All righty. Up next we have Strattec Security Corp. They are traded on Nasdaq under STRT. Presenting on behalf of the company, we have Jennifer Slater, President and CEO. Thank you. Good morning, everybody. We will start with the standard safe harbor statement that just covers any forward-looking statements that I may be making during the presentation today. For those of you who are not familiar with Strattec, we have been a public company since 1995. We are about 89% institutional ownership with 4 million shares outstanding. On the right-hand side, you can see we have a very diverse product portfolio, which I will spend a little bit more time talking about in subsequent slides. Our sales by customer is primarily trending towards the domestic Detroit customers. So 65% of our sales are with Ford, General Motors, and Stellantis. Our product sales are relatively balanced. We have got our headquarters in Milwaukee, Wisconsin, which I just said the drive with traffic yesterday was horrible. In our headquarters, we have got some sales, engineering, manufacturing. We have got stamping, die-cast, and plating capability. We have our commercial-facing location in Auburn Hills, Michigan, with sales, engineering, testing, and all of our development. Then we have four manufacturing facilities in Mexico, three in Juarez, one in León. In Juarez, we have got engineering, testing, light assembly, and some printed circuit board manufacturing. Then in León, we have got injection mold assembly and painting. Our León facility is part of our joint venture with ADAC. Then we have got distribution in El Paso, Texas, for our customers. From a product perspective, our products are organized around three pillars. Permission, which is our traditional lock and key business. That is really where the company started. We also have our joint venture business under Permission, which is handles. From a technology standpoint, we are working on next generation key fobs, which is a digital key fob. There has been a lot of discussion on, are key fobs going away as you get more use with your phone. But what we found is from a security and a transferability standpoint, consumers still want their key fobs. The difference is a key fob is changing from an RFID technology to an ultra-wideband technology that works with the next -generation electrical vehicle architectures. The importance of that really is from a security standpoint and a consumer functionality. From our motion products, our motion products are primarily supporting all rear access for vehicles, as well as power sliding doors. This is actuators that work with electrical, mechanical, and software to make sure the functionality from a consumer is there from an access standpoint for their vehicle. Then hold is latches. This is from more manual latches in rear access and your hood latches to cinching latches that as you close your vehicle door, the latch actually helps close your door. I talked about our capabilities already, but this just shows the wide range of capabilities we have. One thing that is not on this slide is our software capabilities. Like I said, our products are mechanical in nature and electrical, but we also have software that works across all of our products, which is of benefit to our customers as there are more complicated software architectures that are coming out in vehicles as vehicles continue to progress. We have been under a transformation. I say this a lot. I am a hockey fan. Deb, our IR person, tells me I have to talk about baseball, which is a little bit harder for me. Some days I feel like we are in a double header, but I think this is really important to talk about because we really are still in the early stages of a transformation. From a legacy standpoint, the business was not necessarily running from an operational standpoint that you would expect in the automotive industry. There has been a lot of opportunity over the past two years that we have been able to capture, but there is a lot more opportunity in the business as we look at our margins. Where we want to be from a company standpoint is we want a more diverse set of customers. We want to continue to build scale, and we want a more stable and predictable business with greater customer diversification, if I did not say that. I think it is important for those of you who may not be aware of the automotive industry to talk a little bit about, it is a very long cycle business. Where Strattec had traditionally played with the customers was in the RFQ stage, which is in the middle of this slide here. That is really when a request for quote is coming to a supplier and you are responding to that, and then it is two to three years till that vehicle is launched. Because our products are so specialized and really to make sure that we are informed on our product portfolios, the best place for us to work is really in that early customer engagement, and we have been spending a lot of time in the organization to shift our focus earlier with our customers to make sure that we are providing the right technology that they need for their vehicles well ahead of an RFQ. We are doing that with the customers that we have traditionally supported, but we are also working on a broader set of customers in North America, because while I talked about 65% is with Ford, GM, and Stellantis, that is a relatively smaller part of total North America production. If you think about North America production and you look forward to our fiscal year 2027, North America production is expected to decline by 2%. Our addressable customers are going to decline by 6%, but there's still a lot of opportunity for vehicles that are built in the market that our products apply to. As more and more customers look at regional sourcing strategies, that's an opportunity for us as we think about organic growth. I talked about the transformation. We've done a lot already, and there's still more to do. Our strategic pillars really have been about making sure we have the right team and capabilities, driving our operational excellence, thinking about our value proposition, and modernizing our operations. From a team standpoint, we've injected new talent across the organization. We have a full new executive team, and what we're really now in process of is understanding where we may have capability gaps further down in the organization and making sure we have the right capability in the right places. Another opportunity for us is it was a very siloed organization. What I mean by that is when I joined, I talked about where our footprint is. The leaders in those individual sites actually had never been together in the same room. If you think about the opportunity to collaborate across the business, it's a huge opportunity for our leaders to get together to make sure we're aligned on the strategic pillars. With that, we rebranded the company earlier this year, and we also rebranded our culture pillars to focus around innovation, collaboration, and accountability. From an operational excellence standpoint, we've reduced our headcount by 21% over the past two years. That realized $9.5 million of savings. We're continuing to look at where we have opportunities, specifically around automation. This past year, we focused on simple automation. We automated 16 individual stations, but that only brings our automation level up to 9%, so we still have a tremendous opportunity in automation. From a value proposition standpoint, I talked about rebranding the company, but we also realized $15.6 million in pricing. Now, there is still pricing, but we got a lot of the larger low-hanging fruit, so we don't expect that the pricing opportunity will be as big going forward as it has been over the past two years. I talked about how important it is to build our customer diversification and upfront relationships. Modernizing our operations has been a big focus for us as well. It says down on the bottom, "In process, enhancing IT capabilities." We were very low IT tech when I started, thinking about paper expense reports, signing up for benefits on paper. I'm happy to say that we now are automated for both of those things. If you think about the efficiency of the business, we have so much opportunity there still to continue to modernize our operations. Our Milwaukee headquarters is about 350,000 sq ft. We've got our salaried staff and we have operations. We're only using about half of that space. With where our process flow is, we've freed up about 91,000 of space in our Milwaukee headquarters already, and we're continuing to look at what is our right footprint for where we need to be longer term. Good work that's been done, lots of opportunities still to come. From a financial perspective, I talked about net sales following automotive production. In the quarter, we were relatively flat from prior year. We did have $1.4 million of pricing benefits that was offset by program cancellations from electric vehicles from our customers. We are really past that now for the impact that we will see from a year-over-year standpoint. From a gross margin standpoint, as I talked about, we have seen good improvement in our gross margin. Our gross margin expanded to 16.5% from 15% FY 2026 versus FY 2025. That was really driven by $9.5 million in pricing. We have had the restructuring savings, and then the offset there was FX. We have seen pressure in FX specifically this year, and we are expecting a bit more pressure from a gross margin standpoint as we move into next year. Our SG&A expenses increased $7 million to 11.9% of sales. $3.3 million of that was an increase in salaries and benefits. We had some incremental spend from business transformation restructuring and executive transition costs, and that was partially offset by half a million in restructuring savings and then recovery from those program EV cancellations. We really expect our SG&A to be about 11%-12% as we go forward. We are making sure that we are balancing in the investment that we need to facilitate the transformation with a focus on making sure we have got the right cost structure there as we move forward. From an earnings power standpoint, our net income grew 10%, and it really validates the impact of the transformation actions ahead of some of the macro challenges that we have had with the negative FX impact of $4.8 million. Our adjusted diluted EPS, which was a result in our pricing and a reduction in manufacturing costs, grew from $5.38- $6.88. We do have a very strong cash balance sheet. We have paid down all of our debt, and we have $108 million of cash on hand. That leads to what are you doing with the cash? We have got very strong capital allocation priorities. The first one is to continue to invest in our organic growth that I talked about. The second is to fund our transformation. We recently released a $40 million buyback program, and last quarter, we repurchased 110,000 shares for $7.4 million. We have M&A on here because it is an important part as we think about the balance of our organic growth and inorganic growth, making sure that we are thinking about the value we provide to our shareholders. Our priorities in M&A, we started talking about this last December, and we really think about helping us go faster with our customer concentration as well as building scale in the business. While you can develop a strong pipeline for M&A, sometimes something comes at you quicker than you would expect. We wanted to make sure that we have had the right framework for M&A. We have been active in this space, but we are also balanced in making sure if we were to do something, that we would have a strong execution plan, knowing how much of the transformation we still have left to do in the core business. What is the investment rationale for Strattec? We have had a strong track record for margin expansion, and that has been demonstrated through the transformation. We've really focused on rebranding our company as well as rebranding our culture pillars for our employees. Our employees are the most important part of our future. We've been doing a lot with our business modernization, rightsizing, and our process improvements. We've continued to inject new talent in the business to drive the transformational change, and we've got a very robust balance sheet and strong cash generation. I think I forgot to say, we are looking at about $10 million of cash generation a quarter here as we're thinking about going forward, and that's what we've been demonstrating in the prior year. There's been some one-time cash as we've done some cleanup, but we feel $10 million a quarter is the right number for us as future cash flow generation. With that, any questions? Sure. I have one for you. Okay. What is your background? What is my background is the question. I like to tell people I've worked 8,000 years in automotive because it's like dog years if you've worked in automotive. My whole career has been in automotive. I'm a mechanical engineer by degree. I spent several years in finance. I finally escaped finance after eight years. I've done sales, strategy. I've always worked in much larger organizations. My past two jobs, I was running $3 billion businesses. This has given me a very good appreciation that just because it's a smaller business doesn't mean it's an easier business. Your labor force, not the engineers, but are you in the way you- The question is, where is our labor force? Our Milwaukee labor force is United Steelworkers. We just negotiated a contract late last year for the next three years. Our Mexico labor is not unionized in Juarez. Our León salary force, or sorry, labor force is union. That contract gets renegotiated every year. The third one is, you were talking about your footprint and your office space. Are you looking to move outside of Milwaukee, or are you looking to go into a high rise? Yeah. The question is, how are we thinking about our footprint in Milwaukee? I like to tell people that my office looks like an episode of "Mad Men." There is opportunity. We want to make sure that, obviously, there's a big part of the culture change here. Our manufacturing, we're very committed to keeping in the site that we're in today. Our consideration is most likely with a sale leaseback of the building, so we can utilize the space that we have for manufacturing. We're in consideration of moving our salaried staff, but we would stay in the Milwaukee area. Yep. Could you talk a little bit about your competition? Yeah. Who do you compete with? Yeah. The question was about our competition and who we compete with. We actually have a pretty diverse set of competitors, depending on how you think about where our product segments are. In our permission and our lock and key business, it is larger players like Omovio, Valeo. Huf is a competitor in this space. In our motion and our hold business, it is Brose, it is Magna. So, there is quite a bit of competition across our segments. Where we really differentiate ourselves and how we win is with our technology and our engineers and our understanding of how that technology fits in the vehicle. You have done the U.S., but can you get into the foreign- Yeah. This is a story Deb's going to make me tell, I am sure. Right now we do have some business with Hyundai-Kia. We actually manufacture a power sliding door in our Mexico facility. We ship it to Korea. They put it in their vehicles for Korea production. Myself and our chief commercial officer went over to Hyundai-Kia to meet with them and talk about opportunities, and they asked me why we have not been supporting them in North America. I am like, "Well, that is what we would like to do." There is more low-hanging fruit there that we have a relationship already, and it is just how do we support them, and that is a great customer that is growing market share in this region. For other customers, there has been a real shift for region-to-region supply chains. If you look 10 years ago, the customers were looking at releasing global platforms that were made by the same suppliers in every region. With supply chain challenges, tariffs, everything else that has happened really since the time of COVID, a lot of the customers are re-looking at their strategy, looking for opportunities to have more region supply chain, which is a great opportunity for us. Then it just comes to how long can you realize that opportunity, and that is where it is going to take us time because our team is now engaging with a broader set of customers, letting them know our capabilities, our products, but we are out there in that five-plus years to launch, developing those early relationships. Yeah. One last question is, what is the morale of your- The team? The team. Because I can sort of see it both ways if you have 21% of people gone, but people are left. It is really a great question, and what I would have expected when I came into this business is a lot of pushback because as I have seen different companies, and when there is change like that, the organization is definitely pushing back. This organization and team, we have got a great team, and there is a really good culture. You are always going to have pockets, right? I would say, for our labor in Milwaukee, it has been hard for them to understand how important they are, and there is always the rumors of, okay, well, we are consolidating equipment, so are we leaving Milwaukee? I am glad you asked that question because we are committed to staying in Milwaukee. But it has been a really impressive workforce to me to get behind understanding that they need the transformation, and there is excitement about where we are going in the future. Yeah. Those cycle times seem so long. I know with the automotive industry, The customer length, but are you guys focused on reducing your cycle time in terms of wins and designs that you can beat your competitors because you can just react faster? Yeah. I think that if there is a customer that's looking for, let's say, a change in supply because of regional focus, right, and tariffs and everything that's happening, we're ready to react faster. The majority of our growth, though, will be a longer time as we're thinking about it organically. We'll take anything we can get, and our teams will move fast. Yes. What's the risk of the United States-Mexico-Canada Agreement expiration, or are you contingency planning now? What are you expecting? Yeah. Thank you. It's a great question. I was really disappointed because when I started, tariffs were such a big deal, and we came to an investor conference, and that's all we talked about, and the team did a great job. We're 95% United States-Mexico-Canada Agreement compliant, and as we worked through that, when we came to the next investor conference, no one wanted to talk about it. To your point, there's been a lot of moving pieces, and we're staying very engaged in understanding how that would impact us. A lot of it's with regional value content, and if there's going to be increases on regional value content to have your United States-Mexico-Canada Agreement status. We are working through what that would mean to our supply base. We're working very closely with our customers. Our customers have really told us, "Don't make too big a pivots. Make the right decisions for what is good for your product longer term." We're not getting a pull from our customers to say, do something dramatically different because there's a lot of moving pieces. We're staying very close and on top of it just because of where our footprint is. It's the other great thing that I like about having so much space in Milwaukee. Our capital is not super intensive without a lot of infrastructure, so we do have the ability to make footprint moves if we had to do that as well. Obviously, it's really just getting ahead of it and making sure we're prepared and staying close to the ever-changing landscape of what's happening in the tariff environment. Well, thank you. Oh, one more question. In terms of capital allocation, I see the stock has been pretty good the last few years. How are you thinking of in terms of stock buybacks? Is there pricing? Seems doing pretty well to be buying back stock. Our prior share buyback program was 30 years old. The good thing is we've now reinstituted a new share buyback, like I said, of $40 million. Our focus on that really is, one, to offset dilution, and two, to be opportunistic. We are subject to blackout windows from that opportunistic buy. Like Deb said earlier, we would've bought back yesterday as our earnings came out, but there are some blackout windows, so we're just going to stay obviously vigilant, and if we see there's value there, that there's a big disconnect, we will be opportunistic with our share buyback. Thank you for the question. Well, thank you for listening about Strattec, everybody, and I hope you have a great day.