Good morning, and welcome to Entegris Fourth Quarter Earnings and Analyst Update Webcast. Last night, we released our fourth quarter earnings and we posted the earnings slides and earnings prepared remarks on the IR site. We will not be presenting the prepared remarks for Q4 live in today's session. So please refer to those online, if you already have it. In today's session, we will present a brief analyst update presentation. And then we will take Q&A on both the presentation and Q4 earnings. We expect the webcast today will be approximately an hour and 15 minutes, including the Q&A. Some webcast related housekeeping items, if you're experiencing any technical problems, please click on the little I on the left-hand bar of the screen to troubleshoot or chat with tech support. You can minimize or enlarge your slide window at any time by clicking on the top-right corner of the box. The slides will advance automatically throughout the webcast. The Q&A session will be at the end-of-the presentation. Please submit your questions in the Q&A box located in the bottom-left corner of the screen. You can also email questions to Beth and me directly. In the resource box, you will find a copy of today's presentation slides and a few other items of interest. One other item of note in the appendix of today's presentation, we have included for your reference, consolidated results and divisional results for 2023 that exclude last year's divestitures and the PIM business for the full-year and by quarter. The speakers today are Bertrand Loy, President and CEO; and Linda LaGorga, our CFO. Before we begin, I would like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties and actual results could differ materially from those projected in the forward-looking statements. Additional information regarding those risks and uncertainties is contained in our most recent annual report and subsequent quarterly reports that we have filed with the SEC. Please refer to the information on the disclaimer slide in the presentation. On this call, we will also refer to non-GAAP financial measures as defined by the SEC and Regulation G. You can find reconciliation tables in the presentation, which is posted on our IR page of our website. With that, I'll hand over to Bertrand.

Good morning, and thank you for joining us. Today's analyst update will be brief. The main purpose is to provide you with a refreshed financial model, focused on our core business and excluding all completed and planned divestitures. Before I move on to the update, a quick recap of our results we posted last night. We are very pleased with the quality of our execution in 2023. Our unit-driven model displayed resilience during the current industry downturn. And we closed 2023 with strong fourth quarter sales and EPS results, both above our guidance. For the year, we outperformed the market by 6 points, driven in large part by our strong position at the leading-edge technology nodes and the backlog we had entering the year. In addition, we divested three non-core businesses and used the proceeds and free-cash flow to pay-off $1.3 billion of debt. In terms of our guidance for 2024, we believe we have taken a prudent view of the industry in the short-term while being fully prepared for what we believe is likely to be a significant snapback in the market. On to the agenda for the briefing today. I will talk about Entegris' business model. our sales growth algorithm, and provide an overview of our three divisions. Linda will cover our capital structure, capital allocation priorities, our updated target model, and our updated three-year financial targets. Then we will take questions on both the analyst update presentation and our fourth quarter earnings. Here is what I would like to impress upon you today. Entegris' unit-driven business model is unique, highly differentiated and has strong competitive moats. While 2023 was a challenging year, we remain as optimistic as ever about the long-term growth prospects for the semiconductor industry. The industry is entering a period of unprecedented technology change…

Thank you, Bertrand, and good morning. Today, I plan to cover a few key topics. First, I will focus on our debt structure and our capital allocation priorities, then I will turn to the forward-looking financial opportunity for Entegris. The punch line of this slide is that our debt structure is rock-solid. We ended 2023 with a total debt of $4.7 billion after paying down $1.3 billion last year, a tremendous accomplishment. Debt pay-down into 2023 was driven by proceeds from the divestitures of QED and Electronic Chemicals, the business we sold to Element Solutions and free-cash-flow. The blended interest rate on the portfolio is a very attractive 5.1%. Our debt is comprised of both fixed-rate notes and what remains as the term-loan after last year's pay-down. While the term-loan is technically variable, we have hedged almost the entire $1.4 billion. So, we currently have close to 0% variable-rate debt. Other important points to note. We have no maturities until 2028 and no maintenance covenants on the debt. So again, our current debt is well-structured and derisked. Looking at our capital allocation priorities going forward, our clear near-term priority is to further reduce our debt with a focus on the term loan. We expect gross leverage to be below 4 times by the end of 2024 and net leverage to be below 3.5 times. Debt paydown is a powerful contributor to our earnings. Each $100 million of debt pay-down equals approximately $0.04 of EPS. The focus on debt pay-down will continue to be balanced with making critical investments in our future. As Bertrand mentioned earlier, we plan to invest approximately 9% of revenue in R&D and approximately 10% of revenue in capital expenditures. Also to maximize our debt repayment, we will drive further working capital improvements and continue what we…

Thank you, Linda. [Operator Instructions] So we will move on to the first question. This is a question that came in different forms from different people. So, Bertrand, talk about the drivers of the Q4 results above guidance and then the 6 points of outperformance for 2023. What are the drivers?

Obviously, we were very pleased with the way we finished 2023. All three divisions performed very well. MC and AMH were in-line or slightly above forecast in Q4. And MS had a very strong finish. Remember that the MS division has the most exposure to memory, which was a headwind, was earlier in the year. But of course, converted into a tailwind as the memory segment started to recover late 2023. Another factor impacting the MS performance in Q4 was the existence of some pull-ins, customer pull-in, customers trying to get will take advantage of rebates available to them during calendar 2023. But overall very strong finish to what was a very good year for Entegris. To put that in context, remember that we were very busy in 2023. We completed the acquisition of CMC Materials, leading a very aggressive integration project, completing this integration within 13 months post-close. As part of this integration, we successfully divested three large businesses generating $1.3 billion of proceeds into process, which we applied to our debt as we had promised to do. We also managed very effectively the slow industry environment, while maintaining strong investments into our future. As you saw, we increased R&D spending in 2023, we largely completed the KSP investment in Taiwan, and we initiated a new investment in Colorado. And as you know, all of those significant projects can be the source of a lot of distraction, a lot of de-focus in the organization, and that was not the case. We outperformed the industry by 6 points. We also delivered very healthy levels of EBITDA in 2023 and 27%, which is in-line with our commitments. So, we are exiting 2023 with a very strong platform that obviously we expect to build upon as we presented today. So it bodes well for 2024 and for the years to come.

Okay. So Chris Kapsch from Loop has little bit of a double-down on that question. So looking at the MC performance, MC performed really well last year in a down-market. What are the what are the drivers of that? Is it leading-edge, is it mainstream, what are the major drivers of that?

Right. So, thank you for asking that follow-on question. I mean obviously if the MS division was the star of our Q4 results, the star of the full-year 2023 was our MC division. MC benefited from a strong backlog, getting into 2023, but that's really not the full story. The demand for products and solutions continue to be very strong through the year and I want to maybe highlight a few of them. Our gas purification system, for example, continues to perform at very elevated level. As a matter of fact, our Q4 revenue for gas purification systems was at a record level. And that is a function of steady fab construction activity and the fact that those systems become mostly industry standards now for several years. The other part of the Microcontamination division that went -- that performed really strongly in 2023 was the liquid filtration platform. You heard me. The quest for materials purity is unabated in this industry. Our customers are really trying to chase higher yields and long-term reliability of their devices. And to do that they need to continue to increase the purity requirements chasing ever smaller contaminants and making the permissible concentration levels more stringent. So these forces were at-work in 2023. And that's the reason why MC essentially outperformed the industry by close to 16 points, so a massive outperformance level in 2023. And that's a trend that we expect to continue going forward. And that's actually the basis for the level of outperformance we expect to see for the next two to three years, an outperforming level of five to seven points as I presented earlier.

Okay, next question from Toshiya from Goldman. So if you can -- if you can break down the 4% industry growth for 2024 MSI versus CapEx end-markets.

So remember that 2024 will be a recovery year for the industry. And by that I mean that different segments of the industry will be recovering at different times and at different rates. The recovery will be led by advanced logic and DRAM, 3D NAND is expected to stay relatively muted especially early in the year. And of course mainstream fabs have just entered the downturn just a few months ago. And we expect fairly significant wafer start reductions and utilization rates compression, especially in the first quarter of this year. So that's the lay of the land. And that's what we took into account when quantifying our expectations for the industry. So we expect MSI, in that context, to be up about 5%. And here again, I'm talking about 2024 compared to 2023. And we expect the industry CapEx to be essentially flat. And here again, remember that I'm talking about the total industry CapEx, not just WFE. So if you blend those two numbers, you get to that 4% industry growth in 2024.

And then I'll ask a follow-up from Atif from Citi which would be okay, that's the market growth and then we talked about our level of outperformance for 2024. What are the what are the drivers of that outperformance in 2024.

Well, the drivers are essentially the drivers we called out in the presentation, right? We expect to continue to benefit from greater Entegris content per wafer. We expect some node transitions in 3D NAND in particular in 2024. And we also expect a number of advanced logic manufacturers to start getting ready for significant node transitions late in the year and preparing for 2025. So all of that will contribute to that four to five points of outperformance in 2024.

Next question. John Roberts, Mizuho. So, AMH revenue margin decline in Q4. Can you maybe provide some color around the drivers of that and then maybe put into context how the AMH performance last year.

Maybe I can start with the performance, Linda, and then you can add-on the margin. So if you think about AMH, as we have mentioned multiple times, AMH had actually a very significant backlog entering 2024. And that really help them sustained elevated revenue levels in the first-half of the year. That backlog disappeared in Q3 of 2023, and that's really the impact that you're seeing in Q4 of 2023. Going-forward, we would expect AMH to steadily recover through the year in 2024.

And regarding margins for AMH in Q4, a couple of drivers I'd call out. First, there was some volume deleveraging based on the revenue. And secondly, some onetime impacts including a rebalancing between our divisions of the variable compensation. So as Bertrand said very much expecting a recovering of those margins as we go into Q1 and the rest of 2024.

Okay. This will be a combined question. So Chris Kapsch from Loop and David Silver. So first on the Chris Kapsch, item number one is, Bertrand, can you talk a little bit about the progress of the sales synergies from CMC. And then David Silver asked a little bit about some examples from the products that we got from that acquisition and how are those doing in the end-to-end solution.

Okay. So, we're very pleased with the way the combination with CMC Materials is shaping out. I talked about a few different metrics, but more importantly, the way the two teams have come together is extremely gratifying. And I'm also very, very pleased with the quality of the customer engagements that we've seen in the last 18 months. So all of that contributed to actively seeking new opportunities, different ways to combine and co-optimize solutions across our various platforms, ways to optimize our post-CMP cleaning chemistries based on the better understanding of the slurry blend and mix, ways of optimizing our slurry filtration platform based on the better understanding of the slurry. So all of that has been taking place as you would expect. You should know that as a matter of fact, we had a compensable goals last year looking at the opportunity pipeline and the funnel. And you should know that actually we not only met that particular objective, but we far exceeded that objective. And that is what is giving us confidence when we talk about the potential of the MS platform going-forward. And this is why actually, we are committed to outperforming the market by four to six points in MS for the years to come.

Okay, next question for Linda. So Mike Harrison from Seaport. EBITDA margins, 26% in Q4. How do you see the cadence of EBITDA margins as we go into Q1 and then throughout next year. And what are the drivers?

So, as we go into next year, as we said the guidance for EBITDA margin is approximately 29%. In Q1, the guidance is approximately 27%. Bertrand mentioned, we're expecting a gradual recovery throughout the year. So you'll see a gradual uptick also in our EBITDA margins. As we as we look at the drivers, first, there is some volume leverage as an aspect of a driver. There is mix. We always are and will remain very focused on productivity, helping with our margins across-the-board. And one other item I will mentioned is, last year, I talked a bit about the impact of our inventory reductions on margins. This year, we're absolutely still focused on working capital. But that impact as we continue to reduce inventory will not be as great as it was. Now, all that are the positives. We will still have headwinds in 2024 from the ramp of KSP. I mentioned in the comments that in 2023, those headwinds were approximately 70 basis points. You should think of those headwinds in 2024 is about the same to slightly more. Now what will happen in 2024 with KSP is the impact will be heavier in the first half and then will start to alleviate that in the second half. Pulling this altogether, we're going to continue to balance between investment and cost. And as we talked about, we're going to manage to that 40% EBITDA flow through. So, that gives you the context of how I see 2024 EBITDA margins coming together.

Okay. Another question for you, Linda, from Bhavesh from BMO is can you update us, we've obviously presented some information in the presentation, how are you looking at leverage going forward?

Yes. So I mentioned in the presentation that by the end of 2024, we expect gross leverage to be less than 4 times and we expect our net leverage to be less than 3.5 times. As we continue to go forward beyond 2024, we will continue to focus on deleveraging. But we will also retain some optionality. The great news is, as I talked about in the presentation is we have a rock solid capital structure. And so, as we move forward, we want to balance between the deleveraging and some of the optionality will have going forward. The most important thing is we will continue as we've demonstrated to be prudent in our capital allocation strategies.

Bertrand, this comes from Aleksey from KeyBanc. Guided a 9% R&D as a percentage of sales. Is this -- why is it -- why is this critical and is this part of -- is this a driver for the outperformance, maybe just put some color around that.

Yes, multiple different ways to actually think about that number and why the number has been growing over time. And the first one is the complexity of the challenges our customers are inviting us to collaborate on is, as I mentioned, growing. You should also know that because of that we are invited to collaborate with our customers earlier in their technology process development cycle. So all of that contributes to that greater spend. And then there's just the number of new opportunities ahead of us. The fact that we expect to Entegris content per wafer to continue to grow is just indicative of the fact that our customers see the value that Entegris can provide, see the value of that end-to-end solution capability that we are marketing. They understand that it's going to be key to not only device performance, but also time to yield, and ultimately time to node transition, all of which are extremely important for our customers. But to do that and to really realize the opportunities ahead of us, we have to be willing to invest in R&D. And that's something that we did in the current downturn in 2023. And that's the level of investment that we are committed to maintaining an increase for the years to come.

Okay. Charles Shi. Can you talk about the market and revenue progression as we go through 2024. And then I'll add a little flavor on that. And he asks about, okay, so we talked about MSI and CapEx for this year. How do you see that kind of going-forward as well.

Yes. So, first, let's start with the first-quarter, right. I mean, we are guiding sequentially down 4%, which is in line with normal seasonal cycles. And again, a reflection of the fact that many of our customers in advanced logic and of course in mainstream logic have indicated a sequential compression in fab utilization. From thereon we expect actually a steady sequential increase in revenue as again, we expect growth in advanced logic. We expect further recovery in-memory. And we expect also, you know, more stable conditions at some point in the year from our mainstream customers.

Excellent. Question from Aleksey on Taiwan, the facility there. The volumes ramping in the second half. What does that mean for the first half and where are we at with the facility.

Maybe I can take the first part. Linda. If you want, maybe elaborate a little bit on the margin impact. But let me just say that we are very pleased with the progress we have made in the construction phase of our KSP investment. Today, we have about 200 employees on site. Our internal qualifications are progressing rapidly and progressing well. And in a few cases, customer qualifications have already started. So, we expect revenue to be generated out of that facility in the second half of the year. I mean, we are already taking some orders, customer orders, but they are actually very small right now. We would expect the level of revenue from the KSP facility to reach somewhere between $40 million to $50 million for the year in 2024.

Right. So taking that to the margin side. Think about it across four quarters, in the first couple of quarters, we have cost. And then as Bertrand said, the revenues will start ramping up. That will start to offset some of that cost. So we still have a headwind from KSP in 2024, but we're starting to alleviate that as we progress through 2024, and that will continue into 2025.

And then will ask a similar question. You talked a little bit about this Linda already, from Toshiya. You talked about EBITDA drivers and trends. So how would you position gross margin trends improvement opportunities going forward.

Well, a lot of the trends that improve EBITDA I mention -- that I mentioned really are around the gross margin aspect. So I mentioned, for example, productivity. A lot of that productivity will come around gross margin. In addition, some of the volume ramps really impact the gross margin. Now volume ramps also when it comes to EBITDA give us sales SG&A leverage. So it's both. But as we grow and that volume ramps, we will get more plant utilization. So, those are some of the big drivers that come to my mind as we think about that evolution of gross margin throughout 2024.

Bertrand from Aleksey here from KeyBanc. And what's -- how would you qualify the opportunity in gate all-around?

So during the presentation we highlighted a number of new opportunities. Gate all-around being one of them. And this is just another flavor of those 3D architectures that we expect to proliferate in the industry in the years to come. So, specifically around the gate all-around, we expect to see opportunities around new precursor materials, slurries and other polishing solutions as well as etching chemistries and solutions for ion implant as well. So we believe that we are in the very early innings of the adoption of that particular architecture. And as you saw on the analysis in terms of wafer content, we expect that to be a big driver for the increase. We expect to see from 5 nanometer all the way to 1.4 nanometer in advanced logic.

A little bit of a follow-up there in terms of applications. Silicon carbide, slurries and pads, what's obviously for us silicon carbide did really well this year. Slurries any updates, any color you can provide there.

Yes. So this is a great area of focus for the company. We mentioned that today, it is still a fairly small part of our business. Think about revenue levels in the $40 million to $50 million range on an annual basis. But that business did double from 2022 to 2023, and we expect that business to continue to do extremely well. And here I'm talking really about slurries. But remember that there are a lot of other opportunities for us around power electronics. So beyond slurries, we have great opportunity for the bad solutions that really work hand-in-glove with the slurries that we are providing our customers in Power Electronics. There are also great opportunities in terms of gas purification systems and in terms of post-CMP clean. So, I think this is a market segment that is emerging, that is growing very fast, and an area where we are very focused.

Okay, next question, Linda, Tim Arcuri from UBS. How would you compare the three year target from September 2022 to the one we provided today, EPS target. How do you compare those on a like-for-like basis?

Absolutely. Good question. So our current three year target, if you look out to 2026, we do have less revenue. It's driven by two key factors. Number one, divestitures. So as we said, we had the 2023 divestitures which we all know about. Also, we exclude PIM as we look at this three year target model. Secondly, the 2023 downturn has been longer than expected. So that does impact the long-term revenue number. Now, on the good news front, our divestiture program has been ahead of schedule. That's really important here. So, got the divestitures done faster, paid down debt faster, and have a lower interest rate as a result of that. So that's really critical as we think about where we are when we look at 2026. There's a couple other key positives. The tax rate is a bit lower and the divestitures give us a bit of EBITDA accretion. So you factor that all-in and you look at 2026 and the three year target, and the punch line is, at the same revenue levels, we are delivering more EPS. So it's a very good outcome when we look at this three year target model.

Okay. Bertrand, so David Silver has a question about, you know, with these -- we addressed this in the presentation a little bit. But with these more complicated technology road maps, how is our interactions with our customers changing in the leading edge and what do we need to do more with them?

So, first of all, with the technology road maps becoming more challenging with our customers in fact trying to accelerate the transition to new process technology, opportunity is really abound for Entegris. So, the level of engagement has increased as they see Entegris as a very unique partner, and frankly, in many cases an indispensable partner for them to achieve new levels of device performance, acceptable yields, and again compress time to solution. So as I've mentioned, we are investing more in R&D. We are more specifically investing a lot in locked in regional tech centers. We already have a very significant investment in Taiwan. We announced late 2023 a similar investment in Korea in order to again engage more effectively locally with all of the technology leaders in this space. Those local investments in tech centers are in fact a great differentiator. Very few, if any of our competitors really provide those capabilities and those options for our customers. And I think it really reinforces the quality of the customer interaction. It also speeds up the cycles of learning both for our customers as well as us for Entegris. So, we are very focused on continuing to improve the quality of this very symbiotic relation that we have developed with our customers for many years now.

Okay, so this is probably for Linda. So Bhavesh from BMO. And I'm going to combine something to this as well. So he's talking about Material Solutions down sequentially in the margins post divestiture. And how do you see Material Solutions margins going forward, obviously, we presented a pretty significant improvement in the model. So, provide some color around that.

Yes, of course. So, first of all. I think, Bhavesh, what you're referring to is from Q3 to Q4, we have somewhat flat margins. This first piece comes back to the divestitures. If you remember, Bertrand mentioned that the divestitures that took place in 2023 were all in the MS division. These divestitures had low OpEx. So while we have gross margin accretion, particularly when you look at MS on its own with these low OpEx businesses, you don't see the accretion on the division profit line. But as we go-forward MS as we spoke about earlier and as Bertrand mentioned has tremendous opportunity. First, it's a unit driven business. We are going to see volumes ramp up. We're going to see the benefits of that across the MS Portfolio. In addition, we will continue to invest, R&D is critical, but we will get SG&A leverage. This applies to the company as well as MS. If you think about the ramp as sales go up, something like sales and marketing is not going to increase at the same rate as our sales are increasing. So with all the opportunities around the solutions set, really the core of why we brought the divisions together, we really see this opportunity and are comfortable with how we're thinking about the longer-term margin potential for MS.

Okay. And then a little bit on this, on this on a divisional basis the progression of MC margins going forward. What are the improvement drivers for MC margins going forward?

So MC, there is lot of similarities across the various divisions. As we said 2024, a gradual recovery. But our long-term view on the market we've talked about it and it's very positive. So there's MC will again, we have the benefit of the portfolio. And as our customers do need more filtration products, this is a very attractive portfolio, attractive from a mix perspective. And so, therefore, we will get that benefit. We'll get the volume leverage. And as KSP ramps, some of that's happening in the second half of 2024 more into 2025, that's really going to help us from a margin perspective on MC also.

So, in terms of -- maybe there's couple of questions around the CHIPS Act, Bertrand. So maybe you can provide a couple of updates on the progress there and what people should expect.

Yes. So, as you remember, we made a big announcement last year around an investment in a new facility in Colorado. Multiple phases to this investment. Phase 1 is the one that we initiated last year. Phase 1 is about $280 million. And we believe that this project is very much in-line with the overall objectives of the U.S. CHIPS Act, which as you know, is trying to promote the development of a domestic supply chain or resilient domestic supply chain and derisk supply chain risks for the many new fabs that are expected to be built here in the U.S. So we've been in dialogue, active dialogue with the CHIPS program office. We believe that those discussions have been very constructive and very positive. And we would update you when we have more specifics to share.

Okay, going a little bit on some of the end-markets and some of the products here, Bhavesh from BMO. We talked a lot about molybdenum, anything, any color you could add around why is that important and what does it look like going forward?

Yes. We have been talking a lot about molybdenum as an example of the new class of precursor materials that we expect the industry to turn to as they look for thinner film materials ways similar or better electrical performance. We expect those materials to be first introduced in the 3D NAND architectures and then at some point in advanced logic as well. So we have been spending a lot of time positioning our solution offering with the leading 3D NAND players. Remember that we believe that we have very unique capabilities around those solid precursors, not just the ability to provide the material but also to provide an industry-leading delivery system that can very effectively delivered the material onto the wafer at very attractive total cost of ownership. So, we believe that the 3D NAND players will likely adopt molybdenum whether they adopt this new molecule at 200 layers or we have to wait until 300 layers remains a question mark. But I think we are very, very close. And I think our confidence level has increased significantly in the last several years. So, again, this is exciting. This is one of the reasons why you see the increase in SAM in terms of Entegris content per wafer opportunity in 3D NAND essentially doubled from what it is today at 176 layers and when we think about what it could be tomorrow at 500 layers.

Yes, a little follow-up in a few questions that came through. In last Analyst Day, we talked about the filtration benefits or in content per wafer similar to what you were just talking about. Is that the same story where the content per wafer and filtration is still very positive going forward? And what are the drivers?

Yes. I mean the story remains the same, and you can actually see evidence of that in the level of outperformance we expect to see in our Microcontamination division. The only reason we have not normalized that opportunity on a per-wafer basis is simply that it's just getting harder to do because the opportunity for us in terms of advanced filtration usage, it's not just in the fab environment, which is something that we can track fairly precisely. But that opportunity is really expanding upstream in the supply lines. And that gets actually a lot harder to track and to link precisely to a particular device architectures. As you know in order to achieve atomic levels of purity, fab customers are increasingly asking their bulk chemical manufacturers to achieve significantly higher levels of purity. And as a result of that, we are seeing greater introduction of new points of filtration upstream in the supply lines, those new points of filtrations are using more advanced filters. And the frequency of change-out are also increasing. So all of these are the fundamental drivers for our Microcontamination business. So nothing has changed. It's just hard for us to pin that to a particular technology node and to normalize that wafer number.

Okay, this will be the final question from Toshiya from Goldman. Obviously, debt paydown is the priority in the near term. M&A historically has been a big driver of growth for the company. So the question, Bertrand, is what are we looking for when we start to do M&A again? What are the characteristics that we're looking for in a potential target?

Look, I think we are blessed at Entegris with a very exciting platform, a platform that provides a lot of optionality. I mean, obviously, the organic growth story is very compelling. But on top of that, I think that we can certainly create additional, long term shareholder value by very selectively go after M&A targets. This is what we've done in the past 10 years. This is what you should expect us to continue to do. And we have demonstrated that you know we are really good integrator of businesses. And I think what I was mentioning earlier around how well the integration of CMC has gone, it's probably the latest proof point to that statement. Having said all of that, I will go back to what Linda said our first order of priority right now is to bring the debt down. So expect us to do that and to be focused on that. But keep in mind that there are a lot of options available to us to deploy our capital and to create additional value for our shareholders going forward.

Great. Well, thank you very much for joining us on the webcast today. We will provide a recording that will go up on our website by the end of the day. If you have any further questions, please reach out to me. We really look forward to seeing many of you in the coming weeks. Thank you again and have a great day.