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Thank you and good afternoon everyone. My name's Adam Samuelson, Senior Vice President on the Aerospace and Defense Equity Research Team here at Jefferies. Thanks for everyone continuing to attend our annual Jefferies Industrials Conference here in New York. Today we're lucky enough to have Brad Williams, the CEO, and Blaine Bowers, the CFO from Cadre Homelings, joining us. So Brad has served as President and Chief Executive Officer of Cadre, joined in 2017 as the COO and was promoted to president in 2019. Previously had various leadership roles at IDEX, Dan Hearn, Ingersoll, and Rand. Blaine Bowers, the chief financial officer of Cadre since 2018. Before joining Cadre, he had progressively senior finance and IT leadership roles also at IDEx, as well as Bandit, IDEX Optics, and MicroPump, as well his previous roles at GE. So Brad, Blaine, thank you both for joining us today. Maybe just to start, for those who are newer to the story, just maybe to level set, can you write us a high-level overview of Cadre today across public safety, nuclear safety, and maybe just how the portfolio has evolved since the IPO? Yeah, absolutely. Thank you guys for joining us, for Those Here in the Room and are listening in. So, again, I'm Brad Williams. I'm with Cadre Holdings. I lead the company overall and excited to talk about who we are here for a couple minutes. So company, private companies, 60-plus years, okay, before going public. So a very long heritage in the public safety space is where we grew up with a bunch of leading brands. We went public in November 2021 through a traditional IPO-type process. And when we went public, we talked about diversifying in terms of an industrial-type company. No surprise, based on mine and Blaine's backgrounds and others within the company, being with IDEXX, Danaher, and Ingersoll Rand. So through that transition, we've done quite a few things. One, we have implemented our cadre operating model, which for those that know industrial-type companies, it's the mainstay of what happens within industrial companies. So that's one change since going public that we put in place, and we're doing extremely well with our operating model. The second piece has been our M&A story. So we've acquired seven companies since going public. Five of those companies have been within public safety to continue to build out our leading position within the public safety portfolio. And then two of those countries have been in the nuclear segment, which is our first diversification play since going in public in 2021. I'll spend just a couple of minutes on the main product categories within the company. we do focus on safety and survivability products so think of our products as being very critical to those professionals that use our products on a daily basis within public safety the big product categories are body armor that's things like hard armor and soft armor the second category is duty gear mainly the holster being the main product category there the third largest in terms of public safety is EOD so explosive ordnance disposal think of that as bomb suits that bomb technicians wear around the world and then the fourth category already mentioned which is a which is nuclear safety where we have products everything ranging from highly engineered containers to ventilation systems to alarms that are used in facilities that we need to make sure we're alerting folks if there's a nuclear type issue that's going on within those facilities so a wide range of products within the nuclear portfolio also so that's who we are in terms of what we were before going public what we've been doing since going public and then where we are today overall as a industrial type compounder that's that's a it's very helpful so just we can't think about kind of where we art today moving forward organic growth tracking at the high end of that three to five percent kind of framework in the second quarter maintained kind of a full year outlook as we think about where the businesses is trending in the second half of 26 and early 27 just help us think about kind of what are the biggest drivers that are going to sustain that organic growth range in that kind of mid-single digit level all right no appreciate the question so i think first thing when we think about the business you know we have a variety of products as brad kind of just walked through one important thing is don't think about us just as a quarter over quarter business right there's a portion of our of our business that is more project-based which creates some seasonality or some lumpiness you know quarter to quarter so that's one thing we talk a lot about so when we think about that three to five we think on an annual basis and that's i think the right view to have on it you know when we talk about kind of how do we sustain the three to fiv we start and kind of just split the business in two you know as brad talked about public safety and the nuclear side the public safety side we're supplying primarily equipment for officers or military personnel. You know, on the law enforcement side, it is very steady. We have data in the U.S. law enforcement markets goes back into the early 2000s. So it was a very consistent 3% growth in that budget, right? And that's through the financial crisis. I mean, I think that's the only year it dropped and it dropped, I Think, down to just less than 1%. So it's always been on an upward trajectory, very, very consistent. And that kind of three to five, that's what gives just a lot of faith in that baseline, you know, kind of 3% growth for the business. And that's holsters, you own body armor. When we think about kind of how that three to five that range, what really kind of is inflection point? Here's a couple things. There are some large projects, majority of our current businesses with state and local agencies. So there's federal agency opportunities. We recently won, you as a partner for the body armor for the FBI, right? That's a five-year contract, IDIQ. That is a significant win. Second piece I'd add on the EOD side that can inflect us up, and there's really two opportunities that have come to fruition lately. One is we have a blast sensor, which we're supplying to SOCOM, which measures concussive force that operators are exposed to. And that's a 50 million IDI Q award, with POs received over 18 million so far in the last nine months. So that's another kind of game changer for us. And then the third part when we think about that is, it's a recent contract. It's a product we've had for a number of years. It's blast attenuation seats. So these go in military vehicles, and they're designed to absorb some of the force of a military vehicle is exposed to explosive forces. And that was an $87 million seven-year contract with GDLS, General Dynamics European Land System. So that a really nice exposure some of that european spend that's been going on you know so those are on the public safety side those are some of the inflections we also had recently acquired tier tactical which is a global body armor company based in phoenix which is very focused internationally over half the revenue comes for international markets for canada and northern europe who are have great exposure into european militaries and they're seeing they've seen and continue to see very consistent growth there which we think will continue to drive that organic growth. On the nuclear safety side, you know, those markets, when we look at them, we think about them as a 4% to 6% grower. And this is really – and we're not kind of betting. This isn't a bet on AI or SMRs. We acquired our first nuclear asset in 2024, started our diligence in 2023. So we really view there's three sectors or three verticals within nuclear. You know, there's national security. So think the nuclear weapons side, there's environmental remediation, and then the third is commercial nuclear. And we look at that and say the first two are very, very steady. So there's a common problem for most Western countries that you have an aging weapons nuclear stockpile. So there is a congressional funding as well as a mandate to increase pit production in the United States, which we have products that are used in the production and storage of those materials. So very steady, very consistent. And environmental remediation, just in the U.S. alone, there's over $500 billion of nuclear waste that has to be disposed of. This is primarily cold-ware storage, weapons production facilities, where we have material in the ground. In many cases that we're unaware of what it is, we haven't determined what level of radioactivity it has and how do we dispose of it. So we provide non-destructive assays, so the ability to characterize the material. We provide containers for over-the-road storage as well as permanent storage. And then the third vertical, when we talk about commercial nuclear energy, we have a number of opportunities there. I think it's very exciting, the AI and the nuclear renaissance. Our view is probably still a little bit more conservative. There's certainly a lot of momentum. In the last nine months, we have seen really orders move from the sales funnel into POs being placed as people are starting to break ground on fuel enrichment. And our exposure there is robotic arms, those containment solutions. Brad mentioned the criticality accident alarm system. So a number of exposures. I think that nuclear side, there's a pretty steady kind of four to six. because of the concentration though you know when you think kind of year to year i think we're going to see years that are you know high singles low teens and we may see years that are kind of low singles just depending on how the projects line up because it's not a you know very wide customer base got it is there anything about the the funding side of that especially um how do you feel about clearly a lot of growth on the commercial nuclear side for kind of is a kind of bit of another nuclear renaissance so to speak but how do with the funding on especially on the remediation side which doesn't seem like it ever gets the funding people think it should get well i think i think no one would argue it gets all the funding that you get because i think if it had all thefunding right would be you know cleaning up the sites immediately but i'd say it's been very steady you know there is broad support regardless of administration to clean up these sites um there are some that are very sensitive where you have radioactive materials stored near rivers and water sources that have to be cleaned up so we look over the long period it's very sustained very healthy um but there's we just haven't seen any major cuts on that side that would concern us okay great um maybe going into um kind of talk about some of the acquisitions that you've done recently been notable tyr tactical um kind of alien alien gear both this year performed ahead of expectations maybe starting with two TYR, which is one of the bigger acquisitions the company's ever done. Help us think about how that fit within the portfolio, kind of the revenue product synergies, as well as some of the cost opportunities that might be unlocking. Yeah, absolutely. So starting with tier tactical, so there's a few reasons why we acquired tier, even though we've had body armor companies for many, many years and it's a long heritage that we've got body armor within the portfolio. So when you look at TIER's revenue, it's actually the opposite of Safariland Armors revenue. Okay, so what does that mean? What it means is TIER has, as Blaine already mentioned, a larger concentration of international, mainly Northern Europe, revenue of militaries there, or MODs within Europe. The second piece is they also have a large concentration of government agencies in the U.S. So, for example, like ICE or they had the FBI contract before Safariland won the recent contract. So they have that government presence. Okay. So mix of customer and geography was a big benefit to that acquisition. So that's one. The second reason we acquired them is their excellent abilities with hard armor. Okay? So Safarilan on the armor side of things sells hard armor, but it's a small part of what the company manufactures and innovates. The capabilities of hard armor within Safariland is very limited compared to a tier tactical. And in fact, new advanced raw materials, ballistic materials that we buy from various suppliers like Honeywell and Dyneema and others, those materials, to get the performance that we need out of them require a very, very, high pressing power. I won't get too technical there, but just think compressing power. And TIR has two large presses that we estimate there's only about four of these presses in the entire world. And they have two of them, you know, very large presses that compress the materials at the temperatures and the pressure and the heat and everything we need with redundant equipment to basically manufacture those next generation hard armor type products for the companies, either TIER or Safariland. So that's the second reason. The third reason is TIER has put a lot of focus into female body armor, and there's females within agencies in the U.S. about 15 to 20 percent of the population of law enforcement, and the same in some militaries around the world. So, that's really important because that female voice within law enforcement and military has increased significantly to making sure that the body armor that they wear is also comfortable for wearing the body armor 10, 12, 14 hours a day, depending on what their profession is. TEAR has done a lot of work in the female body armor side of things to the point that they have patents on female body armour, and then they also have done empirical testing on females doing athletic activities. This was done through a third party in a university where they've got test results showing that those activities are less strenuous wearing the body armor of tier with those designs versus other competitive designs. So we like the company for those three reasons. We think it's a great, phenomenal fit with a lot of synergies, both channel, product, cost, facility, footprint, you name it, across the board. There's almost any synergy that you can check the box. Now, those synergies don't happen overnight because you're talking about products that are saving lives. That is our mission. Together we save lives when you look at our portfolio of products today. So we do have to take care with testing requirements and making sure that we get recipes and products right before we release those things to the market. So we're taking a step at a time with the integration. We're done with all the functional integration activities, all your standard stuff, finance, accounting, legal, tax, treasury. you know we're right on track with that side of things and then the rest of it will come as we go along here that's that's helpful maybe staying in the in the body armor and kind of that police force uh kind of customer set um how do we think about and talk about how steady that overall kind of business was and some of the funding for different police budgets are um what what's happening with with hiring i mean are you seeing that kind of especially i think about online security, is that creating opportunities on the new opportunities and new demand vectors that you maybe hadn't seen for a number of years? I wouldn't say demand vectors we haven't seen for a member of years. The other thing we love about our business are what we call replacement cycles for these products. So in the U.S., body armor is about every five years based on the warranty of the product. In the U."S. is about five years. And so when you hit the five-year point, you get resized because you may have been at Dunkin' Donuts maybe a little too much, right? And your body shape and type changes. It just happens to all of us as we get older, typically. So you'll get resised. You'll get new body armor, okay? So we love the replacement cycle from that perspective on body armor. And then when you look at the duty gear side of things or the holster, because that's the majority of the revenue in that category, it's every five to seven years. and that's a different reason there's a replacement there's actually a few reasons one is wear and tear doesn't happen a whole lot but it can happen that doesn't drive most of the revenue it's a very small portion of the revenue the second one is when accessories are added to weapons so if you add a light to a weapon which is a big trend that's been going on around the world or you add red dot sight which is to there for those that may not know it's there to help you shoot more accurately depends on who you are right in terms of shooting and how accurate you can shoot, but it does help some people. So when you add those two things to a weapon, it significantly changes the dimension of that weapon. If you think about it, that becomes part of the weapon, either under the barrel for the light or on top of the barrel, for the optics, you need a new holster. Okay. Because these holsters are not, you know, your old leather. Well, we do have leather, but that's kind of a smaller part of business, but they're not holsters that doesn't retain the weapon. It actually locks the weapon in place. That's why we consider it a life-saving critical device for law enforcement or military. In fact, if I had one on right now and I said, hey, sir, come up and try to take the weapon from the holster, you would not get the weapon out of the holester. In effect, not our last save that we just received today, but the save right before that, because we have a prestigious saves club where folks that are using or wearing our products and their lives are saved, they go into this club. And we had a duty gear saved, and the officer sent us pictures of his holster. He had gotten to a fight with a perpetrator that was trying to take his weapon. And what do you think would happen if that weapon was taken? The officer would either be shot or killed or one of us as an innocent bystander. So don't take for granted that these products aren't life-saving devices. They truly are. So the replacement cycles are extremely important to our business. Typically, agencies, so now I'm going to come back around to your question real quick. Agencies follow those replacement cycles pretty well, okay? So even if we launch a new product, it's not to trip that replacement cycle typically and make it pull in. It just doesn't happen, no matter how great that product is. I didn't mention it, but our share of holsters in the U.S. is greater than 85%. In law enforcement, we have most of the U。S. military. Our bomb suits around the world, we've got about 90% share, so we're the leader in bomb suits. So we launch new products to help us maintain and protect share. We don't launch those products typically that will help pull in that replacement cycle. So some of these additions that you've seen, we did see some revenue in Q4 of last year and a little bit at the beginning of this year related to ICE headcount increases that you had mentioned using your example. And when that happens, when there's more feet on the street, that adds more of our products. OK, because it's like one for one. All right. These products typically are not in inventory at an agency. And in fact, body armor is a fitted product to your body shape and type. So in law enforcement, it's not small, medium, large, extra large. It's typically fitted to you because you want to have maximum protection for your safety. Holsters is specific, and those are usually also bought whenever you add another officer. So we haven't seen, other than when large increases happen, like happened with ICE, we don't see premature replacement cycle increases along these categories. Okay. That's very helpful. So kind of thinking about the growth where there is new products driving or new applications driving kind of incremental demand and you alluded to the contracts you won with SOCOM for blast sensors. You talked about the blast seats with General Dynamics. Help us think what the opportunity set that those could potentially unlock as kind of key proofs of concept for different military applications. So let's talk about sensors. And people are getting, and that's partly potentially our fault, but there's sensors and there's seats. Let's take the word blast out because people kind of confuse those for a minute. So let'S talk sensors for a moment. So, as I mentioned, we are the leader in EOD, Explosive Ordnance Disposal, bomb suits in the world. Most any military or law enforcement agency that has an EOD team, they're wearing our Med-Eng. M-E-D-E N-G is the brand name, just like Safariland is well known for holsters and body armor. So, when you look at sensors, we've been doing sensors for many, many years within the bomb suit category. So we got involved in a paid R&D program with SOCOM to take our sensor technology and their specification and design a sensor that can be mounted on field soldiers. Now you might ask, well, why? They've got all kinds of stuff they're wearing on their body. Why do they want to wear something else? Well, it's to help them. Traumatic brain injuries, TBI, is a big problem for our folks in the military. I don't know if we have any veterans in the audience. If you are, raise your hand. if you don't mind. Okay. No veterans here, but if we got any veterans out there, thank you for your service because that's what we live every day, which is to try to help our folks in the military or in public safety. Okay? So TBI is a big problem. So these sensors are placed on field soldiers. All right. And so far, not only did we do the R&D program with SOCOM, but we won, I think we had mentioned already, a $50 million IDIQ with SOCom, you know, to supply these blast sensors that we finish the R&D work on. So what does that blast sensor do? Well, it does a couple things. One, I'll simplify it, but if you're doing field training and you're around a lot of blast exposure, the sensors will tell you you've maxed out on your blast exposure. So think of it like you're playing a football game, and I'm talking American football, and there's a concussion on the field, okay? What happens? There's rules against that. You're in the game or you're out of the game. So think of the sensor saying, Blaine's been exposed to too much blast. He's out of the gang. Go sit down. Okay. So we're trying to help those folks that are in the military that are out there protecting us to make sure that we can help them from a TBI perspective. Okay, so that's one. The second thing that happens is the data that our sensors collect, there's a significant amount of data. That data is pinned to you and your medical history. Okay? So that clinicians and folks can then determine, you know, is there something going on that we need to try to help with new products and things like that that can help more protect these folks. So how big is the opportunity? It's large. We sized it when we were going public in 2021 at about $500 million if every field soldier gets a blast sensor. Okay, that's the extreme. That's the high end. Will that happen? Probably not every field solider out there, but we do think over time we'll see an adoption of blast sensors for soldiers as we go forward. In fact, we have, and we haven't disclosed them, but we've got, I think we're up to seven countries now that have requested our blast sensor. We ship the blast sensor to them and they're doing testing on the blast sensor. I think the biggest question that's out there will be, well, every country and every branch of the U.S. military at some point when they do decide, or if they decide to move in this direction, will they want the blast center that we currently have done the R&D work on for SOCOM, or they want their own flavor. Okay. And if they want their own favor, what we've experienced, it takes a while to get that to the point that you actually have a product that you can then hand over and sell to them. So that's where that one's at. From a blast, I said I wouldn't say the word from a seats perspective. That is a product, not a new product for us. It's a product we've had for many, many years, we ship seats on a monthly basis. Okay, it's just the programs have been much smaller okay so we're applying seats to um you know oems around the world that are going in um vehicles uh this program happens to be very large as blaine mentioned it's 86 87 million dollars over a seven-year period it's going to general dynamic european lands uh systems and the end customer is the uh the german military so what we're seeing there is we're saying that that increase in defense spending um at various countries we're singing it um we also won the German military, German MOD holster contract through our Italian holster company that we acquired in 2022, a company called Radar Holster in Italy. And they did a phenomenal job and they won that one, for example. We're seeing through our crowd control business, we're seeing growth in South America. We've also got some significant body armor opportunities that we're seen in South america also so um you know that that influx of focus let's call it in in the defense spending um we've seen it help us um at times you know we're not the folks that are playing offense we're the folks with defensive survivability type products that you know are also important to what's going on out there but there is that replacement cycle that typically happens um once these products are acquired that's that's very helpful maybe pivoting a little bit and we think about kind of how that growth is starting to translate into the bottom line. Kind of second quarter, strong margins, EBITDA margins a little over 20%. Maybe that was a timing and volume leverage and mix and kind of a lot of favorable is kind of all kind of uniting as one, but the company does have longer-term aspirations for kind of mid-20% adjusted EBITTA margins. How do we think about bridging to that from where the company's running today in that high teens, 20s percent range? Yeah. So absolutely, we believe the company and the products has the ability to be in the mid-20s. And that's organically, just to be clear, that's not buying our way there with new assets, just the core products we have today. And we really boil it down to a couple of things. One is a focus around price. So we target getting 1% price net of material inflation, something we've hit every quarter since we've IPO'd in prior. But to give you a little bit more of a flavor, we don't see like large material inflation, like a big material inflation for us, even during COVID would have been less than 1% of revenue. So our pricing doesn't need to be 5, 6, right? That price to get that 1% is a point and a quarter, point and half, maybe, you know, 1.75. So I think that's the first pillar. You know, second pillar is really productivity, right, so kind of the idea of continuous improvement, Kaizen. And we have the cadre operating model, which has many, many tools underneath which we can leverage. But if you think about it fundamentally, every plan, every business has a 12-month rolling productivity funnel where they're focused on how do we do things a little bit better? How do we make life a little Bit easier? And that's there to combat inflation, labor inflation, as well as overhead inflation, and also add to the bottom line. And the third piece is really operating leverage. You know, a lot of the markets, you know, Brad and I've talked through are mature markets, right? We're not growing at 10%, 20%. We don't need to field a brand-new sales force or spend, you Know, 10s and 20s, 10 or $20 million in R&D. So there's this operating leverage because we have that footprint out in the market. So when you add those three together, you can take a 3% to 5% grower and get, you KNOW, 10% bottom line. I won't say easy. It's a lot OF hard work, but, YOU KNOW, all the tools are there. And, you know, kind of go back and just make a point of emphasis on the operating model. You know, I talked about it really when I was talking productivity, but the operating model really kind of bridges across, right? Those tools are applicable in price, whether it's power pricing, leveraging 80-20, and how you view your customers, how you price, MOQs, through productivity and operating leverage, right? The idea of a, you Know, empty chair Kaizen, right. So when someone leaves, you don't immediately kind of GoToFill, right, you ask first, like, what responsibilities are there? What were they doing? What do we still need? Right. Because a lot of times in companies, things just kind of carry on without adding value. So, you know, a lot OF the company and core focus is really just on how do we get a little bit better broadly across. And that's not again, not just on the manufacturing floor that extends to to the back office, out to our customers. No, that's that's very helpful. Maybe just before we kind of before we start to wrap up, but I want to make sure we touch on kind of the M&A piece because M&As and organic growth has been an important part of the story, pre- and post-IPO. Just remind us kind of where we are on DriveHatter. What does the funnel look like as you think about the opportunity set across public safety and nuclear? And how do we think about what are the non-negotiables in M&E for you guys? Because you guys have done a range of businesses, profitability-wise, size-wise kind of geographics. It's interesting. We've done a lot of different types of deals. Yeah, absolutely. So I think, you know, first, maybe before we dive in to some of the details, just kind of overlay, you have the M&A is a core part of who we are as a company. And, you Know, with that three to 5% top line, and we're very low capex, less than 2% of revenue, we generate a lot Of free cash. So we view a lot OF the businesses generating cash. And the current focus is really, as you mentioned, on M&a, you We ended Q2 at two and a half times levered uh net leverage so we've we've always said three and a half is our upper limit so that leaves us with about 120 million dollars of dry powder um kind of adjacent to that you know equity is always an option right depending on where the stock is trading actually tier tactical which we closed in january was the first acquisition we leveraged equity but that's something we're thoughtful and prudent on right certainly stock price will will depend so today we'd look at it and say about $120 million of dry powder. When we think about M&A, you can ask what's really important to us. A couple of things are equally important. One is that free cash flow generation. We're not interested. We've looked at numbers of businesses that are really attractive, have nice end markets, but are not generating cash flow. So it's that low CapEx model generating cash flow is really really important to us the second piece is those macro tailwinds so we're not looking for you know i know we have the nuclear and we talked about this nuclear renaissance and ai but keep in mind we we made that foray into nuclear well before that was there that's not what attracted us to the market so we'RE looking for steady tailwindS over the long run right so for us that four to six and nuclear without the nuclear renoissance is what really makes it you attractive. That recurring profile is important. And then kind of the last piece that's really important to us is not being a major component to our suppliers or to our customers, right? So we don't want to be the large component. When we think about price, one of the advantages, if you're a small percentage of the overall finished product for your customer, you have that ability to price. And think about that dynamically, not as a widget that goes into a bigger widget but think about a law enforcement officer right you're talking about you know holster 102 holster when you think about what they're wearing overall right between body armor radios guns all the equipment so we like to stay at kind of that low component cost that allows us to have some freedom on price and that's not to be greedy on price we're very thoughtful on that on that approach right we to keep the margins and the shares we have you have to be you can't be you can't overdo that price piece. So that's the final piece that's really important to us. Let me add one thing to that really quick is the safety part of the products is critical and the engineered side of things. So Blaine's referencing the invoice value versus the total, but when you look at the products that we have, we want them to be really sticky. We want you to think twice about going from one body armor supplier to another one right, because you're concerned about potentially their product exposing you to danger, for example, or going from one holster to another holster. Or like one of our customers, we unfortunately lost a bomb suit. We don't lose very many because of the share I talked about earlier, but we lost a bomb suit opportunity. And when the technicians go out and they actually go on a real call, guess whose bomb suits they use, ours, and then guess whose bombsuits they use for training. competitors all right and that shows you that somebody in procurement got involved and helped that decision along based on on something that was out of the technicians control so they trust our equipment all right and that's extremely important to us back to that mission of saving lives so highly engineered products super sticky super critical we don't want you to leave those products we want you think twice about that great we're almost out of time so maybe just as a final closing question just to wrap up if we're sitting here five years from now, kind of what do you hope investors recognize in five years that today is the most underappreciated part of the Cadre story? I would say in general that people would probably underestimate the amount of runway that our operating model has for the business. That's one thing we get quite a few questions about. It's, you know, well, what does a nuclear business have to do with a body armor business or a public safety company that you own? I don't see any similarities. You can't collapse the channels down. You can't share the sales force. You know, in terms of manufacturing, you're doing cut and sew over here typically in a lot of cases in body armor and bomb suits and injection molding and holsters and leather work and things like that. But then you're cutting metal and you're machining over here on the nuclear side. The one common thread is our operating model and if i can't stress that enough if you grew up in industrial companies like we have and a bunch of others on our team and you drink that kool-aid you really begin to understand what operating models do for a company in terms of those long-term synergies no matter if it's on the shop floor where you're manufacturing products or what i call carpet land um where you're out in a cubicle or in an office and you're manufacturing something else okay um those synergies go across both and it applies no matter what the business is and i have um have a feeling as you fast forward five years that'd be the one that i want to continue to stress for folks great well on that i think we're gonna be just about out of time brad lane thank you so much for the time thank you appreciate it