Thank you for standing by. This is the conference operator. Welcome to the Manitex International Inc. Q3 2023 Results Conference Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there'll be an opportunity to ask questions. To join the question queue, you may press *, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing *, then 0. I would now like to turn the conference over to Paul Bartolai, Investor Relations for Manitex International Inc. Please go ahead. Thank you. Welcome to Manitex International's Q3 2023 Results Conference Call. Leading the call today are CEO, Michael Coffey, and CFO, Joseph Doolan. We issued a press release earlier today detailing our Q3 operational and financial results. This release, together with the accompanying presentation materials, are publicly available in the Investor Relations section of our web, corporate website at www.manitexinternational.com. I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results could differ materially. For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest filings with the SEC. Additionally, please note that you can find reconciliations of historical non-GAAP financial measures in the press release issued earlier today and in the appendix of this presentation. Today's call will begin with prepared remarks from CEO, Michael Coffey, who will provide a review of our recent business performance, including an update on the progress we have made on our new Elevating Excellence initiative, followed by a financial update and outlook from CFO, Joseph Doolan. At the conclusion of these prepared remarks, we will open the line for your questions. With that, I'll turn the call over to Mike. Thank you, Paul, and good morning to everyone joining us on the call today. Please turn your attention to page 3 of our presentation, where we will begin with a discussion of our Q3 results. Our strong Q3 results demonstrate continued execution against our Elevating Excellence multi-year business transformation strategy as organic revenue growth, margin realization, and Adjusted EBITDA increased materially over the prior year. Q3 revenue increased 10% on an organic basis versus the prior year, driven mainly by strong growth in our lifting equipment segment. We remain encouraged by our end market trends as we continue to see favorable underlying demand conditions across our core infrastructure, energy, and mining markets. While there is some level of broader macroeconomic uncertainty as we continue to look into 2024, current indications of interest from our customers remain very strong, with many of our largest dealers operating with very limited inventory levels. Additionally, our dealers' rental fleets are operating at elevated utilization rates, with some in excess of 90%. The strong utilization and limited inventory levels are creating pull-through demand that we expect will translate into favorable dealer restocking trends in the coming quarters. Last quarter, we indicated an anticipated backlog decline from the historically high levels in 2022. Our Q3 -ending backlog declined by 5% from last year, but remains strong at $197 million. Our current backlog remains high, exceeding 3 times normal levels prior to the pandemic and representing approximately 9 months of lifting equipment sales. New order activity has remained healthy, with dealers placing orders for 2024 deliveries. Our year-to-date book-to-bill has kept pace with the increased level of production at 0.94 as of September. We are currently in discussions with several customers around meaningful future orders that we expect could support increased backlog into the year-end. Our rental segment reported strong results during the Q3, with revenues of $7.6 million, including the contribution of our recently opened branch in Lubbock, Texas. With the opening of our Lubbock location, total branch count is now 4 locations, giving us access to a larger customer base and market. Construction activity in our core North Texas market remains robust, driven by strong project activities in infrastructure, commercial, and industrial segments. During the Q3, we continued to make important progress on our productivity and efficiency initiatives that are a key driver of our Elevating Excellence strategy. In fact, we are trending well ahead of our initial 1-year targets, which is evident in the significant margin expansion and improved profitability we demonstrated during the Q3. Critical progress was made in throughput efficiencies and throughout the organization, and we are already seeing efficiency gains from our new ERP systems. Looking at the supply chain issues, we continue to see good progress in Europe and expect conditions to further normalize. While North America's supply chain headwinds have been more stubborn, we are seeing signs of easing and are working hard to further improve our manufacturing throughput. We expect additional supply chain improvements to benefit productivity in North America during the coming quarters. As a result of the successful implementation of our efficiency measures, our Q3 gross margin improved 427 basis points to 23.3%. Our Q3 gross margin performance was more than 200 basis points higher than any quarter we have reported in more than 5 years. In addition to the productivity improvements, we are also benefiting from pricing increases, including the surcharges we put in place last quarter to offset the elevated levels of steel pricing. Adjusted EBITDA margin was 11.9% in the Q3, up nearly 400 basis points from the prior year. This drove the adjusted EBITDA growth more than 60% in the period. With our strong Q3 performance, we now have generated an EBITDA margin of 10.2% on a trailing 12-month basis, putting us on track to achieve our target of becoming an 11%-13% EBITDA margin business. It is also worth noting that our trailing 12-month EBITDA was nearly $30 million, up over $16 million from the prior 12-month period. Looking into 2024, we see a path toward further margin improvement as we continue to execute on our Elevating Excellence value creation framework, and we are confident that we are well on track to achieve our longer-term margin goal of between 300 and 500 basis points of EBITDA margin improvement by 2025, which equates to an EBITDA margin of 11%-13%. As I already mentioned, demand trends continue to be supportive of our lifting equipment products, and customer sentiment remains positive. The trends in North America heavy construction equipment are strengthening due to the stimulus dollars from the Infrastructure Investment and Jobs Act. As we have discussed, the stimulus dollars are benefiting markets outside of the traditional infrastructure and making a big impact on markets such as electrical transmission and distribution. While renewable energy development is garnering most of the headlines, we continue to see strong activity in oil and gas markets as well as electrical infrastructure. Energy sources, such as solar and wind, are growing in share, and we have lifting products that are benefiting from this build-out. However, there is still a significant need to invest capital for traditional fossil fuel developments, and Manitex is benefiting from this trend. Additionally, the growth of renewable energy and the increased adoption of electric vehicles is only serving to increase the stress on our electrical grid infrastructure, and Manitex is well positioned to benefit from the investments needed to support our country's electrical infrastructure upgrades. The broader energy sector, which continues to be an area of strength for Manitex and should be an important driver for our business. While we are seeing some caution in Western Europe, broadly speaking, our international markets remain strong. Similar to the U.S., infrastructure spending is a key driver in Europe. Many of our customers in Italy, for example, are waiting to see if the government continues with its capital investment tax credits. Demand from South American customers remains robust, as the pursuit of global minerals, such as copper, continues to drive capital goods spend and mine maintenance activities in the region. Now, turning to slide 4, I will provide a more detailed update on our Elevating Excellence strategy, which we unveiled during the Q1 of this year. As a quick reminder, this is a multi-year business transformation initiative designed to drive targeted commercial expansion, sustained operational excellence, and disciplined capital allocation. I'm very proud of the progress that we have already made since we rolled out this strategy, which is clearly evident in our strong Q3 margin performance. I would like to take a moment to thank our manufacturing team specifically. Most of the improvements that we have achieved this year are the result of their ideas, their efforts, and their dedication. Let's begin by discussing our commercial growth strategy. A key component of our targeted commercial expansion is market share growth as we focus on leveraging our leadership in straight mast cranes to grow articulated crane sales, industrial lifting sales, and aerial work platform sales across North America. This strategy is outlined on slide 5. Necessary changes to our organization have already been completed, preparing us for growth in North America in 2024 and forward. This includes a structural change to our sales team and evaluation of our dealer network to meet this opportunity. Our multi-year plan called for growth in these product segments starting in 2024. We are on schedule and look forward to expanding our presence in the Americas. Complementing this strategy, our electrical industrial crane line was exhibited recently at the GIS Expo in Italy. This occurred early October. It included the unveiling of 4 new products as well as a host of updated features. Our electric crane is branded Valla and is the most established brand in the industry. Manitex offers both full electric and hybrid electric lifting solutions in 3 of 4 of our product segments. Our engineering and sales teams have developed practical innovations that are meeting real-world demands. On page 6, we highlight our second part of the strategy, centering on operational performance. Elevating Excellence calls for improved gross margins from enhanced processes, supply chain efficiencies, improved parts sales content, and smarter focused on product mix. We are performing ahead of plan, and the benefits are improving our bottom line. In addition, as Joe will discuss in a moment, our SG&A has remained essentially unchanged year-over-year. This is driving strong operational leverage. Many of our investors know Manitex's long-standing objective to achieve 10% EBITDA margins. This has been an objective for the company since well in advance of the pandemic. We achieved this goal for the trailing 12 months, ending September 2023, as we reported an adjusted EBITDA margin of 10.2% during this period. The improvement is the result of the efforts made by our operating teams. In September, we achieved a record in units produced, and the improved margins are evident that this strategy is working. During Q1 and Q2 of this year, we highlighted the upgrade of our ERP systems in both the European businesses and our rental solutions business. These investments were a critical part of our strategy to enable our ability to scale the business and help us attain the margin improvements we are targeting. Manitex is now operating on modern systems, positioning us for scale, improved responsiveness, and better global cooperation. Supply chain pressures have continued to ease across our business. Improvements in Europe have been quicker to realize. Progress in the U.S. has lagged, but we are beginning to see headwinds abate in the U.S. in recent months. Our third and final initiative of our plan is a focus on disciplined capital allocation, which is highlighted on page 7. Our short-term goal was to lower our net leverage ratio below 3 times. We are very pleased that our net leverage declined to 2.9 times as of September 30, down from 3.9 at year-end. Through the year, we have maintained higher than normal working capital. This is directly correlated to supply chain headwinds. We are now seeing opportunities to safely lower these inventory stocks and use our systems and improve supply chain relationships to translate this into lowered working capital levels. We expect our strong operating results and improved working capital structure in the coming quarters will allow us to drive leverage further below our target. As part of Elevating Excellence, we introduced 3-year financial targets that reflect our confidence in the underlying strength of our end markets, coupled with the commercial and operating benefits we seek to generate through our strategic initiatives. These objectives can be found on page 8 of our presentation. During 2023, we have been running ahead of our 1-year targets, putting us well on track to achieve these long-term goals. Additionally, based on the strong progress against our strategic initiatives and better-than-expected Q3 results, we are pleased with the increasing our full-year 2023 financial targets, which Joe will detail. Before I turn the call over to Joe, allow me to provide a few concluding remarks. While economic concerns and higher interest rates are impacting certain customers, overall, we are experiencing continued demand from our core end markets. Residential construction is 1 area being impacted more broadly, but this is a small focus for Manitex, and in fact, we have a large customer tied to the residential market that continues to see strong momentum, and we are in discussions regarding a large order with this customer at this moment. We remain optimistic due to our strong backlog, customer sentiment, dealer inventory health, and infrastructure spending. The Q3 results are another example that our strategy is working, and we are delivering measurable improvements toward that end.... Our business is markedly more efficient, and the management team is committed to delivering sustained performance against our strategy. Joe? Thank you, Mike, and good morning, everyone. I will provide some additional details on the quarter, give an update on our liquidity and balance sheet, and conclude with commentary around our outlook for 2023. Turning to slide 11, net revenue for the Q3 of 2023 was $71.3 million, up 9.7% compared to the same period last year. Driven by growth in our lifting equipment business, Q3 revenue growth was negatively impacted by a decline of $4 million, or approximately 6%, from the lower truck chassis sales, which are largely passed through revenue items. We continue to expect full year 2023 chassis sales to decline relative to last year, which will be a headwind to reported sales growth. As a reminder, the sales decline will have a limited impact on our gross profit dollars, but will benefit the gross margin percentage for the full year of 2023. Lifting equipment segment revenue was $63.7 million during the Q3, an increase of 11% versus the prior year period. As I just discussed, lower truck chassis sales impacted Q3 results, and lifting equipment segment revenue would have increased 21%, excluding the chassis sales. Lifting equipment revenue growth was driven by continued end market strength, coupled with improved throughput in manufacturing facilities and pricing actions. Rental equipment segment revenue was $7.6 million in the Q3 of 2023, supported by strong end market in key North Texas markets, including contributions from our Lubbock, Texas, location, which opened in March of 2023. Momentum is continuing to build from the expansion of the Lubbock facility, and volumes have been strong in recent months. The rental business benefited from the deployment of new rental fleet acquired in 2022, market share gains in its Texas market, and pricing benefits. As of September 2023, total backlog was $196.9 million, down 4.9% from a year ago, driven by increased manufacturing throughput, which drove higher sales and the timing of orders which Mike discussed. Our backlog ended the quarter, with North America representing approximately 60% of the total backlog and international, the remaining 40%. As Mike discussed, while our backlog is down from last year, our overall business momentum remains strong and our current backlog at roughly 9 months of sales, is a healthy level and higher than our normal historical backlog rate. Gross profit was $16.6 million during the Q3 of 2023, up from $12.3 million during the prior year period, or an increase of 34%. The increase in gross profit was a result of organic growth in the lifting equipment businesses, benefits from our operational improvement initiatives and pricing increases, including the surcharges we implemented in response to elevated steel prices that we discussed last quarter. As a result of these factors, gross profit margin increased nearly 430 basis points to 23.3% during the Q3. SG&A expense for the Q3 of 2023 was $10.5 million, basically flat from $10.4 million for the same period last year. R&D expense was $0.9 million during the Q3, up modestly from $0.7 million in the same period last year. We are pleased to be able to hold our operating expenses relatively flat, despite the strong revenue growth and investments that we are making in the business. We expect minimal growth in operating expenses in the coming quarters, which should enable us to continue driving strong operational leverage to the bottom line. Operating income was $5.2 million during the quarter, compared to $1.2 million for the same period last year. Operating margin in the Q3 was 7.3%. The year-over-year improvement in operating income was driven by the organic revenue growth in the lifting equipment businesses, our improved gross margin performance, and operating leverage. Adjusted EBITDA was $8.5 million for the Q3 or 11.9% of sales, compared to $5.2 million or 8% of sales for the same period last year. Net income was $1.7 million, or $0.08 per diluted share for the Q3, compared to a net loss of $3.4 million, or $0.15 per share for the same period last year. Adjusted net income was $2.9 million, or $0.14 per diluted share in the Q3 of 2023, up from adjusted net income of $0.7 million, or $0.04 per diluted share for the same period last year. Adjusted net income for the Q3 of 2023 excludes $500,000 of stock compensation expense and $0.8 million of other non-recurring expenses. Now turning to our balance sheet on slide 12. As of September 30, net debt was $86.4 million, which is a $1.4 million decline from the end of the Q2. As a result of the strong operating results, net leverage improved to 2.9 times at the end of the Q3 of 2023, compared to 3.9 times at the end of the Q4 of 2022. We expect to begin to see our working capital usage normalize in the coming quarters, which should lead to improved free cash flow conversion and even further reduction of leverage levels. As of September 30, 2023, total cash and available liquidity was approximately $29 million. As Mike detailed, we have made tremendous progress on our strategic initiatives, and we are running nicely ahead of our 1-year targets, which resulted in our Q3 results coming in ahead of our expectations. Based on the strong Q3 results and our expectation for continued execution against our strategic goals, we are raising our full year 2023 outlook. Our increased targets call for revenue in the range of $285 million-$290 million, and adjusted EBITDA in the range of $28 million-$30 million. At the midpoint of our EBITDA range, we are forecasting nearly 40% adjusted EBITDA growth compared to the $21.3 million in adjusted EBITDA that we reported in 2022. Our financial targets are supported by continued end market momentum, market share gains, as well as expected margin improvements resulting from our Elevating Excellence initiatives. That completes our prepared remarks. Operator, we are now ready for the question-and-answer portion of our call. Thank you. To join the question queue, you may press *, then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press * then 2. Our first question is from Matt Koranda with Roth Capital. Please go ahead. Hey, guys, it's Mike Zabran on from Matt. Morning. Good morning. Could we just start with the breakdown? I know it'll be in the queue, but could we just do a breakdown of the revenue by product segment really quick? Yeah. Joe, can you handle that? That'd be great. Yep. Yeah, I'm just, you're looking for total segment revenue, for the quarter, we had the lifting equipment segment was about $63.7 million, and the rental equipment was $7.6 million. Okay. Do you have it by, like, knuckle, boom, aerial? Or should I just wait for the cue on that one? We do, yeah. The queue will have it in there, but the booms, knuckle booms, truck cranes was around $41.2 million. We had the aerial platforms- Okay. The platforms was about $8.2 million for the quarter. Parts sales was $7.1 million. Rentals was about $6.7 million, and then the rest was service, merchandise, and other. Yep. Okay, got it. Thanks for that, Joe. And maybe, Joe, could you help bridge us from the 19% gross margins in 3Q of last year? So, we're up about 400 basis points year-over-year. It's great to see improvement there, kinda like we've been talking about, but just trying to get more of a stack rank idea of what is benefiting the margins the most. Okay. Yeah, so a couple of things driving the margin improvement year-over-year. Pricing increases have driven a portion of that increase. We've also had some mix effect. You know, as we mentioned, I think we mentioned that the truck chassis sales were down about $4 million year-over-year. Those typically carry a much lower margin, so having those out of there at a lower rate drives a higher gross margin percentage for us. So that was a big portion of it. And then the rest is really just a mix with some higher tonnage cranes, which generally carry higher gross margin percentage. We also, you know, the initiative calls for production velocity increases. And so, as you know, we made investments in our systems to help us with better scheduling and better throughput. And we actually hit some unique unit records especially in Europe during the quarter. You know, normally, Q3 is a little bit of a sleepy quarter because of the European holidays, et cetera, and most of our customers are hard at work through the summer. But the production levels are really, really high, and that's helping us as well, just drive more efficiency. You know, the bottom line, just being able to produce more in the current square footage that we've got is helping us quite a bit. Yep. Got it. Okay. Yeah, it's great to hear. And on those price increases, sounds like they're the biggest factor benefiting margins. How much of the recent price increases still need to filter through the P&L? Is there a possibility this takes until 1Q of 2024 to filter through, or is there just a bit left, and we saw the larger benefit in 3Q? Just trying to gauge how much is left to filter through, maybe in 4Q, if it's gonna trickle over. Well, I think the way to look at that is that, when we set the margin improvement strategy, we purposely structured this as a multi-year strategy. So early on, you know, our... ... we're working to a backlog that has a more favorable price, and that has benefited us in this quarter. But there's additional initiatives with regard to addressing our supply chain, sharing resources. I mentioned process just a moment ago, and we're also seeing that we have a distinct change in the mix of products that we're selling and marketing and what markets we're focusing on. And those things will translate over multiple quarters. It just happens over time. And so in the coming quarters, we're looking for those other activities to continue to drive overall product margin. Got it. It's very clear. Last one from you guys. So good to see the positive commentary around the rental end markets and the later launch in Lubbock. Should we expect a lower revenue contribution in 4Q from the $7.6 that we put up in 3Q, just given the winter seasonality, or should I be thinking about it in a different way? No, generally, the seasonality generally is a Q1 phenomenon in rentals. Q4, you know, the backlog with most of our customers are strong. If there's inclement weather, you know, that can always impact project production and rental activities. But Q4 is typically a strong quarter on the rental segment, and when things really freeze in Q1, they slow down a little bit. But that's-- we're not expecting any adverse Q4 reactions from rentals. Got it. And, preliminarily, just how are we thinking about rental revenue growth in 2024, just given where we're at with the launch in Lubbock and then any prior commentary you've given around opportunity and underserved markets? Well, you know, we feel really strong about our position in North Texas, and the economy is strong. Backlog of infrastructure and commercial projects is strong. We have a really good market position in North Texas. Lubbock, the response from the customers in Lubbock has been exceptional. But we're the new kid on the block, and so we're gonna grow as quickly as we can, but just have eyes wide open. But thus far, we're really happy with how that market's performed, and we expect that that'll continue through 2024. Got it. That's all from me, guys. Thank you. Thanks so much. Thanks. Thank you. The next question is from Ted Jackson with Northland Securities. Please go ahead. Hey, good morning. Congrats on a really nice quarter. Thanks, Ted. Good morning. Good to hear from you. Okay, so I've got just a smattering of random questions. I'm gonna, since we just were on rental, I'm gonna stick with that to start with. So, you know, the latest store that's opened, you know, I know it takes a while for, you know, each of these locations to kind of hit their stride and ramp up. I mean, would you view all of your locations now at stride, or is that latest store, you know, still in the process of kind of, you know, filling out in terms of the revenue potential within it? And then, follow up in that on rental is, you know, you've got, you know, 4 locations in North Texas. You know, at what point do you see yourself adding a 5th location, and would you continue to be building out in North Texas? And then I got a few more behind that. Yeah. So I appreciate that a lot. So the way, the way I think about Lubbock is, Lubbock is a larger market than Amarillo, and so not all the stores are equal. For example, our Hereford store is an industrial store. It serves industrial ag markets. And our Washington store is in the center of Amarillo and is our largest to date. When we built Lubbock, we built Lubbock to be as big and then surpass Washington, because the Lubbock market is bigger in population, general economy than Amarillo. So we're looking at that as a long-term project, and we're seeing. And Lubbock is designed to surpass Washington and help us to grow the overall business. So we've got a lot of room for growth there. Really happy with how we've been received, and we're ahead of schedule on the growth curve since we opened the store in April, May of this year. So I hope that answers your question. The second one, as far as opening new markets, we're not prepared to talk about that publicly at this stage, but we really like the strategy that we have for the rental business. It's a high growth strategy, and we're being selective in the markets that we're choosing, where we can make a competitive difference, and they're very similar in size and scope to what we're doing in Lubbock and Amarillo. Okay. Then I want to just jump quickly over to the gross margin, which was touched on before. I mean, just, you know, a fabulous improvement in gross margin. I understand that, you know, it's with a combination of chassis and mix. And just bluntly speaking, you know, is that like kind of a new baseline or margin that we should view as sustainable and that you should be making adjustments to our, you know, kind of forward outlook? Or is this, you know, kind of a, you know, like the weather was great, the temperature was great, and you just, it really helped you put up a, you know, a PR time? ... Yeah, I think, you know, what we have here is not a blip in the radar. I mean, when you improve margins in a business like ours, it takes time for those improvements to get a head of steam and get momentum. But we're not looking at this as a blip in the radar. As a matter of fact, we're looking at this as a down payment for how we're, how the business is going to perform going forward. So, you know, we introduced this 3-year strategy to drive 300-500 basis points of improvement that would fall on the bottom line. Most of those improvements are going to come from gross margin, and what we're seeing is that it's working. You know, the strategy is working. But, you know, we're—the first part of that was pricing improvements, production velocity, a little bit of supply chain. The next wave that comes in will be more of the effects of product mix, market focus, more intense supply chain focus, and then a growth in our parts sales. So it's a multi-tiered strategy, and these things are going to fold upon each other. But, you know, we're committed to what we've set out with this Elevating Excellence strategy, and I think the message of Q3 is that it's working. You know, that and, really, really, Joe and I are exceptionally proud of how the operating teams have come together. The management team at Manitex is very excited about the process and, you know, it's good, it's good for them to see that their efforts are actually winning, because they are. Okay, 2 more questions. Going back over into chassis. You know, I mean, I know that you've, you've gotten that, you've gotten them out of your PNL, but it's still an important part of the business in terms of, you know, you got to have them to deliver most of your, or big chunks of your product. You know, we've just gone through some labor disruption with the UAW and the Big 3. It has spilled over into some of the commercial vehicle market. And so I guess my question on this front is, have you had any issues with regards to at least your customers getting availability to chassis? And are you having any concerns with that as we think about Q4? Because I know there's, you know, still some turbulence, if you would, within the commercial vehicle market as a result of the strikes. Yeah, absolutely. I really appreciate your question, Ted, and we've been asking ourselves and our suppliers, what to expect. Most of the chassis that we acquire. Well, first of all, the chassis in Europe have been unaffected, and so and that impacts our work platform business, and so we're moving along unencumbered there. The chassis in North America are largely Class 8, and there hasn't been a big impact of the UAW strike. And we've been monitoring chassis delivery for both our trucks and our customers' trucks very intently, and we're not seeing a significant change. But to tell you that our eyes are not on that as a potential issue would be a misnomer. I mean, we've been talking to our suppliers every week. Thus far, we're not seeing a change in schedule, and I'm hoping that as the UAW resolves, that threat will go away completely. Our biggest supplier is PACCAR, and they don't have direct UAW influence, but their suppliers are. That's how we're looking at it, and the short answer is we're not seeing any impact at this stage. Okay. And then my last question, just more of a strategy one is, you know, over the longer term, one of the efforts, as I guess would be said, to kind of drive margins and efficiency is bringing, you know, some of the manufacturing some of the product that you currently make in Italy and Europe, and actually bringing some of the manufacturing here to the U.S., you don't have to ship it. And I just wanted to hear like, where are you in terms of that journey? You know, is there any... Could you talk a little bit, maybe about, you know, kind of a timeline and where you are within that timeline? Just kind of an update, if you would, and that's my final question. Thanks. Well, yeah. So we don't, we're not prepared to talk about a distinct or detailed timeline along that, but we are at the early stages of sharing supply chain. So we have a supply chain directive in Europe and a supply chain directive in North America. And many of the products that we're acquiring in both areas are complementary, and many of the suppliers actually have the same ownership or we're sharing suppliers. So we see as an opportunity for us to broaden that, bring more value to the supply chain, help eliminate costs out of the supply chain. And then there are some products in Europe that are distinctly well suited for North America, and some of the products in Europe are 100% North American. So we're looking at that, but I would, I would characterize it as the early innings and the early stages. And, you know, when we're prepared to release a timeline, we'll let you know. But at this stage, it's a very early consideration of a long-term process. Okay, that's it for me. Again, congratulations on the quarter. Talk to you soon. Thanks, Ted. Appreciate the questions. Thanks. The next question is from Mike Shlisky with D.A. Davidson. Please go ahead. Good morning, Mike. Mr. Shlisky, your line is open. We seem to be on hold. I'm hearing music from your line. Ah. Okay. That's the last of the questions. I'll hand the conference back over to Michael Coffey for closing remarks. Thanks very much, operator. And just want to thank everyone for your interest in Manitex and our investors for their support and long-term investments in the company. It means a lot to us, and we're grateful for it. Thank you for joining the call. If we don't get a chance to connect during the quarter, we wish you the best and look forward to seeing you soon. And with that, that'll conclude our call today. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.