Good afternoon, everyone. Again, welcome to the final presentation of the day at Deutsche Bank's Global Industrial Conference. I'm Andrew Krill, work on DB's multi-industry and machinery team. Really excited to have Pentair here. Final presentation of the day. We have John Stauch, CEO of Pentair, and then we also have Jerome Pedretti, CEO of the Pool segment. So, cool opportunity to have both of you here. Presentation, fireside chat, we'll open it up to audience questions later. So, with that, John, maybe to kick it off, I think there's been a lot of focus on 80/20 recently. Maybe just can you give us an update on that, when it started? I believe you had said January. When we can start to see some more tangible benefits, and just any segments you'd call out that could be outsized beneficiaries. Yeah. So, thanks for the question. First of all, just to reference, we just had an Investor Day in March, so I'd encourage you to take a look at it. And what I wanted to make sure was understood is during the Investor Day, we called out a transformation journey that Pentair is on. Read into that ROS expansion through four really important themes, which are pricing, sourcing, operations excellence, and organizational excellence. And the context between sharing that is we're still committed to all our transformation goals, and we still believe that the margin targets we've put out there can be achieved. But in doing those four transformation efforts, we recognized that every time we tried to address the complexity in the portfolio, we were having difficulty getting suppliers to accept the sourcing opportunities. We weren't able to price 100% of our SKUs to the market, and so we embarked on this 80/20 effort. We chose a firm and a partner that's proven in the industry, and quite frankly, known for the fact that they've run P&Ls before and implemented 80/20 as the course of day-to-day business. That was important to me, it was important to the company, because I think we had to get the buy-in from the organization of, "Yeah, these are great ideas, but how do we actually go reduce our SKUs, and how do we really improve the customer experience?" So, the early insights 80/20, and I didn't have them at the time of Analyst Day, have been stunning. I mean, I think the good news is we crushed it. We're much better than the 80/20 that was expected. You know, the way that 80/20 really takes a look at it, Andrew, is your upper quadrant is what you're focused on, which is your best customers buying the products that you most want to sell to them. In good businesses, that's probably 64-65% of your revenue. In Pentair's context, it came out a lot higher than that. Then you work around the quadrants, where quad two is the complexity of products that you bring to those top customers. Quad four, which would be the lower right, would be the products that you don't really want to sell to customers that are lower in value to you. Those are the ones that you want to move with a greater sense of urgency on because they're disruptive to you; they're also disruptive to the industry. Then the lower left quadrant of 80/20 really is your key or your key products that you want to sell to maybe lesser customers. The challenge with that quadrant is they might be disruptive to your best customers. And so, there's been a lot of great learnings. I think it has absolutely opened our eyes at Pentair. I wish I would have started it really sooner. Andrew, I regret not doing that, but at the end of the day, we are where we are, and what we have instead is great 80/20 insights with incredible tools that the business leaders can use to drive their individual business performance. So, I'm encouraged and excited, and I think it combined with the transformation goals, should produce an ability for us to really reduce the complexity, raise the organic growth rates, and meet or exceed the ROS commitments that we shared. Just to confirm, so, like these would be incremental to your 2026 margin target? They would be. I don't think we're ready yet to commit to what that opportunity would be. You know, obviously, we'll see how we do, and then we'll share what the upside potential could be. And then in a related vein, I think I know you've commented on, in the past, perhaps, expanding a little bit too much geographically into areas that were not arguably core. Can you just expand on, like, how this happened, like, why, and then maybe, like, what you're doing to make sure, you know, that doesn't happen again, looking forward? Well, everything was a great idea at the moment you tried to do it, right? I mean, it's not that long ago, we were measuring companies on their global revenue opportunity, and we fell into that. I think some of that global revenue is really beneficial to us as a company, but in certain cases, we might have measured geographical expansion disproportionately, and that is now sitting in the businesses as complexity. That's harder today to manage through and harder today to deal with. I say that because we have things like sustainability metrics that we have to achieve. We have compliance and trade compliance. And so, if it's not a high-value product to a high-value customer, you can see how it comes back in the 80/20 insights, you're spending a lot of energy on things that maybe are not valuable to you or to your customer as a whole. So,that'll be a big part of the 80/20 lens. Okay, great. And just as we focus on the near term for a little bit, maybe just any broad strokes updates on end markets, how they're tracking. I think there's been some concerns on, like, the more resi and, like, lighter commercial parts of the market, you know, concerns from investors there. Yeah. Just any views would be great. Yeah. So, Jerome, maybe you want to share what you're seeing in Pool and, you know, where we are to our original guide and our Q2 commitment- Yeah. Then I'll share for the rest of the portfolio, just so you can say something here. I think I'll trigger some questions later. No, I think we're confirming, you know, what our guide is, and that we've been saying in the end of Q1, that Pool is gonna go back, you know, to some growth, you know, high single-digit growth for the year. I think that this, you know, it doesn't come from the market. I think that we think the market is still down, you know, mid-single digit, you know, new pools being down maybe a high single, but I mean, remodel and aftermarket being, you know, down like low single. So, the market is still down, but we still have, you know, inventory recal, well, not inventory, kind of headwind that we had last year, and that's why really gonna help us with the growth this year. So, I think that while the market is, you know, down mid-single digit this year, we're seeing some trends, some positive trends that are gonna help us, you know, moving forward, you know, after that. And so, we think 2025, 2026, we're gonna go, the market is gonna go back to mid-single digit growth, and for us, you know, mid-single digit plus, wants take share. Yeah, and I think it's important because I think that, you know, we talk about outlooks on industries, and I just want to remind everybody, we're about 40% exposed to U.S. residential. And, you know, for us, 2023 was not a good environment, and, you know, 2024 is a kind of a flattish environment. And so, we're kind of muddling along and, you know, most of our residential exposed businesses are kind of flat sequentially, and then they have various year-over-year comparisons that I think get distorted sometimes we talk through it. But overall, I mean, we're working through that environment and, we see some positive indications as we head into next year that we'll be back in the growth mode. Ultimately, you know, using our transformation journey and using the 80/20 insights to accelerate margin performance to continue to produce double-digit EPS commitments this year. Within Water Solutions, specifically, is any update on, like, restaurants activity? I think it's here, you know, a lot of headlines on the consumer wallet being stretched a bit, just kind of where you play there. It seems like you're in a more favorable area, I think, with, like, beverages, for example. Just what you're seeing there, like, can it, you know, grow again in 2025? Yeah, we'd like to think so. And, you know, so, you know, for those of you, just to remind you, we have about a slightly higher than $700 million water solutions commercial business, primarily Everpure filtration. So, that great water that you drink from tap and not those blue bottles that sit on the table, but it's good drinking water. And we also- The filter. Yes, yes. Um. And we also make ice machines under the beautiful snowflake of Manitowoc. And that combination provides a really nice capability to most food service and hospitality venues. And we've had a really good synergy between Manitowoc acquisition and Pentair Everpure, and finding new customers and new opportunities to continue to grow. We like our space because we like to believe that that's the profit center for most restaurants, is the beverage side. I don't want to say how much money is made there, but let's just say it's more profitable than probably the food side. And because of that, we think we're well-positioned, and we think we have an opportunity to continue to grow despite some of those stretched wallets that you talk about. Because I think even though fast food is up in cost, which is where a lot of these ice machines go, it's still relatively inexpensive compared to what other food costs are. There's also hospitality that's returning and opening back up again and global travel. So, you know, our business is well-positioned, and I think we continue to see longer-term trends to be favorable in the industry and to us. And just more broadly on price costs for the whole portfolio, and it seems like inflation keeps creeping higher. I think on 1Q earnings, you know, said price would be up 2% for the year, costs up 3%, so kind of in the red there. Maybe just, you know, what's the latest on these pressures? And, like, can, can you put through more price this year to kind of get that more in balance? Yeah. So, first of all, we benefited tremendously from price costs in the last couple of years, right? I think we do have industries in which we sell into distribution, and distribution primarily sells into dealers and end markets, where it's easier to pass price along. I think this year is much more balanced on the cost side, and I think we're back to what we call normalized inflation, normalized costs. It's fair, there's the little pesky components like electronics, you know, motors, you know, copper. They continue to, you know, creep up based upon what they think global demand would be, and we do, if necessary, have the ability to go back to the market and price effectively. I think our current view is through the 80/20 work and addressing some of these lower, value products to us, adjusting those prices more significantly- Yeah ... we should also be able to offset some of that complexity of inflation. And, I think that's our near-term focus, and I think we're balanced on, on price cost, and we still think that price should be able to offset cost this year. And then maybe one last one, just on 80/20. You know, I think some of the other, you know, big name companies that have embarked on 80/20 journeys, they go on multi-year... They have headwinds of lost sales. Just- Mm. Are you expecting that? Like, are you willing to accept that? Like, is the trade-off worth, you know, much better margins in your view? How do you view that? A lot of conversations about that. I mean, Jerome and I have talked about that. I think for Jerome's segment, I don't think there's a decline in revenue to achieve the complexity reduction, because I think we're not serving the industry as well as we could. Exactly, and the focus as well, right? We've got to free up some resources for us to focus on that, on growth. I think we're missing out on dedicating the resources to the growth opportunities and recreating the innovation where we were. Now, Pool's a high-margin segment. Pool is a very high-margin segment, and I think we're going to benefit from redirecting the resources. We're sitting at about $1 billion of EBITDA on our guide this year, and I think that's a watermark I don't want to go below, right? Would I take less revenue with a faster growth rate to both the top line and the EBITDA line? Yes, I would. The experts say you don't have to go backwards in 80/20. You know, I think you might see some quarter out of balance as you reposition yourself, but overall, that quadrant four is roughly 5% of your revenue.... But the theory is, by dedicating the 25% of your resources in that quadrant that are being tied up with the complexity, and putting them back into quadrant one, you should be able to make up in the core for what you lose. But to answer your question directly, yes, I'd be willing to go back slightly. To go forward faster, both in the form of top-line growth and on a more consistent and predictable basis, and to continue to raise that EBITDA contribution. Great. I guess, Jerome, get to ask you some questions now. Go back over to Pool. I think one to ask on permit activity. I think, like, from what we can track, and it's probably a little more limited than what you see, but, you know, you're kind of trending down double digits for many months, and then in kind of the March, April timeframe, like, up or flattish, depending on which state. So just, like, are you seeing a similar trend there? And, you know, also the dollars of the Pools, it seems like, you know, it's up year-over-year, even if the volumes perhaps are not as strong for us. Yeah, so, I think that you, you can track, you know, the permits on the volume. So, yeah, I think that's trending up now, still negative, like I, like I said earlier, because we had a trough, you know, in June last year. I think they are inching up. They're still, you know, down, kind of, you know, that kind of double-digit range. But the number of Pool, if you look at the dollar, the dollars are down less because I think where you have more of a mix, more on the, on the higher end. And the reason being that, you know, the higher end are more cash buyers, while I think that the low to mid-end - low to mid is more, you know, people needing financing. You know, financing being more expensive, being also more difficult to access, put kind of a, you know, a damper on those kind of lower to mid. And so, I think that what we're seeing, we're seeing, you know, positive momentum, you know, in 2024, and that's why I think that, you know, in 2025, we're going to be seeing, you know, growing on those, on those pool permits as well. And we are more exposed to the Sun Belt. We are more exposed, you know, to, to the higher-end pool, you know, being the construction, the Gunite. So, I think that, you know, the dollars for us is better because we are more on the, on the top end of that pyramid. You know, I mean, you go back to, you know, pre-COVID timeframe, we would argue 80-90,000 Pools per year is more normalized. So, we're sitting here, post-COVID, with a much lower annualized Pool build rate than we would normally see, and I think that lends itself into the catch-up rate that would generally happen. Also, those Pool pads today have a lot more content on them than they did in the past. And you're much more incentivized as the new home buyer on that Pool to want to automate and create the longer-term features that you can have. So, I think we're up from here. I think we had that inventory we had to get through behind. I think we got to weather, you know, where we are this year on maybe some discretionary purchases or some lower to mid-end Pools not being serviced or put in, but I think the long-term outlook for Pools is relatively very positive. On that topic, just, I think there's been a debate of if, you know, is Pool at trough earnings or is it still a peak and there's further downside looking ahead? Like, where do you, you know, shake out on that? It seems like trough, just like you said, it's low 60s versus 90s normal for new Pools. Oh, the number of Pools are you saying? Just and more broadly as well. Yeah, so, I think that, you know, there is still a demand for Pools. There's more access to, you know, to financing on the new pool, but the new pool is still, you know, 20% of our business. Remodel is about 20%, and I think there is a lot of aged Pool, you know, in the U.S. that needs to be remodeled. That can be deferred a little bit because of financing, but, you know, at some point in time, you have to renovate the Pool, right? And then, you know, there's the servicing, the break and fix of a Pool, which is more stable, but, you know, adding the technology to the pad, like John was saying. I think that's really what is going to drive that growth on the aftermarket. That means that there is good growth, you know, going, and I think that if you look at that growth, but look at the work that we're going to be doing, at least on, you know, the transformation ourselves, plus, you know, being enabler of the 80/20, I think we have good runway in order to continue to, to expand our margin, right? I mean, yesterday we said, you know, we have a 400 basis point runway versus 2023, and we commit to, to do that, at least. I would just add that I'm very, very proud of the fact that we have a business that will produce record earnings on what I'd call a relatively lower Pool build. Yeah. And I think it speaks to the industry, and it also speaks to the performance of the team. I would also say that, you know, we're committed to improving, you know, our performance to the Pool Corp and the other distributors out there, and they deserve better. And they also deserve a leading Pool company, which we are, to be out there with them, creating the incremental demand that we have historically created. And I think the last several years is really about dealers just servicing demand. We got to help create that demand, and our dealers will benefit, the industry will benefit, and our partners will benefit. And that's really around new introductions of new products, innovation, and really changing the mindset of the ease of ownership of a Pool. And that's our responsibility as the leader in the North American industry. Yeah. just in terms of automation with the Pools, I know, like you've brought up, I think about half the, you know, new pools have automation- Yeah. - and that creates customer stickiness. Maybe just talk through that, like, where... You know, could that be 100% at some point? Should be. I think it will be, you know, 100%. I mean, everybody expects, you know, to do that kind of more of an effortless pool and to be able to control the Pool with a, with a phone, right? So, I think on the new pool, it's going to be, you know, it's going to inch closer to the, to 100%, maybe not next year, but I think it's going to get there. And I think that we, we, we're looking at, you know, the, the amount of automation on existing pool, which is around the, the 30%. So, I think there's a lot of automation that can go on the existing pool, and I think it's our responsibility also to educate, you know, the homeowner and the, you know, the dealers, that it's going to make their life easier, right? For the homeowner, they're going to have an effortless pool. For the dealer, they're going to be able to see what the Pool, you know, problem is for remote monitoring and eventually remote troubleshooting, and it's going to make the dealer so much more, you know, productive, rather than, you know, just going to a site, to a Pool to see what's wrong and then coming back to fix it after effect. So, I think it's gonna be really something that, we, we're gonna be driving. And when you have an automated pool, it drives, you know, technology because you want to continue to, to have that effortless pool from the same brand, right? Because, the, the communication protocols are the same, and it's more, you know, automated, and, it's better for the whole pad. So, I think we're gonna see some good benefit there. Okay. And maybe, John, for you, like, on this topic, do you think perhaps, like, spotlighting that more helps with the ESG, like, investors, and just showing, like, why Pool, you know, should be part of the water conversation? I think P ool is definitely part of the water. It is body of water. It's a filtered body of water. I get asked by just very few investors of how does Pool fit into the ESG lens, and I think just like other businesses and industries, sometimes you didn't create the demand for the product or the Pool, but we make it more energy efficient and more environmentally friendly. The amount of statistics that we have and the track record we have of reducing energy consumption, you know, working on green energy to, you know, solve the Pools, and also the reduction of chemicals and sustainability usages, we can do a better job of showcasing that. We do it through our sustainability reports, but we could be more out front. And I think we have a commitment and responsibility to it, but I also think it's a water reuse example. Got it. And as you think about pump and filtration and how things work across the portfolio, you think about a body of water, you can close that body of water, and now we're working with communities, we're filtering water, we're extracting water from homes and rejecting that water in a much better way that can be reused by communities and certainly golf courses and irrigation examples. So, I think there's a lot of sustainability themes around Pool. I think there's also a wellness factor that, you know, needs to be explored more in the way people feel and their mental, their health, their fitness. So, I would pooh-pooh that a little bit, to use a really adult word, pooh-pooh. I really think that our efforts around the sustainability have been impressive with Pool. Okay. And last, like, one or two on Pool, just maybe, Jerome, like, can you, like, have you quantified ever, like, Pentair, I think the bias is your more high-end Pools- Yeah. -which again, has been more resilient. Like, do you sell the lower-end Pools? Like, like, is there a percent, you know, you can give us on that? We don't do above ground Pools. We don't do above ground Pools, and I think it's difficult, you know, to quantify because, you know, the pads are so different. But we know that, you know, to the dealers we have, you know, and we segment the dealers we sell to, and, you know, the mass majority of them—the vast majority of them, sorry, are really on the high-end side of the Pool. So, you know, more Sunbelt, more organized Pools, you know, more complex Pools, right? Which have, you know, water features, and have a better, I mean, a better look and feel within the backyard. So, I think that's who we sell to, that's who our customers are. I mean, some of that... I mean, we were the early adopters of the energy efficiency. We're the early adopters of the LED lighting. You know, we created a lot of the saltwater and capability, and so those tend to be on the higher end Pool side. In addition, our automation, when it started, and it still is the focus, was a dealer tool. Yeah. It was to create the ability to not have a non-revenue generating call to a customer and do the predictive maintenance ahead of time and help the dealer be more productive with the customer. And because of that, Andrew, I mean, we do have a track record of having supported and built and created some of the strongest relationships with the top-end Pool builders, who take pride in what they do. And a lot of those Pool builders do walk away from mid-market and lower jobs because there's just really, at times, no margin to be made on those types of standard Pools, if that makes any sense. And they get to be choosy because of their reputations in the markets that they serve. Then, just in terms of your distributors, I think they're one of your large ones, you know, in the process of being acquired. Just maybe expand, like, do you think this change is this a good thing? Is there pricing pressure, you know, perhaps a larger addressable market in the end? Yeah. So, I think on the Home Depot, you know, buying SRS, and then, you know, SRS has Heritage, which is our number two customer, you know, distributor. I think that, you know, that deal is gonna, first of all, it's gonna take time for that deal to play through. And everything they're saying is that, you know, the Home Depot is buying, you know, SRS and Heritage for differentiating capabilities that they don't have. So, I don't think they want to have those kind of same products without their stores, because it would create a channel conflict for themselves. So, I don't believe that, you know, what they say, that they continue to run that separately. I think that's a smart thing to do for them, and I think we're gonna continue to see that. We know that's what they're saying right now, and we're gonna hold them to their word. Okay. I'll pause, see if the audience has any questions. We'll go back to you, John, for more. Okay. As I was going back to the whole Pentair portfolio, I think on the margins again and what you laid out at the analyst meeting, I think you have 24% in 2026 as a starting point, and then a 200 basis points contingency, 26% if you don't have to eat into that. So can you just, like, walk us through, like, what would happen in the world that would, you know, make you use that whole 200 or, you know, maybe half of it? Any way to quantify that? Yeah, I mean, I think it's really about what we're willing to commit to, and hold ourselves accountable to exceeding. And I think of the 24 as that lens, right? And, you know, I think ultimately, within the context of driving to the higher end of the margin, and I was asked this earlier, do we want more volume growth? Absolutely. Volume is a friend of operations, especially around fixed overhead, and, and running more volume through your factories is the best way to get volume leverage in your factories. So, we'd like volume to get there. But I do want to say that the path to achieve the high end is there through transformation with very little volume. The contingency would be, is there something in the world that happens that makes us pause and not think that we can get these transformation efforts? We're far enough along on each of these pillars that we feel confident in the outcome that we're gonna achieve there. We've then looked at 80/20, and I think 80/20 will be done across the whole entire business by the end of summer. We use that as a strategic lens of how we focus the business, and I do think that allows us to be even more successful on the transformation pillars as we apply those tools selectively to the businesses that have the higher opportunity. But I think the hardest thing about being a CEO of having multiple revenue streams and to be a leader of multiple revenue streams, what do you say no to? I think the best type of leadership is to say no. There's something that you learn in the 80/20 thinking and training, is that yes should be so coveted that it should be protected by, like, 1,000 no's, right? I mean, and you think about how many times you say maybe or you say, let's explore that, and that can be extremely disruptive to an organization. I'm convinced that through the 80/20 and those pillars that we have, I'd be very disappointed if we weren't talking to you as we go along and raising those margin guidances in the future. Great. Maybe, Jerome, like, for Pool specifically, you know, you're already around or over 30% margin, which is impressive. He's definitely over, and he's gonna continue to go over. That's the answer, right? That's the answer. So, maybe just can you expand on why? Like, why do you have confidence in... I think the 2026 target is 35%- Yeah. which would be among the best within the industry. Yeah, and we want to be the best, right? I mean, we are the leader in North America, and we want to continue to be the, the leader in North America. Look, I think volume is gonna be our friend because we're gonna be growing, you know, mid-single digits, so, there's always, you know, good drop-through on- Yeah ... on volume. But I mean, the transformation that John has talked about on pricing, on sourcing, on operation, on org excellence, I think that those, you know, give us the confidence, the plan to, to that path, to, to get to that 35. And, you know, 80/20 is gonna be that enabler in order to, to, to re-overdrive those transformations. So, that's why I think with those, with those levers, I think I have all the confidence that we're, we're gonna get there. Okay. Listen, Pool is a scaled business, right? So, if you think about six major product lines going to the same channel, they don't all have the same margin profile, they don't have the same, all the same rate. But we are fairly scaled at what we do in this type of region and what we do it to. I do think there's margin upside, but there's also an opportunity to recommit to growth and to be better at our growth metrics, our insights into the industry itself- Yeah ... you know, to help promote our win rates with our, with our key partners. And so, I think there's gonna be more rebalancing between what we generate from the reduced complexity, but how that gets fueled back into the growth agenda. And I think we'll be very clear with that, so, you guys can see where those investments are. Great. So, in the last few minutes, I want to move on to capital allocation. I think, you know, your leverage, net leverage right now around, like, 2x should go pretty healthily below that as, you know, we get into, like, the summer. Maybe just any update on M&A? You know, I think it seems like there's been a dearth of activity. Maybe, like, why or how the funnel looks. You know, our funnel is kind of lean, to be honest with you. I think there's some things trickling out, but I, I think they feel more like teasing them out and hopeful that, you know, the, the results will be, you know, very high multiples. But I think you're, you're seeing things enter a space where you have uncertainty around interest rates, you have uncertainty around global economies, and I think you got to be really thoughtful about what you're willing to commit to or not. I'm hopeful that that funnel starts to improve, and certainly around small bolt-ons that can really help where we are, which leads you to: What are we gonna do with the cash, right? And we do think we're not optimizing our working capital yet at the level, so, we do think we have another wave of opportunity with better working capital performance, which even throws more cash in. And so, I think nearer term, you got to think, okay, there's $0.50 of interest, $0.50 of EPS tied up in interest, so, there's a value to pay that down. But there's also a view to reinvest in yourself and buy back your stock. And, and I think nearer term, that's probably gonna be more of the focus. And then, as the markets start to unfold and we get clarity of where interest rates are gonna go and, and how the global economy is going to, you know, start to take shape, I think then we're going to see more acquisition opportunity. On buybacks, is, like, there any sizing of, you know, like, what could be more run rate? I think you used to do $100-$200 million or so, a year. Yeah. Like, is that a good starting point to think about it? It's a great question, Andrew. The only reason I don't ask this, answer this as definitively as maybe you guys are used to, is we're not the same size company as a large cap. So, you know, a half a turn of leverage for us is $500 million, right? I think at some point we need something off to the side or something available to do that acquisition or two within the scope of, call it, $1 billion. Maybe that's two of them within that, that could be something we've wanted for a long time or desired that's now available, we got to go do. But when you start to step beyond that, I think that would be more uncomfortable on the size of an acquisition being too large, or you're gonna be into a larger, you know, equity play anyway. So, I think that helps size it, but we're not gonna go out and, you know, ridiculously buy back the stock. I think it just has to become a part of our overall capital philosophy and a little bit of buyback, a little bit of debt paydown, and just reintroducing that again between now and the rest of the year, now that we feel comfortable where our leverage is. Mm-hmm. And And just that last one on M&A, like any particular focus areas you think where, like, the funnel is most active or, like, where you want to add to? We would love to expand Commercial Water Solutions and the dedicated effort we have around the restaurant side. I think we'd also be interested in technology add-ons and Pool between water chemistry and or, you know, unique energy applications that can play into the continued innovation that we bring into Pool. And then I think our larger Flow businesses have earned the right to invest, but I think that needs to be specific around what industries they're going to and how do they bring technology solutions or longer-term capability forward. Uh- If you know of any of those, bring them, but, you know, I talked to your team today. They didn't have those, like, ready to go. Got it. Maybe for next year. Yeah. On the portfolio itself, I think in my view, I think your tone has, like, become a little bit more... I think more of the portfolio is arguably core than if you were asked that question, like a year or two ago. Maybe just can you expand on, like, how you're thinking about that and maybe how 80/20 plays into how you're evaluating different parts? I think, again, this seems like it applies to the Flow segment more than the other two. Yeah. So, just to remind everybody, Pool is definitely core. Thank you, Jerome. Water solutions, you know, what we do there is water treatment, and I think it's very important to our sustainability journey, and it's very important for us to continue to build out capabilities. And then I think everybody groups Flow. You know, it's $1.5 billion, but $1 billion of it is pumps that are really core to what we do. And, you know, it's hard to make water better if you're not moving it. And so I, I try to get people to understand that we have a really good pump position, and I think the team has done a really good job of margin and positioning themselves to delivering cash. And I think we have an opportunity to expand the organic growth. But I think people are really speaking to is we have $500 million of filtration that tends to feel more industrial in scope. And of that, $100 million is industrial wastewater, which again, is core. And the rest of that has to be figured out as to what value it has or doesn't have within the Pentair portfolio of the RemainCo. It's not in a loss position, so, it's a matter of degree of opportunity, and it's highly integrated into what we do elsewhere in the portfolio, so, separating it could be hard. So, we worked through 80/20. I think its focus is first, making sure it fits into the mission and, and vision and purpose of the company, and then how do we improve it is kind of where we're focused. If it was a better M&A environment for divestitures as well, maybe we'd be talking more openly about a couple of things here and there. Just because if that was an exit to simplicity of the organization, we'd consider it. I just don't think that avenue is really open at the moment. Great. I think we have one minute left, so maybe just you want to leave us with what are you most excited about looking ahead and any other, you know, key messages you want to leave the audience with today? Yeah. So overall, I mean, $4 billion of portfolio, moving, improving, and enjoying water. Ultimately, I feel good about the transformation journey we're on, the progress of, you know, 8 straight quarters of margin expansion, the fact that we feel confident that we have the tools to continue to build that out. And starting to use 80/20 to understand not just where the incremental margin opportunities are, but to suggest where we should double down on the portfolio to expand and accelerate the organic growth rate. And with that, I think it provides a aligned strategic capability for us as a management team to all talk about a common language and then hold ourselves accountable to over-delivering against commitments. And with that, I appreciate you inviting us, and I appreciate you having us. All right, great. Thanks for being here. Thank you. Thank you. Appreciate it.