We are going to get started again. We are very excited to have Johnson Controls with us. We've got Marc Vandiepenbeeck with us, a nd Marc, as I walk over to you, Marc is the EVP and CFO. And as I walk over to you, you got Johnson Controls had a lot going on, transformation ongoing. You're divesting a significant portion of the business. You announced a new CEO, simplified portfolio, across the building life cycle. But maybe just talk about why those actions were necessary. You know, a couple of your peers have gone even farther to, is something wrong with the mic or what's that? Turn it on. Oh, it's always good to have a mic on. We good now? Okay. Anyway, so where was I? So you've done a lot, but I was saying a couple of your peers have gone to more pure plays. So maybe talk about where you are in sort of the life cycle of transformation. Are you kind of done after you divest your light commercial residential businesses? Or how close are you to where you want to be as a company? Yeah, so first as to why it was necessary, I think where we decided to specialize ourselves is really in the commercial building, becoming a comprehensive service provider, and where the company had tried to address multiple end markets, residential, light commercial, and complex commercial at the same time, we decided that our multi-domain expertise was probably better suited to leverage just the complex and commercial sides of the market, and that's where we decided to focus, address our portfolio, but also transform our operating model to make it work better against those end markets. When it comes to where you see the portfolio evolving over time, I would tell you the big rocks are probably behind us, but there's still a few parts of our portfolio that don't quite fit the profile. We keep on talking about 10% of the revenue. It's a couple of billion dollars plus of our revenue isn't either fully aligned to the commercial complex markets or will not drive the full life cycle value that we see in most of our end markets the way we address them today. And so as Joakim will come on board and drive his own perspective and vision for the enterprise, I think there will be some further pivot. But again, 10% is still a material part of the revenue, but they're more targeted, I would think, transformation and less impactful to the rest of the organization and the operating model. So Marc, we'll get into a little bit more of that later, but I just want to ask you from your vantage point, restructuring actions, you know, you've talked about them, they're associated with the divestiture, but would you say you're still scratching the surface on your sort of margin potential? You know, I know you get the question, I get the question. JCI margins have come up quite a bit, but they're still a little below a couple of your peers. I think that you've talked about the potential for another step down in corporate costs too in the second half of 2025 and again 2026. So maybe just give us a flavor of, you know, what corporate costs and percents of sales could be or where margins could go ultimately. So I agree with your statement. Our margin, as you see them today, have improved, but they're far from where I think we see the entitlement. And there's really three components as to where we think those margins are going to go. The first part, and you addressed it in your question, is as we descale a little bit the company, moving away from the residential, light commercial, and HVAC accessory businesses, we got to address the stranded costs. And that is just preventing that margin to go backward. And that's a large effort of that restructuring. But that restructuring just doesn't suffice on its own to just address the stranded costs. It's about fixing our base costs and being able to create better leverage. And so the second opportunity I see from a margin standpoint is as we have and as we are addressing our operating model and our fixed costs, how do we drive incremental growth that actually doesn't drive a higher cost within the enterprise and falls through the bottom line quicker? What you saw in our first quarter in large margin improvement across the board had to do with that growth and fixed costs, but that leverage needs to accelerate. And then thirdly, and I think importantly, is continuously work on our mix. Our service business is an amazing franchise and is critical to our success. That ability to continuously drive and improve mix and improve our mix in service will continuously drive better margin over time and also much better predictability both from a growth, but also financial performance on a bottom line standpoint. Where you see JCI evolving from a low teens, you know, net operating margin to segment margin today, I see ourselves in the direction of high teens and maybe higher. I just want to double click on one of the last things you said around service. You've been at the company for a while. George came in and he was very focused on service too. So like maybe talk about the evolution on service because it seems like, you know, attachment rates are higher now, but they're still not where you want to be. So, you know, talk about that evolution. Yeah, the operating model really George brought is we had very much a mentality, both the Legacy Tyco, Legacy JCI business, as we came together, very much had a mentality of break- fix, parts driven, and then, you know, if anything happened, calls us and we'll come and fix it for you. He really put an operating model around this is about life cycle. There needs to be a service contract with clear CTQ, clear demands from the customer on what success looks like. And we need to be frequently in the building with the customer driving that value. That will improve customer experience because the products are maintained and perform better, but also it improves our customer intimacy and drives the ability to really get after that retrofit opportunity and then expand. And so I'll tell you the maturity of that process has gone from the date of the merger today quite high, but we need to drive a whole lot more. And you mentioned one particularly important KPI is our attachment rate. There's parts of our business where the attachment rate is in the high 80s or 90s, and it's part of the business that's 20 and 30. S o I always, you know, point to some, you know, adjacent industries that have been able to achieve 70%, 80%, 90%. That's where I think the entitlement is for JCI, but we got to transform our operating model and the way we approach kind of that customer experience before we can really get to that high of a level of an attachment rate and drive the better mix overall. It's helpful, Marc. And I just want to hit the current environment for a minute. I know it's only been a couple of weeks since you last reported, but you did mention you thought maybe a third of your order growth in your fiscal Q1, you reported 16% order growth came from pre-buy ahead of tariffs. Is that playing out in Q2? Is order growth a little lower because of that, or is it still, you know, a strong, should we think of it as, you know, high single digit order growth, something like that? And then just stepping back, you kept your guidance mid single digit growth, even though you had a pretty strong Q1. So maybe talk about sort of why you did that. What are your customers saying in response to the new U.S. administration's actions, for instance? Sure. So you're right. The order growth you saw in Q1, 16% overall, but if you break that down, North America at 18%, I'd say a third of that came really from orders that we were probably anticipating in the second and third quarter, where some of our customers decided to kind of pull the trigger a little earlier. That provided great momentum from a growth standpoint, provided us great visibility into the backlog for the balance of the year, but it stole a little bit of the order momentum from the second quarter. And there's really two dynamics with our order momentum in the second quarter. The first one is we had a very solid second quarter last year, mostly because the invert happened last year. In the first quarter, we had a kind of a cyber incident that actually pushed orders to the right and moved order from Q1 to Q2, kind of making Q2 a little bit higher than we anticipated, making the year-on-year compare Q2 of 2024, Q2 of 2025 a little bit more challenging. And now we've stolen in Q1 some of the order of Q2. So that dynamic of order for Q2 is a little bit challenged. It's not like it's going to be negative, but I don't want people's expectation to be in the double digits. I would see North America probably be, you know, in the low single digits right around there. Helpful. And then obviously there's, you know, I mentioned the new U.S. administration, but as the situation has evolved, you get a little more clarity. I don't know, every day is different. But, you know, there are products like steel and aluminum, obviously China tariffs. So, you know, as you looked at your guidance, what would you say, have you captured in your guidance? How do you think about it moving forward? You know, what should we think about in terms of JCI's exposures to Mexico, Canada, things like that? Yeah, so part of that mid single digit growth for the balance of the year and the overall guide on 350 to 360, that growth, we kept it where it is because we're a little bit concerned about what tariff would actually do overall for our end markets. We don't think they will hurt the end markets per se, but they will force people to pause a little bit and maybe delay or defer certain investment in the second half. Now, you know, there's a lot of scenarios at play with those tariffs. And I'm telling you where we think the puck's going to go. But overall, the way we've designed our guide and embedded the tariff is what we know today without any particular anticipation of which way it was going to go. I think we've been fairly transparent that as a company, a tariff in Mexico would have some form of impact. It's very hard for me to predict at this stage what type of tariff, what type of exemption, how they're going to be applied and how our team are going to be able to drive that. But we have an ability to actually go back to customer and sometimes contractually, sometimes commercially have to renegotiate some of those terms and try and recover should there be material tariff associated with that, trying to recover some of that. You got to remember that even though a lot of our large part of our supply chain is in Mexico for the North American markets, the currency play and the strengthening of the dollar, the weakening of the peso provides some form of tailwind in some of our base costs as well. Understanding those dynamics in the balance of the year, if you have a crystal ball and let me know where the administration's going to go, it'd be very helpful. The way we've built the guide, I think we're very comfortable with the 350 to 360. I can't tell you what's happening today, Marc, when it comes to that. So maybe just sort of delving into the HVAC market a little bit more. I think in your earnings call, you highlighted strong double digit growth in data centers, healthcare, strength in manufacturing, commercial real estate isn't growing. Just, you know, if I think about those end markets, I want to get into data centers a little bit more, but for instance, the manufacturing vertical is interesting because it doesn't get a lot of attention, but you talked about it actually a fair amount. So what are you doing there or seeing there? Just, and how do you think about that market versus, let's say, commercial real estate? When could that turn? You know, how do you think about those markets? Manufacturing continues to be very strong for us, and it's strong across our domain and capabilities. We continue to see investment, not only in new capabilities, new greenfield factories that are being developed where our product plays well, but also most owners actually reinvest into their capabilities. Some of it has to do with the effect of what's happening with the administration. It's been helpful, but the reshoring or the re-onshoring of manufacturing has been a big lever for us. As far as commercial real estate, it's a little bit challenging in North America. There's a lot of parts of the market that give you pause. You see the large metro areas in North America where you have dichotomy of buildings, where you have areas where you have over-utilized space, where they've jammed as many people as they could on a few floor space, and then you have a building right next door that's sitting completely empty and unutilized. And so at some point, we think there's a great opportunity for retrofit business or capabilities to actually drive growth there, but it's not getting unlocked. And those investments are not being made right now. I think it has a lot to do with valuation. For a lot of those owners, the values have come down quite drastically. And so do you want to put good money after bad and how that dynamic will play out? How to predict right now? We have a pretty conservative outlook in the second half associated with that particular market. If that market suddenly recovers, if particular investments are being made, I think we could see some upside there. So I want to get into data centers in a minute, but I want to ask you actually, because we had an interesting conversation on healthcare. So maybe talk about why healthcare is so strong for you guys also, because I think it's just interesting. Yeah, and healthcare has been a very strong vertical for us for the longest time, particularly in North America. It's the type, it's the ideal customer for JCI. They generally buy the vast majority of our domains, and they're the type of customer that wants the OEM to stand behind the product. So, you know, you have customers that will buy a system and then make a decision on who's going to service it afterwards. And that decision could be, I'll use a small service mechanical contractor in the market to help me, or I will ask JCI to help me, but that negotiation or that discussion comes on the back end. The vast majority of our healthcare customers are the type of customers that really seek an end-to-end provider that sits with them through the life cycle. They want the supplier to stand behind their product, service it, and that guarantee is going to come, is going to come with the experience, and they're willing to pay for it. The dynamic we see in the healthcare market is probably five, 10 years ago, you had the growth of those mega hospitals, right? They kept on building larger and larger infrastructure, and then it was like the next hospital on the other side of town was going to be built. The dynamic we've seen over the last few years and continues to accelerate is you have actually a smaller infrastructure that is being built, where either you build a mini kind of urgent care capabilities type of facilities, or you specialize your offices instead of having everything under one single roof, and so you split a little bit more the real estate footprint associated with those healthcare providers. And that creates a great opportunity for us from a growth standpoint because the base cost and the infrastructure really drives a lot of value, but also we are one of the few providers for healthcare providers in a given market to be able to not only provide the system and installation of those products, but the service as well, regardless of where the network will be built next. And the capability of that branch network or technicians' presence in the market is really helping us win a lot in that vertical. And we continue that vertical to see very healthy growth there, a nd I don't think it will stop anytime soon. It's very helpful, Marc. And then just on data centers, obviously, you know, a lot of companies are jockeying for position there. What is JCI doing differently to compete and win in the data center market? We have created great customer intimacy in terms of being able to sit alongside those data center customers and really with their engineering team understand what the thermal envelope is of the data center, what the needs are, and what the profile of utilization of the data center will be, what type of data center will you build, and where will that data center be located, and for a lot of those end customers, there's a bit of uncertainty in where the next data center is going to be built and what type of application ultimately will fall within that infrastructure. And because of that, we've been able to build particular products that have a thermal envelope capabilities that is extremely wide and is extremely well received by those customers because it gives them flexibility when they place an order with us for a particular chiller to know that whether that chiller is going to go in, you know, Seattle or Houston or Miami, that the chiller will be able to operate and work within the application they have. It's also allowed us to kind of not have to sell, quote unquote, to those customers, but really provide value as our engineering capabilities and their engineering capabilities find like a harmonious way to look at the opportunity. And I think we continue to see, you know, great progress there. The demand continues to go. And we now see our ability to drive kind of that strength that we built in North America and start and take that to Europe and potentially as well in Asia Pacific and also take it from cooling to the rest of the domain that the enterprise has. As the complexity of those data centers continues to increase, the demand for engineered solutions, not just for HVAC, but controls, fire, becomes a critical one as well as security really plays well into our portfolio of domains as we stand today. You still believe, Marc, that if I'm sitting here next year with you, data centers is a lot larger, both of orders and sales? Both, yeah. I don't see the revenue. We have clear visibility because of the order growth, and I don't see the order growth slowing down anytime soon. I think the mix of the type of products that those end customers buy will change over time. You will see at some point, I think, a shift from air-cooled chiller to water-cooled chiller depending on the application and the location. You will see also maybe a geographical shift of the demand and the needs, but I think overall, the amount of capital investment that's being made by those large colo and hyperscalers continues to grow, and the demand and the business case for them around those data centers continues to support that growth. Very helpful. I want to focus on your non-HVAC businesses for a second. Fire and security, I think you said was up mid-single digits in the quarter. I think you commented on your earnings call, though, that the second half could be challenging for that business. And your controls business also, you know, could be relatively flattish. So maybe comment on visibility there. Is F&S getting better or worse? And what are you doing from a product portfolio standpoint that can help JCI gain market share in the business? Yeah, those businesses are more transactional. And you've seen, we were talking about what's happening in the commercial real estate market in North America, and that lack of investment or that pause that has happened has created a little bit of a dampening of the growth. Now, it's still growing low or mid-single-digit depending on the market and the product, but it's not double-digit the way you see in HVAC. Fundamentally, for the balance of 2025, we don't see that market evolving or changing much, and we have pretty good visibility into that pipeline. I think the dynamic of that market will evolve over time, particularly in North America and in Europe. And then in Europe, it's all about our controls business and ability to kind of drive an outright gain in market share there. The European controls market is almost as large as the North American one, and we got to find a way to get to the same level of entitlement we have in North America in that region, and that gives us some ability to drive growth over time. The base of fire and security overall continues to be a low to mid-single digit type of growth. It's a good growth. It's healthy. Those businesses continue to evolve well, and we're still very confident that they're part of the portfolio overall. There's maybe a few things here and there we would want to shave off on the fringe, but they play well as a capability across our domains. It's very helpful, Marc. So I want to open it up to the audience in a minute, but let me ask you sort of a little bit about the nature of how you do business. Like we've talked a little bit about service. So let me just ask you, like your goal, I think, is mid- to high-single-digit growth in service over time. You know, one of your peers, you know, talks about high-single-digit plus, right? And you're coming off a lower base. So theoretically, you know, why can't you do high-single-digits or more in service? And then on the install side, I think you're a perfect person to ask about improving execution install because we saw that in EMEALA. Like what is JCI doing to make sure that if you're going to keep doing install, you do it better and for a higher margin? Yeah, so let me start with the service part. So first, I want to start definitionally. I think we often have differences of opinion on what services. The JCI definition of service is the traditional definition of services, mostly professional services agreement, meaning contract, multi-year contract, a nd then all of the labor and material billing associated to that. We exclude from our service everything that relates to retrofit, which I think some of our peers include and probably drive that difference. If you understand how a traditional service business works, as you build a large contract base and you have natural attrition, making commitments on double-digit growth on that really means that you're growing probably 20%-30% to offset some of that natural attrition that will happen. And you know, I'll applaud somebody that can do that, but I think naturally it's very hard to do that sustainably over the long term. And we see our ability to win in the market and continue to drive that service growth in high single digit being more than our fair share of that market, but also more than our opportunity in terms of what's addressable in front of us. As far as system and how that system grows drive, it comes in pair with what we do in systems. You got to understand that our Building Solutions, go-to-market strategy, and the way we approach systems or install has one key purpose: build customer intimacy so we drive life cycle. So system is not a business that stands on its own. It only exists for the purpose of driving service over time. Now, it doesn't mean that you do service at a low cost and recuperate all of that on service. That's not what I'm saying. What I'm saying is that you got to find parts of the markets, and we address an extremely large market, $400-$500 billion as a $23 billion company. There's not a market challenge for us, but you got to find the pockets of the market that are the most addressable for that Building Solutions model. Meaning you need to find customers that actually are interested to have an OEM servicing the product that actually see value in the outcome of that particular product for the application they have. T here's parts of the market where there is no interest in service, or if there's interest in service, they want to have the lowest possible cost provider in the market, a nd it doesn't mean we don't address that market, but it's not for our building solution. It's not for our system business. That is really for our distribution the Global Products business does. S o, it's very important as we continue to deploy our operating model that we utilize the right channel against the right part of the market. And what you've seen is historical performance challenges in the systems business, in the Building Solutions business. You had a commercial team that was actually trying to chase parts of the market that wasn't driving that life cycle, that couldn't sell value. And those were parts of the market that should have been addressed with the rest of our channel portfolio. And so as we continue to evolve our operating model, being able to take those decisions at the market level in a more coordinated, more market-backed base will drive an outright growth opportunity for the company, but also massively improve our margin because you're not going to chase that system parts of the market that won't drive service and where you're going to have a hard time commanding margin. Yeah, very helpful, Marc. Any questions from the audience? Any last question? Okay, I will continue. I want to dive into the segments, Marc, but first, before I do that, let's talk about free cash flow because I think it's very, you know, you're the CFO. It's a very important topic. You did deliver 95% plus conversion in 2024. You raised your free cash conversion guidance in 2025 to 90% from greater than 85% after strong Q1. So it seems you're getting a handle on cash, but can you highlight what gets you to the 100% Marc on a consistent basis? And you know, obviously, if you have backup restructuring expense, that helps, but what would you say are the areas that you can still improve upon? Yeah, so let me start with the baseline of 2024. You're right. We converted at 95% or 96% in 2024, but that's whole core discontinued operation, meaning our residential and light commercial business and our continued operation remain core all combined together. Our discontinued operation business was cash flow accretive to the enterprise. They had a better cash flow conversion than the rest of the enterprise. So when you put that aside and you take 2024 on a pro forma basis, it was closer to 85% or 86%, far away from the 100%. And where we guided this year was we just raised that to 90% plus. And you take that baseline of 2024 of, you know, call it 85%-ish to 100%, what drives the gap? There's a few structural things that are creating a headwind that we've talked about historically. Those structural items will dwindle off over time, but there's two or three larger components to that. First one is restructuring. We have about $250 million of restructuring this year associated with the stranded cost. That is not something that you should use as a run rate for Johnson Controls in terms of restructuring charges and restructuring costs, cash costs every year. That will become lower in 2026 and probably dwindle off in 2027. That's probably, you know, 5-10 percentage point headwind right there. And then taxes. So there is a bit of a delta between our effective tax rates, the one you see in the net income, and our cash tax rate. And those two have been apart by about, you know, 700-800 basis points over the last few years. Over the next few years, we're going to have pressure on our effective tax rates. The global minimum tax program globally will reduce our ability to plan around tax impact and will increase our effective tax rate probably 500 or so basis points, 12% this year, probably closer to 17% next year. Now, the interesting part is that global tax actually does not affect as much as you'd think our cash tax rate. That stays about the same. So the gap between the two will actually shrink over time, and that's how you're going to see JCI drive closer to 100% free cash flow conversion. I'm not ready to commit to it for 2025 or maybe not even 2026, but I think we have line of sight over time to absolutely get there. Very helpful, Marc. And then, you know, in terms of what you're going to do with the cash, you know, you're going to, your balance sheet's already in good shape. You'll receive $5 billion in proceeds from the announced divestiture. You know, I think you've said you're committed to returning 100% back to shareholders. Is there a situation where you consider M&A? And maybe I'll ask you this sort of divestment question while we're at it. Like, you know, you talked about the 10% of the portfolio. Any sort of timeline to think about? I assume it's mostly non-HVAC related businesses. Any color you'd give us there? So first on the proceeds, yes, $5 billion net proceeds coming from the residential light commercial in the fourth quarter. Right now, redeploying all of that against share repurchase very quickly right around the time of the closing of that transaction in the fourth quarter. There are sizable acquisitions we're contemplating. Me committing to timing those two things perfectly together would be a little foolish, to be honest with you. We'll do our best to try and harmonize it, but I don't think it's very likely to think that the two will come together and will probably execute our plan A, which is returning cash to shareholders. As far as the timing of those divestitures and what the portfolio and where they play, we obviously have an opinion right now. What I would tell you is that Joakim is coming in and he's going to have obviously opinion and he want to put his view on where we prioritize those divestitures first. A lot of them are in the fire and security business, yes. Some of them are on the fringe of HVAC, but not exactly there. The goal is probably to execute the vast majority of that over the next 12, 18, 24 months. But I want to give a chance to our new CEO to be able to get in the seat and really look at the portfolio outside in and bring his perspective to where and how we shape that portfolio moving forward. I should ask you, Marc, just like as you've talked to Joakim, like I'm sure he's got a roadmap. He hasn't even started yet. So you got to be careful of the answer for him. But anything that's interesting about your discussion with him? He is a Danaher guy, so he's going to focus on operations and execution. Is that how we should think about him hitting the ground running at JCI? Very much so. I think he brings two incredible capabilities. Having lived, you know, helped design and deploy the DBS in his former career at the stage where JCI is trying to mature and develop an operating system and simplify it, that will be critical for our success moving forward and provide real long-lasting transformation in our operating model. The other part I'd say is an individual extremely customer-focused and bring the customer back inside, and so that dynamic of having the operating model that drives value inside out, but bringing the customer focus and understanding our end market and how our customer experience is driving value back in the organization. I think those are the two greatest opportunities we have today as a company, and I feel very strongly of where that's going to lead. It's helpful. Just a couple of questions on the Global Products, as you know, had a really good quarter, over 30% margin, 15% organic sales growth. Was a lot of that margin a result of just operating leverage? Can you elaborate how much the strength was applied? HVAC being robust, maybe winning share, and more importantly, do you think segment margin of 30% is something that can be sustained? Global Products business has gone through quite an incredible transformation over the last two or three years, simplifying the portfolio, rationalizing a little bit our process, fixing a lot of those processes, and also like managing our base cost within that business, our fixed cost. What that allowed us to do is as soon as you see a little bit of growth, it really drops very quickly to the bottom line. When we guided for the first quarter, and I had that question because they had a very strong fourth quarter in terms of margin rate, were we going to see again 30s in the first quarter? We were conservative and we said probably not. And at that point, our expectation Global Products was going to be able to drive probably 5%-6% unit growth in the quarter and, you know, three or four points maybe of price. And they ended up driving 4% of price, but it also drove 11% of unit growth. And they saw unit growth in their external revenue, but you got to Global Products is also the factory for the rest of the enterprise. And all of that volume growth, which is almost double than what we anticipated originally, fell to the bottom line and got them immediately into the 30% range. I think for the balance of the year, you're going to see them plus minus depending on volume right around that 30% and continue to drive opportunity from there potentially in the mid to high 30s again in the second half. Helpful. So before we run out of time, Marc, I wanted to ask you about APAC because you were early in sort of, you know, correcting what was going on there with payments and what have you. But organic growth has been, you know, coming back strong in this quarter. So maybe comment on the region. You know, you talked about it bottoming, but you still sound a bit, let's call it cautiously optimistic. So what do you see from here in that region? Yeah, and two reasons why we're cautiously optimistic. The first one is, yeah, fantastic orders in the quarter, 30%. If you look at the prior year, it was down 30%. So we're back to where we were in 2023. I'm not overly excited about being back to square one after two years. But also the signal we're seeing in the market, we're seeing some positive signal, but it's not like the pipeline and the order book is growing very, very rapidly. It's not decreasing anymore and some parts of the market are growing, some parts are stabilizing. But I think they're like flattening a little bit. Our perspective is there is pent-up demand in the market, particularly in China. But there's a lot of conservatism in terms of putting investment into play for multiple reasons. One is China has built too much capacity in certain segments of the market. There's a bit of a perception across the board that excess capacity is endemic and it's across the board. It's not the case from what we see. So at some point, something's going to give and they will start reinvesting in part of the market where the demand supports it. The second part is obviously trade wars will have an effect on the economy, probably not as big as maybe some anticipate, but it puts a pause a little bit in how they deploy. We are conservative in terms of how we look at China moving forward and Asia-Pacific overall. There is opportunity there if things unlock in the second half to go things faster. But I don't see yet the signs of excitement we probably had, you know, three or four years ago. Yeah, that's helpful, Marc. And last question, I asked this question very commonly, but what are the top two or three innovations and structural changes affecting your company over the next five years? Are there any emerging industry trends that are perhaps being overlooked in the current discourse? I think the one that is the most overlooked right now is the opportunity we see in heat pump in Europe. You know, because the residential heat pump market has been so challenging in Europe, people have not paid attention sufficiently to what's happening in the commercial heat pump, and then I'll tell you what's really undervalued or underperceived within JCI is our service franchise and the value it brings to the enterprise. The consistency of the profit and the growth that comes with that business and what it will do over time to our profit margin and our earnings profile, I think is very exciting, is sometimes misunderstood. Marc, we really appreciate you being here. Thank you. Thanks, Andy.