A warm welcome to everyone on today's webcast. I am Sid Jones, Senior Vice President, Investor Relations at Genuine Parts Company, and we appreciate you joining us. The purpose of our webcast is to provide you with a brief overview of GPC and a deep dive into the industrial segment. We've heard from many of you that a review of our industrial business would be helpful in fully understanding the breadth of our company. Thank you for your feedback and the opportunity to speak with you today. The industrial segment of GPC represents more than 1/3 of our revenues and is an important element of our growth strategy and total company valuation. The agenda for the webcast includes remarks from Will Stengel, our President, and Carol Yancey, our EVP and CFO. Following their comments, Randy Breaux, the President of Motion Industries, our North American industrial business, will provide a deep dive into our industrial operations. To further supplement today's remarks, you can access a PDF of the full presentation by clicking the Materials button at the bottom of your player. You can also submit questions by clicking the Ask a Question button at the bottom of the player. After our prepared remarks, we will open the webcast to address your questions for as long as time permits. The call will end no later than 11:30 A.M. Eastern Time. Thank you. Now I'll turn it over to Will Stengel for his opening remarks. Thank you, Sid, and thanks to everyone for joining us today. We thought we would get things started with a broad overview of GPC, which we felt would be helpful for those of you who may not know the company in detail. GPC was founded in 1928 and is a global service organization engaged in the distribution of automotive and industrial replacement parts. We will generate more than $18 billion in total revenues this year, split roughly 2/3 automotive and 1/3 industrial, with segment profit margin of around 9%. Today, we operate from a network of more than 10,000 locations in 15 countries across the United States, Canada, Mexico, Europe, Australia, and New Zealand. Approximately 75% of the business is based in North America. Over the last several years, we have transformed GPC to streamline our operations and optimize our portfolio. Through our transformation journey, we divested several non-core businesses while also expanding and investing in our higher growth and higher margin automotive and industrial platforms. We're market leaders in these two core businesses, and our team wakes up every day focused on profitable growth and executing our strategic initiatives that create value for our stakeholders. A little more background on our automotive business. Our automotive segment spans North America, seven countries in Europe, Australia, and New Zealand. We operate an extensive distribution network that serves 9,500 retail locations, strategically located to meet the growing demands of the aftermarket Do It For Me customer, who is our primary customer segment. We primarily go to market as NAPA and have approximately 8% market share in an over $230 billion global market, projecting to grow at 2%-3% each year. This market growth, combined with our strategic initiatives to gain share, provide us with the opportunity for 6%-8% annual sales growth over the long term. Our industrial business segment, which Randy will cover in a few minutes, operates primarily in North America. Although in 2019, we expanded our industrial footprint into Australia, New Zealand, Indonesia, and Singapore. We go to market under the Motion brand and carry a 3% market share in a very large and fragmented market of more than $200 billion, which is also projected to grow in the 2%-3% range each year. Similar to the automotive segment, we believe our market-leading position, strategic initiatives, and market growth support a targeted annual growth rate of 6%-8% over the long term. Together, our global automotive and industrial businesses share the same distribution and operating characteristics and strategies, and we leverage the benefits of GPC's scale to win in our fragmented markets. As part of our transformation, our refreshed strategic priorities have provided clarity for areas where we want to increase our focus. Our value creation drivers include profitable organic and inorganic growth, driving operating productivity through simplification and integration, disciplined and strategic capital deployment, and investments in talent to develop and build capabilities. Our core investment priorities include talent, sales force effectiveness, digital, supply chain, and emerging vehicle technologies. We invest to extend our advantages and deliver winning performance. In addition to investing for today, we're also investing for tomorrow with exciting long-term business and industry trends that position us to win over the long term. In summary, I couldn't be prouder of the global GPC teammates who work so hard each day to take care of our customers and all of our stakeholders, and for the exceptional performance that the teams have delivered. We're excited about the positive momentum we're building at GPC. That's a brief overview of GPC. Thank you, and now I'll turn it over to Carol for her remarks. Thank you, Will. It's great to be with everyone today. We've had a strong financial performance thus far in 2021, driven by the consistent execution of our strategic priorities and the global market recovery. For the six months through June, our sales were $9.2 billion, up 17% from 2020 and up 6% from 2019. We believe our strong sales trends have produced both automotive and industrial market share gains. In addition, our 15 consecutive quarters of year-over-year gross margin increases and operational efficiencies have resulted in operating margin expansion over both last year and 2019. This has converted to strong earnings growth and tremendous positive momentum for sustained sales growth and continued margin improvement in the near and long term. In addition, we continue to strengthen our balance sheet through working capital improvements and an effective capital structure that provides for significant financial capacity and flexibility. All in, our financial strength and progress in these areas have driven consistent and strong cash flows, which we continue to allocate to several key priorities. Our priorities include capital expenditures for growth and productivity investments, strategic bolt-on acquisitions, dividends, which we have paid every year since going public in 1948 and increased for 65 consecutive years, and share repurchases. We are actively investing in all these areas to maximize our growth opportunities while also returning capital to our shareholders. That's our financial review, and I'll conclude my remarks with a quick look at our outlook for 2021, which we provided in our second quarter earnings release. GPC is well-positioned to deliver continued strong results, gain market share, and create value for our shareholders as we move through the year and well beyond. Thank you, and I'll now turn it over to Randy for our Industrial Deep Dive. Randy? Thank you, Carol, and thanks to everyone for joining us today. We appreciate the opportunity to share more about Motion Industries, the team, and our business in our Industrial Deep Dive. As the industrial parts group of GPC, our vision is to be the preferred industrial solutions provider to the industries that we serve. While our core business is servicing the maintenance, repair, and operations needs of our customers, we are much more than just an MRO parts provider. In short, we provide an array of products and services that keep manufacturing plants running. 2021 is a milestone year for us as we are celebrating our 75th anniversary as well as our 45th year as a GPC company. The company was founded in Birmingham, Alabama, in 1946, and the first-year sales were $500,000. Together with GPC, which acquired Motion in 1976, we have built the business with both organic and acquisitive growth strategies. Significant acquisitions for us included the purchase of Chicago-based Berry Bearing Co. in the 1990s, and in 2019, the acquisition of Motion Asia Pac operations based in Sydney, Australia. Motion has a rich history that fits well into the strong GPC culture of delivering consistent growth and operational excellence. In 2020, Motion's total sales reached $5.7 billion, representing an impressive 12.5% CAGR from 1976 to 2020. We serve our customers from more than 700 locations across North America and Australasia, which include branches, distribution and fulfillment centers, assembly operations, and repair services shops. Our broad network has evolved over the years to effectively support our growing business. We are capable of providing same-day service to almost all of our customers and overnight service to every customer that we serve. Our business continues to evolve as our customers' demands change. We continue to strengthen our omnichannel capabilities, and we adjust our strategies so that we can serve the customers the way that our customers want to be served. Over the years, Motion has earned the position as being a leading industrial parts distributor, specifically when you refer to bearings and power transmission parts. We go to market with the best brands, those that we commonly refer to in the industry as Tier 1 brands, many of which are produced in North America. Today, approximately half of our annual purchases come from our top 50 strategic suppliers, the balance from more than 25,000 additional suppliers. As you can see, we have a very long supply chain tail. These suppliers, however, are the best manufacturers in the industrial market space. In almost all cases, we are their largest distribution partner, and this really allows us to leverage our scale and our opportunities, particularly with the strategic suppliers. In total, our product offering and availability includes more than 10 million parts, which allows us to provide superior customer service to all of our customers. Product demand from our customers is deep and wide. We track about 12 different product categories, with power transmission, bearings, and industrial and safety supplies representing our largest product categories. Market growth rates for these products are quite varied, with bearings on the low end and hydraulics, pneumatics, electrical, and automation, all with higher growth opportunities. We continuously invest in resources to broaden our product offerings in these areas and others to maximize our sales potential and to deliver market share gains across the business. We sell to more than 170,000 OEM and MRO customers in all types of industries, many of which you may recognize. Most of our customers fall into 12 key industries, including sectors such as machinery and equipment, food and beverage, iron and steel, and pulp and paper. These would be our largest, although no one industry represents more than 10% of our total business. The machinery and equipment group is where the original equipment manufacturers that we serve are captured. Names like Caterpillar and John Deere. Occasionally, we sell products that go on the equipment itself, but typically, we primarily supply products that go into the plants to manufacture the OEM equipment. Pulp and paper represents another interesting industry for Motion, as we have about 90% of the paper machines in North America under contract. Being a very mature market, we still have growth in the paper industry because we have so much wallet share in this sector. We are also growing our business in a new sector, the distribution and logistics space. We have seen significant and fast-paced growth in this part of our business, and we have the expertise to drive further growth with these types of customers. Without a doubt, the diversity of the industries that we serve helps us become a bit recession-proof, because as a recession hits and one business sector drops, typically another area of the business picks up. It keeps us pretty balanced. It is also important to note that approximately 40% of our total business is under contract. Typically, a multi-year contract will be three to five years, which puts us in a strong position because at the beginning of every year, we wake up and we know that we've typically got this business already secured for the year. Our corporate account customers take full advantage of the breadth of our capabilities and the services that we provide. Corporate accounts would be approximately half of our total revenues and are generally regional, national, or even multinational customers, which we serve at multiple locations. In fact, as these businesses expand internationally, we are often asked to follow them outside of North America, which provides us with interesting and sometimes compelling growth opportunities to evaluate. Our ability to meet the needs of these large corporations is a significant differentiator for us, and we like our market-leading position in this space, which we will continue to cultivate as we move forward. As the leading industrial parts distributor in North America and Australasia, our customer value proposition can be summed up in five key messages. We help our customers reduce their purchase price and ownership cost, which is what every customer that we serve is looking for, to reduce their total cost of ownership. This is where our expertise in the market and the products that we have available come into play, where our close partnerships with our manufacturers really allow us to go in and find ways to help reduce the total cost of ownership for our customers. We create savings via asset management, which is where we monitor and maintain the assets that are either on the plant floor in operation or in the storerooms of our customers. We have a comprehensive program where we can go in and manage their assets in their plants. We provide solutions for operational and productivity improvements. If you were just a read and replace distributor, for example, you really wouldn't be affecting a customer's operational and productivity opportunities. Because we take on a technical sales approach with our customers, we find ways to help them reduce their operational cost and to improve the throughput in their plants, therefore improving productivity. That's a key value add for Motion. We are a comprehensive single source to most of our customers. Finally, we provide our customers with the knowledge, expertise, and innovative solutions they are looking for. Today, the older, more experienced technicians, mechanics, and electricians are beginning to retire. The baby boomer retirement generation is absolutely hitting our customers. Our customers look to Motion now more than ever for our technical sales team to augment the expertise that they're losing on the plant floor. Diving a little deeper. As a comprehensive single source provider to our customers, we transact more than 50 million orders each year, with about half of those being unplanned purchases. Our customers don't know when the machinery in their plant is going to break, and they don't know what parts they will need at any given time when failure occurs. Our core competency is to be there for our customers with the right parts and services and solutions whenever they may need us. That's how we win in our space. This requires a best-in-class supply chain that can optimize the breadth of 10 million parts, of which 90% turn less than five times annually and 65% turn less than one time per year. This also requires the best in the business technical sales representation. Unlike other industrial distributors you may follow, we go to market with a highly skilled technical sales force. We have several hundred field product specialists that provide superior technical expertise to our customers. In fact, our sales specialists often become the on-site experts at many of our customers' facilities. We are not an indiscriminate order taker. We are a very strategic market maker, meaning that the value to our customers is not just looking at a part number and replacing it. That process represents only about 25% of our total business. The true value to our customers is having the specialist and expertise in place that can understand the application and the products available that can really improve the operation and ultimately improve our customers' profitability. Our capabilities in this area truly separate Motion from our competitors. We also have about 50 repair and service shop facilities in North America that can repair, refurbish, or replace failed products from our customers. This is very important for a number of reasons. First, if you have the failed product in your shop, you have the ability to determine whether it's repairable, and if it is, you get the repair order. If it's not repairable and you have it in your shop, then you get the replacement order. If it went to another shop that we didn't own and it was deemed unrepairable, somebody else is going to get the order. It's very important that we are able to provide that repair or replacement in our own shop. Second, the repair business makes us very sticky with our customers. If we can offer service that our competitors can't, that makes us a little bit more valuable to our customer. This is very important to Motion and to our customers. Lastly, the repair business is profitable and a good business to be in. The industrial addressable markets in North America and Australasia totals roughly $200 billion. Our $6 billion in estimated annual revenues represents just about 3% market share in the areas that we serve. The large size and fragmentation of these markets provide us with significant growth opportunities throughout North America and Australasia. We capture more of these opportunities via initiatives to generate more wallet share from existing customers with new and expanded product offerings and new technologies. New technologies are making an impact on the industrial distribution market because we are advancing our ability to predict and prevent failures in the plants. Preventative, predictive maintenance, repair, and operations allows us to predict a failure and get a product to the customer before there is a failure resulting in unplanned downtime. We have Industry 4.0 sensors and products that we are currently installing on critical assets in our customers' plants to make sure that we can keep their equipment up and running. Growth in the industrial markets generally follow key indicators such as industrial production and PMI indexes, GDP, inflation rates. We track very closely with industrial production and PMI, which have both strengthened thus far in 2021. We also expect these indicators to remain supportive of growth in the periods ahead. Likewise, our recovery from the peak of the COVID downturn in Q2 2020 has also tracked well to the recovery in GDP, which is projected at nearly 7% in 2021 and 4% in 2022 for the United States. To a lesser degree, inflation is a factor that can also impact industrial demand. Generally, we are able to pass on price increases to our customers, but this can be a delicate situation with our contract business. We would describe regional inflation as an overall positive for growth, but something we have to manage carefully. This is certainly an area we are monitoring and managing today with numerous requests for price increases coming in each week from our suppliers. As we mentioned in our last earnings call, we see this as manageable at approximately 2%- 3% price inflation through the remainder of the year. The industrial distribution market has a number of competitors, including national, regional, and local players. Our value proposition distinguishes us from many of these competitors in different ways, and our contract business is a game changer. As we look forward, our focus on profitable growth in the industrial business is centered around five key growth initiatives. First is the omnichannel build-out to accelerate e-commerce growth and drive sales with new customers. This initiative focuses on doing business any way and any time the customer wants to do business with us. In addition to our traditional selling methods, we are processing a growing number of transactions via e-commerce, and we continue to improve our e-commerce platform with a customer-first posture to handle this as well as anyone in the industry. In 2020, we launched an enhanced motion.com website and created an inside sales call center to maximize our sales potential with both medium and small customers. The combination of the Motion website and the inside sales call center team has been especially beneficial in driving sales with smaller accounts, many of which were not buying from Motion previously. For larger accounts, motion.com connects with our customers' ERP systems and allows for efficient orders of both contract and non-contract purchases. We also continue to build customized options with specific products, pricing, and design configurator capabilities that these customers find valuable. We provide customized reporting for these customers to track spend and measure cost savings initiatives. Our omnichannel investments have generated strong growth in our online revenues over the last year. Web-based sales should grow to approximately 15%-20% of our total revenues in the near term. Serving our customers with an innovative omnichannel sales approach remains an important competitive advantage and critical element of our growth strategy. Next is the expansion of our industrial services and solutions capabilities, including automation, conveyance, and repairs. These adjacencies represent great growth opportunities for Motion, and we will continue to expand our capabilities in these areas, both organically and through acquisition. On the organic side, we just opened a new 110,000 sq ft fluid power, mechanical, and hose and rubber shop in Birmingham to further expand and enhance our service shop capabilities and our network of roughly 50 locations. This state-of-the-art facility reflects our continued commitment to these services, which contribute to our customer value proposition and positively impact our future growth prospects in this area of our business. Inorganically, we have expanded these services and capabilities through a number of acquisitions, which brings us to the next initiative. Our third growth initiative is strategic M&A. We have been successful in generating significant growth in new markets and new products over the years as an industry consolidator. We actively target 1%- 2% of our annual revenue growth from the expansion of our footprint via acquisitions. Of course, this could be more with larger key acquisitions from time to time, such as when we entered Australasia in 2019. We look for three things with any acquisition, strategic fit, cultural fit, and a company with good people. While we have opportunities to gain more share in our core power transmission and bearings product categories, we have also seen great potential in product adjacent categories such as automation, conveyance, process pumps, and other areas as mentioned before, and we believe these continue to warrant consideration of future investment dollars. Plant automation, for example, has been very attractive as our manufacturing customers have been automating their in-plant processes to gain greater efficiencies in productivity amidst trends of higher labor costs and scarcity of workers. Conveyance solutions has also evolved into a growth vehicle as the expansion of distribution and fulfillment centers has driven increased MRO demand for those facilities. These businesses have become good customers for Motion, which we expect to grow further and faster. As mentioned previously, we recently added the distribution center and logistics industry group to the list of key sectors that we track. Another reason that we acquire is for talent. Just like everybody else, really good talent can be hard to find. When we acquire good companies, we get good people that come with it, and many of those people are the leaders of the future for Motion's businesses. Fourth is our enhanced pricing strategy and product category management. For several years now, we've been investing in our pricing strategy to create a dynamic pricing environment that provides us a competitive advantage in the marketplace. We are using advanced analytics to price competitively at the SKU and customer levels, adjusting our prices as market conditions change. This has been especially effective in managing our contract business and supplier price changes, and we will continue to employ these analytics as part of our pricing strategy going forward. Our fifth and last initiative is our internal network optimization and automation to further improve Motion's operating efficiencies and productivity. We have been focused on the continuous improvement of our network for several years, and we recently took steps to push forward with a more aggressive plan to more substantially change and update our distribution centers and branch network. The industrial business operates in a very large and fragmented global market with significant organic and inorganic growth opportunities. We have the right resources, strategy, and management team to further strengthen our position as a leading industrial distributor in North America and Australasia. Through focus on our strategic initiatives and ongoing efforts to continually improve our customer value proposition, we are well-positioned to deliver market share gains and sustained profitable growth. The industrial business is very much accretive to the overall value of Genuine Parts Company. Change is certain, and the best way to predict the future is to create it. That's our Industrial Deep Dive. It was a pleasure to speak with you today and hope that you found it helpful in better understanding the Motion business and its value to GPC. All of us at Motion are certainly excited about the opportunities we see ahead. Thank you. Now I'll turn it back to Sid. We hope you found our prepared remarks helpful in better understanding GPC and our industrial segment. We'll turn to your questions, and as a quick reminder, you can submit questions by clicking the Ask a Question button at the bottom of your player. Our first question, Randy, may be directed at you. You mentioned in your prepared remarks some of our initiatives to improve our network optimization, to expand on that, to better automate our facilities. The question asks if we can expand and maybe provide a little more color on that. Sure, Sid. Couple of years ago, we really started to look at our DC structure and the way we're doing things, and really, we've been doing it the same way for about 75 years as most distributors are. We realized that, to take advantage of what the customers are asking for or to provide what the customers are asking for today, we really needed to start to automate some of our facilities. Over the past couple of years, we've been really rolling out some new automation throughout the facilities in our distribution centers, and we're also moving to a fulfillment center footprint in some areas of the country to better serve our customers. These are not huge capital expenses, but they do require the addition of new equipment in these facilities. We've got the first one up and running in the Birmingham, Alabama location from a goods-to-person system standpoint, and we stood up our first fulfillment center in Florida this past year. Both are operating extremely well, producing productivity improvement throughout the facilities and look forward to continuing to invest in these areas. As a rule of thumb, when we look at people in these facilities, as well as throughout the company, when someone leaves the business, we look at ways to either eliminate, consolidate, or automate those positions. A lot of investments have been made in that area. I mentioned fulfillment centers, and with regards to fulfillment centers, what we looked at is how do we handle the last mile to the customer? We knew that there were ways to improve. I set a goal for the team was if we take an order by 3:00 P.M. in the afternoon, how do we get it on the customer's dock the next morning? The result was, we need some strategically loaded fulfillment centers that actually handle the last mile, as opposed to the branches handling the last mile. The first one was started in Florida this year, and we've been able to show tremendous improvement on getting product to the customer, but also a greater breadth and depth of product in these fulfillment centers than are traditionally stocked in our normal DCs and our branches. A lot of areas for network optimization and automation within these facilities that will continue in the years to come. Thank you, Randy. Clearly, your teams have a lot going on in that area, and I think we're all benefiting from that as we see your results. Our next question, Randy, will also be directed at you. The question asks, "There's been a slight moderation in the PMI recently, and industrial peers are facing supply issues. Does this temper your confidence at all? Or given this is largely supply driven, could we actually see a more drawn out or lengthy recovery, considering industrial production does remain strong?" Well, the first answer to the question is it doesn't temper my outlook on the future for the business. As you know, Purchasing Manager Index is the feeling about how the business is going to look going forward. We've seen some moderation both up and down in that over the last few months. In addition to PMI, I think it's important to look at Industrial Production Index. I think the Industrial Production Index today came out. It was a little bit up. That's actually what's being produced in the plants that we serve. For a good comparison of our business, you really have to look at both PMI and Industrial Production Indexes collectively to get a good feeling. I do see and I do understand some of the concern with regards to supply chain. I think that Motion's in a pretty good position. We've seen, as all have seen, strain on the supply chain in the last few months. I do think as we get through the balance of the year here, we'll see some moderation in the supply chain issues. As we move into 2022, I expect business to continue to be good and the supply chain issues to continue to moderate. Super. Randy, the next question references scale that we talk about in our businesses, and the question asks, "If scale is of critical importance in our industrial distribution business, can we talk about our EBITDA margin and why there's not maybe more of a difference relative to some of our peers, such as one of your largest competitors, AIT?" Next question, Sid. No. Happy to talk a little bit about that. You have to look at our business compared to our competitors and there's a different product mix, a different customer mix. For example, from a customer standpoint, we have a larger group of corporate account customers than any of our competitors do, and we do get a little bit more margin pressure with those customers than we do with a non-contract type customer. All in all, we have our EBITDA targets over the next couple of years, and we do believe that our business is capable of producing low double-digit EBITDA margins in the coming years. That's where our plan is focused, and that's what we are going to continue to execute as we move forward. That's kind of where I want to stand on that right now. Will- Sure Any other comments in there you go? No, I would just say, look, I think Randy covered the magnitude of the market opportunity, and you look at a business that's $5, $6, $7 billion relative to almost everybody else in the industry, and that scale advantage really does provide meaningful benefits. Supply chain would be a perfect example where a lot of our vendor partners are looking to Motion as one of their most influential partners in making sure that we, as their customer, are being taken care of. I'm not sure that you can say that in a small family-owned business as we're navigating these challenging times. Scale advantage matters. In our Motion industry here, they certainly have scale in spades relative to almost everyone else in the industry. Thanks, Will. Good answer. Our next question actually is in several parts, so let me break this down. Carol, I might start with you because the first part of the question asks about product cost inflationary trends, both in automotive and in industrial. It gets more granular after that, but why don't we start there, Carol, and then we'll move forward. Yeah, sure. Happy to speak about inflation. As we mentioned in our second quarter earnings release, we do expect to see inflation in the second half of the year at roughly 2x what we saw in the first half. In the order of magnitude, when you think about on the automotive side, it's definitely more pronounced in the U.S. automotive side. If we think about a second half inflation of 3%-4%, that could be something more like 4% second half on U.S. automotive. A little bit more, in the 3% or so on the international automotive. On the industrial side, we are seeing inflation. Normal inflation on industrial is around 2%, so we will see more normal inflation, but a bit more pronounced in the second half. Having said that, the teams have done a great job of taking those price increases, negotiating with our suppliers, and working with our internal initiatives to pass those through, and that's led us to have 15 consecutive quarters of gross margin improvement. I think, Randy, you've got some great examples of how you specifically have negotiated with suppliers in terms of the inflationary environment that we're in today. Yeah, thanks, Carol. We do have a lot of initiatives going on to deal with the inflation pressures that we're seeing. In most cases, we are in a good position to pass through the price increases that we receive. Where we find it a little tricky is with some of our corporate accounts and our contract business. In most of those agreements we have, we do have language in there that allows us to pass through price increases at certain times, and we take full advantage of that. Only about half of our business is corporate accounts, though. The non-corporate account business, we're able to get those price increases passed through on a timely basis. Besides that, we have a lot of things that we're doing on the opposite side of the business to control our costs. When we look at some of the restructuring we did with our sales organization and whatnot to eliminate a lot of the travel and entertainment expenses and other SG&A-type costs, we've been able to offset some of the inflation we're seeing with the reduction in operating costs. I think all in all, we're in a good position to handle the inflation pressures through the balance of the year. Again, I believe that as we move into next year, we'll start to see some moderation in the inflation and get back to something more normal for our business. Randy, one follow-up to that product cost and supply chain question would be, in your business, how much of your product that you bring in and resell would be imported or come from outside of the U.S. or North America? We're a little bit more fortunate than the automotive business. We don't have that much of our product mix that comes in directly from overseas, specifically Asia. A lot of our suppliers, they actually produce in North America. The pressures are not as great on us as some of our competitors that do bring in more product from Asia. That helps us in the lead times. That helps us have a Tier 1 product offering as opposed to maybe a Tier 2 or Tier 3 product offering that comes in from overseas. Those are the products that our customers, the Tier 1 products are the customer's choice. We're in a good position there, Sid. It's probably less than 10% of our product that would come in from overseas directly. Where we might see a little bit of pressure there is with some of our manufacturing partners that will actually bring in components from overseas that go into the final product that they in turn sell us. All in all, I think that the manufacturers we deal with have done a pretty doggone good job of controlling those issues for products that are coming in overseas. Super. Team, our next question, actually, there are a couple of questions that address our capital allocation and specifically our CapEx and where we, and how we choose to invest, either automotive or industrial. Of course, we talk a lot about this. Will and Carol, maybe you guys would want to speak to this at the broad level? Yeah, sure. I'll start off, and then I'll have Will give a few comments. When we think about our capital allocation, I think it's important to just reemphasize what our priorities are for capital allocation. Our CapEx is certainly an important priority, and when we look at that, it is investing in projects, in investments that deliver appropriate returns. You're largely going to see investments in technology, in digital, in supply chain. Randy talked about some of the examples specifically of what he's doing in his warehouses, and that's really broadly across automotive and industrial and broadly across all of our geographies. Capital investments, again, our physical footprint is pretty well out there. What you'll see is automation in our facilities and again, technology investments. We also look at our investments in M&A, and we will see in some years you'll have higher investments in M&A, but again, CapEx is relatively consistent and will run about $300 million this year. Maybe I'll let Will give a few other comments on how we look at our investments. Yeah, happy to, Carol. Certainly, on the M&A side, if I had to think about the differences between automotive and our industrial business, I would say the industrial landscape from an M&A target perspective probably will lend itself to larger transactions. The automotive space doesn't have as many large targets. If I had to think about outsized M&A transactions, they're more likely to be CapEx associated with our industrial business. From an M&A perspective, I would make that distinction. The other thing that I would comment on is we've taken a whole new look at what we call our investment committee and our investment approval process globally. I'm super proud of the teams and the partnership that we have around the globe to stay very connected and very disciplined around putting capital to work. There's a great collaboration associated with the financial analysis, the strategic planning portion of it, integration planning for M&A transactions, the expectations once the project gets approved, et cetera. we're very focused on it, a lot of discipline, and a lot of intensity. The great news is our business generates a ton of cash, and we know the importance of investing through the cycle in the company. that's going to be a big part of what we do as we move forward. Thank you, guys. Our next question, again, Will and Carol, maybe for you. This question asks, "What are the typical private market transaction multiples for distributors in our key product areas?" They're specifically asking key industrial product areas, but I think we can speak to them more broadly. Sure. Happy to answer that question. Look, I think on M&A multiples, the nature of the question, the subtext of it is, look, the seller expectations are elevated. Multiples being paid for businesses seem to be at all-time highs. How do you think about what you're willing to pay for a strategic asset? I think the answer is, it depends. It depends on the scale of the business. It depends on the growth profile of the business. It depends on the profitability of the business. It depends on the strategic fit, et cetera. I think the better way to think about it is how much value can we create as a pro forma organization once we own the asset? Whether that means you pay nine times, after you consider your synergies, that nine times goes down to six times, that relative improvement on the initial purchase price is a better conceptual proxy for us as we evaluate M&A transaction. The good news is that as an acquirer of choice, and with our track record of doing strategic M&A, we've got a very nice playbook and a good perspective on where and how we can create value when we buy a business. It's a core strength, and it will be continued to be something that we do as we move forward. Super. Randy, back to you. This question asks how much of our industrial business is transacted via digital means, and would we say this is generally good business that provides for equal or greater margins than our traditional business? Yeah, it's a great question. About a year ago, we actually revamped our dot com site. It just was fortuitous that it happened as the pandemic hit. We weren't planning on, obviously, doing it because of that. What we saw during the pandemic is a lot more customers moving to our dot com site. We have a plan for our dot com site to produce roughly 15% of our total revenue in the coming years. We're on track right now to achieve that goal. When you look at the digital business as a whole, however, and I'm talking about the business that we interact with our customers via EDI and other links, via digital links, it's 35%-40% of our total business today, and it goes both ways. It goes with our suppliers as well as with our customers. Anytime we can digitally transact business, there's a lower cost to serve our customers in doing so. Also there's a benefit to us when we can do it that way with our suppliers. We will continue to push to do more business direct via our dot com site or direct via direct digital connections with our suppliers and our customers as we move forward. It's just a more economical way to transact. I think that's common throughout our industry. The key here is we just have to do it better than our competitors. Thank you, Randy. Well on several folks' minds would be our supply chain and the obvious supply chain disruptions that we've all encountered since the beginning of the pandemic. Randy, maybe specific to industrial, how do you see your business working through that? How does the location of our supplier base maybe impact that, maybe mitigate some of the issues? Will or Carol, maybe, how does that expand more broadly across the company? Yeah. I'll start off. In the industrial business, we did not get caught like some did as we started to come out of the pandemic in the first quarter of the year. We actually didn't draw our inventories down very much last year. When we started to pull out of the pandemic recession, we were in pretty good shape with our supply chain and with our inventory position. We also started to look at those suppliers that we knew the lead times were going to get extended as pressures on the supply chain were starting to ramp up, and we got orders in early with those suppliers. We really did a good job of protecting ourselves in that regard. Another benefit is because in most cases, we're the largest customer for most of the suppliers we deal with. We do get, I wouldn't say preferential treatment, but when we place a call, it gets answered. We really appreciate that with our strategic suppliers. As a result of that, we've had very little supply chain disruption, to the point where we're losing any business that we're aware of as we've maneuvered through the first part of the year. I do expect that the supply chain issues that we've seen in the first part of the year will continue to get better as we move into the second half and into 2022. I think the biggest concern right now in supply chain is the freight cost, and we've all seen quite a large increase in the cost of getting freight from outside of North America into North America. That's been a challenge for all of us. we've done an exceptionally good job of recovering most of the freight cost increase that we've seen over the last several months, and we'll continue to work on that very hard in the coming months. Randy, I might add just a few thoughts. I think you articulated the situation well. Obviously, the supply chain is a challenge for everybody. If anybody says that they're not spending time working through it each and every day, they're probably not being totally transparent. It is something that the teams are working through. Having said that, I would share for GPC, our automotive and industrial, we're working through it and cautiously optimistic that we're improving as we get through the second half. As you said, Randy, 2022 we hope gets back to something more normal. As we alluded to, scale matters here, so big global partnerships with the supply base makes a difference. For example, we just spent the last two consecutive mornings talking with a big global partner of ours and working through how we can continue to accelerate improvement globally. I think that's a big advantage for GPC. We had representation from all of our business units around the globe on that call, and we're an important customer to many of our partners. I think that's an advantage. The teams are executing well. There's a heightened level of discipline and execution around understanding the data. We've got in-country resources that are feeding back local perspectives on capacity in plants, access to containers, access to ports, port congestion, lead times, et cetera. It's an everyday part of our job as we move forward, but super confident in what the teams are working on to get us to a better spot in 2022. Thank you. Thank you, Randy and Will. Randy, you talked about the initiatives with our inside sales force and motion.com and attracting new, maybe medium, smaller companies we hadn't necessarily targeted in the past. Can you comment on the level of customer growth we've seen in our industrial business, say, in the last year to 18 months, and how this might compare to the type of new customer expansion we may have seen prior to these initiatives? Happy to do so, Sid. Over the last couple of years, we've really started to focus in on some specific programs to drive new customer growth. Our corporate account business obviously is important to us, and fortunately, those are multi-year agreements, and we seldom lose a corporate account, and we quite often pick up new corporate account business. When we start looking at the small to medium-sized customers, those are the ones that we've really focused in on, and we've had some initiatives in place by standing up basically an inside call center. I'll be honest with you, this was a surprise to me that we could actually reach customers through a call center, but it works. We've been able to pick up quite a large number of new, smaller customers by reaching out to them with the team that we have in place, and it drives good business and good margins for us. I will also say that our dot com business, as I mentioned, has grown, and it's grown almost twice the rate it was growing prior to the redesign and relaunch in 2020. That's driving a lot of small to medium-sized customers. We've got another program that I'm really proud of that is really focused on organic growth with new customers in the field through our branches, and we call it Pick 12, and I won't get into a lot of detail, but it's driving some very nice new customer growth, and it will continue to drive new customer growth for many years to come. There's quite a number of things that we're doing. New customers is our lifeblood, and we have to invest time and energy to always find new customers and continue to expand our customer base, whether they're large, small, medium, whatever size, we want to serve them all. Super. Well, we're all very aware of labor shortages across our suppliers, across many companies today. We have a few questions, and as I sum it all up, it essentially asks, how has this impacted our business, specifically industrial? Will or Carol, we may want to also provide some broader discussion. I thought, Randy, this might be a good opportunity to talk about some of our initiatives to offset some of these labor shortage issues, increases in labor costs, and so forth, that kind of tie back to your initiatives for automation and other efficiencies to better serve our customers. Well, labor is certainly a challenge for everyone right now, whether it be a shortage of workers or whether it be the cost of labor, and we've seen both in our businesses. Fortunately, for Motion, we have very little turnover in our organization of people. That hasn't impacted us nearly as much as what I understand it's impacted others with regards to finding people to work. We're quite happy about that. The cost of labor has gone up, and there's no secrets there. Whether it's in a distribution center, whether it's in a customer service center, the cost has gone up with our people costs. We have to find ways to offset those additional increases. A lot of that you cannot pass on to your customers. What we've done through each of the business units is look at ways to either eliminate, consolidate, or automate the functions when we lose somebody. In many cases, we can find ways to consolidate that responsibility or to automate it. We have made significant investments in our distribution centers in the automation area, and we'll continue to do that. What we do is when we look at an automation opportunity, we're looking for a three-year return on the money or a three-year payback. In most cases, we can find that with the right equipment and the right partners to help us automate some of those facilities. That's not to say that people aren't important, because people are our number one asset in the business. We want to make sure that we're always finding opportunities for the right people to continue to grow within the organization, and we're always looking for talented people to bring into the organization that certainly will be the leaders of the future. Yeah. I may comment a little bit on our cost structure. I think it's an important thing to note. A couple of years ago, in 2019, we set up with Will's leadership and his team's help, we set up a transformation office that really spread across all of our business units. With the efforts through the transformation office, we delivered on permanent cost savings in 2020, and those efforts have continued into 2021 and beyond. We're even taking the transformation office even further by thinking about areas such as indirect procurement and indirect spend. We're doing a number of things in the freight area. We've talked a little bit, and Randy mentioned it, the back office, the technology, just taking things to the next level because quite honestly, we're all dealing with labor shortages, we're all dealing with wage inflation, higher costs in certain areas. Thank goodness we did the efforts we did a couple of years ago. We're still continuing on with a number of initiatives. The other thing I would mention is the initiatives in gross margin are really helping us deliver our margin improvement to help us compensate for some of the inflation that we are seeing in our SG&A. Hey, Sid, I might take a slightly different angle on the question, which is, attack it from the importance of culture and being an employer of choice. I think that's one of the unique differentiating advantages that GPC, Motion, and all of our global brands around the world have relative to some of our competition. We take great pride in being a great place for people to come and do quality work with great people, be in a team setting, being recognized and thanked and rewarded. We've actually done quite a lot of work to think about the talent strategy of the organization on how do we continue to nurture and shout out this unique culture that we have across our businesses. It's about cost, but it's also about being a great home for our employees, making sure that we're taking care of them and supporting them, and attracting folks to join the family. Slightly different response on the question, but I think certainly a relevant one for our organization. Absolutely. Very relevant. All of those things key to our long history and our future growth as well. Randy, we have several folks who picked up on some of the initiatives you discussed, I believe in our first question regarding some of the fulfillment center work that you were doing to provide for greater speed of delivery, greater access to product, et cetera. I guess the interest level, if I summarize a few of these questions, would be about how we see this looking out a little beyond the near term, say, three to five years. Of course, we haven't discussed this in detail, but maybe there's some bit of information that could be helpful to the folks on the webcast. Well, we have a plan that looks out about five years, and we look at the footprint of the customers that we serve and try to figure out what's the optimum scenario to serve them in the shortest amount of time possible. That detailed plan tells us where we need to look at staging fulfillment centers that will service those customers. Also it looks at where do we have existing distribution centers that we need to convert to a fulfillment center. Now, the big difference between a distribution center and a fulfillment center is the fulfillment center handles the last mile. To guarantee that we can get product to the customer in the time that we are guaranteeing or promising, it's going to require a little bit different footprint than we have today. What will happen is a number of our current stocking branches will become sales centers as opposed to stocking branches. That inventory will get consolidated in the fulfillment center, and the fulfillment center will handle the last mile to assure that the customers receive the product in the timely basis that we guarantee. In the process of getting the product there, we'll also be able to track where the product is in the delivery vans that are moving the product from fulfillment center to the customer. There's a lot of moving pieces here, but ultimately it's about better serving the customers. The one thing that's occurred over the last few years is as we've gone to this consumer-type economy and everybody's used to ordering online and getting their products delivered the next day and so on and so forth, it's carried over into the business-to-business world as well. We have to start looking more like a business-to-consumer model in some areas with some products, with some customers. Not every customer, but some customers. That's what we're doing. We're being very responsive to serving the customers the way that the customers want to be served. That's the omni-channel approach, and it includes the fulfillment centers, the distribution centers, the online presence, the inside call center we mentioned and whatnot. It's all inclusive of basically finding better ways to better serve our customers. Well said. Excellent. Will, we have one that mixes it up a little bit. It pulls away from some of the industrial, operational, and initiatives questions and is one essentially asking, in your time at GPC, what have you found to be your top strategic priorities, and what kind of progress would you say we've made there? Of course, as I think about this question, I think about some of Carol's comments regarding the CTO and all of those initiatives and the strategy, all these things we talk about a lot. Maybe you could share your thoughts on those progress areas. Yeah, happy to. I think we try and capture it in one of the slides from the opening remarks. First and foremost, the first few years here, the culture of these organizations and this company in aggregate is special. And that is something that we need to continue to build on and grow as we move forward. How do you keep all of the greatness of our GPC culture and evolve as the world around us evolves? I would say that's point number one. Carol alluded to the capital investment priority areas. We're a distribution business, essentially, supply chain and technology. We need to over-invest and over-index into all things supply chain. Randy just articulated a perfect example of that on how do we invest in a supply chain to make the customer experience better, and extend our reach and our service expectations and our service model with existing customers. On the technology front, technology is the future of any business. As we think about using technology to improve the customer experience, that's a big part of how we're going to evolve. We do some of that well today, but thinking differently about how to apply technology to take some of the pain points out of the customer experience, whether you're talking automotive or industrial, that's always going to be a big part. Talent, supply chain, digital, culture, M&A discipline, M&A execution, we got a great muscle memory there. Accelerating that, doing that at pace, and continuing to build on that repeatable model. Those are all the great things that we share globally, and that's part of the power of what we call the Power of One GPC. In different flavors around the globe, everybody is executing initiatives and efforts, primarily in those buckets. The team chemistry and the way in which we're working is accelerating and improving. I couldn't be more excited to be a part of this great organization. It has been a wild couple two years here, going through the pandemic, but the future's very bright and I'm just proud to represent the team and be on the team. Thanks, Will. For our webcast attendees, I would just remind you that you can ask a question on your portal. We have a few more questions we're going to address. When we do come to the end of these, we will end our webcast. Just letting you know now in advance. Carol, we have one for you because, this question, one we get often, asks about some of our gross margin and OpEx puts and takes, and how we baked our thoughts into our 2H second half 2021 outlook. Maybe a few comments on our thinking regarding those two line items on our P&L. Yeah, look, we couldn't be happier on our gross margin initiatives. I think Industrial has done a terrific job in all aspects of gross margin, despite times of not having much in the way of growth. That really is coming from both buy side and sell side initiatives. Our automotive businesses have really done well. Now we're operating in more of an inflationary environment. Some of the investments we've been making have been in talent and technology in the pricing area. We've done investments both in automotive and Industrial in the pricing area. That's really helping us. We use data-driven analytics, we're using different technologies. We're more agile and flexible in pricing. That's really helped us deliver some of our gross margin results. The other thing is we're very active with global tenders, global sourcing, really leveraging our size and scale and volume that we've talked about earlier. In looking ahead, we continue to believe there's opportunities in gross margin. We know that it gets a little tougher to keep comping on these numbers, but we do see continued incremental gross margin improvement as we look ahead. If you move over to the SG&A, and I think, again, despite all these efforts we've talked about, we did see more inflation in our SG&A in Q2, and we talked about areas such as labor and wages and freight. We are assuming that that stays in our numbers, if you will, in the second half. We have modeled in some amount of inflation similar to what we saw in Q2 that's in our SG&A. That's modeled in our numbers. I think the other thing to point out is second half this year compared to second half last year, the comparables are quite different. Last year's second half, our margins were quite strong. Our earnings were up 15%-20% second half. What's really important is to leave you with the full year 2021. Our operating margins will be up 30 basis points -40 basis points on a full year basis, and that's more like 70 basis points -80 basis points compared to 2019. While the second half, first half is a little bit different on a comparison basis, we're really pleased to be able to show two years improvement. I would just leave you with looking ahead, we continue to believe that we can improve our operating margins roughly 30 basis points a year as we look ahead. Again, as you heard today, we've got a lot of initiatives underway that would help us deliver on those results. Great points, Carol. Thank you. Two final questions for the group. Will and Carol, one for you two maybe tackle together, and Randy, one for you. Starting with the prior, the global question, one we get a lot, and for everyone's benefit, our investor deck addresses this, as it asks about the synergies between the automotive and industrial businesses, and how we experience our business processes and other operational issues and take advantage of the scale on a combined basis. Guys, maybe a few comments from you on how you see these businesses adding value under the GPC name. I think the first and foremost is if you look at the supplier base across the two businesses, there's a lot of harmony there. That's probably the most tangible point that we can make around why we benefit from being together. As I alluded to, we are a distribution business. We're in different profit pools, but a lot of the operating strategies and initiatives that we have in place, we're constantly learning from each other. We've got a global automotive exec committee. We have supply chain best practice sharing sessions across both businesses. There's a lot of operating strategies and operating learnings that we benefit from each other. It really is this Power of One GPC, where we've got operating strategies, economic synergies, and team synergies across the board that are all making us a better business as an extended family, so. I think a couple things I would add, we share talent. I think talent, and Will talked about talent a lot today. Talent is an important factor to talk about because we share talent across our businesses. We share across geographies, we share across businesses, and we use and leverage our best talent and broaden people and move them across the businesses. We also share in our technology and best practices, as we talked about, and I think on the back office side is a great example. We've got a meeting that starts this afternoon and goes into tomorrow with all of our finance folks from all of our global businesses, and we'll talk automotive and industrial. We'll talk about back office. We talk about transaction processing, robotics, automation. We share things, we pilot it in one business, then we move it to another business. We leverage our scale because we're able to negotiate better discounts and terms. I mentioned our indirect procurement group that's working broadly across all of our businesses. Besides just the inventory side, I think, again, a couple things on the SG&A side, but also really the talent is also an important piece of the puzzle. Carol, I might just add, I think that the leaders of the businesses have a better working relationship today than they've had in the past. I think another good example is that tomorrow I have a team from Birmingham going up to Canada to work with our automotive group up there to look at some new technology and help get a distribution center up and running up there that will serve both the automotive and the industrial business in Canada. I think that the activity that we have and the relationships that we have internal to the company now are the best that they've ever been, and I'm very proud of my peer group throughout the company for the things that they're doing to enhance the value to our shareholders. That's a great add. Thanks, guys. Well, we got a few additional questions as we neared the end of the list, and all good questions, and we appreciate those from each of you. Randy, I guess I'll start with you, and I think you spoke earlier to our repair business, and all of those solutions businesses, which we are very interested in growing. This question just asked if we can expand on a little bit of the repair side of this, what it really means to Motion to be able to get that business, how, I think we mentioned 50, roughly 50 service centers that we have in our network. How do we see that looking over a near to longer term? Yeah, it's a great question, and the repair business is very important to Motion for a number of reasons. The simple reason is it makes us very sticky with our customers. When I talk about sticky, I mean it makes the customer more dependent on the relationship that we have with them than just a transactional relationship. We have made a number of investments in the repair services business throughout Motion. We have about 50-53 locations today. I mentioned one in the video earlier that we just stood up in Birmingham. It's 110,000 sq ft facility, about a $10 million investment in our repair and services business. That shop will do three things. It will consolidate three locations that we have into one state-of-the-art facility. It will also allow us to consolidate the management of those locations, so it will position us better from a cost-to-serve standpoint there. It broadens our capabilities to repair hydraulic product, mechanical product, and produce hose and rubber products in that facility. It makes us more sticky, as I say, with our customers in many, many ways. This is also a very profitable business for Motion, and it's one that we want to continue to expand. When you think about a product that goes into one of our customers, when that product fails, if we have the ability to repair that product, then we take that product into the shop, we can determine whether or not it's repairable. If it is repairable, then we get the order on the repair. If it's not repairable, then we get the replacement new product that goes to the customer. Now, if we didn't get that product into the repair shop to begin with, we're pretty much out of the picture, and the other repair shop that they might send it to has the opportunity to repair it or replace it. It's very important to us, and it's very important to our customers that we continue to offer repair services. In fact, many of our customers are asking us to expand our repair capabilities in other areas that we don't currently do repair services today. We are looking at that, both from an organic standpoint as well as an M&A standpoint, to broaden our repair and services footprint throughout North America. It's a very important part of our business, Sid. Super. Randy, back to you with this question. Another one about our fulfillment center strategy. Generally, as I interpret this, they're asking would we need more fulfillment centers than we currently have in distribution centers, our current model, to achieve the delivery goals that we have in serving our customers as we go forward. Generally, the density of the fulfillment centers, and I know we haven't discussed this in detail, but any color on that could be helpful. If you look at the overall evaluation we did, the simple answer is yes, we'll need more fulfillment centers than we currently have of distribution centers. Keep in mind, some of the distribution centers that we currently have will be converted into a fulfillment center. All right? That's one point. The second point is a fulfillment center doesn't necessarily have to be the same footprint size as a distribution center. If you utilize the automation technology that we're implementing in some of the distribution and fulfillment centers, you can actually have a fulfillment center that has a greater depth and breadth of product than we might have in a distribution center with a smaller footprint. It's more economical to operate. We take a look at all of that. Is a fulfillment center the right answer in every geographic location we serve? No, it's not. There is an evaluation process that we go through to determine, do we need a fulfillment center? Do we need a distribution center, or do we just need a stocking branch? That is the process we go through. This is a journey. This is not a quick trip. This is a journey that will occur over a number of years, and there will be a lot of capital investment in this process. It's not anything that we haven't planned out and well thought out and we're currently executing, and the results are pretty doggone good. Great to hear. That makes perfect sense. Thank you. Carol, question that we get from time to time, a very fair question, and that is regarding our organic growth and the level of organic growth that we need as a company, and maybe in automotive and industrial, if different, to sustain margins and leverage our expenses. That's the question. Yeah. I think, and again, we may have answered this question differently before some of the actions that we took in 2019 with the transformation office. We certainly, being a distribution business, we spoke to having some level of 3% or more in organic growth in order to be able to maintain our margins, and then certainly if growth greater than that, we can improve our margins. When you look at what we've done, as I mentioned earlier, to permanently address our cost structure, we have been able to leverage, and Industrial's a great example of being able to leverage on our operating margins without that core growth. Looking ahead, what we wanted to do is lower that number so that it was less than 3%, and I think we've achieved that, and we've delivered that. What we've got to do is keep executing on all our initiatives so that we can continue to have those margin improvements. Again, the assumption is it's something certainly less than 3% now. As we look ahead, I think you guys, as a recall, our model is that we have a combination of both organic growth and inorganic growth. In years where we're lighter on the organic growth, you may see more inorganic growth in the terms of M&A. Again, that complements our margin initiatives as well. Looking ahead, feel good about our ability to leverage our costs and our margins with less growth than we traditionally had in the past. Thank you, Carol. Randy, final question. This one also is one we get, and great to have the opportunity to discuss this. Ask about market share. You mentioned your prepared remarks, very large, very fragmented market, around 3% share. Where do we see that going? We know it's going up. If we look to some of those suppliers or, excuse me, some of those competitors that we provided in our prepared remarks as well on the slide, if we combine them, what kind of share do we think that our top 5 or 10 players would have in the marketplace? We may or may not know this, but what kind of environment are we talking about, leaving us with the open share to go out and get? Good question, and I guess you could do the math and figure out what each of the top five share is and add it up, and there you go. I'd hate to venture out and look at it and make a comment to that right now and be wrong, but I would say the top five probably have less than 20% market share when you looked at it. I think that when it comes to share, the opportunities for us maybe don't reside in the traditional bearing and power transmission space. It is outside of that, and that's why most of our M&A activity over the last few years has been in adjacent areas that we know there are opportunities. We know that customers are asking us to participate in. Therefore, areas such as automation, which is going to be a long play as more and more factories continue to automate to become more productive. The area of conveyance solutions, which is basically moving anything that is a gas, liquid, or solid. The area of distribution centers and logistics, for example, a great growth area for us. A lot of the conveyors that we produce, and conveyor belting and whatnot we produce, go in these facilities. When you look at the area of repair and services that we mentioned and the areas of such as process pumps, which we don't really consider ourselves to be a big player in right now, even though we do over $100 million in that business, we think there's a greater opportunity for us to participate in that adjacent market. All of these opportunities will allow us to continue to grow share in this very large fragmented market in North America. These are our focuses. We will also continue to grow wallet share by offering more of these solutions to our customers. We don't really refer to ourselves as a true distributor, if you will. In our vision statement, we call ourselves a solutions provider, because when you start getting into some of these adjacent areas, you're really providing solutions. It's not read a part number and replace it. You are looking at the application that a customer has, and you are providing a solution and a service to that customer. that is really the great thing that Motion offers to the value proposition, if you will, that Motion offers to the customers, is an end-to-end solution for everything that we sell and the products that we service. I hope that answers the question. I really think that there's great opportunity for us to continue to build on that share throughout North America, into Australasia, as we already have. we will do our part to keep that number going up, as you indicated at the first of the comment. Hey, Sid, if this is our last question, it's a great question to close this out. Let's just assume that the players that we know about on the slide are roughly 10 or 20 billion, which it's probably less than that. That means we've got $180+ billion addressable market today. Many people can have a long, exciting career attacking $180 billion market trying to grow and take share. I think the Motion business and our industrial platform is perfectly positioned to do that. We've got a great brand. We've got a fragmented market. We've got great people. We've got a great strategy. We've got great M&A capabilities. When I look at all of the great things that under Randy's leadership, he's kind of pulled together with the amazing Motion associates, it's a pretty exciting and compelling story. Thanks for the opportunity to be here, Sid, and close on that question. Super. Well, thank you. Will, Carol, Randy, much appreciated. to all of you, thank you for joining us today. That was our last question. We appreciate the interaction, your interest, and support of Genuine Parts Company. As always, feel free to reach out to me or anyone on our IR team for any additional information or to continue the dialogue. This concludes our webcast.