Company, and it manufactures components for the automotive, industrial, power control, and medical markets. We are fortunate to have with us today CEO Harold Bevis and CFO Mike Felcher. They will have a presentation. Following the presentation, there will be time for Q&A. Should you have a question, please put it in the Q&A box and I'll present it to management. With that said, gentlemen, thank you for being with us today. The floor is yours. Thank you, John. Appreciate it, and thank you everyone for attending. Mike and I are going to walk through a little bit about who our company is, and go through our investment thesis and how we're progressing, and take a few questions at the end. If we can go ahead to the next page. Just starting right with an investment highlight page for you. If you don't know us, or if you do know us, we're in a long cycle business, so revenue comes in slowly, goes out slowly. Not a high-growth situation, but we're trying to add new strips of business above market rate, and we're going to talk to you about how that's going. I'm pretty happy about it. What do we do? We make critical, high-spec parts, primarily out of metal, for attractive end markets that are large, global, and growing. As a company, we've brought in a new top leadership team in the last year. I've been here for one year, Mike's been here for five years, and we've brought in four others that I've worked with in the past to help get us going on the right path, if you will, and going at a fast pace. Our enterprise transformation is underway. It's multifaceted. I'm going to take you through the main components of it. We're on track, and we're gaining momentum. We're pretty happy about where we are right now. We also implemented a new approach to winning business. This isn't the type of industry where you have spurty kind of fast growth. You have to earn it, one new program at a time. So we win programs, we're awarded programs, and then we develop those programs. So internally, we can see our revenue coming. And at this point in time, right now, we have about 90 programs in development internally, and they all have revenue profiles and, and that sort of a thing. So we see, we see a good wave coming. In terms of focus areas, it's medical, electrical, and in low-cost country production, and I'm going to come back to that. And then the last point is to lower our cost of capital. If you, if you follow our company, one of the things that you're going to be focused in on is: When are, when are Mike and I and the company going to deal with our capital structure? We got good news to talk about on that as well. So those are our, those are our main five points in terms of an investment. And we're repositioning the company to grow faster than we have been historically, and we're increasing our competitiveness by pivoting our production to lower-cost countries, and we're delivering results. We've improved quarter-over-quarter, year-over-year by quarter for three quarters in a row, and we reconfirmed our guidance in our last call in here, too. So we have a few pages here at a glance. If you're just interloping here and you're not sure who NN is, we make metal parts, really small ones. We generally have 40-80 critical dimensions. The tolerances that we hold are usually at the, in the micron level, very small, and very precise. And there's not a lot of people that can do that. That's a small group, and those kind of small, precise metal parts find themselves in a few different markets, and we're going to talk through them. You know, a couple of days ago, we'd won about $89 million in new business since the beginning of last year, and our goal is to keep winning this year and tally up by the end of this year, $130 million of wins. So we're not a big company. You can see we're $483 million, so that's a lot of additive business. They're little layers, they're little strips, they're programs that are coming in. We can see it building already internally, 'cause we're working on a lot of programs in parallel right now to boost up and get our growth rate going. The two primary product segments are machine parts and stamped parts. We buy metal. We might go back on the last page there. And so we buy rod stock, and we buy coil stock. We have a global manufacturing platform, 27 facilities in six countries, and we have a JV in China that's also $100 million. That's not in our reported results, in terms of revenue or employee count, but we do have 49% of the income. We're considered a strategic partner to our customers, so we work side by side with them on their programs. And you can see our financial statistics on the upper right. And on a trailing twelve-month basis, we've made $46 million on $483 million in revenue, and have a little over 1,000 customers and 3,000 employees and another 700 in the JV. So that's the big picture of who we are. And then on the next page, just to dial it in a little bit more on the products. So what are these little products? On the stamp product side, on the left side, it's shielding, it's parts that go into smart meters or grid edge devices, it's little medical tools and medical pieces, and circuit breaker parts, it's sensor parts, and they all come through punch presses and then processing. On the right side is machine parts, CNCs, lathes, rod stock, and we turn down and make pieces that usually go into a bigger system. Worm shafts are a big deal for us, as well as inlet fittings and little shafts that go inside of small motors for control. And those are the two main product groupings that we have. On the next page, just a little bit of an overview of our footprint. Our footprint mirrors our customers. We don't have any plants really that are in a spot where there's not customers. So generally speaking, we're close to them. We are intimate with their product development teams, and our pipeline of $600 million of opportunities is primarily programs we're working on and bidding on with those customers. We run about a 10% hit rate on securing them for us, or about $65 million a year is what we're targeting. We're underway with a big footprint upgrade. Fundamentally, it's been how we've been delivering results as we've gone along here. On the next page, I'd like to just slow down for a sec and talk about the transformation plan that we have. We've brought in some new leadership to the company, including myself, been here a year. We really are bringing in people that know the industry as well as know fast-paced transformations, and we're underway with that. I'm happy to say that we've brought in a few people. At the second tier down, we've done a little bit more change. We've replaced all our plant managers in North America. We've replaced a lot of our procurement people and supply chain people, and bring in contemporary thinking. Another big thing for us is to fix plants that were losing money. Out of those 27 plants, we had seven that were losing money, that generated $100 million plus of revenue, and we're losing over $10 million at a plant level. So already, as a group, they're getting close to breakeven now, and three of them are profitable, and the other four are on track to also be profitable. But as a group, it's a big improvement for our company, and then the next goal for them is to make money. So the next area is expanding margins. You know, to be showing better growth right now on the volume side, we would have had to win more business two years ago. The average amount of time from award to peak annual sales is 27 months, and so we're in a little lull period here on the revenue side, but we have a lot we can do on the cost side to improve our profits as these new programs that I mentioned are in development, and they're real. And they're gonna be coming in, and we're gonna start to show the positive impact of them in 2025, because the bulk of the bow wave was started at the end of 2023. So we're gonna be getting positive benefits from those. But in the meantime, we have over 1,000 projects now in our cost out database. We're very organized about this. We work on a couple hundred at a time, then we add new programs as we go. We're still opportunity rich and idea rich on how to optimize our profit margins, and we've taken a lot of people out of our conversion operations in the plants. Another big one is our capital structure, and if you followed us along, you know, from the last time that we made a public talk like this to now, we've had dramatic improvements in this area. The market's conducive for us to lower our rates, hopefully take out some of the preferred stock that we have, and we believe that we can make a big improvement here. We're underway with an effort right now to make advancements on this one, and we're pretty happy about it. The market's very constructive for us, and partially it's because we're performing and we're a reliable company from a financing standpoint. And then the last point is to grow the company more consistently and not have a period of time like we are right now, kinda going sideways because we didn't win enough business two years ago. That's not gonna be true going forward. We're winning a lot of new business quarter by quarter, and it's adding up. You might ask: "Well, gosh, could you go a little faster? Could you win more?" Right now it's a good pace, and we can afford what we're doing. We're looking carefully at the capital required to onboard these. And so for the time being, we're gonna stay trying to win about $65 million a year. So those are the, those are the five points of our transformation plan. Just to look at this, like, what's an example of how we're taking cost out? We've been right sizing our headcount in the plants on relatively flat volume year-over-year. We've taken out, you know, 10% of our heads, and then we're increasing our productivity and lowering our cost points and increasing our competitiveness. On the next page, Mike's gonna talk for a minute about our balance sheet efforts. Yeah, thanks, Harold. You can see on the trailing twelve-month free cash flow chart, this is a strong area of focus for us, improving our free cash flow to allow sufficient liquidity and debt service and also to pay down the term loan. Harold talked about the refinancing effort underway. We have paid down our term loan $20 million so far this year, with proceeds from a real estate sale-leaseback in Q1, and then some equipment sale-leasebacks that occurred in Q1 and Q2. Again, just positioning ourselves for a refinance. We were able to pay down the term loan and convert about $20 million to lower cost of capital leasing at a fixed rate, which will improve our balance sheet position going into the refinancing. On the next page, we just have an overview of our model, our 5-year plan. We do have an organic model to get to $650 million in revenue and 12%-14% of EBITDA. We are gonna keep winning new business every year, so we'll always have a forward growth model that we're looking at. We'd like to win $65 million a year, and we're at that pace right now. That's $325 million of wins over a 5-year period. We have a 12-quarter forward look at our capital and the use-reuse of existing capital, as well as selective debottlenecking and some capacity addition in certain areas. Right now, our model's working. We also re-entered the medical market and hired people, and that's gonna add as well. If you do the math on 4%-5% CAGR and where we are right now, it doesn't add up to $650, and that's because we're assuming that we're going to have some smaller acquisitions to help us accelerate here. We're underway with this model, and it's working, and it's very. You might say it's not glitzy. It's kind of a blue-collar model, where we're going to work our way quarter by quarter, year by year, into a growth mode. On the next page, just a little more details about the type of growth that we're pursuing, and how we're doing it. We are using our legacy strengths on making precision small parts, and we're primarily going after next-generation product development programs with new and existing customers and trying to win by being the best at making the part. We're leveraging our installed base of assets. We have over $600 million of insured value of plant property equipment. It's a decent amount. $400 million of it's of machinery. And so we have a lot of capabilities globally, and we've been able to leverage it. We're investing in new capacity and new capabilities when needed, and the lease rates are much more attractive than the rates we pay on our capital structure, and it's one reason why Mike and his team have been optimizing the lease market. Because even with the outlook on rates for the refi work that we've been doing, leasing's still cheaper for us, so we're blending our rates down on cost of capital. We are advancing our technical leadership and leading on machinery choices on purpose. Specifically, what we're doing is we're expanding our electrical business across auto and non-auto end markets, our stamped products business, and we're expanding in medical. We're at a big show today in Chicago, called OMTEC, the Orthopaedic Manufacturing Technology conference. We're focusing our new capital on low-cost countries to increase our competitiveness. On the next page is just a little bit of a characterization of the new wins since the beginning of last year. Just to give you a flavor for them, we have $89 million of new business that's annual, that's per year business. The math says it's about an average of 27 months to get from award to peak. The ROIC is about 25%. The gross margins are over double our current margins, and it's been very capital efficient. The capital required to onboard these wins are inclusive and inside our capital spending outlooks. In terms of new and existing, you can see it's like 77-23 new and existing customers. Auto is about 60% of our company now, and it's about 60% of our wins, as you might expect. It's balanced across China, North America, and global machining, and it's heavy on machine parts because that's the majority of our assets, and so we're leveraging the assets that we have. You can see the vehicle, or excuse me, product types on the right-hand side here, vehicle applications, non-vehicle. The biggest single application that we're winning into is electric power steering systems. So that's just a little flavor, and then on the next page is just a minute on medical. We get asked questions about medical: "What are you doing?" You know, "What's the pace? What's the magnitude?" Our initial, our kind of our first goal is to build a $50 million business back. We're at about an $18 million sales rate right now. We're adding specialized capacity and specialized people to grow. On the right-hand side here, you can see at the top there, those are the type of parts we make. And they're machine parts. That could have been an injector body in the automotive world, but it's a tool body in the medical world. And we have a right to win, and so we're, we are an approved supplier to a big group of medical customers, and we already possess the plant certifications that we need in a lot of our plants, and we're using equipment that we have in-house. We're up to 24 machine centers now, up and running, and we're repurposing equipment that we have, and selectively adding as well. We have a high probability pipeline for this year that we're chasing, and we're gaining momentum. One really cool thing that we have found out about medical is it's not 27-month ramp up, it's around 10 weeks. So didn't see that coming, and but we're really focused in on it. And so this can really help this year's results and, in a shorter term, play for us than expected. On the next page is just a summary of our markets. Our markets are doing fine, so the backdrop for our transformation is that we're in large markets that are growing a few%, not overly cyclical. We're not tied to much cyclicality. Our commercial vehicle business, for instance, is tied into the very big power plants that are diesel and are always gonna be diesel, and it's a good mix for us. So we don't have a lot of cyclicality. We have a stable environment. And the outlook for the year is the same as what we said last time. So we have a stable outlook, and what we're really trying to do is continue to make more money with the business that we have right now, and add these strips of new business so that we get the company into a growth mode. So on the next page, just to bring it together, and then we'll open for a question or two here. We're in a transformation; we've been around for quite a while. We make parts that are needed. We're in several end markets. It's common in terms of there are real small pieces that have 40-80 critical dimensions that are at the micron level of tolerances. And we're underway with the transformation, and the early results were good. We've turned in 3 quarters now of improved year-over-year results, and if you do the math on that guidance, you can see that we're predicting more of the same, as we work our way through this. It's kind of a blue-collar program of working our way up to higher profits, and we can already see the strips of volume coming at us with the new programs that we're underway with developing and ramping up. So that would be what's next. We're gonna add volume to the revenue picture and the revenue story with these new programs that we've won. So thank you for that, and I'll turn it over to John, and see if we have any questions here. Thank you, Harold. Thank you, Mike. We have a few. I'd like to start off with, though, about your transformation efforts. How far along do you think you are in that progress, and where would you expect to be by year-end? Good question. We're still at the front end. I would say, John, we're probably a third of the way through this, you know, 35%-40%. We're still seeing a tremendous amount of opportunities to pursue. By the end of the year- Mm-hmm ... I'd say maybe halfway through it, halfway through the initial transformation here. So, still internally strongly improving our operations and our commercial activities. Thank you. Sticking with that from the audience, what are the major risks to achieving your transformation goals in the future? Well, the biggest one that we're working on is the capital structure. The market's constructive for us, our current rates that we pay on our debt are above market right now. They were probably appropriate when the deals were entered into, but given the fact that we've become more reliable, and predictable, and free cash flow positive, showing year-over-year progress, we're paying more than we need to. We're comfortable with the amount of debt service dollars that we have, but if we can lower the rate, we'll be able to take out a decent amount of the preferred. So, what the risk is that the rate environment will change dramatically or something while we're underway with that. We don't foresee it, but that would be a risk. We don't see any cyclicality risks in the business. You know, we sell to big customers that don't overreact to small, to short-term changes like Bosch and, and people like that. So, they're playing global games. Mike, how about you on the risk side? Yeah, I think those would be the couple I would name in the near term. Okay. Um... Well, we'll call this a tangential question: What are your top operational priorities to ensure adequate performance and refinancing on a favorable term? ... Well, by far the biggest customer-backed operational metric is quality, consistency of the parts, and then number two is on time. And probably the biggest aha coming in the door here was how bad our on-time performance was, and how mad customers were at us for being the delinquent guy. They tolerated us because our quality was outstanding. And now that we've been able to add quality and on time, we have come off new business hold almost everywhere, where we have gone from green, excuse me, from red and yellow kind of supplier scorecards to green. Tim French, our Chief Operating Officer, and myself took our top 30 customers, divided them, and went and led by example, to reestablish and strengthen our customer relationships, and we're getting a lot more looks now. We could flood the company with RFQs, so we have to be careful. Our customers are quite large. So to our customers, quality and on time, because we're making very important parts. To us, as a, you know, delivering financials, it's our conversion costs and our overhead. So if you look at our SG&A, it's too high for who we are, and we have a plan to gradually take down SG&A so that it's not as much of a burden on the plants. Got it. Question here about lead times, and we'll take it in two parts. One, can you expand on the medical lead time comment? How much business can it pull into this year versus your original expectations? And there was another question: "Can you provide some detail of why it takes two years to provide significant generation, generate significant revenues once the new contract begins?" So it's kinda two questions about your lead times there. Yeah. So on medical, the way that we've re-entered medical is to go in as a second supplier. So, we had to restart as a new company. We previously were known as Paragon Medical. Paragon Medical still exists. They're now a competitor. We're now NN Medical, and we connect the dots with our customers, and we've hired salespeople who have relationships, and we've been telling the story, and we've been trying to be a second source, primarily to in-house production. Take an example, Arthrex, a well-known company in this, this market. We've gone, and I went there myself, they're in Clemson, South Carolina, and in Florida, and said that in areas where you're struggling or you have capacity issues, we'd like to be your overflow partner. Partially, John, it's the way that we've we've entered the market, and so we're establishing our quality and on-time, brand performance, and, and then weaving into their programs. How big could it be? Bigger than our capacity. So we've, we've been trying to think through what to do next. We put one plant in place for medical, in Attleboro, Massachusetts. As I mentioned, we're at $18 million now. Probably, that plant could probably do 25, so we're, we're already thinking through what's the next plant, that we need to start converting over. So we're not in a big hurry, but, you know, if things went right for us by the end of the year, run rate basis, John, 25 run rate, you know, pro forma with the wins we have. So, $50 million is an interim goal, so as we get closer, we'll increase that goal. If you look at the $650 million-dollar enterprise goal, we want a bigger medical business than 50. Mm-hmm. But 50 is the interim goal. On the second part of your question, on the 2 years, it's primarily the customer that takes that long. We can do our part of it quicker, but our part goes into system development, a whole braking system or a whole steering system, and then it has to go through a vehicle crash test. So, we are dependent upon their timelines. Got it. Question from the audience: "Can you provide an update on the automotive market? Are you dependent on growth in EVs, or is ICE an important part of the growth? Yeah. So we're a big player in China, so we have three plants there, and those plants are white hot. They're white hot because of the indigenous market. Indigenous market is primarily converting to electrical due to government incentives, but they also are really aggressive in the export market. And export market's hybrid, ICE, and EV. So we're benefiting greatly from that. Europe and North America both have the tariffs, protecting them with new tariffs yesterday from the EU for Europe. And so the markets are primarily ICE, and EVs have flattened out year over year. But our participation is mainly platform independent, because we're in braking, steering, and they don't care what kind of vehicle they're on, what kind of vehicle they're steering or braking. So the way that we're playing the game is to be platform agnostic. Sneak one last question in here from the audience: "Are you seeing high demand in electrical due to growth in power generation? In the US is where we participate in the electric grid market, and the clearest bellwether reporter on that's Itron. Siemens reports too, but it's really hard to get what they say exactly down to North America. For us, the business is really strong, John. It's one of our strongest businesses. And the industry's backlogged on what's called Grid Edge devices, smart devices. And so we have a situation where the industry's trying to get caught up, and that business is up strongly for us this year. Okay, now, we've gone a little bit into overtime here. Do you have any closing remarks? Thank you, everyone. Those were good questions. I can tell that people know us a little bit by asking those. I appreciate it, and I hope to see you in our one-on-one. Okay. Thank you, Mike. Thank you, Harold. Have a great day, everybody. Thank you. Bye-bye.