Phinia at Oppenheimer Conference: Strategic Growth Amid Challenges

On Wednesday, 07 May 2025, Phinia Inc. (NYSE:PHIN) presented a strategic overview at the Oppenheimer 20th Annual Industrial Growth Conference. The company highlighted its robust performance in 2024 with $3.4 billion in revenue while acknowledging a softer-than-expected Q1 2025. Phinia emphasized its commitment to shareholder value through strategic growth initiatives and financial discipline.

Key Takeaways

• Phinia reported $3.4 billion in revenue for 2024, with diversified business across various markets and regions.
• The company reaffirmed its full-year guidance despite Q1 2025 challenges, citing tariff pass-throughs and favorable FX headwinds.
• Strategic focus includes organic growth, disciplined M&A activity, and expansion into new markets such as aerospace.
• Capital allocation prioritizes a strong balance sheet, organic growth, and shareholder returns through dividends and share repurchases.

Financial Results

• 2024 revenue reached $3.4 billion, with diversification across:

- Light Commercial Vehicle and Medium/Heavy Duty Commercial Vehicle and Off-Highway: 39%

- Independent Aftermarket and Service: 34%

- Light Passenger Vehicle OE: 27%

• Regional diversification: Europe and America are similar in size, with Asia smaller but supported by an India joint venture.
• Q1 2025 segment operating margin: 12.2%, with aftermarket at 16.1% and fuel systems impacted by tariffs.
• $100 million returned to shareholders through repurchases and $11 million through dividends in Q1 2025.
• Reaffirmed 2025 sales guidance: $3.2 to $3.4 billion, with improved FX headwinds and tariff pass-throughs.

Operational Updates

• New technologies launched in 2024, including hydrogen systems and direct injection systems for off-highway applications.
• Refinanced TLA and TOB debt in 2024.
• Continued focus on operational performance, balance sheet preservation, and disciplined capital allocation in 2025.
• Tariffs impact $200 million of revenue from Mexico to the US, with settlements and price increases underway.

Future Outlook

• Sales target of $5 billion by 2030, with organic growth of 2% to 4% annually.
• Light Passenger Vehicle revenue expected to remain flat, offset by market share gains.
• Growth in Commercial Vehicle, Off-Highway, and Aerospace segments expected at 2% to 4%.
• Aftermarket expected to grow 3% to 6% through share gains and customer expansion.
• M&A strategy targets $700 million in acquired revenue by 2030.

Q&A Highlights

• Tariffs primarily affect North American business, with $200 million in revenue subject to tariffs.
• Aftermarket price increases are quickly passed to distributors.
• India joint venture with TVS group reports $250 million in revenue with strong growth potential.
• Capital allocation strategy focuses on a strong balance sheet, organic growth, dividends, and strategic acquisitions.

For a detailed review of Phinia’s strategic plans and financial performance, refer to the full transcript below.

Full transcript - Oppenheimer 20th Annual Industrial Growth Conference:

Operator: All right. Good morning, and welcome everyone to the presentation. Thanks to the Finia team for joining us today. I’m gonna turn it over to them for a presentation, and then we’ll open it up for q and a. Take it away.

Brady Erickson, CEO, Finia: Great. Thank you very much, and thanks for joining us today. I’m Brady Erickson, CEO. I’m joined by with me Chris Grapp, our CFO, and Kellen Ferris, our VP of IR. So thank you very much for joining us.

We’ll try to go through this presentation relatively quickly and then hopefully have some good q and a as well. Obviously, a lot of forward looking statements. But just to give you kind of a quick overview where we ended 2024, about $3,400,000,000 company, really diverse around the world across different product lines and markets along with some very strong brands as well. I think this is one of the things that I think is really interesting about our business as well is the diversification of our business. You’ll see there as far as end markets, light commercial vehicle and kind of medium heavy duty commercial vehicle and off highway accounting for about 39% of our revenues.

Next up is our independent aftermarket in our service business at 34%, and then our light passenger vehicle OE business is around 27%. So serving a lot of different markets, which gives us a lot of resiliency as well. From a regional diversification, Europe and America is about equal in scale and size. Asia a little bit smaller. Just as an FYI that we don’t consolidate a joint venture that we have in India that would actually balance that out a little bit better.

And then from a customer standpoint, as you’ll see there, we have one customer that’s over 10% with GM, but then our top five really only accounts for 40% of our revenue, so we have a lot of diversification you know, around the world and with our customer base, and we see a lot of opportunities for us to continue to grow and leverage our existing capabilities into new markets and continue to expand them into into aviation and and alternative fuels. From an overall footprint standpoint, you also see a pretty strong footprint in a lot of low cost economy, their best cost countries spread around the world. Our overall philosophy is that we design, develop, produce, source, and validate, and sell within region, which is why, you know, Asia’s predominantly for Asia, Europe for Europe, and America’s for Americas as we try to minimize the amount of freight and transport that we have kind of around the world as well. And this keeps us relatively isolated from a lot of the a lot of chaos and that’s going on right now. I jumped a couple.

From an overall product portfolio standpoint, you know, we’ve got a good product portfolio of of of fuel products, starters and alternators, and canisters for the commercial vehicle and industrial sectors. Light vehicle as well, a good portfolio of similar products, and a lot of synergy from a manufacturing and a design capability across both light vehicle and commercial vehicle. We’ll see a lot of overlap in product there. And then obviously a big focus for us as we move towards carbon neutrality and carbon free fuels is a lot of work that we are doing with alternative fuels with customers, whether it’s direct injection hydrogen, LNG, CNG, ethanol, and a lot of different applications. From that product standpoint, we also then provide complete systems and integration for our customers as well, and that will include our engine control units, calibration services, development, diagnostics capabilities.

And to give you an order of magnitude, we actually receive nearly a hundred million dollars a year in what we call nonrecurring engineering expenses that are paid by our customers for those services and integration support. And then obviously, all of those product lines from an OE perspective are then supported by and expanded with our aftermarket segment at that bottom as far as the foundation. So not only do we sell a lot of our OE products in our plants, produce those for aftermarket for fuel systems and starters and alternators, but we’ll then enhance that with other maintenance solutions, steering, braking, suspension, diagnostics, and vehicle electronics and sensors that we’ll support our customers with as we build out that overall aftermarket business. We’re going to market as product leaders, you know, ensuring that we’re developing technology that our customers are willing to pay a premium for. It’s not innovation for innovation’s sake, and so we’re trying to be a good partner of choice for our customers and continue to invest there.

We think with our diverse markets that we serve and the products that we’re developing, we see that along with product leadership, being able for us to develop stable growth over the long term. Obviously, there’s gonna be some cycles, and we’re in a down cycle now in light vehicle and CV. But as the cycles come back, we think that’s gonna allow us to have steady growth across our businesses throughout the decade. We’ll continue to be financially disciplined. We look at every single opportunity and apply the same minimum hurdle requirements, whether it’s commercial vehicles, light vehicle, or aftermarket.

We’ll have those minimum economic value targets that we have, and we think by really focusing on economic value and year over year value creation and cash flow, we think that’s going to drive total shareholder returns that that are positive and over the long term. Just to give a couple kinda examples of our disciplined count capital allocation, we’re gonna continue, and our first focus not only supporting our our our business and organic growth, but it’s also maintaining strong liquidity and a strong balance sheet in order for us to weather any any difficult times that may be ahead, as well as allow us to to be opportunistic when opportunities do come up. We have a strong balance sheet that will allow us to go after targets as as needed. From a competitive capital allocation and return standpoint, as you’ll see there, you know, we’ve already purchased within the last four quarters over 16% of our outstanding shares as well as provided dividends to our shareholders as well. So a lot of money had been going back to our shareholders because up until now, and still now, as we think purchasing our shares has been a very good deal, and it’s undervalued, and therefore we think that’s the best way to maximize shareholder returns.

We’re gonna continue to be ROIC focused and EV focused in our decisions, and and we see a lot of growth areas for us both on alternative fuels, that system integration that I mentioned, as well as as an addressable market in CV and off highway industrial and aerospace that’s probably the same size as our current on highway commercial vehicle market. Obviously, we see aftermarket as a really strong, consistent grower and cash flow generator for us as well. We’re gonna continue to be disciplined in in looking at m and a, and, again, we’re gonna compare any new m and a with kind of where where our multiple is right now, and we’ll decide whether it makes more sense to to do an acquisition or to buy back our shares. And, again, we’re always gonna look at that as as a as a way that we wanna maximize shareholder value. So going out and and doing an acquisition, it’s gonna be a similar asset.

You’re paying eight or 10 times. Doesn’t make a lot of sense when we’re trading at five, and we’re gonna continue to be disciplined in that respect moving forward. Just a few accomplishments I’d like to kinda highlight. I think ’24 was a was a really good year for us of transition and actually delivering some really good solid results. We launched a lot of new technologies, whether it’s hydrogen 500 bar systems, as well as kind of a a cost effective direct injection systems for off highway applications leveraging our GDI technology.

So some really interesting technologies that we’re seeing a lot of pull from other customers on. Strong financial performance, really strong cash flow generation. I think what’s also key is we actually refinanced our TLA and TOB debt in 2024, both with a secured and unsecured offering, and those went really, really well. I think investors in the bond markets really are recognizing that this is stable cash generating business, and actually our secured debt that we did first is actually at a little bit higher rate than our unsecured debt that we did six months later, and that’s just a testament to how much how much confidence the the bond community has in us and how it’s been improving since we’ve spun. Going forward into 2025, you know, we’re gonna continue to try to be that consistent and boring operator that’s gonna have strong operational performance, preserving our balance sheet and our liquidity, and being disciplined in our capital allocation.

But we do have some exciting opportunities as we continue to get our quality certification and launch some of our first aerospace opportunities. We’re continuing to add thousands of new part numbers to our aftermarket offering, and we see new opportunities to grow our CV and off highway segment as well. So there is some good growth ahead of us and some good opportunities for us. Now just looking quickly. I think, hopefully, you guys have seen this in our in our deck that just came out, but just to kinda highlight, you know, q one was a bit softer, I think, than people were expecting, but it was roughly in line with where we thought sales were gonna be.

We knew, you know, coming into the quarter, we had some softness in q three and q four last year. Some customers kinda took their time coming back in q one and seeing some of the softness as they try to readjust some of their inventory levels, so we think q one’s gonna be one of our softer quarters. I think the segments overall performed very well with about a 12.2% segment operating margin. Aftermarket was above kind of their normal targets at 16.1. Fuel systems came in a little bit light just to be low 10, which was, you know, primarily driven by by revenues, and both had a little bit of impact of of tariffs in the quarter of about 4,000,000.

As you see there, a hundred million returned to shareholders through repurchases, another another 11,000,000 of dividends. So, again, strong performance, good capital allocation, and we, you know, we continue to have strong liquidity and cash on hand. Although things moved around a little bit, we we actually reaffirmed our original guide, so sales still in that 3.2 to 3,400,000.0 range. EBITDA still strong as well. Things moved around a little bit in the fact that, you know, with tariffs that had primarily an effect on our North American volume expectations.

And so with volume coming down in in the North America, we adjusted our light vehicle expectations as well as our commercial vehicle volume expectations in North America. That was a headwind, but that’s gonna be offset by some of the tariff pass through as well as some of the FX headwinds being less than we originally expected. We originally expected it to be about an 80,000,000 headwind in 2024, or, excuse me, in 2025, and now we’re expecting it only to be about 20. We’re expecting about 40,000,000 or 50,000,000 of of tariff pass through and offset that with volume. So it kinda puts us all kinda right back in the middle of our guide.

There is a little bit of I mean, obviously, on the tariff pass through, there’s no margin associated with it, which is about a 5 or 6,000,000 headwind, but we see other areas of our business that we can offset that both with a higher aftermarket mix as well as some self help and and some cost controls that we put in place to try to maintain these numbers as well. Tax rate remains a little bit high. Guide is still there. I think in q one, if you take out the $7,000,000, that is actually pre spin related. That actually is gonna be paid by our former parent of about 7,000,000.

Our adjusted tax rate came in at about 36% in q one, so the team is making some progress. It’s still gonna be still gonna take a few years to get down sub 30, but I think we’ve got a really good plan to kinda get there, and we’ll start to see some of those benefits in the next year or two. And so with that, we’ll open it up for q and a.

Operator: Alright. Thanks. Good summary there. Maybe at this time, I can remind the audience listening, if you do have any questions for the Finia team, to please use the chat function, and I can relay those here from my side. But as we wait for those to come in, maybe I can start with the first one.

Just wanted to see if you could, you you mentioned tariffs. Wanted to see if you could just discuss the key fundamentals of tariffs and how that impacts your business, your production mix versus your sales mix, and impacts on near term customer ordering patterns. You talked about your ability to pass through on price, but wondering if you can expand on that a bit.

Brady Erickson, CEO, Finia: Yeah. I mean, primarily, our North American business, it’s primarily there’s about a billion dollars of manufacturing and revenues that are generated out of Mexico, both from an OE and an aftermarket, you know, sales standpoint. About half of that stays in Mexico, and we ship directly to our customers in Mexico. And another 60% of of that remaining is USMCA compliant. And so that kinda gets us down to maybe that $200,000,000 of revenue that is non USMCA compliant that we actually ship into The US market.

So that’s the one that’s seeing, you know, a good portion of the of the 25 tariffs that we’re seeing. There’s all there’s some other puts and takes. There’s just some supplier impacts that we’re seeing as well that are, you know, high single digit millions. And there’s about I think it’s around 10,000,000 or so that we purchased from China for aftermarket business as well That’s also seeing some of the impact. And so those are kinda like the the big buckets.

From an aftermarket perspective, you know, the bulk of our customers are are distribute distributors, and those are ones that we can quickly pass through price increase, you know, relatively quickly. We’ve already had the first price increase that we rolled through in in mid April. The team is getting ready for the next round of price increases to go into effect here in the next month or so to accommodate the the second round. And so we’re able to pass those through relatively quickly. The on the OE side, we’ve been working with the OEs for the last couple months to to ensure that we have proper documentation, and they’ve started some of their audit processes to show that, you know, what we’re paying is what we’re passing through.

We already have several settlements with some customers for a % pass through. There’s a few of them that we’re still working through and going through audit that we we expect to finalize here yet in q two and book in q two. But there may be a little bit of of noise and lumpiness. They may agree, but they may not reimburse us until q And so there may be a little bit of lumpiness as we saw in ’22 and ’23, but we fully expect to get to get recovery in in totality, just maybe a little bit of timing effect.

Operator: Any any impact on the ordering patterns for that, piece of sales that you produce in Mexico and ship to The US?

Brady Erickson, CEO, Finia: No. We really haven’t seen, you know, the EDIs continue or kind of the the order board that we get from our customers and their forecast is still kinda hanging in there. Haven’t seen any significant impacts other than, you know, with the latest s and p guide on on volumes that we’re now tied to. But in general, you know, things are looking consistent for us to continue to hit our guide.

Chris Grapp, CFO, Finia: But to be clear, what S and P has come out with, we don’t really see so far in our orders. That is just anecdotal of what we see out there and that we’re assuming will likely come, but we haven’t seen it yet. We give you orders or forecast.

Operator: Gotcha. Okay. In your guidance, you talked about an expectation for 5,000,000,000 in sales, by 02/1930. Could you talk to us about the split between organic and inorganic growth you see in the pursuit of that goal? You know, what what secular trends and investments are fueling on the organic side and on the other side, the characteristics of of what you look for in your m and a strategy?

Brady Erickson, CEO, Finia: Sure. I think I think we’ll from 2021 through 2030, we expect that organic to be in that two to 4% range. We’re probably a little bit on the low side of that right now just from the cycles that we’re that we’re in. We think when the cycle kinda comes back, we’ll get back in that two to 4% organic. That’s kind of broken down into three different pieces.

We expect our our light passenger vehicle and our light vehicle to be basically flat revenue through the through that time period. We’re continuing to pick up market share in that space, but the overall kinda ICE engine production for light vehicle will continue to decline over the decade. And our goal there is to continue to pick up market share to keep those keep those lines kinda full and keep our revenue flat through the decade. Then as we look into our commercial vehicle off highway, aerospace, and other industrial applications, we expect that to be in the two to 4% range, both from kind of the CV market, on highway market seeing a little bit of growth, but also a large addressable market with the industrial off highway that and aerospace that we’re really not in right now. So it’s a a $56,000,000,000 TAM that we’re starting to grow into, and that’s gonna support growth of that segment in the two to 4% range.

And then we expect our pure aftermarket business, as we continue to add more part numbers, gain more share, share our wallet with our customers, and they’ve consistently seen good solid growth the last couple years, we expect them to continue to grow in that three to 6% range. That averages out to about two to 4%. That should get us to about roughly that 4,300,000,000 number organically. And with our cash flow generation, continued focus on, you know, smart cap allocation, we think we can we can still support, you know, you know, about 700,000,000 of revenue to be acquired, you know, in that time period and and still continue to return, you know, money to shareholders through dividends and share repurchases and remain balanced. And we’re starting to see some of those opportunities really start to to come to fruition where, you know, they’re they’re asking multiples or consistent with kinda where we are, and we think they may be, you know, good opportunities for us to add to our portfolio and provide us additional growth in the long term.

Operator: Great. Thank you. You you own a strong Delphi brand, which you lever for your aftermarket sales. Can you talk to us about the importance of strong brands when you have discussions with customers?

Brady Erickson, CEO, Finia: Yeah. I I think in many ways, that’s why we have relatively little or few kinda white label or or white box type type business because many of our cons consumers and distributors see that Dell brand as a premium brand, and it’s easy for them to sell their customers saying when they see the brand on it, they’re like, yeah. I’m getting OE quality. I know it’s gonna be a good part. It’s I’m not gonna need to worry about it failing anytime soon.

And even the technicians that are installing it, they have confidence that’s not gonna come back and have to get replaced, and it’s gonna cost them later hours. And so we have a very good strong brand. We’ve got the OE pedigree, and we also do a lot of work of working with the technicians on on how to service the product, promoting our products, supporting them with videos, and training not just around our own products, but around the vehicle in general of how to deal with hybrids, the disconnects. We we perform a lot of certification programs at our training centers as well. So we’re getting a lot of pull from those, you know, technicians as well when they see that, you know, that Delphi box on on the on the shelf.

They’ll mainly kinda go and grab that one because they have confidence in it in it working and performing well for the customer.

Operator: Okay. Great. And just wanna remind the audience again, if you do have a question to to put that in the chat, and I can see that. We do have a question from the audience, if I’ll just repeat that now. You mentioned a JV in India.

Can you please elaborate who is the partner? What is the sales today, and what sort of potential you see in the next three to five years? Also, in India, EV penetration is much higher than other markets. How do you mitigate that risk in coming years?

Brady Erickson, CEO, Finia: EV penetration rate in India is actually quite low. China, it may be a lot higher, but this is in India. India is they’re doing still a lot with gasoline and and maybe more natural gas. EV penetration or pure battery electric is still relatively low. There may be a lot of hybrids and and and hybrid applications, but not many better electric vehicles.

The joint venture, if you look at our 10 k or 10 q, you’ll see it in there. We have a it’s a nonconsolidated joint venture even though we own 52.5%, and it’s with the the TVS group. So it’s kinda named as DTBS or Delphi TVS based on the legacy. They’re in the in the $2,250,000,000 in revenue with good strong growth. They’re expanding also into tractors and other applications and and see a a good strong pipeline of, you know, opportunities in that market, especially in commercial vehicle and off highway applications.

Light vehicle diesel in India used to be, you know, a large portion of the revenues. It’s really come down significantly, but our our joint venture partner who’s only focused on diesel products has been growing into the into the tractor and entering into into new markets. And so they’ve done a nice job there. We do have one of our own wholly owned locations in India as well as as well as our tech center. And so our plants are responsible for kinda everything other than diesel.

So gasoline applications, GDI, natural gas, hydrogen, that’s all in the responsibility of our wholly owned entity, and that joint venture is purely diesel.

Operator: Interesting. And another another one here from the audience for Brady, about the increase in the change of control payout. Just wondering what the catalyst for that change was.

Brady Erickson, CEO, Finia: Yeah. I mean, it’s actually just going back to what I had before. For some reason, prior parent decided to change it from three to two upon spin, and the board decided, hey. We we may wanna kinda put that back to what it was originally.

Operator: Okay. Well, maybe back over to, your free cash flow. Obviously, pretty healthy. You talked about m and a earlier, but perhaps, you could expand on your capital allocation strategy and priorities and, what what you see in the near term as as maybe, a a tier chart.

Brady Erickson, CEO, Finia: You know, I mean, for us, the the key is maintaining a strong balance sheet and liquidity and supporting our organic growth initiatives. You know, that’s gonna be number one. Number two is gonna be ensuring we protect our our dividend as well and and giving, you know, cash back to our shareholders directly. And then the third bucket is gonna be, do we buy back our shares, or do we make acquisitions? And and so, again, we’re gonna each quarter, we sit down with the board.

We take a look at our stock price. We take a look at what we think is fair value of our stock price and compare that to some of the the m and a that we have in the pipeline and kinda decide, hey. You know, do we buy back more shares? Do we hold off because we have an m m and a coming? And before we decide on an acquisition, you know, as I mentioned, we’re not gonna do an acquisition that’s similar to our current business and pay us, you know, a much higher multiple than than what our stock is currently trading at.

And so our goal is to try to get our multiple up to where we think is closer to fair value, and that may then open up, you know, additional opportunities from from an acquisition standpoint as well. So those are kinda kinda laying out the priorities, and I think we’ll continue to be, you know, extremely financially disciplined as we have our, you know, our own incentives as an organization. From a cash incentive standpoint, we’re focused on economic you know, creating economic value on a year over year basis. So it’s not to budget or a forecast. It’s we have to create value on a year over year basis in order to get that payout.

The other part of our cash payout is cash, and so we’ve gotta continue to deliver strong cash flow. And if we do that, you know, we then get a bonus. And then, you know, for our longer term incentive, it’s all TSR. And and so we’re we’re trying to align ourselves in our bonus structure very well with our investors as well and saying, hey. If if our stock’s doing well, we’re delivering and creating value on a year over year basis, generating good cash flow.

That should turn into strong share price appreciation and also some some good returns for our employees as well with our bonuses and stock grants.

Operator: Alright. Thank you. I don’t see any other questions, from the audience, so maybe I have one more from myself. You you guys talked about commercial vehicles. You talked about aerospace as as new and expanding markets.

Wondering if you could, describe what you see as Finia’s right to win in these markets and and how you see that growing in the near and medium term.

Brady Erickson, CEO, Finia: Yeah. Again, what we’re looking at is we’re we’re a precision fluid management company. You know, we’re we have such tight tolerances, especially when we start talking about commercial vehicle. You know, we’re talking about fuel injection pressures that are going upwards of 3,000 bar. To convert that to folks.

Think of 45,000 psi. You know, in our tires, there’s what? Forty, forty five psi? We’re talking about four forty five thousand psi that’s going through our injectors and fuel pressures. We’re also talking about parts that then have to go, you know, moving up and down, you know, tens of times within a second during that pilot injection and full injection process for those applications.

So the amount of control that we have and the speed at which these things are moving is absolutely phenomenal. And these are tolerances that we’re holding plus or minus half a micron in in high volume production. Half a micron is just larger than a coronavirus, so we’re talking really, really small. And so, actually, when we start talking to some of our aerospace customers and we we kinda explain to them what our capabilities are, they kinda put their hands up and says, we don’t need that type of control. And so they’re actually seeing us, the capabilities that we have, the fact that we have SEM microscopes and our quality quality systems that we have in there meet or exceed what they’re needing, and they see us as a reliable, well funded supplier.

And they’re dealing with a lot of challenges in that space. And so that’s kinda on the aerospace side that we’re starting to pick up a a lot of momentum with them, and that’s why we really started to push forward to get our aerospace qualification and and put in a lot of things in preparation for those launches, and that’s why we’re starting to pick up some additional customers are coming in and doing audit processes. On the off highway side, I think one of the things that’s changing is some of the tier four and tier five emissions are coming to that off highway application. So they’re going from twenty, thirty year old, you know, injection systems. And now in order for them to meet the new tier four and tier five emissions, they need to go to more of a common rail direct injection system.

And so we’re leveraging a lot of our capability, and we’re helping them on the off highway side achieve their off highway emissions in in fuel economy actually with some of our GDI technology. So we’ve actually leveraged our GDI technology, converted those gasoline direct injection to diesel direct injection at a much lower pressure at 350 bars. So from a cost perspective, it’s something they can afford, and so it gives them a a nice way to improve their fuel economy at at a reasonable price without having to go to the medium or heavy duty side that’s looking at 2,000 to 3,000 bar pressures and whose systems are, you know, four or five times more expensive than a GDI type system.

Operator: Alright. Well, Brady, Chris, and Kellen, thanks for your participation in the conference. Interesting presentation, and I like the discussion as well. Good luck in the rest of your meetings today.

Brady Erickson, CEO, Finia: Great. Thank you very much. Hey, Patrick. Thanks.

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