Thank you all for coming. Next presenting company today is Miller Industries, trades under the ticker MLR. With us here today from the company, we have Will Miller, CEO, and Debbie Whitmire, CFO. Miller is a Three Part Advisors' client. If anyone would like a follow-up call or a meeting, please reach out to me directly. Happy to set that up. With that, I'll turn it over to Will. Thank you, Jeff. To get started, hopefully, audio and everything works with this. We're going to show a quick video, run through the presentation relatively quickly, and open it up for questions- and- answers for all of you. 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 U.S., 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 lbs. 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 and 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 that were assembled earlier. 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's 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's 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. Just a quick introduction of how we manufacture the product, starting in our facilities from raw steel and moving it around throughout the facility to a finished product, just to give you a good overview of what we do inside of our facilities, both here in the U.S. and in Europe. Quickly, our safe harbor statement that is available on the web, as well as all of our presentations. Miller Industries is the world's largest manufacturer of towing and recovery equipment. It was founded in 1990, headquartered in Ooltewah, Tennessee, just outside of Chattanooga. We operate in Tennessee, Pennsylvania, England, France, and as of the end of last year, in Italy, with approximately 1,500 employees worldwide. We have a simple philosophy at Miller Industries, which is we have the best people, the best products, and the best distribution network in the towing and recovery industry. This is what has created our success over the last 35 years, and it's the philosophy that we follow each and every day to continue that success into the future. Some quick investment highlights. We are the world's leader in towing and recovery manufacturing. We have consistent organic growth, pay a quarterly dividend. We are considered the leader in innovation in the towing and recovery industry. Best-in-class products and distribution, strong customer relationships, attractive financial metrics, and an experienced management team. Over the past 35 years, our compounded annual growth rate's around 11.5%. The towing and recovery industry is a multi-billion dollar global market. There are a few primary segments, commercial towing, which is the actual retail customer, transportation fleets like rental and salvage companies. For instance, Sunbelt Rentals, United Rentals, Copart, government and municipal sales, as well as military. Our industry drivers are relatively simple. Miles driven, accidents per miles driven, last mile driven, which is deliveries from warehouses to your homes, Amazon, UPS, FedEx. Aging vehicle fleet, as the aging vehicle fleet of both commercial and non-commercial vehicles in the U.S. and Europe are at its highest age. General infrastructure and construction and natural disasters. Our primary product types are light-duty towing and recovery units, medium and heavy duty, as well as carrier transport vehicles. Some accelerators that we've seen in recent years, trade cycle due to engine emission controls, future emission changes, global conflict, and military recovery upgrades as the militaries globally, their vehicles are getting larger and heavier, and the needs to recover those are outpacing what current recovery vehicles they have in their fleets. Our strategy is to develop a world-class team. We promote our employees from within and build a valued career for those employees throughout the organization. Innovation and design of products, locate, develop, and maintain world-class distribution network, invest in our business, and grow our commercial market share both here in the U.S. and around the world. We have an experienced management team in our C-suite with over 200 years at the company, and significantly more in the industry as a whole. We currently have manufacturing locations in Ooltewah, Tennessee, where our corporate headquarters is, Athens, Tennessee, Greeneville, Tennessee, Hermitage, Pennsylvania, England, France, and as I stated earlier, as of the end of the year, in Italy. The major product brands that you'll see, you won't really see Miller Industries name on any of the products that are going up and down the road. The world's largest brand name is the Century brand name, but Century, Vulcan, Chevron, Holmes. Here in the U.S., Titan is a specific brand for our rental products for United Rentals, Sunbelt Rentals, Herc Rentals. Boniface is in England, Jige in France, and now Omars in Italy. Our revenue streams, the vast majority of our revenue, approximately 90%, comes from North American distribution. We also have export out of the U.S. manufacturing facilities, our European operations, and national accounts. Approximately 53 distributor principals in the U.S., with 75 locations. 100% of our distributors are exclusive to Miller Industries. A lot different than most distribution channels. They really focus on selling our product day in and day out. Those 75 distributor locations house about 300 retail salespeople that sell our product every day. Commercial towing operators, the average fleet size in the U.S. is about 10-15 trucks, so these are small owner/operator entrepreneur businesses. They focus on trade cycle, warranty offering of the products that we provide to them, and cost of ownership over the life of the vehicle and depreciation. A quick little note, an idea of what one of our distributors would look like is this bottom right-hand side. This is Purpose Wrecker outside of St. Louis, Missouri. They are larger distribution facilities that integrate some of our smaller chassis as well as service, maintain, and sell all of our products. Moving on to the international market. Jige in France has three sites. Boniface in England, Omars in Italy. Continue to have a strong backlog in our European market. We are currently expanding our French facility. You can see a photo of it in the bottom right. We've authorized an EUR 8 million expansion to double the amount of heavy-duty chassis integrations they can do at their facility. About 50% of those will be provided out of our U.S. manufacturing facilities and exported into the French market. Direct sales, let's see here. Foreign market distributors, there's about 30+ distributors globally outside of the United States. Much more direct sales from foreign government and militaries, and we export out of the U.S. to approximately 60 countries. Investments, continued investments in our business. We continue on an annual basis to invest in robotics where possible inside of our manufacturing facilities, capacity, human capital, our employees, our ERP system, cybersecurity, research and development of new products, vertical integration, and health and human safety. As you can see here, when we look at investments in manufacturing, on the left-hand side is our corporate headquarters, approximately 465,000 sq ft here in the United States, and our largest car carrier plant in Hermitage, Pennsylvania, just over 200,000 sq ft. When we look at investing in our people, which we believe is one of our greatest assets, we focus on health and safety, employee engagement with all of our employees, all of our hourly employees and salaried employees at all of our U.S. manufacturing facilities and global facilities, and really employee development. With tuition reimbursement programs, education programs, frontline leadership academies. We created a weld academy in-house, so we train our own welders in-house since 2017, and external training as needed with local universities. Growth opportunities for the future. Global military contracts is key to our future success, as we've seen the number of RFQs or requests for quotes increasing at a drastic rate post-COVID. Rental industry market share with the larger rental companies being our customers. That's about 30% of the rental market, so we're now starting to focus on those, what they would consider in the rental industry, mom and pop, smaller operators who still utilize equipment that we manufacture to deliver rental equipment to job sites here in the U.S. Expansion of our global presence. Continued consolidation of the European market and future M&A opportunities. Just to quickly review our Q1 investor presentation. Middle East conflict has certainly had some slowdown here in the U.S. market. The geopolitical tensions, the increase of diesel pricing, most predominantly at 35%-40%. We've seen that impact on the retail market level here. Reducing weekly retail deliveries. We saw a slight increase in distributor inventory, so we've tailed off our production slightly in Q1 to meet retail delivery demands, so we don't see a buildup as we did last year in our distributor inventory. We've paused as we started ramping up production levels in December to meet current demand levels as our distributor inventory reduced to historical averages. We've paused that ramp up to sort of stay in line with current retail demand. Seeing with when the war ends, diesel prices get in check, and consumer confidence comes back, we are ready to proceed with our ramp up at all of our North American manufacturing facilities. In Q1, we did approximately $180 million in revenue, gross profit at about $25.7 million. Net income, $0.56 million, with an EPS of $0.05 per share, cash return to shareholders throughout the quarter of $4.6 million. We saw this and we talked about this over the past few quarters. 2026 is really going to look like the inverse of 2025, where we started 2025 with higher revenue and started reducing production levels all the way to December of 2025 with our lowest production levels at the end of the year. Starting in 2026, we started with the lowest production level, started to ramp up through Q1 into Q2. We've paused that, but as we see the trends moving, we'll continue that ramp up through Q3 and Q4 for the remainder of the year. Domestic market outlook. Looking for easing of the geopolitical tensions, increased retail activity, production levels to increase throughout the remainder of the year. We did implement a price increase that will take effect August 1st of 3% for all of our manufactured product globally, then continue to increase in chassis sales here in the United States to more historical levels. Our export outlook, we still have a strong backlog in our export and our European operations. Jige's expansion is continuing to progress and plans to be online by 2027. We are continuing to add efficiencies to our Boniface facility in England and expand their manufacturing footprint. The Omars integration is going quite well as we've owned them since December of 2025. Oh, sorry. As we prepare for contractual commitments to begin manufacturing throughout 2027 into 2029. We have announced that currently we have commitments for just over $150 million of military equipment and have multiple pending military tenders that we're continually actively working. Significant value of outstanding RFQs in process. As we start to see those online, we hope to have a little bit more information to provide at the end of Q2 and throughout the remainder of the year as some of these RFQs turn into final contracts. We began an expansion at our corporate headquarters in September of 2025, preparing for the future military contracts. This will be a 200,000 sq ft purpose-built manufacturing facility focused on Class 8 or our larger product lines, both export commercial product, North American commercial product, as well as military product offerings. We anticipate the factory will be online by September of 2027. Capital allocation continues to stay as it has in the past. Focus on a consistent quarterly dividend to shareholders, debt reduction, our share repurchase program, potential M&A opportunities, innovation, automation, human capital, and capacity expansion. We remain with our guidance for 2026 and anticipate revenues between $850 million and $900 million. Revenue we anticipate will increase and get closer to that $250 million per quarter by Q3. EPS, we plan to be in line with 2025. Gross margins in the mid 13% level. From our investor relations, we are here in New York. We will continue with Three Part Advisors at the IDEAS Conference in Chicago and Dallas, as well as the D.A. Davidson's Industrials Conference in September in Nashville, and road shows with Three Part Advisors. With that, I will turn it over to the group for any questions that you might have. We have about 16 minutes left. I try to breeze through that because I see that generally we get more questions that you would like than just the general presentation. Any questions? Yes, sir. Can you talk about what you do with the military now? It seems like it is pretty new to you. How did you get into it? Yes. What do we currently do with military? What is our history with the military? We began focusing on military production in 2005 with a dedicated team to look at making relationships with what we call the chassis primes. We are usually the secondary manufacturer to a prime for the contract. Most of the primes will be wheeled vehicles for us as we build tow trucks. You are looking at here in the U.S., Navistar Defense, Mack Defense, General Dynamics. Overseas and outside the U.S., Mercedes, Scania, Iveco, MAN, Rheinmetall, some of the major chassis and military chassis providers. We have been successful in multiple tenders throughout the years. Probably some of the larger tenders we did in the late teens, 2017, 2018, provide Australia with MAN, their recovery vehicles. Singapore, French, Sweden, Norway, Denmark. We have been successful throughout the globe. Some of the contracts were larger, some were smaller. As we pushed into 2021 or post-COVID, most of the funding for military projects dried up, and we saw that RFQ level drop significantly, almost non-existent. Post Ukraine and Middle East conflict, we have started to see RFQ levels at well above historical levels. We have been actively working those. Last year, we announced that we did get the contract for the Canadian military, production to begin late 2027, most of it throughout 2028 and 2029. From an investor standpoint, we announced at the beginning of this year, although we cannot announce the other contracts that we have because we have not been released from the prime to do so. We have approximately $150 million in commitments today through multiple tenders, and we have a significant amount of RFQs currently in process. Most of those are looking at production somewhere also between 2027 and 2030. That's why you're going to be ready with your new plant. We are planning to be online and operational by January of 2028. Are you making the entire truck, or are you just doing the chassis? We do just the recovery body. The chassis supplier will be Prime. Let me go back here a couple slides. Where is that? I apologize. I apologize. I may not know what a recovery body is. No. In this presentation, the chassis is the cab and the tires and wheels and the engine. Everything from the back of the cab, this large device, the Rotator or the recovery unit, is what we manufacture. We ship to an integrator somewhere around the world to mount to the chassis cab. Okay. Sorry. I know I should speak into the mic because it's being recorded. Yes, sir. Can you talk specifically to chassis availability? I know a few years ago, chassis got really tight and it disrupted anybody in different areas. Question was chassis availability. Yeah. Post-COVID, supply chain constraints, it's tough to say. For the first time ever in the commercial truck chassis world, we saw all of the OEMs and really all the customers, dealers, were put on allocation, which created a temporary issue where you were looking out in the future and you were basically forced to predict what you were going to sell for the entire year, order those up front a year in advance, and then the chassis OEMs decided how many of those you were actually going to get, which created a chassis shortage both here in the United States and globally. That mostly cleared up late 2024, which did cause our inventory issues at our distributors' level because they had ordered a year in advance. As retail activity slowed prior to the election, they had excess chassis. Their chassis inventory grew, which had caused our inventory reduction process throughout 2025. As you fast-forward into today, chassis lead times, depending on chassis brand, six to eight weeks, four to eight weeks. It's back to normal. You can pretty much get anything you want when you want it. They are all looking for orders. We do see potential for some slight pre-buys towards the tail end of this year as you see Class 8 emission change in 2027. We've planned for it, and we have our purchase orders in for Q1 already of next year. In Europe, are you competing with Chinese chassis at all? No, not in Europe. Outside of Europe, we do see them in Central and South America, Middle East a little bit more, and in the Asian market. Most of the European markets you're going to see, certainly in the towing industry, are still focused at the vast majority of them, Scania, Iveco, Mercedes, or MAN. Using mostly European chassis. Yes, sir. I see your pictures are all very big. Now, where did you start? If I go get my car towed, is that one of your. Yes. I mean, like, often pickup truck or that's not from your side, is it? No. We start very small. Top left, which are our light-duty recovery vehicles. Those will be our Class 4 vehicles. That's going to be on your Ram and Ford, basically like a dually pickup truck without the body on the back. Those are mostly focused either rural applications or repossession applications. We move over to our highest volume product, which is our car carrier product line, top right, which is going to be what you're most used to seeing up and down the road, which is towing disabled vehicles to and from dealers or workshops or wrecked vehicles. We get into our specialty transport vehicles. Car carriers range 10,000 lbs-12,000 lbs capacity. We get into our specialty transport vehicles, which look similar to a car carrier that would tow your car, but they go from 16,000 lbs of capacity up to 40,000 lbs, so they just get much larger. We get into our medium- and heavy-duty product lines. We have the broadest product offering of all manufacturers in the industry. Just out of curiosity, I see that when you go to medium and the larger ones, they seem to have a lot of compartments. What are those for as opposed to the? What is all the storage used for on a large truck? When you start looking at towing tractor trailers, or more importantly, recovering tractor trailers, when you have an accident on the interstate and a tractor trailer or a concrete mixer or something flips over and it needs to be uprighted before it can be towed, what you're going to see in all those boxes are straps, chains, specific items to recover vehicles, plus a slew of attachments to attach to the way you tow a bus versus the way you tow a fire truck or a standard tractor trailer. They utilize specialty attachments to attach to the truck frame. There's a variety of those depending on what application. You make those, too, or you source them from those. No, we manufacture all of that. All the attachments. All the attachments. They're proprietary accessories, is what we call them. Okay. So. The last question I had was, given all your expertise in doing this, why not attack the fire truck, or is that such a different discipline? It's significantly different. Over the years, we've looked at entering into totally different markets, we've decided that really where we're successful through our distribution channel is focusing on the towing and recovery industry. When you look at fire trucks, a lot of other specialty vehicles, they're more geared towards municipal sales. Where our sales channel, when you go back to our core philosophies, people, product, distribution, our distribution is our strong suit. We have the best distribution in the towing and recovery industry. They're really what make us who we are. When you start getting into other specialty vehicles, a lot of that's more municipal direct to consumer or direct to the municipality, where other than New York City, which has the largest fleet of privately owned tow trucks for a municipality in the country, most of your towing around the country is privatized. Use of our distribution channel is what we focus on. Thank you. Yes, sir. How much of your manufacturing process is dependent on skilled labor? Do you have trouble accessing that labor? If so, you talk about investment in robotics, is that partially to address that? The question was, what percentage of our manufacturing process utilizes skilled labor? Quite a bit. When you look at it, welding, for instance, it's an art. It's one that is getting more and more difficult to find people. In 2017, the American Welding Society said there'd be a shortage of 250,000 welders in the U.S. by 2020. We fired up our own welding academy. We take students out of high school, students from two-year technical colleges, as well as retired U.S. veterans, and put them through our own 12-week welding academy as a full-time employee, and then put them into our shop. We train about 48 welders a year throughout that process, which helps augment any other welding needs that we have, as well as robotics. When we integrate robotics, we really look at those tedious jobs, right? Utilize your skilled labor at putting pieces together. When it comes to welding a weld that's 300, 400 inches long, instead of a human sitting there for two or three hours and welding that, create a robot that can actually weld that weld for you. It takes that real tedious work out. We're really augmenting our production with robotics instead of trying to replace the human element, and then utilize your experienced humans to actually put more pieces together. Really, when you look at skilled workforce, welders, painters, we're in the process of integrating our first robotics in painting. Just harder individuals to find. The rest of our more mechanically in kind, hand tools, wrenches, assembly processes. Where we are located in Tennessee as well as in Western Pennsylvania, we don't seem to have a problem with our work schedule that we work, which is a little different than most. Our employees enjoy it. It's a four-day on, four-day off work schedule. It gives a lot of work-life balance. Every four days, you get four days off, which gives you time with your family, time to do things during the week to get projects done, go to the dentist, go to the doctor, things of that nature, but still get a 40-hour a week paycheck, as well as our work environment. We run all of our factories here in the U.S. We're climate controlled, very nice facility. It's a positive work environment. We don't generally have an issue finding employees. Do you have any union issues? We are non-union at all of our U.S. facilities. Technically, France has a union, but the entire country's really a union. Thanks. On the welding product, are you using more laser welders that use, I guess, will require less skill level? No. The question was what type of welding technology do we use. Most of it's MIG welding. Like I said, most of our welders are doing what we call tack welding, so they're actually taking the piece parts, the fabricated piece parts, laser cut parts, putting them into a fixture that holds the shape, and then tack welding that together to create the shape. We'll take that shape, move it to a robot, and let it finish weld it out. Yes, sir. Yeah. It looks like your business is a lot more cyclical than I would've expected. Can you talk about that a little bit? I think if you look at There. Most of our dips throughout the last 30 years are more macroeconomic issues. The financial crisis of 2007, right? As funding dried up from banks, most of our customers, when you're buying stuff that's $100,000 - $1 million- $2 million a truck, there is financing involved. You see that's more of major macroeconomic influences. This past year really had to do with the end of COVID supply chain and that chassis buildup. When we look at what our key strength is distribution, as they started to build inventory due to chassis that they were forced to order a year in advance, they were coming. We looked at it and said, well, we need to make the proper decisions to make our distribution strong. When they have excessive interest charges, things of that nature, they were starting to become just effectively weaker, right? They're our strongest partners. What we did was we actually lowered our production levels below the retail activity level to try to flush the inventory out as fast as possible. We took it on the chin to make sure that they could sell through all the product that they had as quickly as possible, then started to ramp back up in December. It was a strategic decision to keep our distribution channel strong. Yes, sir. On that note, how are your distributors doing in this downturn? Are new sales a big deal for them? No, they're all doing quite well. As their interest charges all got back to normal, our inventory levels are at a seven, eight-year average. For the vast majority, I wouldn't say every distributor, but the vast majority of our distribution has inventory levels that they're happy with. Would they like to see more sales? Absolutely. Are they hurting? Definitely not. They're doing all quite well. Are they mostly aftermarket and service? What is a typical dealer breakdown? Yeah. We're a little different than your standard commercial truck distributor. We're sort of the inverse, where your local Kenworth or Peterbilt dealer, they're looking to populate their AOR with chassis so that they can get the service work and the aftermarket parts. Since our aftermarket part sales are significantly lower because really our aftermarket parts are just more welded components, right? If something breaks, it's proprietary. When you're looking to replace a hydraulic hose, it's not proprietary to us. It can be made anywhere. Our distributors see much more of their revenue, and certainly their net income, come from new truck sales and used truck sales, and significantly less from parts and service. They do provide parts and service as part of their distributor agreement, but it's not the key driver in their success. Got about a minute left. Yes, sir. Does the client specify which chassis he wants, or is that your decision? It's usually the customer's decision. Customers will focus on their chassis, whether they might have a preference just because they like a specific brand or maybe who their best local dealer is. Everything's going to break. When you have a small fleet of 10 to 15 as an average fleet size, when that hundred to million dollar truck goes down, you're really looking at who can service my truck, get it back on the road the fastest. You might really like Freightliners, but your local International dealer takes better care of you than your Freightliner dealer. They might want to buy Internationals. We deal with all of the major chassis OEMs here in the U.S. and North America, we don't really prefer one versus the other. That's about it. If you have any other questions for us, feel free to reach out to Three Part, Jeff, and William, or Nick Tiano here at Miller Industries. We'd love to chat with all of you. Have a great afternoon.