Good afternoon, everybody. This is Scott Schneeberger, the Senior Industrial Services Analyst at Oppenheimer. Thank you all for joining us today. It's my pleasure to have with us EquipmentShare. Presenting will be Founder and CEO, Jabbok Schlacks, and also the VP, Investor Relations, Rhett Butler. We may also hear in the background from the EVP of Finance, Mark Wopata, also present. They'll be speaking about the company's investment story. EquipmentShare has rapidly grown organically over the past decade to become the fourth-largest competitor in the $84 billion U.S. equipment rental industry. Its differentiated T3 telematics offering and unique OWN Program equipment funding model are pillars supporting the company's market share gains and outsized growth. We rate EquipmentShare with a $39 price target and view it significantly undervalued. Very excited to hear them present the story today. Without any further ado, I'm gonna pass it over to Rhett to get us started. Thanks. Gentlemen, over to you. Thanks. Appreciate it, Scott. I'd like to everybody just to reference our safe harbor slides as part of our SEC filings, in addition to the presentation that we gave on March 18th as part of Q4 earnings. With that, I will hand it over to Jabbok Schlacks, CEO. Thanks, Rhett. Thanks, Scott and Oppenheimer for inviting us and giving us this opportunity. If you wanna turn to slide, or the summary, I think helps, Rhett, till we get us started. From EquipmentShare, our unique take on the industry, we started this company, it's almost been 11 years ago, based on really our frustration with the lack of actual tools to do our jobs, and I had been in construction about 25 years before starting EquipmentShare. What happened a lot is a lot of silos were created because it's such a massive industry. Today, as you see on number one there, $16.5 trillion. What makes up that $16.5 trillion, that's people, that's machines, that's materials, and that inherent disconnect that existed when we started, it's gotten a little bit better, but we're still a very, very small subset of where the industry needs to go over the next one to two decades. Second item there on a summary, a year-over-year 2024 over 2025, we grew 34%, and that's in an industry that grows around 3%. To kinda give you context, 3%-4%. When you think of growth has to be paired with guardrails. Those guardrails, and that's really any business. Growth 34%, when you look at margins and ROIC, two very important metrics, kinda like a three-legged stool, those have to actually go together. Our margins were 54% on those stores when you're looking at 54 compared to the industry, about 45%-48%. ROIC. When you have a return on invested capital, if I put capital in a business, I wanna get a return back, and how does that compare to the peer group? Peer group's in the high single digits to the low teens. That 16.5 is really the highest of the industry. The question me, and really anybody, me before I was in the industry and then anybody else now is, isn't equipment, isn't this industry a commodity industry? The answer is yes. Really what we've done to de-commoditize and really build solutions for our customers, that is T3. That's that technology platform, that operational, that common language that unlocks value for our customers, and really understanding the fundamental difference that when you create connectivity, when you have a common language, we've seen it through the internet, we've seen it through smartphones, things that all of a sudden you unlock trillions of dollars worth of value, that is what we're seeing that opportunity, and we've been building this for a decade. Another thing that's interesting, number four, another thing that's interesting there is when you actually add connectivity, we see it in other industries like Uber, didn't really work without the smartphone. That connectivity unlocked the ability to have your car and essentially made it intelligent. You know how fast it's going, where it is, when it's available, when it's not available. Airbnb, without the internet, you couldn't really rent your house on Airbnb. You'd just have a broker or something. It unlocked literally trillions of dollars worth of value. That is where T3 unlocks the value of actually owning equipment and owning it in a way that you can actually monetize it. It's a very interesting way for scaling a company, but also how to unlock value from a first principles basis. The last thing, number five there, I think it's important to know, we're solving our problem. Willy and I started this a little over a decade ago, and really it's from the frustrations and the problems we experienced for decades and decades in our industry. Instead of building solutions at the fundamental first principle layer, the industry was like, "How do I make more money off contractors?" Really didn't build value. What all of us intuitively know, if you solve the first principles and you solve the real problems in industry and you build a connected solution, ultimately you will create way more value than just siloing it and have too much of a walled garden when you have hundreds and hundreds of walled gardens that don't actually communicate. If you wanna go to the next slide, I think kinda talking about this is a good visual of what actually happened in industries. I thought this one's helpful, and I didn't actually see this till a couple years after starting EquipmentShare, and I realized it, I lived it for decades and decades, and this kind of put to paper and based off McKinsey, Bain, and really what's happening in the industries. You have agriculture, it's grown 10 times from an efficiency standpoint. Agriculture, a person, a farmer in 1940s compared to a farmer today gets about 10 times more done. You compare that to construction. You had a contractor in construction in 1960s. Today, they're actually less productive, which is really staggering in its implication, and many studies have been done. We basically lose about $1 trillion-$2 trillion just from basic increase in productivity if we just added a common system, common operating system to the industry. That's really what we're solving for at the first level or first principles. If you can make the industry more productive, you can make the industry safer. At the end of the day, you can make the industry more profitable when you have a common system and a common operating system. That's really what the thesis of what we're solving today. I think it's helpful to know where do we come from. Back in 2015, started one store here in Columbia, Missouri, and kind of the middle of the country. With that one store, did about $1 million worth of revenue. Last year, we did about $4.5 billion worth of revenue. We had five of us starting back in 2015. We have a little over 8,000 employees today. If you see on the bottom of this graph, the same customer that needs that transparency in the T3 operating system and needs that equipment from a rental and own perspective also needs many more things in our industry. As you start unlocking telematics, specialty tooling, materials, just all these things that you start unlocking, that value in a $15 trillion industry, we are still a very, very, very small portion of what actually needs to happen in our industry. If you look forward the next decade, I think what you'll see is this graph will probably look somewhat similar. Instead of $1.5 million the next decade, you should have the $4.5 billion and then that exponential growth. As that same customer, which I then have no customer acquisition cost, I start serving them with different things that are also even bigger in application from a value perspective, not only for EquipmentShare, but almost more importantly for our customers when you have it on that common operating system. Can we go to the next slide? This is this chaotic slide, and it's something that I dealt with and every other contractor deals with. It's actually too many systems. You think of the amount of systems that if you think of a job site. The difference is compared, a lot of individuals think of farming, you think of manufacturing, you think of mining. All those are somewhat controlled environments, so you're seeing a huge productivity gain. The nature of construction is uncontrolled. If you start with a field, and then in 24 months you want this beautiful building built, just the nature of doing that is chaotic in nature. You have to bring control, and what a lot of vendors have done is added more and more and more vendors and lack of transparency to every single vertical, which has actually caused that reduction. I remember when I was in construction going back 15, 20 years ago, we'd all work a full eight hours. There was way less distractions. If you're on a job site, a lot of guys are only getting six hours literally of time because there's so many systems they have to go into. There's so many distractions they have to deal with. They're actually being less productive, we see that actually in the numbers. We started Equipment Rental. Equipment Rental brings that transparency directly to the job site 'cause we own the largest manufacturer of Telematics devices. We install those devices on the machine directly to the CAN bus. It unlocks that value broadcasting network on a job site. Then if you go around the right-hand side, these are different verticals that same customer is demanding that we solve them, and that's an amazing thing. They're saying, "Hey, I need you to solve my consumables. I need you to solve my fueling. I need you to solve my power solution." The same network in that T3OS unlocks value from every single vertical. It's phenomenal for our customers, and it's actually phenomenal for EquipmentShare from a margin from an ROIC production as well. Can I go to the next slide? A large market. What's interesting as you see on this slide is the top four. There's a bunch of secular trends happening. One big one, which we're all kind of involved, we're in it whether we like it or not, is we entered a super cycle, call it 2021, 2022. If you were part of any of our early bond calls, you heard us talking about that. The size and scope of jobs are getting larger. The complexity around those jobs are getting more complex, which necessitates a system that needs to be that system of record, that digital twin. EquipmentShare, again, it's not just doing software and just creating something without understanding that kernel, the primitive, the first layer. That has to be done, and that's really at the physical layer of construction has to be done. Even apart from that, when you look at the secular trend from rental, the top four or five rental companies have dramatically increased since 2010 because there's only a few companies in the world that can actually deploy 3,000-4,000 machines on a job site in the U.S. We'll dig into that a little later if you want to move to the next slide. If you think of where we were, just to kind of level set, $8.8 billion OEC under management, 385 locations, 8,206 employees, $4.4 billion of revenue. The 41% four-year CAGR, and again, the margin profile, the above 50% on the mature locations. We invest a, from an industry standpoint, exponentially more in R&D and actually solving first principle problems for customers. You see that reflection. Right now there is so much capital being put into this super cycle. If we think of large infrastructure projects tied to data centers, to sports stadiums, others. If you think of the U.S., for the 35 years I've been in the industry, there's more money being put in at an exponential, at a large amount. If you even look back, call it 100 years, if you think of even the money being put in on the highway system, which was a huge infrastructure investment, the Interstate Highway System for the United States back in the 1950s, 1960s, and 1970s, that $200 billion took almost three decades to deploy. We are the industry, if you think of large job sites, globally, more money is being spent in the U.S. every year than what was spent in the 30 years on those large infrastructure projects. All that to say, amazing industry. Those of us who are in it at that scale, it's really good from an industry perspective. I think the next slide will kind of go into where we uniquely fit in, and really, what else are we solving for? On this one, we all understand a Venn diagram. Get a bucket of different things, and is there something at the center that really unlocks the value that you wouldn't have seen if you look at these segments by themselves? I think this is good. You see on the upper side, rental industry. Phenomenal industry, great tailwinds. If you're the top four, you're gonna do amazing. You're gonna do well. There is so much demand in this market today, and really, that's what's actually driving a lot in this super cycle. On the bottom left there, you think of EquipmentShare, we're squarely within that. On the bottom left, you see Samsara, Airbnb, others. We're, I've said before, we're not, we're not renting houses, don't worry there. We're, we're in that shared economy. Because we have that common language, we're the only company who can actually unlock the value from equipment from the OWN Program, which is that sharing aspect. Samsara, what's interesting there is you have on-highway and off-highway. That same customer who needs technology in the cab, which T3 unlocks that. You have AI in the cab, you understand the operator, you're looking for distractions, you're adjusting and reporting when you need to. All of that is phenomenal on-highway. If you think of the diversion between on-highway and off-highway, what happened in the industry, back in the 1990s, the federal government said, "You will have a common system," and they can do that 'cause they're controlling the highways. OBD2, a common language, common system. On-highway important. That is a very, very important part for every single one of our customers and customers. When you go off-highway, which is a fundamental difference, when you go to off-highway telematics, it is literally the Wild West. You have hundreds of manufacturers. You've got disparate pieces of information. If we kind of think of the world today, it's kind of like AI slop. If you don't understand the first principles, you don't get cleanliness of information, and that's where EquipmentShare is relentlessly focused over the last decade, building with our manufacturers partners on thousands and thousands of classes at the factory floor and giving that common language at that level. I think one more analogy there, and I'll move on, is we've all heard, and again, just as an analogy, Jensen talk about it over and over again, "Hey, you have to have the kernel level. You've gotta have the primitives. You gotta have it at the chip set. You've gotta be relentless about understanding the information, and then you've gotta process information in parallel. You've gotta have head CUDA. You have to have a common language. You have to common language to interpret that." When you do that correctly, that front end, that exponential ability to solve industry problems can happen. You'll see that exponential return. A little differently, we're having to do the exact same thing in our industry. If you wanna go back. You see the other side. Fastenal, move on to Fastenal. Our customers, same customers also want us in to support with consumables, everything else. I think that Venn diagram, understanding where EquipmentShare fits in the middle of that and really solving customers' problems, and then that same customer acquisition can unlock it in these other verticals. If you wanna go to the next slide. Geographic expansion. We've talked a little bit about we are a very physical industry. We have locations. I've got thousands of mechanics. I've got thousands of drivers. We all work together as a team. When I open a location, I've gotta get three things right. I've gotta get the right locations, I've gotta get the right fleet, and I've gotta get the right people. Those three things, if I don't do one of those, we're not opening locations. We do it organically. The fascinating thing about getting that done organically is I can choose the locations. I can partner with the exact right people that I know are gonna be technology forward and solve equipment problems and solve industry problems utilizing technology. Then I also know the total ownership, total cost of ownership on fleet. If I compare that to an acquisition model, many times I'm getting four-year-old, five-year-old fleet. I have no idea what that total cost of ownership is. It gives a unique advantage to actually manage and scale a company organically. We just double-click on something like locations, a lot of times you'll see an acquisition happen. Somebody will buy a bunch of locations. It was amazing. It might've been amazing 30 years ago, we call it Houston. If it's on the wrong side of the highway, you might have 50+ minutes for every single delivery. If you think of what that does from a physical distribution business, that can really hinder the value to, for you to actually solve customer problems. At the end of the day, that company's going to make less margins. I either buy it, call it private equity, or actually build it. When I can build it and choose those sites, which we're looking at 300-400 sites in real time, I can be very selective. It gives an organic growth, an incredible unique advantage. On the people side of it, again, phenomenal. We have 300,000+ applicants a year. We're able to be very, very selective and getting the right team. Our job is to build a, really a major league team in every single location, so we can do that well. Then the value creation, I think I'll end with this on this slide. The value creation, we had the acquisition, just a public acquisition of H&E by Herc. Again, phenomenal industry. All of the top three or four players are gonna do very, very well. When you look at the $5.3 billion of that acquisition, you kind of break it down. It's about $2 billion of equipment, furniture, fixtures, all that kind of stuff from an actual value when they bought it, and then about $3.3 billion of goodwill, intangibles, business, all that kind of stuff. Bought about 160 stores. When you look at acquisition, $3.3 billion, bought about 160, producing a certain amount of EBITDA. You compare that to what EquipmentShare does every single day. When we open a store, it costs us about $2.5 million to open the intangibles around that store. It cost me about $450 million to open up those 160 stores, and we do it about eight times more efficient than an acquisition model. We get asked the questions a lot, "Why? Well, how do you guys do it?" The only way you can do it is to de-commoditize by providing a different solution. How do you do it? We ask the question, why would we not do it if I can do it from eight times more capital efficient than actually an acquisition model? We take that organic approach, and it really truly solves those first principle problems. Here's a slide. I think this is helpful. Again, kind of double-clicking on the physical nature. You have an IOS property, very selective on the type of properties. You have individual mechanics, service. You have the fleet. That's where we diverge. Half of that from a de-risking is owned by others, half is owned on our balance sheet. The customers and the data and technology gives us a huge amount of data that supports our customers and allows us to run a better business. I think this is helpful from an ROIC, kind of double-clicking here. I have the $40 million deploy, and at the end of the day, I have the 16% ROIC, and that is long-term moving to 20%+, and that ROIC is because of the no customer acquisitions, but the different things you're enabled to actually give your customer, from consumables, from building materials that actually have the same cost, but you actually are increasing that return on the capital you invest. The next slide. I think this is helpful, again, kind of understanding organic and compared to acquisition. When we're organic, we start. We're starting at a blank slate, there's nothing there. You're starting there. Those, you have the one-time add backs for only 12 months. At 12 months, at midnight, you're not counting anything. When you look at that adjusted EBITDA number, that core, you're looking at only what it costs to build that, and again, eight times more efficient from a cost standpoint. You're seeing that 1-2 years, that increase from maturity, and then the two years, and then the total. With even all the drag down of those 95 stores last year, you're still maintaining 42%, and many of those stores are just starting, so they're actually a negative contributor. Again, you're getting an eight times return. I think this is helpful just to put that in perspective. Go to the next slide. The organic as well. When you think of the organic stores, these are not necessarily new customers. There's lots of new customers that we want to be absolutely capturing as much of the industry as possible, that's what we're doing. A lot of those customers, you're seeing 75% when you're looking over there are existing customers. We already have dramatic pull-through from sites that we're opening, that pull-through is reflected in this chart as you see the organic growth and the 700 sites by 2030. This is helpful from kind of understanding where the industry is today and how we fit in the industry. As you get those complex sites, I mean, whether it's small customers, the largest customers in the world, we support all of them. If you have one or two machines, it's phenomenal to have the technology understand exactly who's using the machine, where it is, to understand should they be using it. Are they trained? It can actually increase the profitability of your business using EquipmentShare with one or two sites. When we think of what that does exponentially, when you actually have 3,000 machines, that can change dramatically 3,000 the job site. What's interesting is, if you look at the customers and, again, the nature of the industry, this industry, we're looking at the national, we're at the 56%, we're looking at the regional, the 33%, and then the locals at that 11%. As I said before, and I think it bears repeating, a lot of times these large customers, and you'll see, I think, we have going through the deck, you'll see location where they'll start as a commodity, and that might seem like a bad thing when you're thinking like, "Okay, Jabbok, I thought you had something different. You're de-commoditizing it." As a customer, I've been through, and again, if you're going back 15 years ago, we were promised technology over and over. Telematics has been around for 30 years. Again, I don't need different telematics platform. I need transparency of information. When you think through what we had to deal with a lot of jobs, we'll start with four or five machines, and we're making a higher price than the industry on each machine. Customers will use it and like, "Hey, I just needed five skid loaders." They'll start utilizing those machines, and then they'll realize, "Hey, I'm using T3. This is gonna affect even a small part of my job site. This is phenomenal what it does from the value, from a safety, from productivity. Then again, I'll probably make more money 'cause I'm actually running this better." All of a sudden, we've had job sites, and I think we have some couple quotes here, that over the next 6-8 weeks, I'll end up having 3,000 machines on that same job site, and the incumbent is going down to five, ultimately to zero. There's some really incredible things, and that's where the mobile nature of this asset class is phenomenal. It can serve the biggest job sites in the world, and it can serve somebody doing a single-family home. We kind of are in a K-recovery. I think this kind of shows you. You see the massive amount of large sites that if we were to think of even a $20 billion job site, I don't know, 5 - 7 years ago, it is phenomenally changed. And if you think of our industry and our unique spot that we can serve both the biggest customers and the smallest ones, it's in a call it a K-recovery. You have the large job sites, which are exponentially more money than that's ever been put in history is in the large job sites, and then you have some of the single-family homes which the need is there. We need as a country, we need more single-family homes. Because of interest rates and the kind of that latent demand tied to hoping that the interest rates goes down, you're seeing a little bit of a depression that side. That's why you see our reflection. Because they're mobile assets, I can deploy our fleet on the best job sites, making the best return for customers, which ultimately is reflected in my growth, my margins, and my ROIC. Can you go to the next slide? I think here, and we talked about a little bit, there's only four companies in the world in the U.S. market can deploy a couple thousand machines in 6-8 weeks. Our customers tell us, and I do agree with them, not that I'm biased, that we're a one of one. The value we provide once they fully use T3, the operating system, all the things we provide, we are one of one, and it truly can affect and allow them to run the safest, most productive, and ultimately the most profitable job sites to a pretty high degree when you look at the impact on these job sites. Can you go to the next? We have customers currently 90% of the top 50 general contractors are renting to some degree from EquipmentShare. Can we go to the next one? I think this one here, we just have direct quotes. I always think that's helpful. If I'm looking at something, I'm like, "Okay, what exactly did somebody say?" If you look at, just call it the one on the left, what customers are telling us, they're seeing 10%-20% improvements on overall job site efficiency. Again, if you're doing a $10 million job, you're like, "Okay, whatever. That's a small amount." If you're looking at the scale of some of these job sites, the efficiency is not necessarily the equipment. The equipment is driving. This connected equipment on T3 is driving that efficiency, a lot of that is coming from labor savings. If you think of these huge costs, no customer wants more downtime. They want more uptime. I mean, stuff that was true 10 years ago, true today, it's gonna be true in 10 years. All these things, connectivity unlocks that value. We have a shortage of labor on the biggest job sites in the world, meaning we as an industry, EquipmentShare, we have, again, huge opportunities. The industry does. When we come, we are supporting the savings on that labor. We're supporting the overall job site health, and that unlocks an insane value for our customers. Can we go to the next slide? T3, we talked about this a lot, and I think, what's helpful to know is just again the physical nature. We are putting a CAN bus trackers. We're putting telematics. We own the largest manufacturer in the U.S. of telematics. We're putting those devices on the machine. We're replacing that ignition system. When you're thinking of what is the scope and scale to do that on hundreds of thousands of machines, that's a 5- 10 year process, and that's if you're just using a bunch of different providers which really don't provide any value. If you think of a lot of manufacturers for 20 or 30 years when talking about telematics, the reason it really hasn't provided value for customers is I'm not logging into 40 different portals. I mean, we all know that it's hard enough logging into one or two to do your job as a consumer. Nobody's logging into those, it actually, when they have to, it creates more distraction. That single pane of glass, that common connected system, that sensor to server environment. Not dumping tons of useless data or in some companies now AI slop on a poor operator who's trying to understand what to do on a job site. You're able now to get just the exact information you need pulled from 7 billion points of information every day that understands the total cost of ownership of the machine, understands the operator using the machine, and really understands all the data around that machine. That is a sensor to server environment. You have to own the hardware at the base. You have to understand all those libraries like we talked about, CUDA. You have to understand all those libraries and normalize it across manufacturers, and then you have to understand the end user and how they're actually using the data. EquipmentShare is uniquely qualified to do that, and we're about a decade ahead from an industry and a value proposition for our customers. Here's some just some examples of data, the millions of data points that we actually get. Can we go to the next slide? We talked about a little bit. This just on the right puts the numbers, puts it in a chart, which I think is helpful. A lot of customers, again, it seems odd for us decommoditizing and starting as a tech company to connect the industry, that we say customers start as a commodity. Again, understanding the nature of the customers, that's where they start. Once they use it and that value proposition they see as they go up to the right, it is phenomenal what it can do to their job sites, and this is where we see the trend and the six times more spend from a customer that's actually engaged in utilizing T3. Can we go to the next slide? This is helpful for me. I always, again, having been a builder for decades and decades and decades, physical keys I think some really obvious things. Most of the industry still, you can buy that keychain what you guys here on the left for like $17 at Amazon, which is pretty insane. A lot of times, I mean, we've had stories of people using competitor machines. I got a call once from a company was using one of the competitors in Houston. Somebody had gone to the job site, and they were the next morning the customer had called us and said, "Hey, I want to replace all of the..." I won't say what name, but all this company's equipment, it was one of the four, "I need EquipmentShare on every single one of my job sites." Double-click say, "Okay, that's amazing, right? We understand the value we provide." What we found out was the night before, thieves had come. They tried to get on an EquipmentShare machine, couldn't do it because you have access control and all the technology around it, which is imperative, the cloud system. They went to a competitor's machine, had a universal key, turned it on, and they didn't steal the machine. They stole a mass amount of copper piping and tubing that was super critical, and it had been like a 3 - 4 month backlog. That's 1 machine. When you think of all the things that can go wrong with that not having it and all the money that's wasted in the industry, that's just one tiny example of what some of the value all of a sudden begin getting when you have a connected ecosystem. Fueling, reactive maintenance, all these things. I know we have limited time left, but it is a massive difference. When you kind of think what is the huge... If another industry like our phone or something, when you have a system, it's hard to actually quantify when you add the internet, you add connectivity, you add an operating system, the value it unlocks for customers, I can't overemphasize, and we see that day-to-day with our customers. I think on, it's helpful to say, okay, you've heard all this stuff, and we kind of zipped through a couple of these quickly, but at the end of the day, you've got to have a score guard. You have to have. All this is great. It's amazing. We're solving problems. We're changing an industry. The industry hasn't been solved. What does that equal? If you go through, I think these six things are important. One, organic growth is incredibly important. Anybody can kind of buy. If you have capital, you can buy your way into producing a larger or you can put a bunch of small players together and build a bigger company. It doesn't mean you're actually solving a first principle problem. Number two there, I think growth without understanding margins and ultimately ROIC, we talk about that a lot. That 34% growth, that over 50% mature site margins and that 16.5% ROIC, that's something we absolutely think are guardrails. Again, kind of like a three-legged stool. If you're missing one of them, you got to make sure you're actually managing there. T3, that's six times more spending when companies use T3 and really start getting that value, and really phenomenal value for small projects. It can exponentially change the face of a large project from the pace it gets done, for the way it gets done, and then the value creation as well. OWN Program, we are dramatically oversubscribed on the OWN Program. It's become one of the premier asset classes across all asset classes, if you look at it, from understanding that asset class, where it can be deployed on the best job sites, where it's a mobile asset. When you really understand it, the market is understanding, and we have massive oversubscription on the OWN Program. The 2026 outlook, if we talked about this in our first, we were talking about the end of last year, but we're projecting that 27% year-over-year rental segment, the revenue growth, and that's about the midpoint of the range. I think to put that in context, again, the industry is a phenomenal industry. There has never been more capital on the largest job sites in the world in the U.S. market being deployed. The industry, it's phenomenal. It's a great industry. Where you think of our peer set, they're gonna all do fine. They will do fine, the industry, because the amount put into uniquely qualified for four players if we're just segmenting the rental segment. If you understand where EquipmentShare fits within the true value creation on the job sites, that's where we're at. We're a set above, and EquipmentShare is just gonna do better in the industry today. Really appreciate everybody taking the time. Thank you, and have a great rest of your day. Thanks, Jabbok.