Good morning, everyone. Welcome to CJS Securities' 25th Annual New Ideas for the New Year Conference. For those of you who don't know me, I'm Justin Ages, a Research Analyst here at CJS. Thanks again for joining us today. Our next presentation is from UFP Technologies. It's my pleasure to introduce Jeff Bailly, Chairman and CEO, and Ron Lataille, Chief Financial Officer, Senior Vice President, and Treasurer. UFP Technologies is a leading designer and manufacturer of med tech devices and one of the largest players in the surgical drapes market. We'll start with a 10- 15 minute overview for management, and following that, I'll kick off Q&A. Please feel free to submit any questions you might have through the portal. With that, Jeff, Ron, thanks so much for being with us today. The floor is yours. Thank you, Justin. Good morning, everyone. UFP Technologies is an innovative designer and custom manufacturer of comprehensive solutions for medical devices, sterile packaging, and other highly engineered components. The company was founded in 1963. We have over 4,000 employees across 20 manufacturing facilities and eight R&D design centers. We're in six countries. What we do is combine our design engineering capabilities with our materials expertise and our precision manufacturing to help our customers either develop, improve, manufacture, or protect their products. This materials piece is a very important part of our value proposition. Our engineers travel the world looking for the greatest and latest new materials innovations. When we find something, we partner with those vendors at a high level, usually giving us early access to their new materials and often exclusive or semi-exclusive access to those materials most critical to UFP. We have over 2,000 customers, including 25 of the top 30 med device companies in the world. The companies that we don't do business with, they're usually in a space like vision or hearing that we're not currently involved with. So our process starts with an engineer-to-engineer intake meeting where we will review different materials and design capabilities and opportunities, and then we'll generate a prototype. We have in-house prototype capability in all of our design centers. The next stage is usually tooling. Again, we have in-house tooling. This helps us control our tolerances as well as speeds up the process. The next stage is often onto custom equipment. We build a lot of our equipment in-house. This again helps us hold very close tolerances and also makes our jobs that much stickier because if you're going to steal our business, you have to go and design and build your own equipment. You can't buy one off the shelf. The next stage is designing quality systems. Since a lot of our products are critical to patient outcomes, they literally go into the body during procedures. They're often 100% tested. So we'll design the quality system together with our customers, often building the test equipment. The next stage is validation and pilot manufacturing, and then finally into one of our commercial facilities. So this front-end part of our business, the product development business, is an important part of our value proposition. It's also a very important part of our strategy. We think of this as a virtuous cycle. With every single project we do, we're gaining expertise and knowledge that makes us more qualified to do the next one. At the same time, we're building strong customer relationships because we have this engineer-to-engineer bond going on where there's a lot of high-five moments with our customers' engineers as they solve problems together. In addition, this is a very high-margin business for us. In the old days, we used to just give this business away in hopes of winning the manufacturing business. Now it's a multimillion-dollar project, rapidly growing part of our business. And obviously, most important at the end of this process, it feeds our manufacturing facilities. So what I'd like to do is review our growth strategy with you. We have a two-pronged growth strategy. The first prong relates to internal growth. We summarize this as marketing to our sweet spot, finding those markets where our skills and the market needs are the best fit. We add the most value and therefore can enjoy the highest margins. It's a very sell-on-purpose strategy where we not only pick the markets, then we pick the segments, then we pick the customers and even the projects within the customers. It's a very specified process. This strategy was born out of scar tissue. Our company has had a long history of being an innovative company, but we haven't always been able to capture and maintain all of this business, and I'll tell you a story. When cross-linked foams were first invented, our engineers were traveling the world. We were over in Europe and found a material that had just been developed. It was a special crosslink material that could be molded and had all kinds of special properties. We convinced this vendor to give us access. They only gave two companies in the United States access. We brought it back to the U.S. We presented it to our customers. One of our customers was in the middle of trying to do a transformational design in footwear. In the past, footwear was always kind of measured. A lot of weight meant robust, a lot of quality. And he said, "No, we're going to throw that all out. We're going to make a very, very lightweight shoe that's going to be shock-absorbing." So together, we designed a running shoe insole. So if you take the removable insole out of your shoe right now, it's the design we came up with all those years ago. It's still being used. But what happened to us is we enjoyed this business for, say, a half a dozen years. We shipped it all over the world, worked with all the major players, but eventually it went overseas to China. And we were too small of a company to follow it at the time. But we did talk to our customers. Their feedback was, "Hey, we acknowledge you have the best materials in the world, but we don't care because if the running shoe insole wears out sooner, our customers just buy another sneaker." And we understand you hold these super precision tolerances, but again, we don't value it because we just tuck it into a shoe. So we had to ask ourselves, "Who does value what we have to offer, these unique materials that can do things that others can't, our super close tolerances? And what business can we find that will not go overseas and leave us?" Because we had had that experience multiple times. So we came up with three at the time: automotive, aerospace and defense, and med tech. Our strategy is iterative. So basically, we're continually analyzing our book of business. We basically have a bell curve of all of our business on the blackboard, if you will. And we take the very best stuff, the most profitable stuff, and that becomes the roadmap for our future sales. One of the attributes of those business, we try to get more of that. The stuff on the far left, which is the least profitable part of our book of business, we put an engineering team on that, and they try to either redesign it, change materials, take costs out. And if we fail to get the margins acceptable, we raise the price, and we either retain it because the market can bear it or it goes away. In either case, we don't care because our business is constantly evolving towards a better and better book of business. So that's our internal growth strategy, marketing to our sweet spot. The second prong of our growth strategy relates to strategic acquisitions. Again, it's a customer-driven process. We follow a technology roadmap that we've developed with our customers. We're basically asking them, "What can we do to become more valuable to you?" And they're very vocal with us. It's often geography. If you dial back the clock 4-5 years, we're basically a U.S.-based company, but our customers had said to us, "Hey, we need you to be in Ireland." We were shipping, I think, $10 million approximately to Ireland. They needed us to be there. They wanted us to the Dominican Republic. Same thing. It was taking eight days for our product to get to the Dominican Republic. It was cost of freight. We overwhelmingly heard this cry for a low-cost country. Our customers were saying, "Hey, when our products become mature, we're forced to take costs out to compete with the latest innovative products. We end up having to leave you and go to low-cost country. If you could just show up in a low-cost country, you could maintain that business." So we went on a quest to do these acquisitions. We were successful in Ireland, and we've been successful again. So first we were in Galway. Now we're also in Dublin. We did get to the Dominican Republic, which was very valuable to us because we forward integrated into the robotic surgery space, which was our fastest-growing market. We checked the low-cost country box a number of ways: we're in the Dominican Republic, we're in Costa Rica, we're in Asia, and also in Mexico. In Mexico, we were not successful with an acquisition. We did look for a year or more and could not find one that met our standards. So we decided to do a greenfield startup. We had three separate customers. They wanted us in the Tijuana area. So we decided, "Okay, we'll get exactly what we want, exactly where we want, and we have starter business to get us going." That's not our typical model, but we're willing to do it when necessary. Another example would be a customer says, "Hey, we need this material or this capability." And so on the material side, I can give you one example. There was one material. We sell ourselves as material neutral. We can provide whatever material you need to solve your problem, like a car dealer that has every single brand instead of trying to slam you into Mercedes, whatever one is best for you. So there was one we couldn't get. There was only 10 or 12 companies that had access to it. So we met them. We picked the five or six that we thought were a good cultural fit, which is a critical part of our vetting. We engaged with them. Ultimately, we bought one. Within the next 15- 18 months, we had bought four more. We went from not having access to the materials to being the largest user in North America. So when we get focused on solving a problem, it becomes a quest for us. I'll give you one last example with materials. I mean, excuse me, with technology. We were in the TPU business. We actually sort of founded this business for our industry solving a problem. We were good at RF welding and impulse welding, but we weren't great. And so we wanted to become great at this. So we searched the world for who was the best in class at this. We found a company. We used to actually make the equipment, and then ultimately people came to them with the most difficult problems, the stuff with Dielectrics. We bought Dielectrics. We went from good to great with a single acquisition. So it's very purposeful. It's aimed at becoming more valuable to our customers. Our vetting process is first culture. If it doesn't pass our cultural screen, similar view of the world, the way you treat your customers, the environment, your ethics, your integrity, etc., we stop right there. Second screen is for strategy. It has to map with our technology roadmap. And then finally, financial. We also have a very disciplined financial process where we will walk away if it's not adding value to us in the near term and to our shareholders. So that's our growth strategy. Two prongs: internal growth, external growth. We look for about 50% of our growth to come from each side. Now I want to talk briefly about our platform and basically why invest in UFP. We think we have created this platform that positions us for growth for many years to come. Checking the low-cost country box was incredibly important. Our growth, we think of it as a bucket. You're filling the bucket with new business. You're also taking the existing products that you've already placed bets on that are growing on their own, so we get growth for our existing business, new business, but there were also holes in the bucket, it was leaking out business that's either end-of-life cycle or going to low-cost country, we've sort of plugged the leak in the bucket, so we think we have the opportunity to grow even faster, but growth opportunities are critical to us too, so the way we look at things is, number one, is there an opportunity? Number two, can we take advantage of it? Number three, can we keep it, so we're focused on rapidly growing markets that are a good fit for us, like robotic surgery, infection prevention, etc. Significant growth opportunities. Number two, barriers to entry. We have learned, again, through scar tissue to bulletproof our opportunities. One of the ways we do that is through material partnerships where we get exclusive or semi-exclusive access. To steal our business, you would have to ultimately buy the raw materials from us. We have a lot of barriers to entry. Our engineering team is a barrier to entry too. We have over 100 people in this group. Most of them are homegrown. We have an internship program where we'll take a dozen interns every year. We'll train them. We'll hire the best two or three of them, and this feeds our system. Next, strong customer relationships. We have excellent customer relationships, and we get most of our new business from existing customers or existing customer referrals. Our management team is very experienced. The top three of us, Ronald Lataille, who's on the call with me today, our new executive president, Mitch Rock, and myself have all been working together for over 25 years. We've added three new people over the last 5-6 years that are making us a better company. Jason Holton, ITW executive, came to us, who's brought us discipline and strategies to take our company to the next level. Steve Carden, an experienced med tech ops guy who came out of Viant, was Viant Medical's president, and then Chris Litterio joined us. He's on the HR side and on the legal side, and he's, again, made us a better company, so I'll pause there and take any questions that you guys may or any questions you have, Justin. That's great, Jeff. I appreciate that overview. I think we're going to jump in with the topic that's probably on the top of most investors' minds. And let's just start off with, how would you characterize your relationship with Intuitive Surgical right now? They're one of your largest customers, I think a little over 20% of revenue, if math is right. So just want to get a sense of how you view the relationship as it stands now, and then we'll have some follow-ups there. So I think we have a fantastic relationship with Intuitive Surgical. I will tell you, they're probably my favorite customer. They're a very well-run company. They're very transparent with us about their strategy and what they're doing. They're very good at forecasting. They're very fair, and they're true to their word. We have been co-investing with ISI for a number of years where we're both putting money up into capital. We've virtually tripled our capacity to do business with them in the DR since we bought DAS, and so we've memorialized that with a long-term agreement, so I think our relationship with them is excellent, and they're a fantastic customer and partner. All right. That's great, and then with that in mind, what are you seeing in terms of the drapes manufacturing business? Are they taking more in-house? Is someone ceding share? Are you guys gaining share? Just want to gain a sense of the manufacturing that's getting done for the robots. Yeah. Great question. We've been getting that a lot lately, so thank you for asking it, so we are the dominant player in robotic drapes, so there's 25+ people in this space that we are working with designing the next robot, if you will, and we have all the major ones. So right now, Intuitive, it's got a 10+ year head start on everybody. They're a dominant market share, and there's some players behind them, large companies that we're working with. So if you go out five years and those companies bite into Intuitive's share, we will be the beneficiaries. With respect to the drapes themselves, and I'll speak specifically about Intuitive. So Intuitive basically has a two-supplier strategy. And when it came to the drapes, there were basically two suppliers. It was DAS and Microtek. Microtek was bought by Ecolab. So we bought DAS. And when we bought DAS, we became really the better solution, the lower-cost platform. And so we started to win business away from Ecolab. So instead of it being 50/50, we were winning share. We surmised that as we were winning share, Ecolab responded by saying, "Hey, if we're going to have less volume, we're going to have to raise your price." And that created kind of almost like a death spiral. So that relationship began to unwind as this was less critically important to Ecolab, whose business was going in a different direction. ISI themselves is also a supplier. So ISI, probably five or seven years ago, started a project, very transparent with us, to see if they could mitigate risk by being able to do some of these things in-house. They had some space in their Mexicali facility. So they put some equipment in there. They've been working on it. They've invited us in to see what they're doing. We supply them in that facility. Any innovations they have that can help us, vice versa. They are a small part of the spend now. I believe we are about two-thirds of the spend now. Ecolab has a chunk, and then a very small chunk is with ISI. Now, I can tell you, I'm rooting for ISI to be successful enough that they can be their own second source and check that box. We have dual sourcing strategies with lots of customers. And sometimes they do 90/10. Sometimes they do 80/20. Sometimes they're all the way down to 50/50. But in order to satisfy ISI's needs long-term, they need an insurance policy. And if they can be it themselves, that is great. They have run out of space that they put these machines in Mexicali. They have a decision to make over the next year or two, which says, "Hey, is that enough? Or do we need to consider investing in additional equipment?" I can tell you that the cost of manufacturing in the Dominican Republic is considerably lower than in Mexico where they are. And we know that because we're in both countries. So it is difficult to manufacture in Mexico and compete with Dominican Republic labor. It's possible. I think originally when they surmised this, they thought they'd put a machine in parts of the world where they couldn't justify an entire drape manufacturing facility and/or that freight was a factor, like Eastern Europe or something like that. I have no idea where this landed. It'll be years in evolution. But it's a good thing for us that they may be able to check this second supplier source. Our share has been going up every year. I can tell you that. That's very helpful. And then maybe we can add on a bit of the discussion that you mentioned about increasing your production capabilities in the Dominican Republic as it pertains to supplying ISI. Yeah, correct. So as we have been growing with them, again, they're a very thoughtful company that plans ahead. So they want to know that your capacity is going to be online when they need it. And so we try to stay a step ahead of them. It has been very difficult. They have been growing so rapidly. They've had a goal of trying to get some safety stock inventory. It's been very difficult for them because they've been selling so quickly. They did make good progress in 2023, and I think they probably completed their goal in 2024. It took them years to get a small amount of safety stock so that they could feel comfortable. So now we have caught up with them. We have added capacity. We are co-investing. So we both write checks to add capacity. We had, I think, our fourth building. Now we've added a fifth building, and we will add a sixth building in the future that we've already committed to. So we are continuing. We've built out an entire campus for them is what it comes down to. That's really helpful. And I think we can all appreciate investing to grow share in the future. Switching topics a bit, you've been on four acquisitions in the second half of 2024. Looking at AJR and AQF, two of the larger ones, can you give us a sense of the growth trajectory of each of the segments that those companies are operating in? Yeah. So AJR was the bigger one. And so AJR is in the safe patient handling space. That's a rapidly growing space. It's sort of double-digit growth. They have partnered with the best customers. Sage was sort of the pioneer in this. Sage was bought by Stryker. They were a strategic fit for us because the safe patient handling is very similar to the patient services space that we're dominating in already. Similar customers. In this particular instance, they had a strong customer dominance with one single customer. For us, that made us an acquisition opportunity that we could buy more cost-effectively because our principal competition on these deals is private equity. Private equity does not like massive comp. They had basically one customer that was almost all of their volume. We were able to buy it, a rapidly growing market, at a below-market price because you don't have PE competition, which is really good for our shareholders. This one was a win for us, a huge win. It's a rapidly growing market that's a good fit for us. Their number one customer was one of our largest customers already. They were thrilled that we were the buyer. One of the important next steps is to move some of this business to low-cost country. The former owner had been working at this for a couple of years, had made some progress. It wasn't their skill set. We are experts in this. We've done this a lot. We've done this, in fact, for this exact customer to a foreign country. They were like, "Okay, great. We have a team that can partner with us and get this done quickly." So this was a win for the seller. It was a win for us as the buyer. It was a win for the customer. It was a win for our shareholders. And it's got a nice growth trajectory. So we're excited about AJR. The second one you wanted to talk about was AQF, correct? That's right. Yeah, AQF. Yeah. So AQF, interesting enough, this is a company we've talked to for probably seven years. And this is not unusual for us that we decide who's a good fit, and you start discussions, but you really have to be ready when they're ready. So these guys are like a mini UFP. They have similar capabilities in a strategic location. So our interest in them was when we moved to Galway, all of our customers we were shipping to said, "Okay, when can you move our stuff there?" So we were looking at new space, and we were going to have to qualify these customers again in a new location, new quality systems, new everything. And so these guys already qualify with a lot of these customers. So we'll have to move new technology in because they weren't experts in some of our technology. But they are going to speed up our process by probably three to five years. And they're instantly strategically creative to us. So this is a good one for us. They are also growing rapidly. One of the things we wanted to mitigate was them growing at the expense of UFP because if they're a mini UFP and we have customers in Ireland that want local sourcing, they would ultimately become our competition, so by teaming up with them early, we kind of mitigate a price war in the next two or three years, so this was a good one for us as well. That's helpful, and then taking a view of all the recent acquisitions, can you give us a sense of how much work is left on integration? What can we expect in terms of CapEx or SG&A costs as you kind of digest them? Yeah, great question, so our strategy is what we call integration light. So we try to buy well-run companies that are a strategic fit and not go in and change a ton of things. We do look to share best practices. We do look for growth synergies, but we have a lighter touch than most companies. I would say our acquisition integrations usually take place over 18 months to two years. The first six months is the most intensive. There's a lot of work by our HR team and our IT team, etc. We have to make sure financials are exactly accurate day one. A lot of the heavy lifting is done, but it will continue to evolve over probably the next 12-18 months. We've had a good track record. I think we've done 19 or so of these, and knock on wood, we've been successful on all of them with our integrations. There is some work to do with respect to SG&A and CapEx. A lot of these companies have been kind of capital-starved. So we come in and use our calculator, which is if you can pay something back in one, two, or three years, it's an easy investment for us. So we will put in equipment or buy new tooling if they were using a 4-up, and it should be a 16-up or whatever. But it's no different than our shareholders are used to. We try to be a well-run company when it comes to equipment. So these people will feel like, "Wow, we got all this new stuff," but it's going to be no different than the cadence with UFP in general. With respect to SG&A, yes, we have just bought four companies. We did strain our back office, whether that be HR, IT, finance, etc. So we have been hiring into that to position ourselves for the next stage of growth. But again, within the confines of percentages of sales and whatnot, nothing is really different. But yes, we are in the staff-up mode in a lot of departments, not necessarily to digest what we just bought, but to position ourselves for the next stage of growth. All right. Thanks for that. And then you mentioned in your answer and in the prepared remarks, infection prevention being one of the faster growth areas. And as these acquisitions kind of reduce the revenue concentration from the drapes, can you give us a bit more detail on some of those tailwinds from infection prevention and what's driving that? Sure. So infection prevention is a big focus in hospitals right now. It has been for a while because if there's a hospital-acquired infection that was preventable, the hospital doesn't get paid by insurance. But more critical than that, our patients are getting sick and dying from infections. And so one of the areas where there's been a lot of work recently is around external catheters. So there's a lot of UTIs that are acquired in hospitals from these catheters. And so there's a lot of work being done on external catheters. So if you can visualize an external catheter, the materials that are most appropriate are the TPUs that we're experts in, our cross-linked foams, and are these reticulated urethanes. So we have access and expertise to the materials that are most important to solve this. In addition to that, our actual capabilities, RF welding, impulse welding, making two tubes attached to films, etc., fit very well. We have gotten a lot of activity in the infection prevention space related to external catheters over the last, whatever, 12-24 months, and it's continuing to escalate. So that would just be an example. But there's lots of infection prevention development work that's done because it's a really big problem. All right. Understood. One of the topics that you've mentioned in past earnings is these revenue headwinds from inventory, and they've kind of persisted a bit longer than we've expected. So can you tell us where we are in terms of that? Have we reached the bottom and working through that? Is it shifting between customers? So it should linger, but it's not from the same one. Just want to get a sense of that. Yeah. Thank you. So the market I think that was affected the most was sterile packaging. I'll also probably add in our interventional and surgical space. But the logic was if there's a dispensing system or a packaging system that's kind of the last step in the process, if you were a buyer and you didn't buy these, and that was the reason they didn't ship, you were going to get fired. And so during COVID, we saw an enormous buildup of inventory. We could see some customers were buying 50% to 100% more than they had in the past. So we knew it wasn't because their volume was up that much. Some of the more well-run companies worked through it very quickly. Others, believe it or not, are still working through it. I think the problem is largely behind us. But I think inventory is an interesting challenge because I mentioned the Intuitive Surgical inventory. So Intuitive Surgical has waited a long time to build inventory. So we have been growing. If procedures, you can look up in robotic procedures on their website, say, "We'll use 15% as an estimate." So if they've been growing at 15%, but we've been consistently in the 20s to high 20s, it's because we've been either winning share or finally building their bank of inventory. So when their bank of inventory is finally built, it doesn't mean they have to work it down. It's not for them not to work it down. But it does mean the extra 10 to 15 points of growth that you've gotten in an extraordinary year is not going to repeat. And so what happened to us with the packaging internal inventory is we had a year that, say, their base was 100, and they would have normally grown to 110. Instead, they took 200. So then the following year, they didn't need any, but it was being compared to the 200. So it also relates to what you compare it to. So I think the inventory problems are largely behind us for those that overbought. But inventory and customers desiring to build banks is just something we deal with all the time. That makes a lot of sense. In your prepared remarks, you talked about the two-prong growth strategy. So I have a good sense of that. But on the cost side and on the margin side, more specifically, your long-term financial gross margin target, 28%-31%. You're currently at, I think last quarter was around 28.5%. Can you just give us some of the steps that you're taking to improve gross margin and operating margin too? I think you're at the higher end of the long-term targets there. Yeah. So we have a whole group of our company that's just focused on cost out. It's an enormous part of our effort. It's an important thing to our customers to drive down costs, but we're also doing it for ourselves. And so whether it be leaning out manufacturing operations, negotiating better pricing with vendors, we're constantly trying to drive down our costs. That then gets coupled with this strategy we have on the growth side of improving our book of business. So almost every new program coming out of development is at margins above our average margins. So we have this two-pronged attack on gross margins. Number one is drive down costs, and number two is improve the book of business. We've had good success in both areas, and so we've had a nice smooth plus on gross margins. When it comes to operating margins, we have even more leverage. That's because there's some of our fixed costs that don't grow directly with revenue, whether that be rent, corporate charges, legal, etc. We have an attack on both. We tend to have more success on the operating margin because we have more leverage. Our targets, yes, we're in target for revenue, gross margin, operating margin already. We have raised our targets once. Ron and I, both by nature, are fairly conservative of predicting this stuff. We do get that question a lot, like, "Hey, you guys can ever raise? This is supposed to be 3-5 year projections, and you're already there." The reality is that it doesn't affect our efforts. Our efforts are 100% all the time to take costs out and 100% all the time to improve our book of business. Thanks for that. One of the questions that we're asking all our participants is, what do you see as the biggest company-specific milestones or catalysts that will help your stock outperform this year? I mean, I think a lot of our milestones this year are around execution. So we've done the four acquisitions. We have to successfully complete their integrations, and then we have to sort of scoop up the synergies that are available, and there's lots of them. We also have execution on the AJR, which I mentioned. There's an initiative to move some of this business to the DR, and when we do, our customer wins and we win. It's kind of a saving-sharing scenario. So if we are successful in moving this in a timely fashion, we will have a better margin profile at the end of the day. And as the acquisitions get integrated and we scoop up some of these synergies, again, it's all positive for our shareholders, for our margins. So I would say execution is a big part of our goal. Yeah. And then on the flip side, some of the biggest risks of that, is it surrounding that kind of integration, you would say? There's always risks. People is one of them. You buy these companies, and a lot of what you're paying for is either the book of business and/or the team. In a lot of these cases, we already have really strong relationships with the customer. So it's not like we're going to quickly lose the salesperson, lose the customer. But there's key engineering talent, there's key leadership talent. Sometimes we're buying companies with leaders who have said to us, "Hey, two years from now, I want to retire." So we have a goal to go out and find talent and then to integrate them. So I'd say there's risk around maintaining the team of people that we've just paid good money for. And then there's always customer risk. You can screw up something that they were doing very well in the past. But again, our light touch integration, light, we don't go in and try to slash and say, "Hey, we don't need two of these." So I think that we mitigate risk well by not going in and trying to change the world from a cost perspective on day one. All right. And then the last kind of major one I want to squeeze in, just that's also on the top of everyone's mind, is with the incoming Trump presidency and what it means for tariffs. Will this affect your ability to source raw materials, given how integral they are? And if so, how are you preparing for that? So I think we are in very good shape on that one. So we do not really import anything from Canada, anything from China to speak of, other than small parts. And everywhere we have an overseas supplier, we also have a U.S. backup. So we are insulated, I think, from this. If anything, there's a possibility it could benefit us if there were tariffs placed on Mexico coming back into the U.S. But I think we've looked at it a bunch of different ways. And I think we're well prepared for whatever might happen on the tariff front. And I don't see any supply chain disruption. And I don't even see any cost increase from a distance that would be meaningful because we're not, again, sourcing raw materials in Mexico either. All right. That's super helpful. And then with about a minute left, I'll ask if you have any closing remarks or any last thoughts you want to impart to our participants. No, I mean, we're super excited about our future. I realize that there's a lot of traction that got written around some investment club on this ISI insourcing that was rife with misinformation. So hopefully, people are settled down that we are long-term partners with ISI. We're critical to them. They're critical to us. And I don't see any exposure there despite this article that got written. We're super excited about our platform. We're super excited with our low-cost country ability not only to stop losing money, but to start winning transfer programs. We've already won two very large ones just for being there. That's great. Thank you so much, Jeff. Thank you, Ron. Appreciate it. Thank you, Justin.