Afternoon, everyone. Jeff Elliott, Three Part Advisors. I would like to introduce our next presenting company, Miller Industries, ticker's MLR. With us here today from the company, we have Will Miller, CEO, Nick Tiano, Chief of Staff, and Kateryna Kitar, Director of Finance. Miller's a Three Part client, so if anybody would like a follow-up meeting or a call, please reach out to me directly. Happy to help set that up. With that, I will just turn it over to Will. Thank you, Jeff. Good afternoon, everybody. I will try to keep everybody awake in here. I have never done one this late in the afternoon, so we will see. I try to keep it pretty active, pretty quick. We start off with a short little video. It is going to give you a little bit of a background, historical background on our company, how we manufacture our product, how we go to market and distribute our product globally. Then, I will jump into the presentation. I will not spend too much time. I am going to go through it pretty high level and then open it up for questions as quickly as possible, which I think seems to work the best with everybody. Miller Industries was founded in 1990. Since its inception, the company has provided innovative, high-quality towing and recovery equipment worldwide. Listed on the New York Stock Exchange, Miller Industries has a total of four manufacturing facilities in the United States, as well as one in England and one in France. Under the well-known brands of Century, Vulcan, Chevron, Holmes, Boniface, and Jige. As the industry leader, Miller Industries provides a complete line of quality equipment, including carriers up to 30 ft in length with deck capabilities up to 40,000 pounds, and towing recovery units with boom capabilities up to 100 tons. Like all great products, engineering and attention to detail are at the forefront. Our on-site fabrication facilities are key to our innovation and essential for rapid prototyping or part supplementation. Innovation is key to our product line. Innovation in weight capacity, tow capacity, and most importantly, innovation in the safety of our trucks. Just what is a tow truck? For the purposes of this demonstration, a tow truck is a vehicle married to a wrecker body, and Miller Industries makes a whole range of various wrecker bodies. How do we build one? We start with a blank slate of a vehicle, otherwise known as a commercial chassis. The chassis has a cab on the front and nothing on the rear just yet, at least not until we put a wrecker body there. Prior to the wrecker being installed onto the chassis, the subframe is assembled in our weld shop. Subframe assembly can take up to 50-60 hours using both robotic and human welders. Once a unit leaves weld, it is taken to our blasting and painting facilities. We blast the welded components prior to painting them with a primer before we top them off with a finish paint. Once all the components are painted inside and out, we move them over to our assembly area where our wiring harnesses, valves, electric, and control stations for the wrecker are built and hand assembled. At this point, the wrecker body is ready to move to distribution or over to our factory install area, where we will mount the PTO on the pump and attach the subframe to the mounting frame and onto the vehicle. After this, the toolboxes are wired in with their lights, power door locks, and wiring harnesses. At this point, the vehicle is starting to look a bit more like a tow truck. The wrecker body is attached to the vehicle, but it is still missing the toolboxes. With the toolboxes still uninstalled, we take the unit back to paint, where the unit is stretched out and washed with a deionizing wash, where we eliminate any particulates or dust before taking the unit to final paint. Once the unit has its final paint, it is time to take the truck over to dress out and see it come to life. This is the final stop before becoming a finished truck. In the dress out bays, we take all of the components we were working with before and we bring them all together. The toolboxes are installed, the final wiring for the lights, the electronics are attached to the hydraulic systems. We put the accessories in the toolboxes, and we finish the truck according to the exact specifications of each customer. Once everything is installed and the truck is finished, we have a dedicated team that works through all of the features and the line items to make sure the truck checks all the boxes on quality and specifications before moving on to our worldwide distribution network. Miller Industries products are sold and serviced through the largest distribution network in the industry. As the world leader in towing and recovery, we look forward to continued growth and success. Three Part guys must be bored today coming to visit, huh? Hopefully that gave you a little bit of an overview if you are not familiar with our processes and the products that we manufacture. I will jump into the presentation. You can stop me at any point. If you do have a question, feel free. Quickly, our safe harbor statement. As you know, forward-looking statements may be made today, and please read the statement and all of our information that is out there with regards to forward-looking statements. We are the world's largest manufacturer of towing and recovery equipment with approximately 1,500 employees worldwide. Founded in 1990. Headquartered in Ooltewah, Tennessee, operating in Tennessee, Pennsylvania, England, France, and Italy. We have a very simple philosophy at Miller Industries. We have the best people, the best products, and the best distribution network in the towing and recovery industry. Really, when people ask us, "What's your moat?" What creates our differences between our competitors, it's our distribution network. Our global distribution network is really what has created the success that Miller Industries has today. Quick investment highlights. Consistent organic growth, currently at approximately 11.5% since the inception of the company. Industry-leading, consistent quarterly dividend, I believe 60+ consecutive quarters. We are considered the leader in innovation in the towing and recovery industry, best-in-class products and distribution, strong customer relationships, strong and attractive financial metrics, and a very experienced management team. The towing and recovery market is a multi-billion dollar global market. There are some primary market segments that we separated into. Commercial towing, which is your standard towing of vehicles, both commercial and non-commercial vehicles, interstates and highways. Transportation fleets such as rental companies and salvage companies like Copart. Government and municipal sales and military. Our primary product types are light-duty recovery vehicles, medium and heavy-duty recovery vehicles, Rotators, and car transport vehicles. Industry drivers. The towing industry is pretty simple, so maybe it's not that sexy, but it's miles driven, accidents per miles driven, the last mile driven deliveries such as Amazon deliveries, things of that nature delivered to our homes. Aging vehicle fleets, both here in the U.S. and Europe, are predominantly driving some of our growth. General infrastructure and construction and natural disasters. Accelerators, trade cycles, seeing that need to trade your vehicle more often as the diesel engines become more complex and aren't lasting as long. Future emission changes affecting diesel engines, global conflict, and military recovery vehicle upgrades. Our strategy, as I said, is pretty simple. To develop a world-class team. To innovate, design, and produce the highest quality products. Locate, develop, and maintain a five-star distribution network globally. Invest in our business and grow through commercial market share. Explore new market potentials and develop innovative products to create new opportunities. Talked earlier about our experienced management team, over 200 years in our C-suite. Our founder and chairman of the board is still with the company. Everybody here has 20+ years of industry experience with Miller Industries and even more outside of Miller Industries. Manufacturing locations. As the video stated, we have manufacturing facilities here in the U.S. We have Ooltewah, Tennessee, which is where our corporate headquarters is also, a suburb of Chattanooga, Tennessee. Athens, Tennessee, where our hydraulic cylinder manufacturing company is. Greenville, Tennessee, where we build our dual Car Carriers, mostly for rental fleets. Hermitage, Pennsylvania, where we build all of our two-car carriers. Thetford, England, where Boniface is located. Revigny, France, with Jige. As of December of last year, we are proud to announce that we are now in Italy for manufacturing with the acquisition of OMARS. Our product brands, although if you look at some of our documentation, you'll see far more brands that we've acquired over the years. Here in the U.S., we really focus on the Century, Vulcan, and Chevron brands. The Holmes brand we do own. We do market some products underneath it. It is the world's oldest brand name for tow trucks. Tow truck was developed in 1916 in Chattanooga, Tennessee, so we keep that brand alive. Titan is a brand we use for the rental delivery equipment, and then Boniface, Jige, and OMARS in the European market. Revenue streams and sales channels for Miller Industries. North American distribution, where currently about 90% of our revenue comes from, export European operations, and national accounts. North American distribution, actually it was 53 distributor principals when this was made. It is down to 52, with approximately 75 distributor locations here in the United States. 100% of our distributors are exclusive to Miller Industries, which makes us a little different than most sales channels. Those exclusive distributors employ approximately 300 retail salespeople here in North America that sell our product every day, which is that discussion of our distributors are our moat. Those retail activity, that is retail salespeople that go out and rep our product every day to make their living for their families, is what really concentrates our ability to sell our product and maintain our market share here in North America. Looking at the commercial towing operators, average fleet size here in the United States is still small. These are owner-operator businesses with an approximate size of 10- 15 trucks. Really focused on trade cycle, warranty offering, cost of ownership during the duration of when they own the product. International manufacturing facilities. We have discussed Jige, Boniface, and OMARS. We have a strong European order backlog. We are currently expanding in Jige. You can see here in the bottom right, we have greenlit back last year an 8 million euro expansion, approximately 52,000 sq ft to double their manufacturing and chassis integration of product built in the United States as well as in Europe to meet demands in the European market. We have got approximately 30+ distributors globally with direct sales in foreign governments and militaries, and export to approximately 60 countries globally. When we look at investing in our business, we invest on an annual basis in robotics, capacity expansion, human capital, our ERP system, cyber and IT infrastructure and security, research and development, vertical integration, and certainly employee health and safety. Just a couple pictures. On the left is our corporate headquarters, which currently sits just under 400,000 sq ft of manufacturing space, outside of Chattanooga, Tennessee, currently under construction with a 200,000 sq ft expansion, ready to start production in September of 2027. Our carrier plant on the right, we have actually expanded to the left side of the road a little bit too, need to update the photo, is the largest Car Carrier manufacturing facility in the globe with approximately 200,000 sq ft. When we look at investment in people, we are a company that believes with promoting from within. Really when we look at it, we promote in health and safety, employee engagement, but really giving back to our employees. Education, both for our employees and their family members, through programs to help them grow, both in our business and at home. Growth opportunities, certainly, if you have listened to any of our calls or watched any of our information we put out there, global military contracts are on a rise and we have been very successful with over $200 million in commitments for production to begin in 2028 and 2029. The rental industry market, expansion of our global presence, consolidation of the European market, and continued focus on M&A opportunities. Just a quick glance at our Q2 financials. In Q2 of 2026, approximately $240 million in revenue, $0.63 per diluted share, and returned $4.9 million back to shareholders through our share repurchase and dividend. Also, quick note, in Q2 we took our current revolver debt to zero. Domestic market outlook for 2026. Potential easing of geopolitical tensions, hopefully sooner than later. Retail activity, production levels, and product mix. Currently, we are seeing that our sell-through or retail activity rate, order intake rate, and production levels is all status quo here in the North American. Very flat. Looking as it is depressed to see it uptick as diesel prices or fuel prices reduce and a little bit of customer sentiment increases as global tensions hopefully cease to exist. Our outlook for 2026, we have a strong backlog in our European export, with Jige expansion as we went through earlier. Our Boniface facility efficiency improvements and our OMARS integration all on track. Certainly OMARS, as we mentioned in our Q2 call, is still anticipated to be net positive financially in 2026. Military activity, we are preparing for our contract commitments to be manufactured starting late in 2027. Most of that revenue to be recognized in 2028 and 2029. We still have a significant amount of RFQ in process and inbound. As we announced last quarter, in Q2 we went from 150 + million to over 200 million in commitments. Our Ooltewah expansion, as you can see at the top of the screen, our current facility and the pad being produced for the new 200,000 square foot site. We anticipate construction to begin mid-September and completed by September 1st of 2027. Capital allocation strategy to continue our longstanding quarterly dividend, our share repurchase program, working capital, M&A opportunities, innovation, automation, human capital, and capacity expansion. Quick update on our guidance. We continue to hold firm on our guidance of approximately $850 million- $900 million in revenue for 2026 with EPS to be in line with 2025. Gross margins in the mid 13% range. In our investor relations schedule, as we are here in Chicago, we will be at the D.A. Davidson's Industrial Conference, as well as back with Three Part Advisors in Dallas, and potentially a roadshow or two if we can work them into the schedule. With that, I will open up for questions. We have about 17 minutes left. Be happy to answer any questions that you may have. Yes, sir. The question was, is the expansion that we are doing in Chattanooga for the military contracts. It really is going to change how we manufacture all of our heavy duty product. However, what is pushing us to do it is that once the military starts in 2028, we will actually be over our current capacity levels. It is not dedicated solely to military, but it is one of the factors in why we chose to pull the trigger on it. Question was, do we sell much into Canada or Mexico? Mexico not too much. Canada we do, although the exchange rate does make an effect. We do have a distribution network in Canada. But with the 40% exchange rate it certainly makes it a little bit more difficult. The second one of our largest competitors globally is in Canada. They go under the brand name of NRC. We definitely have a strong competitor in the Canadian market. They also import product here into the U.S. Go. Yes, sir. [audio distortion] We announced back, I think, late last year, approximately $100 million investment. We plan to be able to cash flow the vast majority of it. We anticipate that we'll see some debt rise late 2027 as we finish the expansion, but also start bringing on working capital for the military projects. Absolutely. Yes, sir, in the back. Yes. The question was: You've seen some working capital released in the last couple of quarters. Not necessarily an anomaly, but as we started to see a build-up of chassis inventory at our distributor level in late 2024, and why we reduced production rates in 2025 to allow that inventory to release through the sales channel, part of that was chassis. And so to help our distribution channel out, we extended terms on those chassis and held those on our books. What you're seeing is the release of that back to normal. There is still a little bit left in that to release, which will also fund some of the capacity expansion as well. No. It's invoiced, but on the chassis side, we have choices with our distribution, which is they can fund it through their own bank. They get terms with us, and at the end of those terms, they can fund it with their own bank line of credit. They can use their floor plan lines. We were in the process as they got their margins suppressed due to all the additional expenses they were incurring from interest expense and holding all the extra inventory that they had built up, that we knew was over-inventoried. It was us trying to help them and not force them to pay us for some other method. We were holding some of that at that time. Not normal. The question was how much is standard equipment, standard manufactured versus custom, I think. The vast majority of our welded components are standard, if that makes sense. They're more limited in their options. We try to streamline the production of what we call the center section or the welded components, and they'll have a variety of standard options that a customer can choose from. When we get into the chassis integration side with lighting, emergency lighting, accessories, the sky is sort of the limit. So, adding chrome, stainless steel, similar to a fire engine or anything else. A lot of these are statement pieces, and when you start looking at product that's pushing well over $1 million per copy, they can spend a lot of money on emergency lighting, chrome, and things of that nature. It depends. Our distribution network does stock a significant amount of product at their level. They could go to a distributor and buy something and drive it home that day. If it was a custom color or just a straight custom build. On the lighter Class four, five, six or a lighter duty product, you probably see a finished product in about three months from start to finish. Us building the product, shipping it to our distribution, and them getting it through their process. On the Class eight product, it is really driven by when the chassis arrives at our facility, but we can produce a finished product in approximately 90 days after chassis delivery currently. If it takes you three months to get a chassis delivered to us, we can finish that product in about three months after that. Through us, through our distribution channel. Yes, sir. [audio distortion] There are multiple contracts that make up the $200 million in commitments currently. Some of them are single tranches. The question was, are there multiple tranches in the military activity or commitments that we have today? Some of them have extensions that are possible to see, some of them do not. It is a mix between those. We also have a significant amount of pending RFQs that we are currently working on as well. The question is, are the military contracts just with the United States? No, they are global contracts. We have been successful globally over the past decade. Not that you would see it, but our military product lines are in the Australian military, Singapore, Norway, Sweden, French, Denmark, so all over with our NATO allies in Europe, as well as in the U.S. Yes, sir, in the back. No. The debt that we took on, the question was, we do not have any debt today, but we had debt in 2023, 2024, 2025. As we came out of the supply chain crisis after COVID, that was us building working capital. As all, I think most, manufacturing companies learned in the United States, I am a product of an education here in the United States as well, and in manufacturing they taught you sole source everything, focus it, drive down the cost, control your cost, which is what pretty much every auto manufacturer and OEM did in the U.S., until it did not work. Then you realized that you could not get the stuff that you needed to build your product from the suppliers that you had, but you had designed your product around specific component parts. In 2020 and 2021, we took our engineering staff and switched them from designing new products to trying to figure out how we can multi-source major components. Then we went out and started buying from multiple suppliers at the same time. You have POs out to supplier A and to supplier B. Eventually, all that stuff's going to come in. You're trying to figure out just to keep your factory running. Eventually, all the POs get filled. You get a buildup of working capital, plus, the holding of the chassis for our distribution. That's what built that, which was all also inventory and working capital, is what built that need for the debt for the past couple of years. We don't have any current footprint in Asia today. As far as manufacturing, we are very successful in the Asian market. We do not distribute product into the Chinese market, but our largest distributor outside the U.S. is actually in Japan. We're very successful in that market, both in commercial business and military business. Got a few minutes left. No problem. No problem. I see a revenue drop. The revenue drop, we saw a decline, going into the presidential election and after the presidential election, of demand at the retail level, and we had a pipeline full of chassis and bodies for distribution, and what you saw was an over inventory situation going into 2025. For us, and our internal decision was that making sure our distribution remains strong and healthy is key to our success long term. We looked at retail activity through all the different products that we build, light duties, Car Carriers, heavy duties, and unfortunately, in 2025, in August, we did the first layoff at our company in 16 years. We laid off employees. We slowed down our production rates well below retail activity levels to flush out that inventory as fast as possible to get all the extra expenses of interest expenses, rental yards for holding extra chassis and product off of our distribution so that they could become more profitable again and bring us back into 2026. Now we've got all of our inventory levels at distribution and Q1 went back to sort of the seven-year average. They're normalized. Everybody's back to where they should be. Now we have a lot of computer systems and processes in place to make sure that it doesn't happen again in the future. Learn from your experiences. How are you doing on labor and how's that? Question is, how are we doing on labor? We do quite well. We have a very interesting work shift that we work with our employees. We work a four on, four off shift, so a really good work-life balance with our hourly employees. We have extremely competitive wages as well as 401 health benefits. In the areas where we are in Western Pennsylvania and in Tennessee, we can find all the necessary labor and as well as skilled salaried employees. We work with local colleges. We have our own welding school, so we train 12 new welders every quarter through our welding school. Graduating high school students, two-year community college students, and retired veterans can come through that program. We work with all of the local community colleges as well as colleges up and down the East Coast for students, and then bring in a lot of those students to full-time employment. We are creative and have a good pipeline of potential candidates. Have to be today. With that, I will let everybody get out of here a little bit early before your next meeting. I appreciate your time. If you have any other questions on Miller Industries, feel free to reach out to Jeff with Three Part or Nick Tiano at Miller Industries. We would be happy to get together with you. Thank you.