It has been known for two decades that sunspots both absorb and advance the phase of solar f and p-modes. More recently, Time-Distance and other local helioseismic techniques have been used to probe active regions by exploring phase shifts which are interpreted as travel-time perturbations. Although absorption is an intrinsically magnetic effect, phase shifts may be produced by both thermal and magnetic effects (and of course flows, though these can be factored out by averaging travel times in opposite directions). We will show how these two effects alter wave phase, and conclude that phase shifts in umbrae are predominantly thermal, whilst those in highly inclined field characteristic of penumbrae are essentially magnetic. The two effects are generally not additive.