It's always great when we get opportunities to have new companies come to Las Vegas, particularly those that are as integral to the automotive aftermarket as our next presenter. We also love companies that are part of or engage in financial engineering. And as a spinoff from its former parent, BorgWarner, PHINIA hits a lot of a lot of what we're looking for: a great company, terrific profitability, and a great aftermarket business. The company has just under 47 or 44 million shares outstanding. It's about a $2.1 billion equity cap company. Balance sheet's in great shape, about $500 million of net debt for about a $2.6 billion total enterprise value. It's great to have Brady Ericson here. He's the company's President and CEO, along with Chris Gropp, the company's Chief Financial Officer. So they have got some prepared slides, and then we'll get into some Q&A here. Please welcome them to Las Vegas. Thank you. Well, good news. We keep buying back our shares. So I think we're down to 42 million. So I think we've got a pretty strong balance sheet and really excited to kind of be here. As mentioned, about $3.5 billion, about 13,000 people. You can see some very recognized brands. Got spun out just over a year ago. And BorgWarner bought Delphi as a whole company, and they kept a lot of the ECU and high voltage business, and they spun us off. And I think that was one of the best things they could have done for our business because for probably a decade, this business was one that was not favored. When it was part of Aptiv with Delphi Automotive, all the investment was going towards Aptiv, and this combustion business was kind of left alone. They were kind of on their own for a while, and they kind of struggled there. Then BorgWarner bought them for the E- side of it. Now that we've got spun off, I think people are super excited about being able to reinvest in our business, being able to reinvest and focus on the aftermarket, grow a commercial vehicle business, and really kind of tell the market that we really think this combustion engine is going to be around for not only decades, but probably for the rest of the century in transportation. You see a broad portfolio of components here from commercial vehicle, light vehicle, alternative fuels, industrial aerospace applications, a lot of system integration as well with our ECU and software and calibration capabilities, and then also feeds down to that foundation down there of our aftermarket. And so what you'll see in all the parts above, they're parts that are generally placed between two and four times over the lifetime of their vehicle. And that's why we have such a large aftermarket as well. And these are things that are non-discretionary. These are things that when they do break or they need repairs, the consumer has to replace it to keep their truck running, to keep their business moving, and to get to and from work. One of the things that we think differentiates us too is the fact that we're really, really resilient. We have a good diversity across light vehicle, commercial vehicle, and OES and aftermarket, good diversity around the world, as well as with a number of customers. So our top five customers only make up about 35% of our revenues. GM is the only one. They make up around 14% to 16% of our revenues. Every other customer is less than 10%, which makes us really resilient depending on when market shares move around, CV up, light vehicle down. Then the other thing that's really resilient, which is kind of why we're here too, is that we have close to a third of our business is aftermarket. So right now we're in a down cycle. Both light vehicle, OE, and commercial vehicles kind of down right now, but our aftermarket keeps chunking away and continues to produce good solid results for us and consistent cash flow. That's an area that we've stated that we actually want to continue to grow. We're looking at acquisitions that are aftermarket focused, and we're looking to grow that as a percent of our sales to north of 40% as we continue to expand into off-highway industrial and aerospace applications to mitigate some of the headwinds that we'll see on the light vehicle side. So from our strategy as far as going to market is we're still focusing on being product leaders. Product leaders is not just necessarily having the latest and greatest technology, but it's having technology that our customers value and are willing to pay for. Technology for technology's sake doesn't put money in our pockets, doesn't give us a return on our investment. And therefore, we're really focused on ensuring that we provide value to our customers. We think that, and with the markets that we're playing in and where we can leverage our core competencies and expand into industrial and off-highway and expand into our aftermarket capabilities, is going to give us some nice, steady, stable growth where we see our overall addressable markets growing in that 1% to 2% range. We actually have declining competition, so we're able to pick up additional market share and see hopefully kind of a targeted 2% to 4% organic growth rate through the decade. We're very financially disciplined. If you've talked to Chris for a while, you'll see how financially disciplined she is on really pushing us to ensure that everything that we make an investment on is going to meet or exceed our internal cost of capital or at least our internal hurdle rates of 15%. Everyone is really driven on that. We've actually changed out all of our bonus plans to focus on Economic Value Added. So everything that we're doing is to increase economic value. And the other metric that we have is really focused on cash flow generation. So those are the two things that we're all kind of laser-focused on delivering. And we think that with a very, I guess, a very good capital allocation policy that's focused on shareholder return, we think that's going to allow us to deliver great shareholder returns. And I think we're starting to get a little bit of recognition so far this year. I think it's had some nice stock appreciation, I think, so far this year. Starting, yeah, I think we're getting there. We're getting there. I think we're up just over 50%, I think, this year. Still with some room to grow. I still think we're on the lower side of a valuation, but I think as we continue to have solid quarters, I think we'll continue that momentum. We just did report our third quarter earnings last Thursday. Sales were down on an adjusted basis just under 4%, I think 3.7%. We're finally out of all of the contract manufacturing and everything else that we had as part of the spin. And so with CV markets in Europe down close to 20%, North America down 10%, light vehicle market continues to be soft. These were actually, I think, decent numbers and our aftermarket was up 4% to 5% on a consistent basis as well. So I think we had solid sales numbers, strong margins, again, generating a lot of cash, and then being financially disciplined and returning a large portion of that to our shareholders on a regular basis. I think we're now at over, I think we'll show that on the next slide as far as the total return to shareholders so far, but before that, we'll get into. We highlighted some of the business wins, and this is where we're supplying complete systems. This is helping us increase our average content per vehicle. Not only is it the fuel injection system, the high-pressure pump, but also the ECU and the calibration services, and this allows us to really embed ourselves in with those OEMs, picking up additional business with a European maker for the Indian market that's going to be combustion for a long, long time, and then also additional conquest business for the GDI system for light-duty trucks and luxury SUVs. Because one of the benefits that we have is we actually have a competitive landscape with declining competition. And so that's allowing us to consolidate the market, pick up additional market share at attractive margins. And then we also continue to win on the aftermarket segment. I think one of the things our aftermarket customers really enjoy or like about us is that we are committed to combustion. They have a number of their other suppliers that are looking to exit combustion. They're looking to refocus their assets. They're not as committed to the combustion segment. So we're continuing to renew agreements with some of our key customers, signing on new distributors, as well as expanding where we serve our customers in the aftermarket segment as well. From a capital allocation standpoint, as mentioned, we're just over one times turn. We set a new target of one and a half because as we refinanced both our TLA and our TLB with both a secured and unsecured debt offerings earlier this year, we lowered our interest costs and debt service costs quite a bit, and so we felt it prudent to go ahead and increase our net leverage target. That's still going to have our debt service costs below what they were 12 months ago, and so we think this gives us some opportunity to return additional money to shareholders as well as some selective M&A opportunities. Since we spun, we've actually purchased $212 million of our shares back, 5.3 million. That's just over 11.3% of our shares since we spun 15 months ago, and our cash balances are up in that time period, and we still have very low leverage. And so you can see where we're focused on where we see an opportunity to buy our shares that what we think is undervalued. We're going to continue to do that until we actually get the price up to where we think it's closer to fair value based on our own internal analysis. We're also focused on growing our business, and we have increasing addressable markets, especially with some focus on CV and off-highway applications. We won our first aerospace application for a military application, and we're seeing a lot of pull. And what we're doing is we're actually leveraging our existing manufacturing core competencies: grinding, machining, nitriding, DLC coating, and manufacturing capabilities where we're holding plus or minus half a micron on our tolerances. And we're able to leverage that going into the aerospace, leveraging that manufacturing capability. We've actually converted some of our existing lines to for a low-volume line for aerospace. We should also be getting our aerospace quality certification here in Q1 or Q2 before we have our first launch for the aerospace applications in Q4 of next year. That's where we see a lot of opportunity for us to continue to grow and offset some of the headwinds that we'll see on the light vehicle OE with better electric penetration rates. We'll also look at strategic and accretive M&A, primarily focused on some bolt-on acquisitions. Again, we're going to be extremely financially disciplined in that respect because it doesn't make sense for us to acquire a company that may be smaller in nature and subscale and pay a multiple that's equal to or higher than what we're trading at right now. It just doesn't make sense from a financial return standpoint. And so we're continuing to be prudent in that respect. We've got a long pipeline, but we're not going to cut a deal just to cut a deal. And so we're going to make sure that it's focused on significantly increasing shareholder value. So our long-term kind of expectations is we think with the total addressable market and the strategies that we have that over the decade, we'll be able to average 2% to 4% organic CAGR. I think we'll be able to pepper in some bolt-on acquisitions in the timeframe. We're already kind of hanging in those 14% to 15% EBITDA margins. We generate a significant amount of cash flow. We maintain our CapEx right around 4%. R&D costs at 3%. And so we're able to go into these new markets by maintaining those same kind of data points. And then we've got some room to lever up if there's a good reason to, and it's going to add shareholder value. So that's kind of what we've kind of laid out for our shareholders over the last year and three months. So thank you. As a reminder, please join in for Q&A if you'd like. But I want to start with going back to the spin from BorgWarner. I think you did a terrific job laying out maybe some of the opportunities from a product development standpoint. From a customer perspective, maybe talk about how that's helped you to become more of a system solution provider as opposed to simply a part supplier now that you're on your own and you've got the capability to have that independence. Yeah, I mean, we've been a system supplier for a while, but obviously we're expanding that. I think historically, we would provide complete systems more in China and Asia because those customers may not be as advanced, and so we'd sell them the fuel pumps, the high-pressure pumps, the rails, the injectors, and the ECU, and do the software and calibration for them, and now we're starting to see that actually increase in the Western OEMs as well, whether in North America and/or Europe, because they moved a lot of their resources towards electrification and away from combustion, and so they're needing more and more services from their suppliers, with a declining supply base, they're looking to consolidate to those probably two or three kind of key suppliers. And as you see in our numbers, I think this year we're on pace to get about $90 million of engineering costs from our customers paid upfront. And that's just a testament to the capabilities and system knowledge that we have. We're doing cybersecurity software for their ECUs, a lot of calibration work, and to where they'll send us their vehicle. I think in a couple of our locations, we may have anywhere from 50 to 75 customer vehicles at our location that we're doing validation, testing, calibration work on. I was out in Tennessee for GM's Investor Day a couple of weeks ago, and one of the things that they talked about was how they were going to benefit from reducing engine complexity from an offering standpoint. And clearly, where you sit from your technology for fuel delivery, it would appear that you're not only well situated to benefit from scale there, but also as these engine platforms have a longer lifespan where you're not constantly trying to reinvent the wheel from what you're doing, that should help from a capital efficiency standpoint. Can you maybe talk about whether that's true? Yeah, I think absolutely. I think especially on the light vehicle side, we don't need additional capacity. And so we're able to repurpose and kind of upfit our existing capacity to meet those next-generation technologies. Whether it's for Stellantis or GM or Hyundai, the same basic equipment is needed just with a little bit of tooling. And that's why we're able to kind of keep our CapEx target at four. I think this year we're on pace to be a little bit under four as well. So our CapEx has been trending below our depreciation, which allows us to generate good cash flow. Plus our products. I mean, it's the same product that goes into a regular internal combustion engine and the same into a hybrid. In fact, if you're going into a hybrid and you want those higher efficiencies and the better emissions, you need to go toward a GDI product that we supply. It almost seems like the market almost needs to go to 100% right where you are. So the market's coming in, despite the fact that the stock market may not be fully describing that value, which I think should be much higher. The market itself that you're operating in is taking you there. I want to talk about growth in commercial vehicle and potentially off-highway markets and how you're driving the technology that you have on the light vehicle side to commercial vehicle to gain share and drive that fuel efficiency that your customers want there. Yeah, I mean, on the commercial vehicle side, our two main customers are going to be the PACCAR Group and Volvo on the heavy truck side. We also have some medium-duty business with Daimler. And if you see a lot of their announcements the last few years, they'll talk a lot about how they've improved fuel efficiency of their trucks 3% to 5%. And a lot of that's coming from the fuel injection system. I mean, just to give people an order of magnitude, our diesel fuel injectors for heavy-duty trucks, they're operating at pressures at 3,000 bar. That's 45,000 PSI of pressure. Our injectors are going up and down hundreds of times a second to properly meter that fuel going into the combustion chamber, and so that technology, as they start moving towards EPA 27 and Euro 7 applications, they continue to require more and more technology in order to meet those, and that's giving us additional content per vehicle opportunities as they come out with those new emissions. Stay there, please, on the 2027 EPA guidelines. What are the discussions with your OE customers about how to potentially prepare your own lines for what could be an accelerated set of production into the end of 2026, followed by a period of very little production, therefore, when you start in 2027, if there's a pre-buy? Yeah, I think kind of two good things. One, it's good that the Euro 7 is not line on line with the EPA. And so that's going to at least not have this super high peak and then drop off. And so they're going to be, I think, more in 2028, 2029 when they finalize. And so that should kind of balance it out a little bit. With that said, we talked about financial discipline. It's difficult to charge a customer a high enough price if you're going to spike volume for a year or two. And so what we've actually done is gone to our customers and says, "Hey, you have to fund that capital because I can't charge you enough." And so they're funding a lot of capital for us right now to have that surge capacity so we're ready for it. And so they're actually. We've got more capacity coming online for commercial vehicle later on this year and beginning part of next year in preparation for that surge. And they funded all of that for us. And so despite the markets being down 20% in Europe and double digits in North America right now, they're still pushing for us to add capacity to be ready for it because they see that coming back even faster or higher peak than where we were in 2021 and 2022. Yeah, no, it's a really unique time in the commercial vehicle space that markets are lagging a little bit, but you also need to prepare potentially for this demand, I guess. And on the other side of that, you get to 1 January 2027. And I know it's a little bit further away, but we're voting on the next four years today anyway. So now we might as well talk about the next four years here. How do you prepare then for basically when the spigot needs to shut off thereafter? Again, I think it's going to be a little bit staggered because the engines that they produce for North America and Europe are basically the same engines. And so we'll supply them out of our European operations, and we'll supply their engine plants in both Europe and in North America. And so I think we'll be able to kind of stagger that with a demand in Europe probably still starting to pick up in 2027 while North America is dropping off. The other thing that they're working through is whether they can gain more of their proprietary engines in their vehicles rather than buying third-party engines in their fleet. And so they're also looking to do that as well to encourage their customers to saying, "Hey, we've got capacity. Let's put in more of our own engines as well," so that also has some influence and could temper it a little bit for us as well, but longer term, I mean, if you're wanting to look at the longer term and beyond this current surge, it's also the alternative fuels, and we can do hydrogen, we can do ethanol, we can do all of those with the exact same equipment, and there's a lot of interest in that because they can go to a near-zero or a zero emissions level using alternative fuels, same equipment, same product going out, so that's the longer-term play. The DNA of this conference is in the aftermarket. Its roots. You have a great aftermarket business. Maybe talk about areas that you see for growth there from a parts perspective and/or just a vehicle complexity perspective helping grow that business in the near to medium term. Yeah, I think over the last number of years, I don't think the prior owners of it had a lot of focus on the aftermarket. It was kind of an afterthought. When you take a look at our numbers and you see over 30% of our revenues from aftermarket, you can realize it's an important part of our business and one that we want to continue to grow. So first and foremost, there's obviously a lot of senior leadership attention and support for continuing to grow it in a financially disciplined way. That's maybe one of the things that got lost in the past as well, where they were kind of in everything, and they were in a lot of product lines where they weren't making money. About four or five years ago, they really kind of culled a lot of those product lines that weren't making money and focused on where they can add value. The Delphi brand is a really, really strong brand, and we're going to do everything we can to protect it and ensure that the products that we do supply meet our standards and quality. So we've been, as I showed in those three highlights, customers are really pulling on the Delphi brand. They see an opportunity to get a premium price and therefore make more money in their shops by selling a Delphi brand. These are components that they want to ensure that the quality is unquestioned. Because if you're tearing apart an engine to replace the injectors, probably most of the cost of that repair is in labor. And so the last thing you want to do is spend all that labor and have a bad injector just because you saved a few bucks to buy a white box type product. Because that workshop is going to have to do all the repair in order to get it back up and running again. And so there's definitely an option and an ability for us to continue to have a premium product and customers really pulling for it because it's so important to their customer service. And Brady brought it up earlier, but it really does provide a balance to our overall portfolio. Year to date, we're down only 2% compared to a lot of our peers who are down almost double-digit or more. It's more that the fuel system side is down, aftermarket is up. So it's almost balancing each other. I mean, the one true thing in life besides death and taxes is if you don't replace your car or your truck, you're probably going to have to replace some of the components on it over time. So as people hold their cars or their trucks longer, you do have to replace some of those components. Yep. I love the aftermarket business. I think it's a challenge for those that can handle the complexity, but a real opportunity. Along those lines, it is Election Day. Tariffs are front-page potential headlines. How do you, from an operational standpoint, deal with potentially some geopolitical headwinds as it relates to supply chain and tariffs that may come? I mean, I think a lot of it, we've been doing this for a long time, and our overall strategy has always been to design, develop, source, manufacture, and sell within region. And so close to 80% of our content is generally sourced and sold within the same region. And that not only kind of mitigates either tariffs, but it was also done to mitigate a lot of the freight costs, inventory costs, in-transit costs, quality risk by shipping parts overseas. And so we've already been going down that path quite a bit. We have engineering and development centers in all parts of the world to support our customers locally. Our team in China has a great team, and their primary focus is designing, developing, sourcing, and supplying product in China for China. Same thing with our team in India and same thing in Europe and North America. So that's what we're doing to kind of mitigate that. On the aftermarket side, we do buy some full assemblies from Asia, but we also produce in North America so we can move that shift a little bit, saying, "Hey, if things do move, I'll produce more in my plants in Mexico rather than buying from overseas to fill in that portfolio." Obviously, the big question is USMCA. Where that goes, my own personal opinion is that I think they may have adjustments to it, but I don't think either party is going to blow it up. It's just too intertwined with our aftermarket and our OE business that it would have far greater implications than I think people realize. Chris, a couple of questions for you before we go. Quality of this business is evident by your margins and the fact that you've been able to perform as well in a flattish sales environment. Maybe talk about how you're able to defend or potentially even expand margins in this type of environment as you work through this strategic plan. I mean, we're very careful. I mean, if you just go to the aftermarket, the aftermarket group went a few years ago where we did have an even broader portfolio of parts and went in and culled a lot because we'll question all the time, "Why are we selling it if we're not making a profit on it? We don't need to do business just to churn and burn, but we do. I guess we teach our units and our people how to do EV models, and so everything that we do has to have a return on it. We have basic bottom-line financials that they have to receive, and all of our bonus structure is based on economic value, so it's not just the bottom-line profit. They have to be cognizant of every dollar they're spending on capital and get the return that we've put down as the bottom line, and so we do walk away from some business if we don't think it's worth the investment or the returns are not good enough, but it's just an everyday thing. It's why I have white hair. I'm constantly working on this. But I think the one thing with our strategy versus a number of our peers is that we're not trying to revolutionize our business. We're just evolving it into different areas. And so from a human capital and from a manufacturing capital standpoint, we're using what we have and leveraging it. I don't have to shut down my combustion plant and build an electric plant. I don't need to fire a bunch of mechanical engineers and hire a bunch of electrical engineers. And so we're able to take our existing human capital and manufacturing capital and just reapplying it to different opportunities. We've converted one of our GDI lines for light vehicle and converted it to do hydrogen for off-highway applications. We converted one of our GDI lines and converted it to diesel. And so that was the Kohler announcement and the second award that we just had for a low-pressure off-highway diesel application for Tier 4 emissions. And we converted one of our lines to do some of the aerospace work. And so, again, we tell people to act very entrepreneurial and let's reuse what we have rather than trying to always buy new. I appreciate the discipline that is evident in your numbers and evident in how you're going to continue on this journey. I have tremendous gratitude for the fact that you all came. Thank you very much for being here. We're up against time, but certainly a great addition to this conference, and I wish you all luck. Thank you much.