Greetings. Welcome to the Haynes International, Inc second quarter fiscal 2023 financial results conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Controller and Chief Accounting Officer, David Van Bibber. You may begin. Thank you very much for joining us today. With me today are Mike Shor, President and CEO of Haynes International, and Dan Maudlin, Vice President and Chief Financial Officer. Before we get started, I would like to read a brief cautionary note regarding forward-looking statements. This conference call contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. The words believe, anticipate, plan, and similar expressions are intended to identify forward-looking statements. Although we believe our plans, intentions, and expectations regarding or suggested by such forward-looking statements are reasonable, such statements are subject to a number of risks and uncertainties, and we can provide no assurances such plans, intentions, or expectations will be achieved. Many of these risks are discussed in detail in the company's filings with the Securities and Exchange Commission, in particular Form 10-K for the fiscal year ended September 30th, 2022. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Let me turn the call over to Mike. Thank you, Dave. Good morning, everyone. I've also noted that we've made fundamental and sustainable changes to our business. I'll start off my comments today highlighting those changes and talking through the positive impact they've had on this organization. First, we are distinctive in that the combination of products and services we offer provide our customers with value that we believe is difficult to be delivered consistently by others in the industry. Our value proposition includes our mill and service center combination, our outstanding people providing technical and sales service, our deep and in many cases, long-term relationships with our customer base, our excellent alloy development and application engineering expertise, our ability to produce and ship small volumes of unique alloys and sizes, our consistent product quality, our ability to ship cut pieces and near net shapes out of our service centers, and our just-in-time inventory capability. Because our customers truly need and value these services and product attributes, we have been able to continue to price our products based on the value we provide. Next, our alloy and application development capability give us valuable access to engine developers and plan engineers, where we provide uncommon and in many cases, proprietary alloy solutions to the current and future needs of the end users of our products. Our technical capabilities help us work with our customers and the end users so they can identify high quality, long-term, and cost effective solutions for their processes. As I've stated on previous calls, the best news here is that our current pipeline of new alloys and applications under development is as strong as it's ever been and involves new potential alloys across all of our major markets. Continuing on, our efforts related to variable cost reductions through process change and yield improvement continue at all of our facilities. We are often asked if we are near the end of our cost reduction initiatives. Our collective view is that we have so much more that we can do. We all believe that we have the technical, engineering, and operations talent to continue to increase our yields and improve our process efficiency and costs. Concluding my intro, our financial goals from almost five years ago were to significantly improve both our gross margin and our break-even point and establish the fundamentals to allow our company to be consistently profitable. We have now accomplished what we set out to do via alloy and application development, product mix enhancements, variable cost improvement, and pricing for the high-value differentiated products and services we provide. I'm proud of our team for performing very well and for achieving our goals. Our gross margin has gone from high single digits and very low double digits to, at neutral raw materials, now consistently being over 21%, and our break-even point is now confirmed to be 25% below where it was when we started our improvement journey. Transitioning to our second quarter performance. year-on-year, our revenue increased 30.5%, with strong gains in each of our end markets. In addition, our order entry was close to $190 million for the quarter, which drove our backlog to a record $446.7 million, up over 59% from last year. Our book to bill based on revenue was 1.3 last quarter, led by aerospace and IGT, which were both 1.4. Our gross margin was 20.2%, and when removing the raw material headwind impact, our calculated raw material neutral gross margin was 21.3%. This all resulted in net income for the quarter of $12.3 million, up 45% year-on-year. From a market perspective, in our aerospace market, our second quarter year-on-year revenue improved by 25.9%. With volume up 9.6% and our average selling price up $4.34 per pound or 14.8%. For the first six months of the fiscal year, our year-on-year revenue increased 29.4%, with volumes increased 13.5%. In addition, our aerospace backlog increased 11.5% with, as I said, a book to bill of 1.4 over the quarter. Our backlog now stands at $277 million in our aerospace market. We continue to believe that we will set a revenue record for aerospace in fiscal year 2023. A few other points worth noting here. Single aisle build schedules remain high, with LEAP engine builds projected to set a new record in 2023. In addition, we are beginning to see demand increases for the components we supply for multi-aisle aircraft engines. We believe the majority of the aerospace product being shipped by Haynes today is being consumed immediately with little to no safety stock being built at this time. For our IGT market, our second quarter year-on-year revenue improved by 30.8%, with volume up 1% and average selling price increasing $5.16 per pound, or 29.5%. For the first six months of the fiscal year, our year-on-year revenue increased 48.4%. Natural gas is projected to remain one of the most consumed sources of energy in the United States through 2050. For our CPI market, our second quarter year-on-year revenue increased by 25.2%, with 2.9% lower volumes, but a $7.59. These numbers confirm our strategy of supplying high-value, differentiated products and services, selling less of the commoditized portion of our mix, and focusing on the sale of high-value specialty alloys and products within this market. A significant component of this involves sales of our special project orders based on our continued strong applications development efforts is in revenue in a month. We now expect to average over $50 million in sales over the second half of our fiscal year. Part of this increase is obviously helped by the impact of raw materials, but the most significant part of this story is that we believe we will achieve this level of revenues while being at a gross margin level, assuming neutral raw materials consistently at or above 21%. Related to our most recent ESG initiatives, we continue to provide and complete ESG-related surveys and collect and report additional ESG data. In addition, our second solar installation, a 300 MW rooftop installation at our Arcadia, Louisiana tube plant is now operational. Next, Haynes' innovative alloys and applications are at the heart of our company and represent both a core competency and a long-term differentiator. We develop and bring to market niche, highly differentiated products that are the result of long-term research and applications development efforts. Four of our newest alloys are at different stages of commercialization and have shown clear signs of market acceptance. They are, for your information, HAYNES 233 alloy, HAYNES 244 alloy, HASTELLOY HYBRID-BC1 alloy, and HAYNES HR-235 alloy. I would do our alloy and application development effort a disservice if I didn't also mention HAYNES 282 alloy. HAYNES 282 has had tremendous success in many aerospace, space, industrial gas turbine, automotive and power generation industry applications. Most recently, an improved, newly patented heat treatment for HAYNES 282 alloy has resulted in greater intermediate temperature toughness, opening the door to new potential applications for hot gas path engine components and other power generation applications. In addition to the acceptance of 282 alloy into the American Society of Mechanical Engineers, or ASME Code, the alloy is on the verge of getting specified in clean, emerging technologies such as supercritical CO2 and waste recycling projects. One final point on our alloy and application development efforts. You've heard us mention that we have our proprietary alloys already specified into the Pratt & Whitney 1,000 series engine and in the GE9X engine that powers the 777X. Wrapping up my comments, as an example of what our team can accomplish, on April 4th, the south side of our Kokomo plant was hit with what we call a severe wind event. During the storm, we lost much of the roof on one large manufacturing building and no impact on quarterly shipments because of this event. Okay, I'll now hand this over to Dan for his comments on our business and our financial results. Thank you, Mike. We continued to see strong profitability leverage as our volumes and average selling prices grew. This quarter's pounds shipped to lbs 4.7 million, with an overall average selling price per pound of $32.74, of over 20% and solid net income of $12.3 million. Volume shipped to lbs 4.7 million was at a level that we previously would have struggled to make money. Now with our lower breakeven point, lbs 4.7 million resulted in a $12.3 million net profit. That's a big change, and we expect this profitability leverage to continue as we are now just beginning to hit our stride as far as the volume improvement. The example he provided of the month of March cold-finished flats production being 22% higher than the average volume produced over the prior six months is significant, especially combined with the future utilization of outside conversion, then melting to help. The momentum within operations is increasing. For raw material prices for nickel and cobalt and the impact it has had on our results. Last year was a significant benefit, which we pointed out during each of those quarterly calls. This year was the opposite, with Q1 a significant unfavorable headwind of $5.6 million and Q2 a more moderate headwind of $1.7 million. We were forecasting Q2 to be neutral by the end of the quarter. However, cobalt continued to fall, causing the $1.7 million headwind. Nickel was neutral for the quarter. These estimates were derived from a model developed by the company to measure how the commodity prices change and how those flow through net revenues and cost of sales. Our press release Schedule 4 shows the result of this raw material impact on gross margins and describes this non-GAAP measure fully in Schedule 6. The key takeaway is our adjusted gross margins, which are neutral of this raw material impact, have been greater than 21% for the past 4 quarters, showing our core margins are solid. This margin strength, combined with the projected higher second half volumes and revenue, is expected to drive improving second half earnings. This is expected even in light of significant cost inflation in items such as electricity, water, natural gas, property insurance, and labor costs. Our goal continues to be offsetting inflationary pressure with price increases and or cost reductions such as improving yields, productivity enhancements, and process improvements. Our solid margins show that it's working. Our SG&A, including research and technical expense, was 9% of net sales for the quarter as compared to last year's Q2 of 10.9%. SG&A dollars were a bit higher than expected, with an uncollectible receivable from a small U.K. customer and sequentially higher foreign currency costs. Operating income was $17.1 million this quarter, which is over 60% higher than last year's second quarter. Our effective tax rate for the second quarter was 21%, driven slightly down due to stock compensation vestings and option exercises. Current estimates for the remaining quarters of fiscal 2023 are moderately higher, in line with federal and state statutory rates. All of this resulted in net income of $12.3 million, up 45.6% from the same period last year. I would also like to provide a status of our U.S. pension plan strategy. As we previously commented, our net liability and funding percentage has improved significantly over the past few years. A couple years ago, in early fiscal year 2020. Given this higher backlog, we continue to melt at high levels to meet demand. We are now beginning to achieve the higher revenue numbers that better match with our investment in inventory that we have made over the past year. We believe that our $108 million in borrowings against the revolver has reached its peak and should begin to moderately decline. Expenditures for fiscal 2023 are expected to be between $18 million-$22 million. Outlook for next quarter and full fiscal year 2023. Given the strength of the company's record backlog, along with the workforce additions and work in process inventory investments, the company expects revenue and earnings in the third quarter of fiscal 2023 to be higher than the second quarter of fiscal 2023. The company continues to expect the full year of fiscal 2023 to be 15%-20% higher than fiscal 2022 for both revenue and earnings. In conclusion, it is exciting as we transition into the second half of fiscal year with three notable significant factors. One, improving production momentum, including expanded VIM capacity. Two, strong demand in our primary markets as evidenced by our $190 million order entry and our record backlog. Three, pricing and gross margin strength. These factors fuel our optimistic view of continued growth and are expected to continue to provide the return on invested capital higher than our cost of capital, which is a key driver in shareholder value creation. Mike, with that, I will now turn the discussion back over to you. Thank you, Dan. Our team continues to be encouraged by both the progress we've made and the future potential of our business. Thanks to all of you for your continued interest in our company. With that, Holly, let's open the call to questions. Certainly. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we poll for questions. Your first question for today is coming from Mark Reichman at NOBLE Capital Markets. Good morning, and thank you for taking my question. Good morning, Mark. With the strong order backlog, would you please comment on additional investments you may need to make, you know, also SG&A expense trends and then your plan to pay down the revolving credit facility? Sure. On the capital side, what this company did leading up to 2020 is make significant investments where we felt we had constraint areas. We wanted to prepare for the future. We didn't want to say no to customers. Those two areas really ahead of the game, we expanded our capacity. As we sit here today, there are two areas that we watch very carefully as far as capacity. One is a cleaning line called the A&K line. That line we've already allocated, and the board's approved a little under $6 million in capital, so towards the supplement what we can melt inside to expand there. Beyond that, we're in very good shape. We feel very good about being able to keep up with what's coming at us. Before I hand it over to Dan, on the SG&A side, we feel an investment in people is critical, and we will continue to invest in people in our company. We've done that, we've begun that, and we've done that pretty much across the board. Even with increased spending of dollars, our percentage of SG&A is down fairly significantly year on year. Yeah, you know, 9% SG&A, including research and technical costs, I combine that together, is, you know, much better than it has been, certainly with the increase in revenue driving that down. You know, as far as core spending, there's some components of SG&A that are somewhat variable. There's, you know, distribution, shipping costs, commissions and those types of things. But we do expect, you know, SG&A going forward to not quite be as high as Q2 necessarily, but close, a little down from the $17.3 million, or I'm sorry, the $13.7 million that you saw this quarter. You had also mentioned cash, and the cash flow over the year and the paying down of the revolver. You know, as I mentioned, we do expect to be a bit more in balance with our melting versus our sales, with the higher sales in the second half of the year. That combined with, you know, raw material prices generally stabilizing a bit from where they once were, that's gonna help our cash generation over the second half of the year. We expect a moderate decline in the, in the revolver. You know, backlog keeps surprising us. Backlog keeps going up. We certainly wanna keep up with that and keep melting at that level. We do expect generally to generate cash in the second half of the year and begin to pay that down over the second half of this year. That's very helpful. Just one follow-up. You know, there were just a couple of anomalies in terms of, you know, when you listen to like the Airbus and Boeing calls, you know, for example, I think Airbus said they've got like 7,250 planes, you know, a backlog, and I think for Boeing it was 4,500. Like when you look sequentially in the aerospace market, pricing was up, but volumes sequentially were down a little bit. Then if you look at like the other markets, you know, the volume was up. I mean, other markets was a small, is a small, you know, part of it. But pricing was down, which was kinda odd given the volumes were up. I was just kinda wondering, you know, the sequential and the year-over-year revenue trends have been outstanding, but based on sequential and leading edge shipments by market and the average selling, you know, price per pound, kinda what are your expectations for the remainder of the year for each of those segments? We continue to pursue in the two markets you mentioned, incremental price increases where, wherever possible. Sequential is a difficult way to look at it because of the lumpiness of certain orders and what comes in in the mix of products within there. We were very pleased in other markets because what happened in other markets is our largest piece of that, quite frankly, is as commoditized as it gets, which is what's called the flue gas desulfurization market. That was down, for us intentionally, fairly significantly. We saw significant increases in what we see as incubator or growing markets for us, such as automotive, electronics, nuclear, wear, and even some waste incineration. One thing I would caution on looking at average selling price, certainly pricing is in there, but, you know, product mix can move those numbers around quarter-to-quarter as well. When you see an average selling price, maybe stepping down a little bit, that's likely more product mix than anything else. You know, we have different alloys and different product forms that have very different margin profiles. It really depends on what we ship that particular quarter, and that can move the average selling price around quite a bit. That's very helpful. Thank you very much. Thank you, Mark. Thank you. Your next question is coming from Steve Ferazani at Sidoti. Morning, Mike. Morning, Dan. Appreciate all. Steve. The color on the call this morning. When I think about the cadence of shipments last year, IGT peaked in two Q, and then I know that's lower ASP came down in the second half, and then we saw much stronger aerospace, which is the higher ASP. Would you expect that type of trend in 2023? We expect the second half of the year volumes overall to be up fairly significantly from the first half of the year. The thing that Dan and I both touched on in the call is our main product in aerospace called cold-finished flats. We've had to get manpower in here. We now feel we're either at or very close to fully staffed. When we talk about a 20% increase in one of our major product forms in aerospace, that's, as far as production, that's fairly significant for us. On the power generation market, two things have happened there. We've talked about the share gain. We're seeing that come through. The other part of power generation, which we believe will continue to power it for us, if you will, is positive substitution of our alloys. There's an alloy that we have that I mentioned in the call called HAYNES 282, which is being substituted because of its increased temperature capability for some that are in there. We expect growth in the second half of the year. Certainly, as we look at inventory levels, you know, we have ramped up melting rates quite a few months ago, and that's increased our inventory. Of course, that stays in whip and semi-finish for quite some time. Since we just produce kind of the high-end type alloys, it takes quite a long time to produce through the mill. Now that we've made that investment in inventory, along with these headcount increases, you know, that really is gonna be a positive driver for the second half of the year, as Mike mentioned. Obviously, the strong backlog, you know, the orders are there, so we are optimistic on what we can do in the second half of the year. When I think about the average selling price of what you have in backlog, and then the assumption being that inflationary pressures are easing, how should we think about what this can do to margins? Or is it that you work through more of the lower ASP in the first half? One of the things that we have pushed very hard on is that we are not going to allow inflation to be the reason for our margins to come down. We have continued to push that whatever inflation we face, and every business is facing inflation, that we need to at least offset, if not be greater than the inflation with our pricing actions. With that we continue to pursue incremental gains. We're thrilled with where we are with gross margin. You look at our non-raw material impacted gross margin of 21%, compare it to others who do what we do, it's at the top of the list. We're thrilled with that, but we think we can incrementally gain from there. Great. If I could just squeeze one more in. I know you guys are always closely watching cobalt and nickel prices. How are you thinking about second half of the year, given price trends? It price trends in particular in nickel are so variable, it's very difficult to project. What we continue to do in our raw materials is through our sales organization, we continue to make sure that we have the adjusters we need, which can offset any increases which could occur, and then obviously also deal if they would go down. We are very prepared for whether it goes either way. Cobalt, I'll tell you the truth, I've been very surprised on how far it's come down. You know, we will, as we always do, we'll deal with the ups and the downs of this and follow it along as best we can. What I'm very confident in, is the pricing mechanisms that our team has in place to make sure that raw materials, because of pricing, we follow up, we follow down and make sure that we are getting what we need to get to related to our pricing related to raw materials. Okay. Thanks, Mike. Thanks, Dan. Yep, thank you. Your next question for today is coming from Samuel McKinney at KeyBanc Capital Markets. Good morning, Samuel. Hi, good morning. Hi, good morning, guys. Firstly for me, to achieve that guidance of the 15%-20% year-over-year growth, is there any way you can frame how much of that is reliant upon volumes versus the contributions from the price increases you guys have instituted? I'll give you a general answer. We'll start there. Okay. We have a very strong average selling price in our backlog. We have very strong average selling price in the bookings that are coming in. The key for us is getting back to that lbs 5 million a quarter. It's a combination of the two. Everyone coming out of COVID had issues related to manpower. We did also. I've been so darn proud of our ability to hire people, and we can now say we're fully staffed, but it takes a while to get those people trained. We now feel really good based on what we saw in March about the volumes going up incrementally from what we reported this past quarter. I really think it's a combination of the two. I agree. The, you know, as we look over the second half of the year, the unknown is what will commodities do and how that might impact headwinds or tailwinds on that as well. Q1 was difficult with that $5.6 million headwind. It's moderating, and if that, you know, stays stable for the second half of the year, that's great. If it turns into a headwind, which, you know, who knows where raw materials may go, that could make things more challenging, but of course, it could go the other way as well. That's the big wild card, I think, going forward. I think volume is a key contributor. I think our sales, pricing, and cost reductions are showing its great effect already. The profitability leverage that I was speaking of in my script really is driven by that higher volume that we expect. Okay. Thank you. On that volume side, with backlogs at record levels, the demand for your product is obviously there. When do you expect to eclipse that lbs 5 million quarterly volume rate? Do you think that's achievable this year? Oh, we definitely think it's achievable in the second half of the year. We've got the backlog. You know, Yeah, I know you didn't ask about cash, and I know we've already addressed cash, but what's been fascinating for this business is the fact that we have been booking well over $50 million a month. It wasn't until March of the last quarter that we started shipping $50 million. We now have gained significant momentum and are gaining momentum, so we feel that it is very achievable in the back half of the year. Okay, thank you. Lastly for me, the release last night mentioned some higher spending on outside costs related to information systems. Could you provide any cadence on that spending for us and if that's expected to be a recurring charge? Yeah. We what our company continues to do is we wanna make sure we have the proper tools in the hands of all of our employees to be able to manage our business effectively. We've got an IT system right now that's 10 years old. We have been analyzing what makes the most sense as we move forward as far as next step with ERP. This was an expense to continue to do that. All right. That's it for me. Thank you. Thank you. Your next question for today is coming from Chris Olin at Northcoast Research. Well, hello there, Kokomo. Hello, Chris. How are you? I'm good. Let me just say it's been great to watch this last five years play out. Congrats to you guys. Thank you. I wanna touch a little bit on the surprising backlog strength that you referred to and, you know, looking at the turbine and aerospace markets in particular. I guess I was wondering, first, I know you kinda mentioned a bit, but in terms of the IGT strength, is there a way to think about how much of that is coming from core demand versus market share? Or, I think you referred to, like, material replacement. I think there's three ways, Chris, or three items that are involved with the increase in IGT. We two years ago were able to secure significant share that we've talked about on calls, and that has helped us significantly. That's part one. Part two is what I've talked about with positive alloy substitution. And I mentioned it in my script as far as HAYNES 282 alloy. That is an alloy which continues to replace older alloys because of its temperature capability, which will allow these engines to run cleaner. The third thing in IGT, Chris, is from my view, for the first time in a long time, everyone is talking about it's single digit, it's low single digit, but it's growth in the power generation sector. People are no longer saying that wind and turbines are gonna replace natural gas powered generation. It's certainly going to replace coal and potentially nuclear. We see the market trending up through season. I think it's a combination of the three. Gotcha. Gotcha. Now aerospace. I think everyone's pretty familiar with kind of the underlying story there. You referenced the GE9X engine and then, you know, your content win there. I was wondering if that volume is reflected in current backlogs or would that, you know, potentially be a second tailwind to think about in the future? I would say It's not material enough right now to say it's really in the backlog. I would say it's coming, it's starting, but I would not say it's there yet. Okay. Just one point. Oh, I'm sorry. In general, we are seeing a pickup in double aisle aircraft. Okay? We're seeing a fairly significant pickup in double aisle aircraft. That, you know, we're seeing the start of something very good. It should continue to add on to what we have. Can you differentiate between aftermarket demand on this, dual aisle or, OEM? In general, what we say about 15% is MRO. Balance is original equipment. That's a general statement. It's very difficult for us to refine these numbers because, again, we're selling typically to those that are bending the metal, making the metal parts that go into the aircraft. It's tough to differentiate sometimes. In general, it's about 15%, 85%. Okay. Just a little bit of a switch here. The special revenues business, you know, I know that's a lagging indicator, I guess, for your business, and it's been down because of, you know, what's happened in the past. I was wondering if you could talk a little bit about the pipeline, though, and kinda how we should think about that turning around or driving revenues. Sorry, Chris. You're talking about special projects? Oh, yes. Sorry. We feel good about where we are with special projects. They're As I talked about in the script, this is where application engineering people, our research people excel, being able to bring these things in. I look at special projects really as an incubator for us. When you take a step back and look at what's happening, we are growing year-on-year, okay, in special projects. It is higher than typical margins. When you take a step back and look at where it's being used, hypersonic aviation, acetic acid projects, plastics manufacturing, clean energy, linear generators, refinery, new processes for refineries. There's so many new applications coming at us, and as you know, they start small. What we get excited about is when some of these can turn into much larger opportunities. Okay, gotcha. It's helpful. Thank you. I guess just lastly for me, I know you were touching a lot on this capacity and expansion. I just wanted to make sure on the tubing side, you did expand capacity. You still have sufficient capacity for the rest of the cycle? Is there any potential issues with sourcing titanium? No issues with sourcing titanium. We have long-term contracts agreements. We have an excellent relationship with our supplier. What we have done is we have booked to the capacity that the airframe manufacturers have said that they've needed for the hydraulic tubing. All right, great. Looking forward to the next five years. Thanks, Chris. Thanks, Chris. Once again, if there are any questions or comments, please press star one on your phone at this time. Your next question is a follow-up question coming from Mark Reichman. Mark, your line is live. Thank you. I just had two follow-ups. The first is, the percentage of undistributed income allocated to the common shares, I think it was 99.2% this quarter. You know, some quarters it's been 100%. You know, it's kinda bounced around at 99%. I was just kinda curious, it's kind of a small question, but what would kinda be your expectation for the remainder of the year on that? Yeah, it would be similar to what you're seeing this quarter. I think when you see it back at 100%, that it really depends on the size of the net income. Okay. -years, many years ago, when it's negative, you know, a net loss, then you're gonna see 100% there as well. What you saw this quarter should be pretty indicative of what you'll see going forward. Okay. Then the second question is, at the meeting, I guess investors voted on the five directors, and then you basically announced two new directors or two new director appointments. I was just wondering if you could just comment on the board composition. Sure. The outside directors, we had just four, and we wanted to make sure that we had the breadth of knowledge that we needed. Both directors that we brought in have financial expertise, and we are thrilled to have a board of now 6 + 6 outside directors. Feel good about what the people that have come in. In fact, one just completed a full day of touring and meeting in Kokomo, and the other one is set up for at some point in the next six or eight weeks. Seven with six outside directors? Me. Yes. Seven total. Okay. No, it looked like very well-qualified directors, but I was just kind of curious on the decision to add the two additional. Well, this has been a very helpful call and very informative, and I really do appreciate it. Thank you. Appreciate the interest. We have reached the end of the question and answer session. I will now turn the call over to Mike Shor for closing remarks. Thank you, Holly. Thanks everyone for your time today. Thank you for your ongoing interest and support of our company. We'll talk to you again in a quarter. Thanks, everyone. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.