Good day, welcome to the LKQ Corporation's first quarter 2026 earnings conference call. All line have been placed on mute to prevent any background noise. After speakers remarks there will be a questions and answers session. If you would like to ask a question during this time, simply press star followed by number one on your telephone keypad. If you would like to withdraw your question please press star one again. We asked to limit your question to one and one follow-up to able us to take as many questions as possible. For [inaudible] assistance during a call please press star zero. And finally I would like to advise all participants that this call is recorded. Thank you. I'd now like to welcome Joe Boutross, Vice President, Investor Relations, to begin the conference. Joe, over to you. Thank you, operator. Good morning, everyone, and welcome to LKQ's first quarter 2026 earnings conference call. With us today are Justin Jude, LKQ's President and Chief Executive Officer, and Rick Galloway, our Senior Vice President and Chief Financial Officer. Please refer to the LKQ website at lkqcorp.com for our earnings re-release issued this morning, as well as the accompanying slide presentation for this call. Now let me quickly cover the Safe Harbor. Some of the statements that we make today may be considered forward-looking. These include statements regarding our expectations, beliefs, hopes, intentions, or strategies. Actual events or results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors. We assume no obligation to update any forward-looking statements. For more information, please refer to the risk factors discussed in our Form 10-K and subsequent reports filed with the SEC. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release and slide presentation. Hopefully, everyone has had a chance to look at our 8-K, which we filed with the SEC earlier today, as normal, we are planning to file our 10-Q in the coming days. With that, I am happy to turn the call over to our CEO, Justin Jude. Thank you, Joe. Good morning, everyone. We appreciate you joining us today. Q1 was another quarter of solid progress across our operating segments, and we're increasingly confident in our positioning as North America continues to recover. This quarter reflected the team's operating discipline and relentless focus on the things within our control, taking market share, protecting margins, and improving productivity. LKQ has started 2026 with a strong foundation, featuring a more focused organization, disciplined execution, and an unwavering commitment to long-term value creation. Now we'll provide a brief update on each segment, highlighting demand trends, commercial execution, and the actions we're taking to expand profitability. North America organic revenue declined 0.5% on a per-day basis, an improvement over last year's Q1 decline of 4.1% and a sequential improvement from Q4's decline of 1%. These results highlight a gradual recovery and reinforce our confidence in the direction of our North American operations. Repairable claims are down approximately 2%-4%, demonstrating steady recovery from the levels we saw throughout 2025. Importantly, we achieved strong performance in our aftermarket collision product line, surpassing the growth levels of the segment. This positive momentum was partly driven by an increase in the utilization of alternative parts, which reached a record high of nearly 40% through February, and we anticipate that this favorable trend continues in March as well. We also renewed several MSO agreements and further integrating ordering capabilities with our key partners. These integrations are designed to increase the ease and velocity of ordering, improve procurement workflows, and position us to capture more share of wallet. Elitek, our calibrations and diagnostic business, delivered strong organic growth and healthy EBITDA margins in the quarter. For context, an increasing share of collision repairs require calibration and diagnostics, and we estimate that requirement has risen to roughly 75% today from about 62% three years ago. We view this as a durable, long-term tailwind and a compelling opportunity to extend our service offering. Our bumper-to-bumper hard parts business in Canada again delivered positive growth, and as I mentioned in the past, we plan to methodically expand this business further, given the still fragmented do-it-for-me hard parts market across North America. We're seeing promising signs of stabilization in North America that reinforce our optimism for the business. Used car prices are climbing, non-comprehensive total loss rates are declining, and auto insurance premiums are easing, all positive indicators for our industry. Notably, used car values improved every month this quarter, with March alone up 6.2%. These trends will drive a reduction in total loss frequency and boost the proportion of accidents that translate into repairable claims, supporting continued growth and opportunity for our company. While we can't predict the exact timing of a broader recovery, the indicators are moving in a direction that supports our model. Importantly, we believe we built a stronger foundation. As volumes improve, we're confident in our ability to convert that into growth and margin expansion. In Europe, we saw a softness early in the quarter similar to what we experienced in Q4, followed by steady month-over-month improvement, with March showing stronger demand. While the macro backdrop remains mixed, we're focused on controlling what we can control: service levels, execution, and cost. Overall, performance was in line with our expectations as we continue to execute operational initiatives to improve service and further optimize our cost structure. Eastern Europe and Germany delivered positive organic revenue growth, and while the U.K. and Italy were down year-over-year, we were encouraged to see sequential improvement. Our private label initiative continues to make progress in the quarter, with volume penetration reaching 25.3%, up from 25.1% in Q4, which aligns with our objective of reaching 30% over the coming years. We are continuing to use targeted introductory pricing to support adoption, and we expect to thoughtfully improve pricing as customers gain confidence in the quality and reliability of our exclusive branded products. As previously communicated, we executed a planned ERP migration in one of our key European markets, which was completed during the first week of April. We anticipated temporary sales disruption associated with the conversion and appropriately reflected that in our full year guidance. The project is progressing ahead of our initial expectations, and while we are not yet fully optimized post-conversion, our priority is maintaining customer service, and we are seeing daily improvements in sales levels. ERP conversions are intensive projects, but we approached it with deliberate execution. This achievement supports our integration roadmap and enables future process standardization, cost reduction initiatives, and enhancing the ability to become a seamless Pan-European distributor. Lastly, turning to Specialty. Specialty delivered another solid quarter with organic revenue up 3.4%. That marks three consecutive quarters of positive organic growth. RV revenue growth was nearly double digits, and we also saw strong growth in Marine, reflecting continued demand and strong execution by the team. Last quarter, I noted the specialty process was robust with strong interest from both strategic buyers and financial sponsors. That remains true. At the same time, the recent geopolitical tension have introduced uncertainty into the credit markets. Some potential buyers have seen their lenders tighten financing terms as a result. We haven't shut down the process. Given the environment, we felt it was important to be transparent with our shareholders about the timing and the dynamics we're seeing. Before I hand the call over to Rick, I wanna provide an update on our ongoing strategic review. We are still early in the process. We intend to be thoughtful and pragmatic. We have engaged both Bank of America Securities and Goldman Sachs alongside the board and management to identify and evaluate a full range of alternatives with the objective of maximizing long-term shareholder value. We believe there are multiple paths to create value. We are committed to evaluating them rigorously. Management and the board are aligned to take careful, strategic look at the business. We know we have a strong company, and we will be active, thoughtful, and deliberate as we assess the path forward. Given where we are with the process, investors should not expect an immediate update, but you should expect that we are treating this with urgency and evaluating alternatives thoroughly. Finally, to be clear, our teams remain fully focused on executing day-to-day, and the strategic review does not change our operating priorities or our commitments to serving customers and delivering results, something our teams never lose sight of, and for that, I am extremely proud of their continued dedication. With that, I'll turn the call over to Rick to walk through the quarter in more detail. Thank you, Justin, and welcome to everyone joining us today. Our performance reflected solid execution in North America, improving trends throughout the quarter in Europe, and continued focus on productivity and cost actions. These positives were partially offset by headwinds from fuel, bad debt, and pricing and mixed pressure in certain areas. We reported revenues of $3.5 billion, a 4.3% increase year-over-year. Diluted EPS was $0.30 and includes a $0.17 per share impairment related to our equity method investment in Mekonomen, which is excluded from adjusted net income. On an adjusted basis, diluted EPS was $0.67 compared to $0.74 in the prior year. On free cash flow, the quarter tracked close to our expectations and reflected normal seasonality. As we have observed historically, first quarter working capital is a headwind, with receivables increasing from year-end as volumes built through each month of the quarter. Free cash flow was $-96 million versus $-57 million a year ago. As in prior years, we expect Q1 to be a use of cash and the remaining quarters to generate positive free cash flow. In North America, top-line performance remains solid despite year-over-year headwinds from repairable claims and tariffs, and we believe we continue to gain market share. Consistent with prior quarters, pricing remains competitive and our ability to fully pass through higher costs while maintaining margins is constrained. As we anniversary the tariff increases in the cost of sales in the back half of the year, we expect to see EBITDA margins normalize on a year-over-year basis. Other revenue grew due to higher metal prices and higher volumes. Segment EBITDA was 14.1%, down 130 basis points year-over-year, but up 140 basis points sequentially. Gross margin in North America was 42.4%. While down year-over-year, driven primarily by the dilutive effect of passing through tariff pricing and customer mix, gross margin improved sequentially. The sequential improvement was supported by strength in the aftermarket business and higher commodity prices, partially offset by pressure in salvage due to softer salvage revenue and higher car costs. As we lap the tariff-related cost step-up in the back half, we continue to expect year-over-year margin comparisons to improve. SG&A in North America improved by 90 basis points as a percent of revenue compared to the prior year, reflecting our focus on controlling what we can control, cost discipline, and that drove operating leverage on higher revenue. In Europe, revenue benefited from FX, organic volumes remained pressured and top-line pressure flowed through to margins. The segment EBITDA declining 150 basis points to 7.8%. Gross margin in Europe was 38.3% in the quarter, a 50 basis point reduction due to a competitive pricing environment in certain key markets and higher input costs. SG&A costs increased approximately 80 basis points to 30.9%. While lower volumes and inflation pressured overhead leverage, aggressive productivity and restructuring initiatives helped partially offset this impact. With the cost to actions we've undertaken, we believe the business is well-positioned when market conditions normalize. In our specialty business, revenue was in line with expectations for Q1. For the quarter, organic revenue was up 3.4% versus prior year, while EBITDA decreased by $3 million. Gross margins increased in line with revenue, but higher SG&A, primarily related to $6 million in higher than normal credit losses related to a non-trade receivable, more than offset the increases in margin dollars. Turning to the balance sheet, we ended the quarter with total debt of $3.9 billion and leverage of 2.6x EBITDA. Our $500 million term loan came current at the end of Q1. We intend to either extend or refinance prior to the scheduled maturity date. We remain committed to maintaining a strong balance sheet and our investment-grade rating. Our effective interest rate was 5.0% in the quarter. We returned $77 million to shareholders during the quarter through our dividend. In line with our disciplined strategic capital allocation policy, we spent $5 million on two small tuck-in acquisitions in Europe. Turning to guidance for 2026. Following our first quarter performance and considering current market conditions and recent trends, we are reaffirming our full year guidance for organic parts and services revenue, adjusted earnings per share, and free cash flow. The change in GAAP guidance for earnings per share is primarily related to the impairment on our investment in Mekonomen, which is excluded from adjusted net income. We continue to expect organic parts and services revenue in the range of -0.5% and +1.5%. adjusted EPS between $2.90 and $3.20, and free cash flow between $700 million and $850 million. We still believe it is too soon to reflect a meaningful market recovery in our outlook. While we are appropriately cautious on demand, our confidence is grounded in execution. We remain focused on managing our cost structure and continue to expect to realize the more than $50 million in annual cost savings I mentioned when we first released 2026 guidance, with most of that benefit coming in 2026, and are offsetting volume and inflationary pressure through productivity initiatives and additional restructuring actions and disciplined capital allocation. That said, as Justin mentioned, we continue to see green shoots across our business and, in particular, early indicators that suggest improving demand, including easing insurance premium pressures, improved used car values, and broader stabilization in the automotive environment. Thank you for your time, and with that, I will turn the call back to Justin for his closing remarks. Thanks, Rick. Before we open up to Q&A, I want to reinforce a few points. Despite the challenging environment, we are pleased with the quarter and the progress we're making through disciplined execution. In North America, we believe the recovery is taking hold, and we are positioning ourselves for success going forward as the environment improves. In Europe, while the macro remains mixed, we are executing on the initiatives within our control, and we're seeing sequential improvement. The actions we've taken to improve performance are beginning to show through, and we believe we are on the right trajectory. As we move through 2026, we remain focused on the fundamentals. Serving customers, taking share, expanding margins, and converting earnings to cash. We believe that the focus, combined with improving industry indicators, position us to create long-term value for our shareholders. Operator, we will now open up the line for questions. If you wish to ask a question, please press star followed by one on your telephone and wait for your name to be announced. In the interest of time and to ensure we can answer as many questions as possible, we ask that you keep to one question and one follow-up. Your first question comes to the line of Craig Kennison from Baird. Your line is open. Hey, good morning. Thank you for taking my question. I wanted to focus on North America and a couple of metrics that you shared, one of which was APU at 40%, and then I think you said you signed some MSO agreements. I'm curious, as you have success, let's say, in that MSO channel, what are the implications for your overall, you know, penetration for alternative parts and your margin profile? The good news you mentioned on APU, it got close to 40% through February. We're seeing stats in March. It's not fully out yet, where that number is still close. You know, one of the big benefits as MSOs take share, they're higher utilizers of alternative parts. They have better lead times, cycle times with insurance carriers, they naturally get more share. We win with the MSOs. We're up in the teens with those guys. My comment about agreements is we renewed agreements. We are in the shops of every single of the MSOs today. We have a pretty good relationship. We're continuing to work on integration, which helps us not only get more share of wallet, but it improves efficiency on our side and the MSOs. The relationships are really strong with the MSOs. We're growing as they grow as well. They do get obviously the better price overall just because of their share of volume. The nice thing is they use way more alternative parts at a rooftop than any other non-MSO, so we gain margin dollars, and we gain efficiencies from that. When you talk about those integrations, how to what extent does it drive APU even higher at maybe a stickier level? Yeah. If you look at it on paper, there's benefits on margins and cycle times of using alternative parts. You know, we have great lead times, great service fill rates available. With the automation and the strong MSOs, what they do is they automate it. They take some of that decision-making process away. They automate it towards clearly factual looking at lead times, looking at margin dollars on a part, and then the system can automatically order it. When that integration occurs, we see the volume go up with LKQ, which ultimately drives more alternative parts at the MSO. Thank you. Yep. Thanks, Craig. Your next question comes to line of John Babcock from Barclays. Your line is open. Hey, good morning, and thanks for taking my questions. I guess just quickly on repairable claims, there was obviously improvement from in 1 Q relative to 4 Q from, I think it's now, what, 2%-4% you said, from 4%-6% down last quarter. What do you think is driving that improvement structurally? Yeah. Long-term benefit of repairable claims will be, you know, the insurance premiums. It's not immediate, but just talking on insurance premiums, we're seeing those flatten out. We're seeing some states decline. That's change in the consumer behavior. The biggest benefit and the most real time response that we get on improving repairable claims is on the used car side. Through Q1, used car prices went up 3.6%, 6.2% alone in March. If you think about the estimating process, as soon as an estimate is written, it's immediately compared to that used car value. If it's below the threshold, it turns into repairable claim. If it's above the threshold, it gets totaled out. When we see the used car prices, like in March, grow 6.2%, 6.2%, that immediately reflects into the repairable claim. I would say used cars is more real time, quicker to get the benefit, and as insurance premiums drop, that'll drive repairable claims improving as well. Okay, thank you. Just next on the ERP system, obviously, you've just started implementing that in Europe as of early April. Maybe it's too early to say here, I was just kinda curious, how are employees taking to it so far, and when do you expect to get a sense as to the operational benefits there? Sure. Good question. You know, first off, on the ERP, you think about it, we have dozens of ERP systems over there. It creates inefficiencies from an infrastructure. It create risks from outdated, you know, outdated systems that could be sunsetted. It also prevents us from really leveraging our Pan-European scale across Europe. The other area that a ERP brings is more sophistication, more capabilities to interface with our customers that some of our current systems lack. There's good value in being able to create a Pan-European system from an ERP system. It creates, you know, best practices for us. It standardizes a lot of our operations. The conversion, obviously, as you can imagine, it's intense with the teams both on the corporate side out in the field. I would say the stress level is probably pretty high the first week, and every day is getting better and better. The teams, you know, are really sticking with us and helping us out. One good stat is one of our prep to go live was on Easter Monday over there. Most, if you can imagine, most Europeans take those holidays off. We had 100% representation at our branches on that conversion training, which just shows how much the employees are committed to this process as well. Okay, great. Thank you. Your next question comes to line of Jeff Lick from Stephens Inc. Your line is open. Good morning. Thanks for taking my question. You know, Justin, you had mentioned some signs of improvement in Europe as the quarter went on. I was wondering if you could elaborate on that. Also, you know, as it relates to the, you know, private label initiative over there, I was wondering if you could kinda walk through maybe more of the timing, with respect to as you migrate from the introductory prices to a, you know, more, you know, regular pricing, cadence. Yeah. On Europe, we started off the year, I would say, very similar to Q4. Soft demand, you know, pricing competition still exists over there, especially when volumes are down and demand is down, competitors get aggressive. We saw a little bit of improvement in February, and it got a little bit even better in March. We just saw continual improvements. We're seeing April very similar to March. I wouldn't say it's back to where normal is in Europe, but we saw those continual improvements on demand, which helped us out. As you mentioned on private label, we're continuing to push it. We are offering introductory pricing just for the fact that some of these brands are new to these customers. We want them to have a comfort level to try to use that, and so we offer that introductory pricing to get them to buy into it for that first try. As they do continually order that branded products across multiple product lines, they get a better comfort level of the quality and a consistent service level, and then we can start ratcheting prices up. We have plans right now as we grow that volume, which I think at 25.3% for Q1, to start ratcheting up the prices throughout 2026 with full effect in 2027. Maybe just to add one piece of color. We did get to see sequentially, Jeff, from Q4 to Q1, a sequential improvement in the overall private label margin. It is taking hold, and we are getting to be able to raise that price a little bit, as it gets that penetration. I'm just curious, I know they were small acquisitions, but, you know, the, I think sometimes investor perception is that you're on your back foot in Europe and, you know, making a couple tuck-ins implies that, you know, you're still playing offense. I was wondering if you could just give any detail on those. These tuck-ins created some abilities that we didn't really have. You know, EV in Europe is less than 4% penetration, so it's still low. Our shops do require some training on that. We acquired a business that can repair and remanufacture EV batteries. We're leveraging that to help create training for our workshops to create better knowledge for them where they can repair these vehicles. In addition, we bought another remanufacturing company that specializes in electronic components. You know, there's a lot of remanufacturing of the mechanical parts, engines, transmissions, starters, alternators. The real expensive parts are these components that maybe the only option is OE or maybe even used. We acquired another business that it's a small business but allows us to take some of our salvage product that we have that is cored out, feed it into the remanufacturing, and then be able to offer those remanufactured components at a fraction of the price of what the OEM cost. Great. Thanks very much for the color and best of luck with the Q2. Thanks, Jeff. As a reminder, if you wish to ask a question, please press star followed by one on your telephone and wait for your name to be announced. That is star one if you wish to ask a question. Your next question comes to the line of Bret Jordan of Jefferies. The line is open. Hey, good morning, guys. Good morning. Morning, Bret. When you think about the cash flow guide and, sort of the generation of cash as the year progresses, how do you think about the working capital balance? I think you're leveraged at 2.6x. Do you think you can get sort of a better accounts payable, inventory ratio, or is it just really a matter of selling down inventory? I think it's a combination. Bret, there's a few things going on. Keep in mind, last year and historically with self-service, we had sold self-service last year. Q1 self-service typically has positive free cash flow just based on the timing of that business. That was one piece that happened year-over-year where we didn't have that anymore. It fell in line. It actually fell a little better than we had expected in Q1. As you go throughout the year, continual improvement in overall inventories and the mix between inventories and payables, we were able to see another about 8% improvement in DPO for our European operations. We've been talking about that sort of, you know, 10-ish% on a regular basis year-over-year to try to keep improving the overall payable. It's an ongoing thing. It's not just where it all comes at the fourth quarter or something like that, but it will definitely be more back-end loaded this year, even more than what it was last year. We'll see that throughout the quarter. We'll be positive every quarter the remaining part of the year, though. Okay. I guess on capital return, it sounds like maybe Specialty might be hung up a bit, so big cash infusion might be delayed. Is there a thought of buyback rather than dividend, just given where from a valuation standpoint where it trades? Yeah, we definitely. I'll take the portion of that, and if you wanna chime in as well, Justin. We definitely look at the value of share repurchases versus dividends. We're committed to the dividend. We've had the dividend now for the last several years. We haven't increased the dividend, but we had another $77 million that we did. We didn't purchase any shares in Q1, primarily because we knew what the free cash flow was going to be, and where our leverage was going to fit in at the end of the quarter. We are very committed to continuing our normal capital allocation strategy similar to what we had last year. You would expect to see share repurchases throughout the rest of the year, at a level that we think is a reasonable amount. Okay, great. Thanks, Bret. Your next question comes to line of Jash Patwa from JP Morgan. Your line is open. Hi, good morning, and thanks for taking my questions. I wanted to start with total loss frequency. While the near-term benefits from stronger used car prices and the related decline in total loss frequency are clear, could you maybe walk us through how you're thinking about the longer-term implications, specifically as vehicle complexity continues to increase? Do you expect the structurally pushed total loss frequency higher over time? You know, how should we think about implications for LKQ thereof? Thanks. I have a follow-up. Thanks, Jash. I mean, if you look back at total loss over the last decade, it definitely has increased pretty substantially. A lot of the reasoning why that has increased is just better accuracy. 10 years ago, the estimatics weren't as sophisticated as they are today. A vehicle would get in a wreck, they would expect the repair cost is $5,000. They would start to repair it, as it kept continuing through the body shop, it would turn into an $8,000 or $9,000 repair. They weren't very accurate on understanding whether that car should've been a total loss. With AI and a lot of other technology that the carriers are using, that the estimatics are using, they're able to determine that that car is a total loss up ahead early on. That's kind of the big reason why some of the total loss rates shot up. I think it's all just based on economics, right? Cars become more complex. They're more expensive. Part repairs are becoming more expensive. If those things stay in line like normal, I don't see total loss rates really moving much over the next decade or so. Understood. That's helpful. Thank you. Just as a follow-up, you know, on the North American organic revenue growth, would you be able to dissect the impact of, you know, some of the weather-related disruptions we had in Q1? I was also curious if, you could speak to the margin headwinds you may have seen from higher diesel prices, both in Europe and North America, either in March or quarter to date. Thanks. I can just talk high, high level on the revenue side, and Rick can maybe comment on it as a follow-up. You know, throughout the beginning of 2026, we started off decent. We had some, I would say, bad weather. In some cases, bad weather helps us. In some cases, bad weather creates the consumer not to drive at all, and it leads to some headwinds of getting repairable claims or getting cars in accidents and getting them fixed. Net- net weather really didn't have much impact on it. Our growth throughout the quarter is a lot of share gains, APU growth, as well as some of these used car pricing and anomalies that I was talking about. Not anomalies, but used car pricing increases that are helping to drive repairable claims up. Weather was somewhat muted for us in the whole quarter. As far as the cost side, Jash, we didn't see very much in the way of movement throughout the quarter. I think the Iranian conflicts has been one of the catalysts that have increased petroleum costs and diesel fuel. That happened much further into the quarter, so very, very minimal impact, one of which we're confident we can pass on to the consumer. We're not too concerned about a net impact on that. Jash, just realize, I mean, we got teams on pricing that are looking at freight in, freight out, you know, raw material costs going into some of our products. Our teams are really quick on pushing that price through to pass it on and make sure we're not stuck holding the bag. Although the pricing is, you know, volatile, our teams can handle it and make sure that we push that pricing on, so there's no real impact to us net net for the rest of the year. Very helpful. Thank you. Just if I could sneak one more in. You know, you had previously indicated the expectation for a potential update on the specialty segment sale by the end of the first half. I'm curious if there are any developments or timing updates you'd be able to share at this time. Thank you. Yeah, nothing new other than what I said in my script to where, you know, the credit markets tightened up, which caused some concerns for us on getting a transaction through, and we wanted to be transparent with that. We haven't killed the process by any means. If anything substantially changes, we will obviously inform our investors, but nothing different than what was in my notes, in my script. Yeah. I think the positive news is that the specialty organization is operating very well. Revenue's up. We've had three quarters in a row of positive revenue. The trends for that market, for that business and that industry in general is good and positive. Real happy to see that. Awesome. Thanks, Justin and Rick. Good luck. Your next question comes from the line of Scott Stember of Roth Capital Partners. Your line is open. Hi, guys. Good morning. This is Jack on for Scott. Sure. How are you seeing the recent changes to tariffs affecting your business with the IEEPA going away and then ultimately replaced by Section 122 and the Section 232s? can you just talk a little bit about that, please? Yeah, Jack, I can take some of that and then Justin, if you wanna add anything. The interesting thing about the IEPA tariffs is it had a very minimal impact for us that most of ours is through Section 232. As you know, that really hasn't changed all that much. There's been a lot of communication back and forth. There's been communication about the Taiwan deal is another potential. For us, it's been fairly status quo. We're continually watching things like Section 301 that's coming out. Right now there's nothing definitive and there's no detail that came in that said what the final numbers are. As of now, we're continuing to manage this, continuing to balance it. If you look at the overall EBITDA percentage decline year-over-year for our North America wholesale, almost entirely made up of inflationary pressures due to tariffs. That decline is fully baked in, and it was zero last year. We think that we've been managing it, not giving away dollars at the bottom line, but we do have a bit of an impact on the margin percentages. Great. Can you talk about the different regions in Europe? What are you seeing in the regions that are growing as well as the ones that are relatively weaker? Yeah. As I mentioned in my script, the two markets where we saw decent growth in Q1 was in Germany as well as Central Eastern Europe. We were obviously been negative in the remaining markets, sequentially we got better, not as negative. We're seeing, you know, some demand continue to improve throughout Q1. Thank you very much, guys. Thanks, Jack. There are no further questions at this time. I'd like to hand back to Justin Jude for closing comments. Thank you. Look, we continue to believe our business is undervalued, and we are doing whatever we can to close that gap. We remain highly enthusiastic about our business, and 2026 is off to a great start. The resilience of our underlying business, coupled with many of our markets recovering as we enter 2026, should translate into positive results as we progress throughout the year. With that, we will conclude this call. Thank you, everyone. That does conclude our conference for today. Thank you for participating. You may now all disconnect.