My name is Sam Reed. I'm the Home Builder, Building Product Analyst here at Wells Fargo. I think some of you guys have been in this room already, so you already know me. For those that don't, that's my name. Obviously, I have a great gig here covering housing-related stuff, never a dull moment in the space. With me here today is Matt Dunn, CFO of Simpson Manufacturing. Really excited to have these guys here. It's a great business, one that I don't officially cover but one that I track tangentially because they do give a lot of really good perspective on the broader industry. Matt's going to have a few slides to kind of kick things off, give you guys the lay of the land. We're going to jump into a little fireside, and then I'm going to flip the script over to you guys at the very end to see if anyone has any questions. With that, man, feel free to get started. Thanks, Sam. Yeah, just a couple of slides for folks that may not be familiar with Simpson. We're a leading provider of structural solutions to the building and construction industry. Think of the structural integral components that are important in construction: connectors, fasteners, anchors. We focus on five key end markets in North America: residential construction, pretty self-explanatory, commercial construction, typically that's built with wood, think hotels, restaurants, dorms, hospitals, things that are built with wood. OEM, think things built in a factory that need structural connectors or fasteners, think sheds, trailers, crates, tiny homes, things like that. National retail, pretty self-explanatory, and then component manufacturing, primarily truss, but also software that goes along with it. We have a broad portfolio of solutions, wood connectors, truss plates, lateral systems, fastening systems, concrete connections, both adhesives and mechanical anchors. Then steel connections. We have a cold-form steel business that kind of replaces welded connections in some structural steel buildings. Our business model, so we're an innovation leader. We've got over 500 patents worldwide. We've got multi-decade relationships with code officials where helping to deliver our mission of helping people design and build safer, stronger structures. We're focused on customer service. We've got over 700 field sales reps around the country. We do tons of job site visits. Long-standing relationships. We have contractual relationships with 26 of the top 30 builders where they exclusively use Simpson connectors in all their new homes, some of which are here today. About 250 builders in total, which represents about half of the U.S. housing starts in our estimate, which exclusively use Simpson connectors in their construction. It's a pretty broad product portfolio, about 15,000 standard and custom products that we manufacture. Part of our value equation is providing great service and making it easy to deal with. We carry the inventory. We generally get the products to our customers the next day. In terms of industry outreach, we do a ton of training and education to code officials, engineers, designers, helping them design and build safer, stronger structures leveraging our products. We've had a pretty good track record of accelerating above market growth. The metric we like to look at is our volume performance versus U.S. housing starts. If you look across roughly the last 10 years, we've averaged about 300 basis points ahead of U.S. housing starts. In the last couple of years, 600-700 basis points ahead. We are focused on growing share in the market, whatever that market might be. We look at it in market and a product basis. If you think of that as a matrix, we focus on each one of those and make sure that we're outperforming the market. We really want to do this outperformance and drive strong profitability. Those are our external ambitions. Lastly, just the Simpson value proposition. Like I said, our company was founded about 70 years ago. It has been a public company for a little over 30 years. Our founder, Barclay Simpson, kind of helped set up a pretty unique business model where we have long-standing relationships with code officials. We help them design codes using our products that make structures stronger and safer. Those products are then specified by engineers and designers. Oftentimes, or almost all the time when you look at a set of plans, you're going to see the Simpson name and specific products called out. We service suppliers and dealers by, like I said, giving them inventory on a very quick-turn basis. They make good margins on our products, and we support them well. The end user of our product is the builders. We talked about some of the relationships we have with builders, helping them to build homes efficiently that are going to stand up to tough conditions like seismic and hurricane activities as well. Pretty nice business we have. Maybe not as widely known outside of the building and products industry, but certainly the Simpson name. If you talk to someone that's in the space or in construction or building, they definitely know the Simpson name. I'll turn it to you, Sam. Awesome. No, thanks, man. A helpful overview. Look, I'm going to start with a macro question just because it's great we've got you here. You probably have some of the best visibility on starts across the industry, just given your connectivity across all of the major home builders. Maybe talk through your macro views at a very high level, particularly single-family starts, what you're seeing out there, what might be a little bit different from the market perception. We just love your perspective. Sure. We obviously talk to a lot of our customers. We talk to a lot of the builders. We talk to a lot of the market prognosticators in terms of housing starts. Zonda is one of the key ones that we use. We also look at Dodge. We started this year expecting housing starts, combined single and multifamily, to be up, low single digits versus the prior year. We softened that guidance a little bit to flat to up in our Q1 earnings call. It's a bit of a mixed bag. I think multifamily, kind of bouncing back off the bottom, was down quite a bit last year. We're seeing some pockets of strength, particularly in the West from the market standpoint, and then Midwest and Northeast. I I think South, Southeast on multifamily basis still probably declining a little bit versus prior year. On single family, I think folks were a little optimistic that the back half was going to be quite a bit better than the front half. I think that is softening a little bit. You probably met with some of the builders here as well. We talk to them pretty frequently. I think we are focused on outperforming the market. Even if we see a housing start that is flat to down, we feel like we are in a good spot to continue to outperform that and deliver on our guidance. I think a couple of key factors, would love to see interest rates get down to something that starts with a five. I think the latest guidance is probably going to end the year up or six based on something we have seen from different partners. The uncertainty around tariffs and affordability certainly has an impact on home starts. We would love to get some certainty there and get to a place where we can start closing the gap of what we believe is a shortage of housing units in the U.S. that goes back a number of years. That gap needs to start getting closed at some point. Maybe talk through how you've geared the business to weather through cycle, particularly downturns, and maybe some of the advantages that you have in a downturn scenario versus some of the peers. Yeah, we're customer service focused in a big way. I think we proved our value to our partners during the supply chain crisis of 2021 and 2022. It's easy to say you've got great customer service when times are good, but when the supply chain is chaos and you're able to maintain your service levels. The building industry is maybe not the best at having forecasts and when they're going to need product. Our ability to perform and deliver that product on a pretty consistent basis allowed us to gain quite a bit of market share, as you saw during that time period there. I think we've continued to grow our fastener and anchor business disproportionately fast in our connector business. Our connector business is a very strong business, and we're the share leader in that space. It gets harder and harder to grow share the bigger you get. We have been leveraging those relationships and that business and the scale of that business to continue to outperform on fasteners and anchors and then have started to pick up share in the component manufacturing space as well. Again, some supply chain challenges from some competitors made that door a little bit open for us a couple of years ago. Maybe let's switch gears and talk a little bit about some of your individual product categories. Maybe let's start with the wood connector business. A lot of builders have talked a lot about value engineering their products and more efficiency. We'd just love to hear kind of how your offerings sort of facilitate that. Also maybe just talk through just kind of how this segment really supports your large home building customers. Sure. I mean, the traditional connector segment is really the category that Simpson invented 70 years ago. The way that our products play out today with builders and helping them to build amazing homes is you see a lot of homes these days with larger openings, right? Big garages, indoor-outdoor spans, large windows. I mean, those are the areas that need structural support, and our connectors play a key role in that. Historically, we've had even more content in homes that are built in high seismic or high wind regions. Making sure that those structures are as safe and as strong as possible. I think that the codes used to be more geared toward allowing that structure to stand long enough that the occupants could get out in case of a hurricane or an earthquake. Today, you see them more focused on resiliency. Not only can the people get out, but can the structure stay and continue to exist. A lot of our products go into the design of those homes and making them resilient. You see it over time. You do not see code to code changes year to year making a big impact. When you look across decades, you see significant changes in how neighborhoods and homes perform that have been built to higher code standards in the last five years than, say, maybe a couple of decades ago. Simpson plays a big part in educating those code officials, designing those products, making the ease of install better, and then allowing our builders to build these great homes that have big openings and big garage openings that can stand up to the structural needs. There's been a lot of consolidation in the home building space just in terms of the publics, I should say, taking share from the private. How does that consolidation change your go-to-market approach with builders? Yeah, so the builders are the end users of our product. We do not sell directly to the builders. We sell to the lumber yards and pro dealers primarily. I think the consolidation on one hand is good because we have great relationships with a lot of the builders. It gives us additional visibility. It does create a little bit of a small headwind in that the way that we operate with builders is for exclusivity of using Simpson connectors in their homes. We pay them a rebate on the end for every house that they close. More of those builders that are part of those contracts, then that creates a small headwind. I think overall, it has been good for us. We have great relationships with all the top builders. Awesome. Maybe let's switch gears and talk a little bit about your fastener business. Decking screws, connectors, a lot of different subcategories within that category. Maybe just walk through kind of the broader market, your addressable market, your market share. We just love an overview. Sure. We typically play in the premium, kind of structurally load-rated fasteners, right? We're not playing in sort of the lower-end fastener business. We sell premium products that have great load ratings and have lots of engineering data behind them. We've got some great competitors in that space. The total addressable market globally is about $5 billion. We've got about a $500 million business in that space. It has been a space that's been growing for us disproportionately. We've been innovating quite a bit, things like mass timber construction that have become even more popular, lots of opportunity for some pretty heavy-duty fasteners in that space, and really have been able to provide a lot of innovation. I think one of the things we're known for, we have a business called Quik Drive, which is a fastener driving system. What is unique is that we have collated fasteners that come on a strip. Our fasteners are not the cheapest fasteners available, but we believe that the total installed cost is advantageous to some of the other options. From an install standpoint, being able to install faster, safer while you are standing up, but also if you are a builder, making sure that if it is a subfloor, it is installed with screws, you are going to get a lot less callbacks for things like squeaky floors than if you are using nails, although nails might be cheaper. Just kind of create that total value proposition for the builder through the products that we create. You have been investing in some new facilities. I believe you have got one in Ohio, one in Tennessee. You are essentially kind of in growth mode in some ways. We would just love to hear kind of the role those facilities play in terms of building out your footprint, your relationships with your customers, just how they help you grow. Sure. Two slightly different twists on those two facilities. The first one, Columbus, Ohio. The grand opening was May 1st. We just opened, we doubled the size of our facility there. We service essentially the Midwest and Northeast. The main hub for that is in Columbus, Ohio, where we manufacture a lot of the products. It is also the main hub for our warehouse distribution for that portion of the country, which happens to service a disproportionate portion of national retail, given the number of stores that are in that part of the country. Keeping our customer service levels high is critical to our business model. We were essentially out of space at our Columbus facility. We were leasing multiple warehouses in the same city. We were able to have an opportunity to expand our facility there, bring all the warehousing back into one place, which provides some efficiency and productivity, and then paves the way for what should be the next decade of growth in terms of production capacity to be able to continue to service our customers at a high level and do it out of one site. If we hadn't taken the opportunity to expand when the property next door became available, we probably would have ended up having to move at some point, which would have been kind of a more costly endeavor. Gallatin, Tennessee is a facility we have today where we make fasteners domestically. We're out of space in that facility as well. We have greenfielded a fastener facility a few miles away in the same town. One of the unique things about fasteners for us is we make about a third of our fasteners today in Gallatin, and then we import about two-thirds from Taiwan. With the new facility, that mix is probably going to go more like 50/50 in terms of domestically made. Importantly, we're going to be able to do some things with fasteners that we were not able to do in our current facility. Today, we cannot heat, treat, and coat those in our current facility. We have to send that off to a third party. We are going to be able to do all that in our new facility as well. There are some aspects of the market that require some pretty robust fasteners, think like mass timber buildings. It takes a while to procure those fasteners if you are buying them from Taiwan. Sometimes we were not able to quote some jobs we wanted to quote because of lead times. We are going to make those fasteners now in our new Gallatin facility, which unlocks some additional revenue streams that we are going to be able to quote. I am really excited about that facility. It is going to open in the third quarter, and we are already under contract to sell our old facility. It is going to be a smooth transition there. That's awesome. No conversation here would be complete without discussing tariffs. We'd just love to hear kind of your exposure to tariffs, but also more the mitigation strategies that you're employing to diminish the effect on the P&L. Sure. Our core connector business is U.S. produced with U.S. steel. No direct tariff impact, although there has been some pricing from steel suppliers based on what has been happening more broadly in the steel market. Two other categories that are affected by tariffs for us are anchor bolts and mechanical anchors. We manufacture at a Simpson facility in China, so lots of escalating tariffs there. We talked a little bit about fasteners. The portion that we buy from Taiwan has been subject to tariffs. I think even before the tariff conversation, we had started this Gallatin facility expansion. We were planning to produce more domestically. I think that gives us more flexibility depending on where the tariffs net out to maybe ramp that percentage up even a little bit more. There's a point there in the math equation where it makes sense to make all your fasteners domestically depending on where the tariffs are, but a little bit slow to lay down capital until you kind of see where that's all going to net out. In terms of mitigation, just looking at sourcing opportunities, we did announce a price increase related to tariffs in April that went into effect in June. We did say we did not pass through dollar for dollar all the tariff cost increases. We're eating some of that because we believe that hopefully some of it's going to be short-term, and we don't want to be uncompetitive in the market. Ultimately, I think sourcing will be an opportunity, and that Gallatin facility is going to give us an unlock to potentially make some choices if we need to. Awesome. Let's switch gears a little bit and talk about your channel mix distribution. I think you've got the presence in national retail. We'd just love to kind of hear your individual channel exposures and perhaps maybe how your strategy differs channel by channel. Sure. We have a pretty good-sized national retail business. We do not disclose the exact percentage, but neither one of them is a 10% customer. Otherwise, we would have to disclose that. It kind of gives you a little flavor, but great relationship with both of the big national retails and some of the smaller co-ops as well. Our connector business in those retail places is the dominant player in that space, exclusive connector business in there. Really, when you talk about those customers and the pro contractor that is coming in and they are going to buy a lumber package, they are looking for the Simpson connector package. We are a well-known brand in that space. We have been able to gain some additional placements in fasteners and anchors in national retail, which has helped us to accelerate our business and create opportunities for kind of cross-penetration across those categories. The lumber yard and pro dealer channel is some of our largest customers as well, ranging from the big names you've heard of down all the way to smaller lumber yards and pro dealers. We go direct to 98% of them. In the past, maybe a couple of decades ago, Simpson did have some two-step distribution, one piece that moved from two-step to direct a couple of years ago, which is kind of the last remaining piece. Our motto is we're going to make it easy. We want to be their best partner, easy to do business with, right? Even during the supply chain crisis of 2021 and 2022, we were winning all kinds of supplier awards because we were able to keep our service levels high. We carry the inventory. We make it easy for them to do business. We're responsive. If they've got a challenge, we'll get on it. We've had instances where sales guys are getting in a truck and driving a box of connectors to a job site because they need it there right now. The uniqueness of our product is we're generally less than 1% of the bill of material of the house, but we're critical to the structural and the components of the house. You can't frame the house without the connector package on site. We do a great job in making sure that's on site when they're ready. Maybe just talk through the receptivity of pricing by channel. I know it can definitely vary. Sure. I mean, I think we think long and hard before we take a price increase. As you said, we did not pass through all the tariff increase. We did take some price increase on some other domestic SKUs that we had not priced in over three years. I think for us, we like to think about the total value that we bring to our customers and surround them with support and make their life easy. To do that, we need to maintain a certain level of service. To do that, we need to maintain our gross margins. In this environment where affordability of homes is certainly a challenge, it is definitely a challenge. I think given our position of a relatively small portion of the bill of materials, but a pretty significant share of thought leadership in the space in terms of what we bring to our customers and to the builders, I like to think we punch a little bit above our weight for the company that's just providing the connector package in terms of how we're able to help them in other ways, value engineer solutions, design things that ultimately are more efficient using our products. You're a product manufacturer, but in some ways, you're also an engineering firm too. I mean, you provide a suite of solutions to a lot of your customers. Just maybe talk through that engineering element and maybe how that distinguishes you from the competition. Sure. I think it starts with the work that we do with code officials to educate them on what kind of products could be used to make structures stronger and safer. Same thing with engineers and designers. We have teams of people that are dedicated. We provide continuing education to engineers and code officials. We do custom design some products. If you've got a very unique situation you need a connector for, we have fab shops in all of our sites. We generally do 48-72 hour turnaround on any custom product, which is pretty fast. In terms of engineering services, we have a pretty sizable team in Vietnam that does a lot of engineering services. Some of our customers, we're able to help them do takeoffs and things more efficiently, quote business, do unique designs for them. Really, we try to also get involved if maybe we have a situation where there's a unique product need or something got maybe misinstalled and they need to fix it in an efficient way, we can maybe design some products that can help them solve that problem. Really a pretty strong contingent of engineers in the company. That's really the root of where the company's backbone is, is in that engineering space. Absolutely. It segues quite nicely into my next question, which is some of your digital initiatives. You've got customer portal, you've got builder software tools. There's a lot of cool stuff going on out there on the digital side. We'd just love to kind of hear a rundown of what you're doing right now and maybe a little preview in terms of what you might be looking to do in the future. Sure. We have quite a few different software programs from helping people to select the right product out of our 10,000 SKU catalog digitally instead of using a catalog. We have software where they can go online and design a custom connector or piece and visualize it. If you've got a number of unique members coming together, unique angles, you need a custom piece, you can design it, visualize it, submit it through our portal, we'll make it, get it to you in 48-72 hours. We've got some software tools that we're using with lumber yards and with builders. Pipeline is a software tool that we have that is focused on helping lumber yards do takeoffs more efficiently. Today, the takeoff process in a lumber yard can be pretty manual and calculators in Excel and leave some room to be more accurate. We have software that we use with lumber yards and let them use. In some cases, we're selling that software today. We do not disclose how much that is. I think over time, we believe there is an opportunity to monetize some of these software solutions because they are providing great value to the lumber yards. We have software that we use with builders that allows them to manage the options on a home. If you have a home and you are switching out a garage for a three-car garage or an office or adding a den, that creates a lot of complexity in the CAD system. We have some tools that minimize that and make it much easier for them to do that in a much more manageable way with some plugins that go to Revit and things like that. Maybe talk through how that software might also drive sticky customer behavior. Absolutely. Like I said before, we bring a lot more value to our customer than just providing the product, right? We help them to find ways to engineer things and make it easier to design. If you're a lumber yard and you're doing takeoffs, we also provide takeoff services. If you've got a team and you don't want them focused on being in the back doing estimates, we will do those takeoff services for you with our Vietnam team and help you quote jobs and keep your sales team that's focused on selling out on the floor or in the yard doing the selling. It just makes us easy to do business with. We're not monetizing all these today in certain cases. We think there's an opportunity potentially in the future, but it's all really part of the Simpson Value equation that we bring to customers, which is we're going to help you be efficient. We're going to help you have product when you need it and help you get it on time. There are lots of software tools we use to do that. A lot of builders are talking more and more these days about offsite construction. Kind of talk through the role you play in the broader offsite construction industry. Sure. Today, there's offsite construction of trusses, right? We have a business there. We're investing quite a bit in our software to grow our business there. At the same time, we're plugged into a couple of different builders and a couple of different entities that are doing some pretty cool work in the offsite construction. Think panelization of walls of homes offsite. I've seen some case studies, and we've been part of some of them where you can take the framing of a house from a number of weeks down to a week, right? That certainly addresses some of the things like labor shortage of framing labor, efficiency. We want to make sure that Simpson is at the forefront on that and making sure that those things are designed in a way that they're still structurally sound and carry the loads they need to. We are plugged in a number of different areas, even through some venturing opportunities that we have with some different companies. We are just trying to figure out where the construction industry is headed. We want to be there, and we want to help lead. You have a large presence in new construction, but you also play on the repair and remodel side too. Maybe just contextualize sort of the role you play on repair and remodel. Sure. I think most of the repair and remodel business that we have probably flows through our national retail accounts, but a pretty sizable business as we talked. We also offer pergola systems that go into repair and remodel that make a pretty easy DIY pergola systems, all the fasteners that lots of different applications in repair and remodel, and then structural connectors when you're getting into things like additions or business. We support that in different ways through national retail primarily. It's more on the consumer and maybe pro contractor side than the builder side where Simpson's known. I think Simpson's equity with those folks is also very strong. I know I already asked you one macro question, but I'm going to throw one more in there and just ask it in the context of repair and model. A lot of differing views in terms of how that category is tracking. Just curious from your vantage point, sort of what's the outlook on the repair and model side? Yeah. I think if you look at the key customers in that space, I think they've all kind of guided up low single digits. I think what we expect is that when interest rates come down a little bit, that generates not only new home sales, but also increased sales of existing homes, which tends to drive the repair and remodel market. Expect that to be an uptick when the interest rates right-size a little bit. I think in the meantime, I think the repair and remodel business is going to do maybe slightly better than new home starts in the short term. One other area where you play is commercial. We'd just love to hear kind of the role you play on the commercial side. Yep. Commercial for us is primarily things that are built with wood stills. Think smaller scale commercial. Hotels, restaurants, small office buildings. All the same products going into commercial, or you're working with a different end customer. We also have a cold-form steel or structural steel business, right? Think bolted connections instead of welded connections in terms of structural steel. It's an area that we've made a couple of acquisitions to kind of broaden our product portfolio. Certainly, it's an area that we're growing. We believe we're outperforming the market. We look at Dodge as a comparison benchmark, and our commercial business has been outperforming that index over the last few years as well. Awesome. Let's maybe talk through some of the areas where you've expanded or specifically new categories. There's been some M&A, but there's also been, I just think, some organic product introductions too, if I'm not mistaken. Maybe just walk through some of the growth initiatives there. Sure. Organically, we launched a line a number of years ago called Outdoor Living. Think of it as structural pieces for decks, pergolas, but they're finished in a very nice matte black finish. They also are visually very appealing. That line has been growing very well for us and is performing very strong. We recently launched a line called Sage. You can find it in national retail and in lumber yards. It is a pergola system that two people can build in a couple of hours, a pergola. You get the wood pre-cut, everything else fits together, fasteners, brackets. Looks really good. Organically as well, just trying to focus on total installed costs. We talked a little bit about some of our fasteners and collated fasteners, making it easier to drive fasteners, whatever the use might be. On our core connector business, continuing to upgrade through our innovation, small tweaks here and there, higher loads, easier to install, things like that. From an inorganic standpoint, we've made a couple of acquisitions over the last couple of years, a few into the equipment space. We have a brand called EstiFrame. It's a saw that also marks the wood. You load a cut package in, it'll optimize the wood, cut the wood, and then print on every single piece where the connectors go, where the pieces attach. A little bit like a paint by numbers, if you will, for framing, which helps address some of the framing labor challenges that we have in the country. It can be a value-add service that lumber yards and others can sell, that cut package as a service to their framers and have it ready to go. We invested in an equipment company last summer called Monet De Sauw. They're a large component manufacturing saw company. As we get more into the component manufacturing space, need to have that all-in solution. Monet is a very respected brand in that space. It kind of rounded out our equipment offering for those big component saws. That's awesome. We've got about four or so minutes left. I just want to do a quick poll of the room, see if anybody has any questions. I've got two or three more, but figured I'd turn the floor over to the audience if there's any interest. All right. You can keep going. Let's maybe talk through the long-term outlook. Just remind us, do you have any long-term growth or, say, market share targets that you've articulated? If not, just kind of more broad, big picture, just so we kind of have some guardrails in terms of how to think about things longer term. Sure. One of the slides we showed earlier talked about our market outperformance on our volume. That's one of the key metrics for us, right? Over the last 10 years, we've averaged about 300 basis points ahead of U.S. housing starts from a growth standpoint. We want to continue to outperform. We haven't publicly given a specific target. It's been higher than that in the last couple of years. We typically talk about trailing 12 months when we do our quarterly earnings updates. I think the trailing 12 months is 420 basis points ahead of U.S. housing starts. Focus on outperforming the markets there. Of our financial ambitions, we talk about externally three are financial. One is continue to outperform the market that we just talked about from a volume standpoint. The second is we want to operate at or slightly above 20% operating income. We have been above that. Last year, we were a little bit below that. Aspire to get back to that. That is in our current guidance range. The third is to grow our earnings per share faster than our revenue growth. Making sure we are getting a little bit of leverage from operating expense and then continuing to return capital to shareholders via share repurchase. That's actually a nice segue into my next question, which is just talking through your capital allocation strategy in greater detail. Sure. Focused on continuing to support the organic business. We believe we have a long runway of opportunity to continue to outperform the market and grow in the categories that we play today. Nothing significantly planned from an acquisition standpoint that is far outside of where we are today. From an M&A standpoint, I think a few tuck-in opportunities here and there, whether it is a product that maybe has some IP that we want to own or something that would get us to market faster. Tuck-in variety, small cash flow, nothing significant. We still have a term loan from our Etanco acquisition, so we have been paying that down some. Very low leverage, right? Less than one time. We are really focused on returning cash to shareholders. We have been in a couple-year period of some pretty intense CapEx, as we talked about with the facility expansions. Those two facilities in terms of the CapEx spend wrap up this year. We bought back $100 million in shares last year. We've got board authorization to buy back $100 million in shares this year. We've already bought back $25 million in the first quarter. I think as we get into it, just making sure that we're continuing to deliver more than 35% of our free cash flow back to shareholders in the form of a dividend that we do pay and share repurchase. We've got about a minute and a half left. Would love to hear just kind of your perspective on what do you think the market's missing and what do you think is most compelling that the equity markets just don't fully credit you for? Sure. I think the business model that Simpson has is pretty unique. We talked a little bit about how we surround the market from code officials to engineers and designers, contracts with the builders, and then service our customers in the middle, lumber yards and pro dealers. I think our stock tends to follow builders and other building materials company. I like to separate building materials and building products. I think we're a building products company. We're heavily engineered. We've got lots of specifications and codes. I think the business model that we have, the share position that we have, and then anybody in the industry that recognizes it, that's familiar with building products knows the Simpson name. I think it's one of probably the top five or top ten most recognized brands when you walk into a Lowe's or a Home Depot. I think they would tell you that. I think just for us, we've demonstrated a long track record of outperforming the market. We can't necessarily control what the housing market does, but we're focused on outperforming that market and maintaining a strong margin. I think there's a consensus there is a shortage of housing units. At some point that gap is going to need to get closed. We've been growing share even in a down market. When we get a little bit of tailwind from the market, expect to be in really great shape. I think that's a good place luto wrap up. Thank you so much for giving us the time. Thank you so much for listening. All right. Thanks, man. Awesome. Appreciate it.