovery from customers? You talked about automation as some of the offsets. Maybe help us bridge how you address some of the headwinds there a little more. I mean, it's clearly our responsibility to manage our cost structure. Yes, we have an increase resulting from our Three Rivers labor negotiations. What we'll do is we'll work to optimize the amount of people. As I said, the overhead walks in on two feet, so we'll work to optimize that through automation robotics where we can. We'll look at plant and product loading opportunities as far as where we can load things in different locations that are maybe a little bit more cost competitive going forward. But we'll continue to drive efficiency and productivity within the existing plants. Clearly, as we look at our cost structure and we quote on business, we factor that cost structure into the equation with our customers. Got it. Just checking if anyone in the audience have any questions. None yet. On China, I think that seems like one of the more underappreciated pieces of the deal, and you took your outlook up, which is pretty rare from across the whole ecosystem to take up the outlook in the region. Could you give us a sense of how the business is positioned as domestic brands take share, how do you think about the durability of the profitability, just given the pricing environment in that region? Yeah. One of the things that we're most impressed with the acquisition, it was really that joint venture. It's a joint venture that goes back well over 30 years. It's a very profitable joint venture within China. It started off as supporting more of the Western OEMs, but it's really migrated its way where probably about 60% of its customer base today are the local Chinese OEMs. Those local Chinese OEMs are also now building plants or shipping product abroad. So we're supporting both the domestic market within China, but also trying to support and identify those customers that are growing on a global basis. We've been fortunate to do that with SAIC Motor and BYD and Great Wall Motor and Geely, and some of the other key names that you hear about all the time. We also have our own Legacy AAM that's within China, where our skill sets will complement, and the businesses complement one another. So we do think there's expansion of the product portfolio that we can bring to the table. There's some cross-selling opportunities that we haven't even realized those benefits yet. From an operational standpoint, what I'll say is that I was very favorably impressed with what I saw over there. I wasn't sure what I was going to see in a state-owned enterprise initially. But this was very sophisticated machines, adoption of AI technology, full design development testing capabilities existed within the joint venture, which bodes well for our cost structure, not only within China, but leveraging that as supporting our global enterprise as well. Chris, I don't know if you want to speak on the financial side or- Yeah, I think, as you mentioned, very underappreciated in a part of our story. You can see it's contributing very positively to our EBITDA performance company. We took our guide up slightly as it relates to that region based on their performance. They do have some upcoming launches here in the back half of the year that will favorably benefit that as well. So I think we're in a really good spot as it relates to China. A big part of the theme over the last few months, quarters, has been this whole Chinese exports into Europe. Many of those domestic customers are now exporting heavily and ultimately likely to localize in Europe, Southeast Asia, Latin America. Could you walk us through whether your content travels with them and whether serving these Chinese OEMs outside China could eventually matter as much as the business inside the country today? Yeah, once you ship the product out our door to the customer, it's hard to track it all the time as to where it's going. There's no doubt there's some of our product that's on Chinese vehicles that are being exported globally around the world, whether it's to Southeast Asia, to Europe, or to Latin and South America, where the Chinese are going at this point in time. At the same time, our job is just to make sure that we're winning business with the Chinese OEMs, just like we're winning business with the Japanese OEMs and the Detroit Three for that matter. We all got to be cognizant that the market in China was growing like gangbusters. The Chinese OEMs were just trying to satisfy that initial demand inside of China. Now with the policy changes, it's actually taken a dip for the first time in over a decade. At the same time, as I mentioned earlier, they now surpassed China as the largest exporter last year. Europe and Southeast Asia and Latin South America, like I mentioned, are the target areas that they're going, and we just need to make sure that we can participate with them as they gain market share going forward. Flip side is they're taking that market share from somebody because the overall market isn't necessarily growing right now. So we just got to make sure that we're protecting the business that we enjoy today or replacing it with the Chinese OEMs as they're gaining market share going forward. Got it. Just one more check-in. Maybe just going back to some of the revenue synergy opportunities. You've talked about Dowlais's relationship with Toyota, VW. Where are you in the customer outreach and just like technical days with these new customers? When can we expect to see some awards starting to get announced from the cross-sell? Yeah. Our initial focus with the customers was just, one, educating them in regards to the combination of businesses. At the same time, we wanted to identify where there were open issues, commercial issues, relationship issues, whatever they might be. We are still in the process of doing that, which is going very well because we want to close out any issues that were there. At the same time, we are in a process of explaining to them the comprehensiveness of our portfolio. We will be going on the road later this year and a lot next year in regards to holding or hosting technology days at the various customers so they can see the vastness of our portfolio, the comprehensiveness of the portfolio that should lead to further cross-selling opportunities. Depending on which product line we are talking about, metal forming, like powdered metal or forging, those opportunities will be shorter as far as opportunity in the earlier years is what I really mean. Where the driveline products will take three to five years based on the lead times associated with those types of products. Got it. Makes sense. I think capital allocation and leverage is obviously a big topic for both equity and debt investors. Could you walk us through the timeline to your 2.5 x threshold? How much of that comes? It looks like majority of that is going to come from the synergies and earnings growth, but also there is a component of just the one-time expenses that is trying to go away. Looking past the point where the acquisition is fully digested, just help us understand the path there and then how we should think about capital allocation once. I will take that from a leverage perspective. We closed out the second quarter 2.6 x. Obviously very pleased to how we closed the second quarter, but quite frankly, very pleased to how we started the year upon close of the transaction, a little better than I think we thought we would be at that point in time. I think the reason you mentioned 2.5 x, that is a critical marker for us. That is where we committed from a capital allocation perspective. In the near term, we will focus primarily on debt paydown, which we have done in the second quarter. We have done some additional in the third quarter, but once we cross that 2.5 x threshold, we will open up that capital allocation playbook to some more, I will call, shareholder-friendly activity. So that is a critical milestone for us. Longer term, medium to longer term, we would love to have our leverage less than two. So we will continue to prioritize debt paydown even after the 2.5 x point as well. But in terms of how do we get from here to sort of those goals, clearly synergy performance, which will drive earnings growth, will be important part of that equation. As you referenced a little bit in your question, continued strong cash flow performance and some of the, I will call, one-timer cash items like acquisition costs to close, those will be behind us. Our restructuring costs will continue to come. We will have some synergy implementation costs, obviously heavy this year and next year, but holistically cash flow will continue to strengthen over the next couple of years. Put those together, I think we are in a pretty good spot trying to hit those markers that we want to get to. How should we think about restructuring in general? I think we see this often, where restructuring is kind of like a perpetual cost across many suppliers. Is there sufficient line of sight just given all the dynamics around onshoring and reshoring and then Chinese OEMs going to Europe, which might require some restructuring in Europe? How visible is just the restructuring aspect? Yeah, let me just talk and then you can add to it, Chris, is Dowlais was doing a lot of restructuring before we acquired the business. Started in the U.S. in regards to consolidating a lot of operations to Mexico. Most of that is done and behind us, and we are realizing the benefit of that at this point in time. There is still some watch opportunities that we are trying to improve to optimize that transition to Mexico. In Europe, they had a three-year journey that they were on, 2023, 2024, 2025. We are wrapping up some of the final parts of that right now. So that is why you are starting to see those costs are coming down. We, Legacy AAM, had some restructuring that we were doing in Europe. I do think there will be continued restructuring in Europe for the whole industry, especially with the Chinese offensive that is going into there right now where they are gaining market share. There is too much capacity today in regards to OEM. There is probably too much capacity from a supplier standpoint. We think that we are in a very good position at this time, but if we need to do further, we will obviously do what we need to do. Most importantly, what we want to do is get our capacity utilization and quite honestly, facility, machinery, and people utilization to the desired levels that we historically run our business by. I just think that you are going to also see further consolidation taking place in both the OEM ranks and the supplier ranks, and that will drive consolidation that way, but also could drive some restructuring, too. We will look for other restructuring, but do it smartly where there is a business case and justification behind it, that will only benefit from an efficiency and productivity and synergy standpoint. Makes sense. You have a question, Jim? Hey, folks. Good morning. Two and a half, three years from now, consolidation, you're a big part of it with the M&A. I'm thinking about that dynamic of where we're going to be, in terms of where you want to be, and then the competitive dynamics. Just as a follow-up to the question you just answered, you're rationalizing your utilization rate up. How does the competitive landscape look in two, three years from your standpoint against that backdrop of Europe? I'm curious of your opinion, are we going to see more new plants like Hungary for BYD, or do you think is this going to be a shifting of existing capacity to new players like what we're seeing with Ford, Geely, and Spain? How do you kind of see that landscape? Because that'd have a very big impact on you, because I assume you're going to be getting after that business that's going into Europe from the Chinese. Yeah. I had two questions in there. Thank you. Yeah, no. To start with the latter part of it, I definitely think it's going to be a combination where the Chinese are going to have some of their own greenfield approaches, and Hungary is a big market for them to go to at this point in time. They're also going to leverage some of the existing open capacity that exists within the Western OEMs today, just so they can do business in those countries and open up their market further and avoid some of the political things that may come in the future. Right now, the European governments haven't put a lot of restriction on the Chinese, therefore they can kind of dictate what they want to do and go where they want to go. I do think there will be some sort of legislation or policy put in place over time. It's just a matter of does it get put in place fast enough so that the existing OEMs don't lose a lot of market share because of the cost competitiveness of the Chinese? Is it stringent enough where they require a certain amount of domestic made within that region or within those individual countries themselves? That's still to play out. We'll have to adjust to that, just like any other supplier would have to adjust to that. The best way for us to do is make sure we get a competitive footprint, let's say, in Europe or any of the regions that we serve. At the same time, leverage our global enterprise so that we can quote out of different areas to serve that region. In this case, we're talking Europe, whether it's out of China, whether it's out of India, or whether it's out of Eastern Europe, is what we would do. The name of the game is utilization, right? If you don't have the utilization, you don't have volume covering those fixed costs, you're going to bleed, and that's what's happening with some of the OEMs there and some of the supply base, and that's why you're seeing the massive restructuring that's going on in Europe right now, where tens of thousands of jobs are being impacted. Hopefully, that addressed your question. Okay. Yes. Hi. I just want to know, I am a bit curious about the transition to Mexico. I do not know if you could talk a bit more. Also, how exposed do you think it is going to be with the USMCA possible changes? Yeah. Mexico has been a big source of revenue and performance for our Legacy AAM business. Obviously, Dowlais doubled down with their consolidation from a lot of their U.S. operations down to Mexico. So we have a big presence in Mexico, and a very well-installed infrastructure that is there. You just do not pick up assembly plants and pick up component plants that are capital-intensive overnight. We do think that we are very well-positioned there. Right now, we do not have clarity to where USMCA is going to go. They have telegraphed where they are in regards to the discussions, they have telegraphed where they are going in regards to U.S. content, that they would like to see higher content requirements. The good news is over 90-plus percent of our parts are USMCA compliant today. It is just a matter of what changes in the future. We are trying to proactively work on those things right now, anticipating that they are only going to be more demanding. Almost all of the steel that we use in Mexico is consumed, and then it is just how does it impact the OEM and their vehicles versus how does it impact the component supplier. Clearly there is going to be an impact. It is a matter of how we can mitigate that, and how we offset it, either within Mexico or with our U.S. footprint as well. We already had a U.S. footprint from a Legacy AAM standpoint. We picked up additional facilities from Dowlais. We will work to optimize that, but part of what we are doing is waiting to see where USMCA goes before we make some final decisions on that plant and product loading. Yeah. Thank you. Any other questions? No. Maybe just on the portfolio and just adjacencies, obviously a lot of auto suppliers have found ways to leverage the technology in adjacent end markets. Curious, is there a real opportunity for you where those capabilities travel more naturally, whether there is a life process or a post-integration ambition in other markets? Yeah, it is our job to look for growth, right? Right now, we are not seeing a lot of growth from a vehicle unit standpoint on a global basis. So we got to consolidate the industry and the core business that we are in order to realize some of that growth. That is not only just us, it is true for all the auto suppliers that are out there. Technology makes a big difference in regards to what you are able to do that way. But clearly we want to look at adjacent markets that make sense, that leverage our core competencies and our capabilities. But our priority right now is the integration of Dowlais and the GKN subsidiaries. Make sure that we are very effective there, but at the same time look at what we can do to, as you said, leverage that installed capacity base. Think about it, forgings can go into a lot of industries. Powdered metal goes into a lot of industries. About 20% of our customer base today is outside of the automotive space in the powder side. There is more opportunity on the driveline side, especially when you look at the industrial markets, the commercial markets, or the powersport-type markets. So we will look at that, but some of that takes capital to enter into too, whether it is a greenfield approach or a strategic approach of some nature. But we will look at aerospace defense, some of the other critical industries that would merit and utilize some of the core competencies and capabilities we have. Understood. Maybe one final question. Any early preview or peek into the analyst event? What we can expect to hear? We've shared our story early in regards to what we were trying to do with the acquisition, the combination. Again, it's two great companies that came together. I think it's one of the better deals that have taken place. It's like a hand-in-glove fit. Our job is really focused, especially the first two to three years, on this integration. The integration's off to a wonderful start, but at the same time, the street's looking for shareholder appreciation. They're looking for growth. That growth's going to have to come by either consolidation, which means strategic activities or organic conquest wins, or it's got to come through those adjacent markets. We're looking at all those, spending a lot of time on that at this point in time, and then we'll discuss that on November 17th when we have our meeting. In addition to that, we'll telegraph and guide a more futuristic look towards what our earnings and our size of revenue and all that we really want to be as a company on a go-forward basis. Everyone knows right now we're in that $11 billion to $12 billion range on a consolidated basis. At the same time, we're evaluating our portfolio, what's core, what's non-core? Can we accelerate our current plan, get that debt paid down, clean up the balance sheet, open up the shareholder-friendly activities that Chris mentioned earlier, while also trying to say how do we grow going forward? Lot of things to cover. Yeah. But exciting time for our organization. A lot of work to do, but nothing that's overwhelming and stuff that scares us at all. This is right in our wheelhouse about execution, right in our wheelhouse in regards to performance. We've demonstrated that we want to be a consolidator, and we'll continue to look at and capitalize on that where it's appropriate. Makes sense. That's a great way to end. Thanks everyone for listening. Great. Thank you. Thanks. It has been great. Appreciate it. Really appreciate it.