Stoneridge at Deutsche Bank Conference: Strategic Growth and Innovation

On Thursday, 12 June 2025, Stoneridge Inc. (NYSE:SRI) presented at the Deutsche Bank Global Auto Industry Conference 2025, offering a comprehensive overview of its strategic positioning within the automotive and commercial vehicle electronics market. The company highlighted its focus on megatrends such as safety, efficiency, and vehicle intelligence, alongside its diversified portfolio and drivetrain-agnostic technologies. While Stoneridge reported improvements in financial performance, it also acknowledged the challenges of integrating new technologies in a competitive market.

Key Takeaways

• Stoneridge anticipates significant growth in its MirrorEye camera mirror system, projecting $120 million in revenue by 2025 and $300 million by 2029.
• The company’s financial performance is improving, with revenue growth, margin expansion, and inventory reduction.
• Stoneridge is focusing on innovation with products like connected trailer technology and MirrorEye to enhance safety and fuel efficiency.
• The company views autonomous vehicles as an opportunity to leverage its sensor technologies.

Financial Results

• MirrorEye sales increased by 24% quarter over quarter.
• Record sales achieved for MirrorEye and SMART II Tachograph in Europe.
• Operating margin improved across all segments, with a gross margin increase of 210 basis points.
• Inventory reduced by $28 million year over year.
• Stoneridge Brazil reported a 60% increase in OE business in Q1 2025 compared to Q4 2024.

Operational Updates

• Control Devices: 90% of products are now drivetrain agnostic.
• Electronics: New digital driver information systems launched.
• MirrorEye: Secured all RFQs in the North American market, covering 75% of the market.
• Smart2 Tachograph: Launched in Europe, driving growth.
• Connected Trailer: System testing underway, with a soft launch planned for 2025.

Future Outlook

• Stoneridge expects MirrorEye take rates of 40% to 45% in Europe, with Volvo projected to reach a 45% take rate.
• The total available market for MirrorEye is estimated at $500 million.
• Plans to expand MirrorEye capabilities with digital video recording and retrieval.
• Focus on developing future products, including the "cockpit of the future."

Q&A Highlights

• Autonomous Vehicles: Stoneridge is positioning itself to integrate its camera, radar, and ultrasonic sensor systems into autonomous driving technologies.

For a detailed analysis, refer to the full transcript below.

Full transcript - Deutsche Bank Global Auto Industry Conference 2025:

Unidentified speaker, Lead US Auto’s Equity Research: All right. Good afternoon, everyone. We are saving the best for last with Stone Ridge. For those of you don’t know me, understand you have lead the US Auto’s Equity Research, and I’m very pleased to welcome the President, James Ziezelman and the CFO and Treasurer, Matt Horvath. By way of quick introduction, Stoneridge is a leading global supplier of safe and efficient electronic systems and technologies.

Its product portfolio ranges from products that monitor, measure, or activate critical vehicle functions, as well as compliance solutions for commercial truck, bus and off highway. With that, I’ll hand it over to James.

James Ziezelman, President, Stoneridge: Thank you. Appreciate it. Well, good afternoon, everybody. Thanks for making the time here for Stoneridge. I know this is the last presentation, so I’m probably standing between you and whatever happens next in your life.

And we’ll try to make this interesting, but I think we’re gonna fill the time because there’s lot to talk about here relative. So, maybe if we can get right to page three. I get to do that, don’t I? Yeah, how about that? Asking myself to get to page three.

All right, so yeah, here we go. So off, as was indicated here in the introduction, we are a global supplier and our product base is typically very highly engineered, focused a lot in the electrical and electronic spaces in both automotive and commercial vehicles. Our general strategy is to work in product areas that align well with megatrends. In our case, we tend to focus on safety, efficiency and vehicle intelligence. And you’ll see as we go through this presentation, you see where our segments are placed and what products we have and where we have growth in the industry.

It really is around those megatrends. You know, one of the things that we are also quite careful about is making sure that our products are driveline agnostic. Now, in some cases, talk about, you know, an interior technology or an instrumentation cluster, those obviously are independent of the driveline. But some products are quite driveline specific. And what we try to do is make sure that the base technologies are such that they can be applied to any driveline that is out in the industry, whether it be conventional internal combustion engine technology, hybrid electric, or pure electric vehicle type applications.

The base technology could be modified and turned into a product so that it can serve any of those three. And you’ll hear later that we’ve done a good job at ensuring that almost everything we produce has that agnostic nature. The company itself is really quite well diversified by geography, by end market and by customer. And again, you’ll come to see here that we have a very impressive list of advanced technologies and products that are in production and growing or about to be introduced. And we’ll talk about some of those.

By the nature of how we’re focusing on those megatrends, by the nature of our agnostic technologies and our diversity, we typically outperform our underlying end markets by a good margin. And therefore, we can drive a lot of margin expansion from that kind of approach. The company itself, as you can see on the slide here, operates in three segments, each with its own approach in terms of how they’re driving success. I’ll briefly talk about each of these segments here, then I’ll get into some greater detail later in the presentation. So off, Control Devices, it makes up about 1 of our revenue in the company.

And we’re focused primarily on passenger vehicle applications in this segment. By passenger vehicle, I don’t necessarily mean sedans. In fact, I don’t generally need that. I mean more like sport utilities and pickup trucks, things that are actually quite popular and continue to grow in the market. One of the things that we’ve done in the past four or five years in Control Devices is that we’ve transformed the company to be more so along the lines of these agnostic products so that we can ensure that whatever happens and whatever regulation might come from any particular government, we’re able to address the needs of the OE by having product at the ready because those base technologies are agnostic.

So that transition occur over the last, started maybe five years ago and is now complete. And again, I’ll cover in more detail the kind of products that we have in that space here in the next slide or two. The electronic segment is the one you see there on the slide, and it comprises about 60% of the revenue of the company. And it’s focused primarily on commercial vehicle applications, but also focused on off highway, as well as bus end markets. So, a very different kind of customer base than what we have in the Control Devices segment.

The products in that segment are around driver information systems, think electronic instrumentation, for example, clusters. Also, a key focus on driver assistance, vision and driver assistance systems, camera mirror systems fall in that category. We’ll talk a lot more about that here in a moment. We also have products in the connectivity space, and we’ll talk about products that we have there in a moment as well. And I think importantly, and sometimes doesn’t get a lot of airtime is control modules.

The base modules that are all over the interior of a passenger car or in this case, the cab in a Class eight or over the road truck that controls all the interior functions, whether it be the bar windows or the lighting systems or the key fob systems. There are controllers that sit there that manage all of that. And we’re very active in that space as well. And I will, as I go forward, I will give a lot more detail on these products and especially the MirrorEye product and talk a lot about their applications there as well. Then lastly, much smaller than these two is our Stone Ridge Brazil segment, which see in the bottom of that slide there.

And we’ve been transforming that segment over the last years as well. It has historically been more of an aftermarket segment, doing aftermarket audio systems and alarms, the things that are actually quite necessary and popular in Brazil. But as those things now are becoming more standard equipment on vehicles even in Brazil, that business has trended off. So what we’ve done is we’ve transformed the Brazilian business more so into an OEM business. And there’s more OEM business down there for us in Brazil now than there is aftermarkets.

We’ve crossed that center point. And the focus of that business is a bit more in electronic space, bit more focused on commercial vehicles, and much more aligned with our global customers in our electronics division. So, maybe as an example, to talk a little bit about how much more OE business we have. Quarter over quarter, we have 60% more OE business in the first quarter of twenty twenty five than we had in the fourth quarter of ’twenty four. So it’s rapidly improving a lot of new business bookings there in the OE space.

Okay, let me move on to the next slide here and get into some of the detail of control devices. And this, as I said, aligned with the industry mega trends, drivetrain agnostic, as I said, multiple times here, the key focal points for the technologies are really highly engineered electromechanical and electromagnetic actuators, temperature sensors, control valves, switches and connectors. Those are the key product areas for control devices. Again, products, if you do it correctly and you have the right base technologies applicable across a whole host of different driveline types. The graphic that you see in the slide, it shows an electric vehicle graphic.

But if you look at the products, right, they can be applied in every case to either the electric platform or the hybrid platform or the conventional ICE platform. And I talked about having some success in getting to this agnostic approach so that we don’t get stuck aligned with just one driveline type. And at this point about 90% of the products in Stormrage from 2024 are in fact agnostic. So only a slim number 10% are specific to any particular driveline. We like to say that we serve customers all the way from rough and rugged basic sport utilities right up through supercars.

We’ll talk about some of the products that do that here in a moment. So let start down that path now and highlight a little bit of the products that you see there on the slide, starting with our actuation products. And as I said, they’re mostly electromechanical or electromagnetic. And the area in which we’re focused quite a bit is axle disconnect actuators. We’re also focused quite a bit in transmission actuation.

So what are those things? So axle disconnect actuation, raise their hands, anyone in the room have a four wheel drive sport utility, like a pickup truck or Tahoe or something. Somewhere in the vehicle, there’s a button and you press the button and there’s an actuator somewhere down underneath the vehicle, it does the work, some rugged actuator that will connect that front axle or disconnected. That’s an actual disconnect or connect actuator. And then the transmission actuation, think about the push button or dial based selection for gear shifting these days, Park Reverse Neutral Drive Well.

It used to be a move to lever and that lever was connected to a transmission. Now you’re commanding an actuator to do something. The actuator that does that, that’s our space. We own that real estate. And we also have various control valve applications that a consumer would not see but really acts more so in the space of controlling emissions or controlling powertrain functionality.

That’ll be under the hood, making the car operate well and operate in a clean fashion. And this business in the activation side, it’s now more than 50% of the business in Control Devices and it continues to grow. As we focus more so on hybrid electrics and electric vehicles, there’s even more applications as you disconnect electric axles, that’s a requirement as well or manage torque coming from electric axles so that you can manage drivability and control of vehicle. Now, a couple of, let me just talk about two examples here very quickly that I’ll say put into light the agnostic approach of our technology. Now, we have a product on the Corvette Eray.

It’s called a drive unit clutch actuator. And that is a supercar, right? This actuator actually connects or disconnects the electric motor, the hybrid part of that vehicle. The same base technology is used in the axle disconnect actuator on the four wheel drive pickup trucks. So that base technology applied very differently in the form of a different product coming from that base technology that serves very, very different markets.

So just an example of what I mean by an agnostic approach. And then the other product I’ll talk about here for control devices is our leak detection module. And this is a new technology just launched here in this year. It was launched actually in China to a Japanese Chinese joint venture OE. And it’s a product that springboards from some of our valves technology along with our mission systems knowledge.

We’re able to bring a very cost effective and very functionally effective product that helps certain customers deal with very difficult evaporative emissions conditions. A hybrid vehicle has a difficult time controlling evaporative emissions, those are the emissions that come off the fuel tank in gasoline vapors. Also some big vehicles that have giant fuel tanks also have a very difficult time managing the vapors coming off that fuel tank. That new technology is bringing to bear a new approach, much more reliable cost effective approach, systems based architecture to drive a solution to that challenge in that space. And that’s the launch, there’s a number of additional development programs and process with that technology.

We expect significant growth for that technology in that segment. Okay, so if I move on here to electronics, and we’ll combine electronics and Stormrage Brazil in this discussion. As I said, quite aligned as the Brazilian entity is moving more so toward the OEM side. And obviously, by the nature of the name of the segment, right, it’s electronics and software focused. It’s a very significantly growing segment, so it’s a large backlog of awarded programs.

I know, as I said a little bit earlier, products in the driver information system space, the vision and driver assistance space, connectivity devices and control modules, primarily for the commercial vehicle. Stone Ridge Brazil, again, the portfolio is more and more aligning with electronics and more and more aligning with the commercial vehicle space. And so we use them to serve our global customers down in Brazil. In addition, Brazil has become a very significant and critical engineering center for us. So as you might guess that some of these products, really important to have some of your engineering or much of your engineering in house.

There’s a lot of technology that’s proprietary and a lot of innovation, a lot of intellectual property being generated. And we can manage, I’ll say engineering costs, right by having engineering in various locations around the world. Brazil is one of those places and they are our employees. And we have a significant portion of the engineering that we do for electronics now situated in So let’s talk a little bit about the driver information systems. And over the last several years, we’ve launched and ramped up new and replacement digital driver information system programs.

It’s been a significant growth element for the company in the electronic space. Very positive reaction to these electronic instrumentation clusters in the commercial vehicles as Class A over the road trucks. And they’re fully configurable and the response again has been very, very strong. Vision and driver assistance products. off, there’s a significant off highway business with Caterpillar and John Deere, a lot of the industrial companies that make forklifts and other industrial equipment that require cameras.

A very big business really started in Europe, in The Netherlands, and really was at the foundation for our MirrorEye product, which has recently launched on now multiple different OEM programs. And we’ll talk a lot more about MirrorEye in a moment. But that base digital camera system is something that is been quite significant is at the foundation of a lot of the growth in the company. Next area that you see there on the screen is connectivity programs. And, we have both telematics and tachograph products.

Tachograph is sort of a vehicle monitoring device, monitors location and duration of operation used by governments and by fleets and so to make sure that commercial drivers are abiding by the rules. We recently launched a Smart2 Tachograph in Europe. It was August of last year when we launched that. It’s a significant growth driver for us as well. It’s both an aftermarket product as well as an OEM product.

As it turns out in Europe, if you had an old version of a tachograph in your vehicle and you’re required to have one, their regulation required you to update that. So it drove and is continuing to drive, you know, a significant aftermarket business. Again, very, very strong part of the growth profile for the company. And then in Brazil, we have something called the Track and Trace products. And it really is for the commercial vehicle end market.

And helps fleets and owner operators do end to end tracking of their vehicle. And also offers a complete telematics. So the vehicle is findable, you know, via, you know, command center. And a lot of logistics companies, cargo haulers, security companies, fleet management, they all utilize this track and trace system that we have in Brazil. So look, we’re focusing on a lot of our current products, driving a lot of enthusiasm and expansion there.

And we’re also focused on further developing and furthering these products beyond where they stand today with things like cockpit of the future. I mean, think about in the electronic space, you’ve got screens, monitors from the MirrorEye system, you’ve got secondary displays, you’ve got body controllers, you’ve got telematics systems, you own a lot of electronics real estate in the cab of the Class A vehicle. In the future, when those things are perhaps combined, and you get to a situation where perhaps a one or two domain controllers controls all of that, we’re the player that has much of the real estate at this point and can really step in and drive that next step toward cockpit of the future. So nonetheless, future growth and profitable growth, margin expansion, that’s what comes from that kind of approach and thinking. So moving here on to MirrorEye system, this is a camera mirror system.

So it really is a very well awarded industry changing technology. It allows for the elimination of the giant side view mirrors that you see on a lot of these Class A over the road trucks. And, you know, by doing by removing those and replacing them with simple wings, right, a wing that’s aerodynamic and has the various camera elements built into it, you have a substantial improvement in drag of the vehicle, the reduction in aerodynamic drag that results in less carbon emissions through better fuel economy. Fuel economy improvement is about two to 3%, which in the fleet industry people really go for that. That’s a very significant number for them.

Now, in addition, and what perhaps doesn’t get talked about a lot is the safety element, right? There’s a complete elimination of many of the blind spots that you have with conventional mirrors. You think about the mirrors on the truck that you see there, sort of a split image mirror eye on the one side and conventional mirror on the other. When you turn the truck, the mirrors turn with the truck. So one mirror will give you a direct image of the side of the trailer, directly into the side of the trailer, the other mirror gives you an image out into whatever’s on the other side, some field somewhere.

Doesn’t really give you a good image of what’s at the wheel and that’s what’s important because that’s what will strike something. The MirrorEye system is far better than that. It gives you a much better ability to eliminate those blind spots, the cameras themselves have automatic panning. So they will electronically articulate if you will and allow for a constant view of that back wheel on both sides of the trailer. And again, just something you don’t have today.

And because of that, especially here in New York City, when you see a big truck coming down some of the roads, you’ll see the drivers literally hanging out the window, not looking forward, looking to see where that trailing wheel goes. And that is completely eliminated. That nonsense is completely eliminated. Are also expanding the capability, adding digital video recording and retrieval into these systems. And we’re also adding connected trailer capability where a number of sensors, cameras, temp sensors, air pressure sensors, door position sensors, are integrated in and all that information is transmitted into the cab where you can see that information as well.

And we’ll talk about that technology here in a moment. Nonetheless, this is a major long term growth driver for Stone Ridge and really it’s important for us and we’ve been very successful, very significant market share in this product. And to that end, let’s talk a little bit about market adoption. off, we are absolutely by a country mile, the leading provider for these MirrorEye systems. We started this product space really in the aftermarket, right?

We went to the North American fleets and brought them an aftermarket solution. And they really fell in love with the product and saw the benefits both in fuel economy and safety. And a lot of those voices from the North American fleet owners and drivers is what drove many of the OEMs to really sink their teeth deeply into this and make it an OEM product. Now, the OEM front, we’ve won four major programs and you can see them listed there on the left lower side of that slide. That encompasses eight brand names, as you might guess, some of these truck companies have multiple brands and we’ll talk about those.

And right now, we have won every single award in North American commercial vehicle market for camera mirror systems. Anyone who’s put an RFQ or request for quote out there for such a system, we’ve won that. So that’s 75% of the market, by the way, we’ve got all of them. And the last one that is yet to decide, we have recently partnered with them with aftermarket solutions. So working conjunctively with them, they are putting essentially the wiring harness into their vehicle upfront.

And then we can sell them a quick aftermarket system through their service parts organization, and they can equip their vehicles at the dealerships with this product. Not to say we wouldn’t pursue an OE solution where they would install at the factory, but for the moment, we’ve accelerated the process here by getting them a legitimate aftermarket solution as well. When we book these businesses, oftentimes we book them with an anticipated take rate, how many, what percentage of the vehicles built would have this premium system on it. And we estimated a fairly small number, right? 15% take rate is what we thought would be an appropriate conservative approach to understanding or estimating what kind of revenue we would get from this product.

As it turns out, the take rates have typically been much, much higher. Europe, for example, you know, our estimation for, you know, forward take rates are about 40% to 45%. And in many other platforms in Europe, we’re seeing a lot of the OEs now taking the product and making it standard equipment. And that’s obviously ramping up the volume that we see in Europe. In 2025, we expect about $120,000,000 of revenue on our just on our MirrorEye system overall, and 100,000,000 of that’s coming from the OE side.

The rest is coming, you know, in aftermarket, whether that be in bus or commercial vehicles or something else. We would expect by 2029, this to grow to 300,000,000 easily. And we think the total available market for this, for the customers that we booked, not the ones that are yet to be booked is a half a billion dollars. So there’s a significant opportunity here for growth going forward. Now, on the customers themselves, DAF in Europe, that’s our most mature program started in the fourth quarter of twenty twenty two.

Take rates there are currently about 40%. And they’ve made MirrorEye standard on a number of their long haul truck models. The Volvo program launched at the end of last year. That includes the Volvo truck brand in Europe, as well as the Renault truck brand in Europe. A little bit slower than expected ramp in the end of ’twenty four, but it’s come really screaming out of the gate here in 2025.

They’ve made a standard on their FH Aero, a new truck as a brand new model that they’ve put out there. And they’ve had absolutely tremendously strong customer feedback. If you go and look at the commercial vehicle press, you can see a lot of feedback on that truck. And oftentimes the leading commentary on it is camera mirror system or the MirrorEye system. I will talk about that and how much easier it is to drive, how much quicker drivers can be trained and how much fuel economy and safety improvement they’ve gotten from it.

If you’re at all on LinkedIn, these guys from Volvo are marketing is like really quite nice for us. And we expect again, those guys will get to 45 take rate. And as I said, they’re also launching in North America, Volvo is launching right now in North America. And both on their Volvo brand in North America as well as their Mack truck brand, both and they’re marketing that very strongly, very high on the idea of marketing this as strongly here in North America as they did. It’s also standard equipment, not sorry, it’s not standard equipment, but it’s available on their all new VNL.

So another brand new truck model from Volvo just being launched. They’re putting this product on there as an option. And then PACCAR North America, two nameplates there, Kenworth and Peterbilt, well known nameplates. They launched in mid-twenty three and mid-twenty four respectively. They’re slower to ramp up, to be honest.

And we’re working with that customer to help them a bit with marketing. They chose a different configuration of the camera mirror system that perhaps would result in a lesser take rate. But we’re also working with them on the opportunity for some different design options to help with that as well. And then lastly, you know, Truck North America. So the Freightliner brand is the absolute dominant over the road truck brand in this country and throughout North America.

This program is also just launching now. And this program is one of the ones that incorporate some of the more advanced features of MirrorEye, including features that are a bit more AI, pedestrian detection and object and vehicle detection are part of that system. And again, that’s just launching now both that company as well as Volvo North America. So that will ramp up just like the others did. And we have very high hopes, given how both of those companies have addressed the same type of product in Europe.

Initial customer feedback from the Daimler truck activity is also very strong. And so again, it fuels our hope even more so that the take rate will exceed expectations. There is, as I said, one more North American customer that we’re working with and we do hope to convert them from the aftermarket solution OE based solution. And we’re also working with several new customers in Europe to finish all of the different truck manufacturers in terms of who is actually applying such a system on their vehicle. Okay, so getting tight on time here a little bit, let me go through here to connected trailer.

I mentioned this earlier as an extended electronics program. And this is a suite of products that we’re talking about in this connected trailer. And, it really allows, and foremost for the driver to see right behind the trailer acts like a backup camera to the trailer. You may ask yourself, well, what’s the tough about that, you know, put a camera down there, run a wire, you have a connection system and be done with it. Well, that’s a way, but you have to run a whole harness on a bunch of old trailers sitting out there and it’s a difficult proposition.

We’ve engineered a system that allows for that camera signal to be superimposed or placed into the existing wiring. So there’s wiring back there for lights and perhaps some electronics for braking systems and so We’re able to put our signal from the camera onto those wires and deliver it through the existing connector. The connection system between a trailer and a Class A truck today has been the same connector for forty years, right? So we can now drive our signal through those wires through that connector into the cab, and then extract it off of those signal wires and display it appropriately for the driver. The special electronics and software box that we add that allows you to retrofit anything that’s out there.

And it goes beyond backup camera. There’s also side view cameras, there’s ultrasonic sensors on the side, there could be cameras inside that maintain a view of your cargo. There can be signals coming from air pressure or braking systems. Anything that has a sensor that has a signal that you want to know about in the cab can be placed into the system and then driven over the power or ground wires through the existing harness into the cab, no latency, no additional wiring. It’s a really great innovation.

We are currently testing the system with a number of fleets. And we’re working with them really to hone what features should be in here. So we’re launching it here softly with that kind of approach as we go through 2025, as it will grow fairly significantly here in 2020. Okay, so maybe last slide here. How’s all this working out for us, right?

All the agnostic approach and innovative technologies and both the powertrain and electronics and software kind of dual segment company, is it working, right? So if you listened into our earnings call here at the end of the first quarter, you can see we’ve got a couple of quarters in a row where things are starting to really look positive and we’re really starting to see the fruits of the labor that I talked about here from Liz. And look, we’re executing on our priorities very substantially. You know, we have, you know, all of these products that are launching or have launched, we have new products coming down the pike. We’re seeing strong growth in revenue, we’re seeing continued margin improvement, we are seeing an improvement in the balance sheet.

If you look at our overall first quarter numbers, we outperformed our underlying end markets in every single case. The MirrorEye was up 24 quarter over quarter. And we set sales records for both our MirrorEye product as well as that SMART II Tachograph product in Europe. So, you know, the technologies and the solutions that we’re bringing to market really are making quite a bit of a difference here. There’s been operating margin improvement across every single one of our segments.

We’ve had a gross margin improvement of two ten basis points as you see on the slide. We’ve had just an incredible focus on improving quality, that brought a two twenty basis points improvement as well. And we’ve had a lot of focus on structural cost reduction. And that’s all beginning to show in the overall performance. Cash performance, you know, also very strong, really led by our reduction in inventory.

Year over year, we had a $28,000,000 reduction in inventory, you know, very significant and, you know, that those kinds of things, you know, along with just driving, you know, overall operational excellence, you know, really has, you know, allowed us to drive, you know, improvements in the contribution margin and our cash performance. So look, we’re also quite confident, you know, relative to tariffs, if you’re being thinking about tariffs, are great majority of our products are USMCA compliant, but we’ve worked a lot of different methodologies here to maximize that, but also minimize, you know, what may happen in the future as some adjustments may happen to USMCA, you know, we are ready to take on that challenge as well. And we’ve also engaged our customers and they understand that, you know, if there are costs that we do see that, you know, they’ll be paid a visit by us. And we’ll be talking to them about, you know, the solution to that because we won’t bear the cost of that. In any event, you know, Stone Ridge is really well positioned, you know, to continue to outperform our underlying end markets based on, you know, all of the technology and the approach and our methodologies that I’ve talked about.

You know, we’ve got great margin expansion that we’ve had and we’ll continue to see that. And we really do feel we’re really generating a lot of long term shareholder. So with that, know, if there is a moment, know, perhaps we can.

Unidentified speaker: So MirrorEye seems like a great tool for drivers, but looking ahead with maybe the rise of autonomous vehicles, do you see that as a threat or perhaps an opportunity for further investment?

James Ziezelman, President, Stoneridge: Yeah, I actually think it’s an opportunity because if we get to autonomous vehicles and we can debate whether or not that’s five months, five years or ten or fifteen years, the sensors that we have on these systems, the camera system, adding of radar systems, adding of ultrasonics as part of our sensor suite. Those are the sensors, the perception sensors that are used in autonomy, right? And so we would expect that we would be part of a movement toward autonomy by I’ll say a bit converting the purpose of MirrorEye to something that becomes an input to an overarching software set that is the autonomous vehicle. So we think it’s an opportunity for us. And the more we establish ourselves now as a camera, ultrasonic, radar provider in this space, the more so we would be considered as part of our autonomous solution, when or if it happened.

Unidentified speaker: Makes sense? Yeah. Yes, great. Thank you.

James Ziezelman, President, Stoneridge: Thank you. Anything else? Okay, appreciate the time. Appreciate you guys inviting us. Thanks, Brian.

Thank you.

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