Good morning, welcome to the MarineMax Inc fiscal 2023 third quarter conference call. Today's call is being recorded. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. At this time, I would like to turn the call over to Mr. Scott Solomon of the company's Investor Relations firm, Sharon Merrill. Please go ahead, sir. Thank you. Good morning, everyone. Thank you for joining us. Hosting today's call are Brett McGill, Chief Executive Officer and President of MarineMax, and Mike McLamb, the company's Chief Financial Officer. Brett will discuss the company's operating highlights. Mike will take you through the financial results. Brett will make some concluding comments. Management will be happy to take your questions. By now, you should have received a copy of the earnings release that was issued today. If not, please email our IR team at HZOinvestorrelations.com. A copy will be emailed to you. With that, I'll turn the call over to Mike. Thank you, Scott. Good morning, everyone. Thank you for joining this call. I'd like to start by reminding you that certain of our comments are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Any forward-looking statements speak only as of today. These statements involve risks and uncertainties that could cause actual results to differ materially from expectations. These risks include, are not limited to, the impact of seasonality and weather, global economic conditions, the level of consumer spending, the company's ability to capitalize on opportunities or grow its market share, numerous other factors identified in our Form 10-K and other filings with the Securities and Exchange Commission. On today's call, we will make comments referring to non-GAAP financial measures. We believe that the inclusion of these financial measures help investors gain a meaningful understanding of the changes in the company's core operating results. These metrics can also help investors who wish to make comparisons between MarineMax and other companies on both a GAAP and a non-GAAP basis. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is available in today's earnings release. With that, let me turn the call over to Brett. Brett? Thank you, Mike. Good morning, everyone, and thank you for joining us. As always, I'd like to begin by thanking our teams around the world, whose great efforts contributed to a strong third quarter, driven by revenue of more than $720 million, a new quarterly record for MarineMax. Across all our locations, including our 59 marinas around the world, the MarineMax team consistently embodies our mission of delivering the world's best pleasure boating experience. The secret to our success is staying close to our customers. The relationships and customer service reputation that we've built over the past 25 years have been central to our strong operational and financial performance. To that point, while I am proud of our financial accomplishments, I am most proud of our team's ability to continually raise the bar in keeping our customers happy, as evidenced by our outstanding Net Promoter Score. This morning, I'd like to begin with three key takeaways from our Q3 performance. First, we are delivering on our strategy to structurally enhance MarineMax's margin profile through acquisitions and expansion into higher-margin businesses. Second, in the short time we've owned IGY Marinas, it has already begun to demonstrate its potential as a growth platform and is well positioned to drive growth. Third, while factors such as seasonality and economic conditions may affect our results from quarter to quarter, we are operating MarineMax with a long-term lens. From that perspective, we are highly confident both in our strong market position and the global trends that are fueling the world's passion for the boating lifestyle. Turning to the specifics of the quarter, through strategic moves in marketing and other customer-centric activities, we began to drive higher sales in May and June. These were not only the two biggest revenue months of the quarter, but the strongest in our company's history. It is becoming clear that the industry is returning to seasonality, as we suggested on prior calls. In a trend that is favorable to our brand strategy, the premium end of the industry continues to outperform other segments. Even with the modest margin declines we had anticipated, it's gratifying to see that we were able to achieve further market share gains, top-line growth, while sustaining strong consolidated margins. To that point, Q3 marked the 11th consecutive quarter of gross margins 30% or higher. While IGY has unquestionably contributed to our solid margin performance this year, so have other areas of our lines of business, including super yacht services, marinas, manufacturing, and service, all of which reduce the cyclicality of our business and diversify our revenue stream. Our other revenue categories outside of boat sales continue to grow as a percentage of our business. During the third quarter, we acquired C&C Boat Works, a generational boat dealer in Minnesota's important Whitefish Chain of Lakes. C&C is a great example of the type of boat dealerships we seek to acquire. It's a great family-run business that understood well the importance of diversifying into storage, which is undoubtedly a big reason they were in business for over 60 years. C&C annually stores more than 600 boats in addition to their marina capabilities. This certainly helps drive higher margins and cash flows. The industry M&A pipeline is active, and we continue to be opportunistic in identifying businesses that have the potential to advance our operational and financial priorities, including our higher margin focus strategy. With the size and number of super yacht around the world steadily increasing, our super yacht services organizations continue to be very active. Additionally, those organizations and IGY are working to produce stronger synergies and benefits for our super yacht clientele. We are just beginning to scratch the surface of those exciting opportunities. IGY is not simply a collection of some of the world's best marinas, but a growth platform. To that point, in June, IGY announced a partnership with NEOM, a global waterfront development taking shape in the Red Sea. IGY has been engaged to help develop and operate a prestigious new super yacht marina at Sindalah, which will be this giga project's luxury island destination. This marina will become an iconic destination for the world's yachting community and will be the closest ultra-prime super yacht marina in Europe and the Mediterranean, further expanding our network of super yacht marinas and adding another destination for our customers. We are excited about this new alliance as we capitalize on IGY's unique expertise to help Sindalah and NEOM set the benchmark for a premium customer experience. We are also very pleased with the progress of Cruisers Yachts and Intrepid Powerboats, which are exceeding our expectations. Intrepid just announced that it will begin building larger boats at our Swansboro, North Carolina, operation. Their new flagship model will be a 60 ft Intrepid, the largest model ever. It's something the Intrepid nation has been waiting for for a long time, and the announcement has been greeted with tremendous enthusiasm. Exciting times ahead for both companies. With that update, I'll ask Mike to provide more detailed comments on the quarter. Mike? Thank you, Brett. I also want to thank our team for producing another record quarter with over $720 million in revenue. To put things in perspective, it was not that long ago when our annual revenue was around $1 billion. The demand for the boating lifestyle is clearly alive and well. While the quarter opened with a down April, as we noted on our March quarter earnings call, the strategic moves Brett mentioned helped accelerate business in May and June, which ended up being the two strongest revenue months in our history. Revenue in the quarter grew about 5%, primarily reflecting the addition of IGY, growth in both Cruisers Yachts and Intrepid Powerboats, as well as a modest increase in same-store sales and other recent acquisitions. Geographically, markets like the Midwest performed well, which supports the seasonal commentary. Florida was a bright spot, a trend we expect to continue for the foreseeable future. Our unit volume was down low double-digits, given the softness in April and continued in-industry sluggishness in pontoon and towboat sales. In May and June, many of our premium brands showed growth. Given our premium focus, our average unit selling price continues to rise. Gross profit increased to $244 million on the strength of strong revenue, combined with a healthy gross margin of 33.8%. As we indicated on our last call, we anticipated and planned for a modest decline in boat margins, partially offset by the addition of IGY. SG&A expenses increased to over $169 million, primarily due to the addition of IGY, as well as other businesses we have acquired, combined with the inflationary environment. Like other companies, we continue to look for ways to be more efficient and reduce costs where possible, while not impacting our ability to provide outstanding service and experiences for our customers. Interest expense increased by $13.8 million, reflecting higher interest rates, the increase in long-term term debt related to IGY, and higher inventory. In the quarter, we had floorplan interest costs of more than $7 million compared to basically zero last year. On the bottom line, we generated GAAP net income of over $44 million, or $1.98 per diluted share, compared to net income of $70 million, or $3.17 per diluted share last year. On an adjusted basis, net income for the quarter was $46 million, or $2.07 per diluted share, compared with $71 million, or $3.23 per diluted share last year. Adjusted EBITDA for the quarter was $83 million, compared with $105 million last year, primarily due to lower net income as well as higher floorplan interest expense. On a year-to-date basis, adjusted EBITDA was $194 million, compared with $241 million last year, with floorplan interest making up about $17 million of the difference. Moving on to the balance sheet. We ended the quarter with cash of more than $226 million. Inventories at quarter end increased to $739 million. This was up 4% from March, which is a bit more modest than we expected. On a same-store basis, unit inventories are in the neighborhood of 35% down compared with June of 2019 levels. While we'd like it to be lower than 2019, for some models and brands, we could use more inventory today. Looking at liabilities, our short-term borrowings rose largely due to increased inventories and the timing of payments. Customer deposits continue to be historically very high at $98 million, showing the strength of demand for the boating lifestyle. We expect deposits to gradually decline over time as inventory modestly builds, allowing us to more quickly meet customer demand. Our liquidity position remains strong. At quarter end, debt to EBITDA net of cash was less than 1, and we have additional liquidity in the form of unlevered inventory, plus available lines of credit that total $200 million. Additionally, earlier this month, we announced we increased our floorplan facility by $200 million as part of the according feature of our credit agreement. This increase is consistent with our historical practice of adding floorplan capacity as needed for growth. Our ability to smoothly and easily increase the facility despite a more challenging debt market, is a reflection of the strength of our balance sheet, our strong underlying fundamentals, and the relationships we have built with our lending partners. Turning to guidance. Based on our year-to-date results, we are adjusting our 2023 guidance. As noted on prior calls, this has been a challenging year to forecast, given the industry's return to seasonality, combined with the Fed-driven macroeconomic uncertainty. For our fiscal year, despite the recent uptick in retail strength for the industry, we still believe the industry units will be down around double digits. Keep in mind, our fiscal year includes the December quarter of last year, which saw significant unit declines, as did the industry this year through April. This results in our expectation that our fiscal year 2023 same-store sales will be down in the mid-single digit range. As we have seen to date, our premium product concentration should continue to benefit us. We expect margins to be consistent with our past guidance, which was a modest decline from fiscal 2022 due to product margin moderation, partially offset by IGY and other higher-margin business, but still in the mid-30s%. We are also assuming interest expense is elevated due to higher year-over-year inventories as well as rates. As we have moved through the year and have a better idea for the annual sources of pretax earnings, we believe our 2023 tax rate will approach 27%. Accordingly, we are raising the low end of our guidance range and leaving the top end the same. We now expect our fiscal year 2023 adjusted earnings per share guidance to be in the range of $5.10-$5.50. This assumes a share count of 22.4 million shares. In addition, we are forecasting 2023 adjusted EBITDA to be in the range of $225 million-$245 million. Looking at current trends, July is forecasted to finish with positive same-store sales growth as boaters are looking to enjoy the rest of the summer. Having said that, we have much work ahead through the rest of the quarter. With that, I'll turn the call back over to Brett for closing comments. Brett? Thanks, Mike. We entered the final quarter of fiscal 2023 with positive momentum. Despite the more pronounced seasonality across the recreational marine industry, the fundamentals of our business remain strong. At more than $230 billion, the annual economic impact of the recreational boating industry in the U.S. has never been more robust. Based on our interactions with customers and partners across the globe, the enjoyment and freedom of being out on the water is booming. Our higher-margin businesses provide a diversified income stream that, over time, reduces exposure to the industry seasonality. Just as important, assets like IGY put us on a competitive global footing to generate sustained long-term growth. With that, operator, please open up the line for questions. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star and one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star and 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, please, while we poll for questions. Thank you. Our first question is from James Hardiman from Citigroup. Please proceed. Good morning. Thanks for taking my call. Could you just give us a specific same-store sales number? I think you said it was up modestly. Can you be a little bit more specific there and then maybe break out the AUP versus unit number? That'd be really helpful. Yeah, thanks, James. Yes, it's up, but it doesn't even round to 1%, it's above, it's above zero. It, it's nice to have a little bit of growth, especially with April down like it was. We did say, our units were down in the low double digits. To have positive same-store sales, you're going to have an AUP growth of, you know, double digits, if you will, to offset that. Hopefully, some clarity. Yeah, the units, I think we said, were, you know, pontoons and some other ones which were sluggish in the quarter. Okay, that's helpful. I wasn't sure if that low double digits was the quarter or just April. It sounds like it was the full quarter. Okay. Then as you think about same-store sales, I think you guys were previously assuming down high single digits, and I think what you said is it's now a mid-single-digit number, even though industry assumption is still the same. How should I take that? Is that sort of a commentary on better ASP sort of driving the revised guidance? What's the bridge there? It's really how we've performed for the first nine months of the year now, with the June quarter being, you know, modestly stronger than we had anticipated. When you look at the rest of the year and bake in the industry assumptions, you get to a down mid-single-digit range versus high. It's just fine-tuning the comment that we had made at the end of the March quarter. Okay. If I think about that mid-single-digit decline, units are expected to be down something still meaningfully more than that. I think you're saying you still expect ASP to be up pretty meaningfully for the year, obviously, and that's obviously been the case for the first three quarters. ASP will continue to be up. You know, the units that we probably confuse people a little bit because we always talk about what the industry is supposed to do. The industry in our fiscal year is going to be down in the double-digit units, we believe, and then our same-store sales growth for the year is going to be mid-single digits. While we won't be down quite as far as the industry from a unit perspective, we will continue to have growth in our average unit selling price because of our premium focus and the migration to larger product. Got it. Lastly, to the July commentary, sounds like you expect it to be up on a same-store sales basis. Can we say the same? Were units actually up in July, or was that primarily a pricing benefit? You know what? The month's not over, so I can't really comment specifically on units or, or AUP, but just right now, it is forecasted to be up over the prior year. Got it. Appreciate it, guys, and good luck the rest of the way. Thank you, James. Yeah. Thank you. Our next question is from Drew Crum with Stifel. Please proceed. Okay, thanks. Hey, guys. Good morning. Morning. Mike, can you comment on how you're looking at the inventory build across your stores over the next few quarters, if there's any deviation from the historical trend line? Maybe, Brett, you know, you mentioned the partnership between IGY and NEOM. You know, beyond plans for a destination at Sindalah, what does the pipeline for new marinas look like? Just trying to get a sense as to what the opportunity set is here for the longer term. Thanks, guys. I can thank you, Drew. On the inventory question, it's a good one, especially because the industry is kind of trying to find the right level of inventory. From a unit perspective, on the premium end, they're still, you know, I think I said we're 35% down year-over-year. Probably the one quarter that had an unusual trend would be the quarter we just finished, where inventories grew modestly in the June quarter. Typically, they fall in the June quarter if we're back to, you know, if you go back to a couple of years ago. Inventories traditionally either fall a little bit or maybe are flat at the end of September. I actually think inventories will modestly build at the end of September, again, given where we are from a unit perspective. When you get to December, assuming more, you know, seasonality in the industry, inventories always build, and they build all the way into the end of March. It all depends on the strength of the March quarter as to how much they build, because sometimes the March quarter can be pretty significant from a retailing perspective, and inventories actually begin to taper off. They drop a lot in the June quarter. If we assume more seasonal patterns next year, I would assume inventories will build from now through December, maybe through March, and then fall quite a bit in the June quarter. Yeah, Drew, I'll comment. Thanks for the question about IGY and the growth there. Yeah, we view it as a growth platform. That's part of why we did it. We also looked at it with the network effect of, like you've recognized there, adding Sindalah as a marina in the future here, another destination point for our super yachts. Pretty exciting. As it relates to the, the growth platform, a lot of opportunities out there. It's an active pipeline of, you know, varying destinations and marinas. You know, clearly, the cost of capital right now and, and the things that are going on in the world, you know, do have an effect on, on that, but we're, you know, trying to be opportunistic and continue to look. Got it. Thanks, guys. Thank you, Drew. Thank you. Our next question is from Joe Altobello with Raymond James. Please proceed. Thanks. Hey, guys. Good morning. Morning. I guess sort of a big picture question, maybe a little bit more color on what's driving, you know, the improved retail trends over the past couple of months, both for yourselves-... and the industry, it doesn't seem like the macro backdrop has gotten much better. Is this just more normal seasonality, or is there something else that's helping to drive that? Yeah, Joe, I think when you really go back to when we after Q1, we, you know, I think we said things like, you know, there's some seasonality and some softness. We can't tell how much of each. Just this past quarter, you know, we struggled kind of getting retail going, the March quarter, that is. We applied a lot more programs, worked with our manufacturers, you know, some more discounting, et cetera, promotional activity, and we moved the needle. Not all of it was natural, meaning the demand's good out there, but it's requiring more promotional activity. It was exciting to see that our team put the plans together and really worked on it, along with seasonality, right? It's the boating season in the northern markets, and so on. You're right, there's still headwinds out there. Interest rates, you know, the cost to get a boat loan is putting pressure. You know, that's it's not just in the small boats, as we reported a year ago. It, it's requiring a lot more effort to get the sales to come across the board. Got it. Okay. I guess on that point, in terms of pricing, you know, there's been a lot of discussion about affordability, you know, in this industry and others as well. How do we think about pricing for model year 24? You know, I guess, on a gross basis, maybe, and maybe net of promotions. When you say pricing, do you mean, like the inflation-based pricing— Correct. —from manufacturers? Yeah. I'd say it's the industry's very close to what it historically saw from an inflationary-based environment for model year 2024. Low single-digit increases, with very few exceptions, is what we're hearing from most manufacturers, which is nice relative to the last couple of years. Yeah. We're definitely working with all our manufacturers to try to find a way to kind of slow down the, you know, the growth of the inflation on the newer models. They're doing what they can, but it's clearly a concern for the industry that we're working on. Okay, great. Thank you, guys. Thanks, Joe. Thank you. Our next question is from Eric Wold with B. Riley Securities. Please proceed. Thanks. Good morning, guys. Sure. Two questions. I guess one, when you talked about the weakness you saw in the quarter recently around specific boating categories, you called out, you know, pontoons and towboats. Is that mainly driven by the price point of those categories and kind of the income demographic they target, or is there something else even going on within those segments? I think, you know, as far as the categories go, I think a year ago, across all categories, the, the more, I'll call it, entry-level, the, the, the lower-priced boats started feeling pressure quicker because of, you know, payments, insurance, and things like that had a quicker effect on that buyer. When you look at some of the other segments that are down, you know, it, it's not just that lower-end product. You know, when you say pontoons, heck, a lot of the product we sell is $100,000 pontoon boats, so it's expensive pontoons. It's, it's somewhat segment-related versus just, you know, entry-level or, or lower-priced boat. I don't know if that helps. It does, it does. Thanks, Brett. On the margin, I know you talked a little bit about it recently. Just give us a better sense of the gross margin delta this quarter versus last year's quarter for just the new and used boat sales. And I know you kind of talked about doing some new things with marketing and promotions to try to drive sales and kind of the seasonal stronger period. Are we at a point where whatever margins are right now for those new and used boats, where you think it's sustainable, to kind of incorporate everything you're seeing kind of in a more normalized environment, or you think there's room for those to, you know, decline further from here? Yeah, I can comment. I mean, new and used margins are, you know, historically still high. They are down, as we expected from a year ago period, but they're still pretty strong. On our consolidated margins, obviously, we have IGY coming in there this year, which is, if you do the math on IGY, you'll see it's contributing something north of 100 basis points of the, of the change year-over-year. You also have last year, where you had a quarter where you had negative same-store sales growth, which meant all the other higher margin businesses grew as a percentage, and this year we're not negative. Sales have grown, which the higher margin businesses shrank just a little bit. As to the pricing and the margins going all the way through 2024, we haven't really sat down and developed our guidance for 2024. I would expect probably some level of product margin moderation going through 2024 as inventories continue to build. Brett. Yeah, no, I think also trying to get back to this thinking through seasonality, right? Right now, we applied promotions during a hot seasonal market, you know, no pun on the heat out there, but, you know, and we moved the needle. As we go into, call it, the off-season, you know, what is it going to do to drive some sales? What do we need to do there on some new product? You know, we'll just have to see how that plays out here this fall. Got it. Thank you both. Helpful. Thanks, Eric. Thank you. Our next question is from Fred Wightman with Wolfe Research. Please proceed. Hey, guys. Thanks for the question. Just on the implied fourth quarter guidance, it seems like a pretty big range. Wondering why you feel like such a wide range is appropriate and maybe what the biggest swing factors would be to get to the high end versus the low end? Hey, go ahead, Mike. I'll just start real quick. I mean, some of it, we've just come off a few years of having massive backlogs, which never were the case in the industry. Every, every quarter, you're kind of creating new business. Some of it's there. Mike, go ahead. I just, you know, we obviously have had two quarters where we've adjusted down guidance, and there's still a lot of uncertainty out there. We think the range is prudent, given that uncertainty, given what makes it difficult is, you know, how much of it is a return to seasonality, how much of it's macroeconomic events? We just felt it was prudent to leave the range, you know, wide like that for Q4, Fred. Okay, that's fair. If you think about some of the promo activity that you've touched on a few different times, are you seeing competitors and other dealers across the industry sort of match and mirror that? When you look at just the level of channel inventory from peers in the overall industry, are you worried about that, just sort of where we are in the season? Do you think everybody's sort of picking up promos and we'll clear through the inventory as we move into the off-season? Well, I think, you know, you know, worried isn't the right word. Concerned, watching, keeping an eye on things, making sure we stay on our game as the competitors do. Inventories will probably continue to build through the industry, which could, you know, create some pressure there. It depends on how the manufacturers that each of them deal with. You know, we're watching the competitive pressures because that'll have an effect, for sure. Makes sense. Thanks a lot. Thanks, Fred. Yeah. Thank you. Our next question is from Michael Swartz, with Truist Securities. Please proceed. Hey, guys. Good morning. This is Lucas in for Mike. I was just wondering if you could talk about your plans to market and invest in boat shows in the year ahead, and anything changing from previous years? Thank you. Yeah, good question. It's been a wild ride with boat shows, right? Pre-pandemic, you know, you go into the pandemic with almost no shows in some cases, for reasons of you couldn't attend. When shows started coming back, we've been very careful which ones we've attended. We're going to still take a disciplined approach, but with inventories and, you know, competitive pressures, there's probably going to be more shows which will require, you know, additional attendance costs, et cetera. It just, you know, we're measuring it and being careful, but I would say we're going to return to probably more shows even last year, but carefully, maybe not back to historical levels, but we'll see how that plays out. Awesome. Thank you. Thanks, Lucas. Thank you. Our next question is from Brandon Rollé, with D.A. Davidson. Please proceed. Good morning, and congratulations on a strong quarter. Thanks, Brandon. Hey, I just had a quick question on the used market right now. Could you talk about what you're seeing in terms of used inventory availability and pricing within the market? I had a quick follow-up as well. Yeah, our, you know, our real visibility to used is obviously the trades we take, and late model trades continue to be highly sought after, you know, pricing on them and, you know, our margins on them are pretty darn good. Our view of the industry overall is kind of similar, that, you know, there doesn't seem to be any real big issues out there on used product. It's, you know, late models are always highly sought after, really, from an industry perspective. Keep in mind, ours are just the trades we're taking. Okay. Okay, great. Then just, you know, on the promotional activity, could you talk about, you know, what you're seeing in terms of OEM promotional support versus, you know, maybe incremental promotional support you're providing to maybe help retail? Yeah. How that progressed this quarter. Yeah. Yeah, great question, Brandon. I think that was kind of the, the magic in the quarter for us, is got with all of our manufacturers, market by market, what's needed, how can they help, how can we help partnering together to a tee with every manufacturer and saying: What do we need to do to selectively market, promote, and, you know, maybe discount. Discount, obviously, the right models to, to move through. That was a good partnership, shared costs, so to speak, and that, that seemed to work. Great. Thank you. Thank you. Our next question is from John Healy with Northcoast Research. Please proceed. Thank you. I appreciate you guys taking my question. Just kind of wanted to ask kind of a question outside of the operations of the business. I think it was in late May, there was a 13D filed. I know there hasn't been a ton of disclosure on the topic. To the degree you can, I understand there's probably elements of confidentiality you have to think of. Like, can you help us think about kind of maybe the, you know, the dialogue there, openness to either reviewing kind of— — capital structure or M&A strategy, or maybe what, you know, some of the topics might be there that you guys are kind of thinking through and, and how we might kind of think about getting updates on kind of that dialogue. Thank you. Yeah, I mean, I'll make a comment. Obviously, you can read the 13D filing. Our conversations and discussions with that investor are really cordial and no different than conversations and discussions we have with any other investor. You know, other than the filing, there's really no difference in the interaction with them and their questions than what we have with everybody else. It's about all I can really say. Okay. No, I appreciate that. Just wanted to ask, just any way you could give us some color on just in terms of the magnitude, how difficult April was and maybe the magnitude of the bounce back in May and June? Yeah, I did comment on the call in April, that April was gonna be down, which it was, and I don't have in front of me right now or recall exactly how far down it was, but it was negative. Keep in mind, last year, our same-store sales for the quarter were negative, and I don't remember year-over-year, but just assume we were negative on top of the negative or something like that. That kind of tell you the magnitude. Obviously, now we're flat for the quarter, so May and June were, you know, pretty good months. You can see the industry data, which I think generally reflects, you know, an improving industry during that time period also. Great. Thank you, guys. Thank you. Thank you. As there are no further questions at this time, I would like to turn the floor back over to Mr. Brett McGill for closing comments. Well, great. Thank you for everybody for joining us today and all the great questions. Have a great day, and we'll talk to you on the next call. This concludes today's teleconference. Thank you for your participation. You may now disconnect your lines.