Good afternoon, everyone. Our next presentation for the day is NN Inc, ticker NNBR. My name is John Franzreb. I'm an analyst here at Sidoti & Company. For those of you who are not familiar with NN, they are a manufacturer of components for the automotive, industrial, power control, and medical markets. We are fortunate to have with us today CEO Harold Bevis and CFO Chris Bohnert. Following their presentation, there will be time for Q&A. Should you have a question, please utilize the Q&A icon to submit the questions, and I will present them to management. With that said, gentlemen, thank you for being with us today. The floor is yours. Thank you, and thank you, everyone, for joining us for a few minutes. Chris and I are going to give a quick update on the company and make some comments about our guidance for this year and give you an update on the refi process that we're underway with. One of the investment highlights that we want to point out is that we are a company going through an enterprise transformation, and it's showing good results, and we're going to summarize some of them for you today. We make critical precision parts for several end markets, as John touched on. We have a new leadership team that came in myself six quarters ago and Chris a couple quarters ago and our Chief Operating Officer a year ago, and we've really got the culture change going that we need, and the enterprise transformation is fully underway and showing good progress. And this year and 2025 will be when our revenue growth kicks in, which we've all been excited about, and also finishing off our rundown activities. We have a new approach to winning new business, and we basically are participating in NPI programs at targeted customers. We're not going after share gain or share shift. We're not interested in low margin growth. We're really participating in next generation new products, and it's working out quite well. And we're committed to lowering the cost of our capital. We started a rundown process last year. We chose B. Riley as our partner. They went through a bunch of turmoil. And literally, the team that we were using, all of them resigned from the bank. Chris and I had to pick up the ball ourselves and carry it forward. And we finished the ABL in December and are still underway with the term loan. So he'll give an update on the end. We're pretty happy and excited with where the company is right now and want to talk to you a little bit about our progress. At a glance, just going off of third quarter last year's results on the numbers, we have not finalized our fourth quarter auditing yet and that sort of a thing. We're not ready to talk about 2024, but we are ready to talk about 2025 because we have clarity on that. Our revenue is around $470 million. Our EBITDA is around 10%, $46 million. We have a little over 1,000 customers. We call on them directly with their direct sales team. We have about 3,000 company employees and 700 JV employees. We have a 49% interest in a machining JV in China for China. And we're considered best in class at what we do. And so although there's a lot of people that machine and stamp, we're in a small group of people that can do it at the micron level. In the last two years, we've won over $136 million worth of new business. It's starting to roll into our revenues now. We put out a press release last week that we have 50 programs launching right now in this quarter and that we are underway with. It's definitely a lot. It's busy inside of our company. Our company is growing faster than the market, so we're quite busy. And we're targeting to win another $65 million of business this year, which would bring our three-year total to $200 million in new business. We have supplemental goals underneath that of $50 million of medical components over five years and $50 million in electrical components over three years. Medical is a little harder to get. It's a little slower market. That's why it's a little over a longer period of time, and we're on track to our five-year plan, winning at the rate we're winning at and launching the new programs. We have two primary segments we report out in: Power, which is stamped parts, plated parts and assemblies, and Mobile Solutions, which is machine parts and assemblies. We have a global platform. We primarily make products in region for the region. We do very little exporting from our operations. We're primarily in the countries we're in to serve those countries locally. Just another minute here on our footprint. You can see where our assets are and our people. We have machine centers. We run machines, high-end machines, automated machines. And so most of our people are machine operators and have like two-year tech degrees and that kind of a thing. And you can see we have a few thousand machine centers, and we add to the machine count every year. And we primarily buy machines when we win new business. That's the time when we're making machine investments. So that's just a breakdown of where our people are in machines. So we have a five-year plan that we've articulated, and it's to grow our revenues to $650 million, $600 million organically and another $50 million through acquisition. We're on track to begin that this year with the business that's launching now. The cumulative new wins goal is $325 million over five years. We're on track to that, a little ahead of it. We have a couple of sub-goals: Connect and Protect, which is connector components and shields for vehicles, Power Up, which is electrical components and bus bar, non-vehicle steering, which is machine parts for vehicles, and then fuel efficiency for hybrids and ICE. I mentioned already we wanted $136 million in two years, and we're headed into this year with a pipeline of $720 million of opportunities we're tracking, which means a little less than a 10% hit rate. So we're pretty sure, pretty comfortable, and pretty confident we can do that and just did it two years in a row. Our cash flows, we've been investing our cash flows into capital on these new victories and a couple of plant closures. So we had a couple of closures that we needed to do, and they're underway right now. They'll finish in this quarter, one in Juárez, Mexico, and one in Dowagiac, Michigan. Our 2025 plan that we have, every plant we have globally will make money this year. That'll be a turning point for the company too. That wasn't all just new business. It was also a lot of operating improvements. The main idea here is to get our EBITDA up into the 12%-13% range, and we're on track to do that. That's our five-year plan for profitably growing our sales. Another step down, peeling the onion back a little bit on the sales. We get a lot of questions about this, so we just wanted to lay it out a little better. And the new wins program we hit on, with over 300 program awards that we have and with 20 new customers and then growing with a lot of our existing customers as well. We have $60 million worth of business that's not in our run rate yet and still launching into our run rate this year. Electrical, we again want to get $50 million over three years. We put in a dedicated sales team here. We are on track to win $29 million in the first 18 months, and we've added a bunch of new customers. Three of the top ones are Aptiv, Yazaki, and Sumitomo. Power Up, that's our grid team. We're on track to have won $12 million in the first 12 months with a new dedicated sales team. Medical, $50 million over five years. We've won almost $5 million in the first 12 months, and we put in a dedicated sales team here also. On the acquisitional side, we're really looking at two areas: electrical and medical, and we have been assessing companies along the way. We're very committed to expanding our businesses in these two areas, and we'll get to the point where our balance sheet is flexible enough to do it, and Chris will take you through the steps of that in a minute. Our markets are healthy and growing and on track to grow this year. The passenger vehicle market varies by individual geography, and each market's growing a little bit differently, but overall, global vehicle production is supposed to go up a couple%. The U.S. is flat to up a bit. China's up. Europe is the only one that's kind of iffy right now with what's happening in the global China versus the world auto production. General Industrial is a slightly growing market. We mainly serve it in the U.S. Power, grid, and electrical control, we primarily serve that in the U.S., and it's growing. Commercial vehicle, we serve in China and in the U.S., and it's flat to up a little bit. The parts we serve, the engines that we serve, this is mainly engines that we're focused on. Medical equipment is growing a few%. Our markets are healthy, growing, and we are trying to grow above those market rates by winning new programs at those accounts. We have the two businesses: Power, which is stamped and assembled metal products. You can see pictures here of some of our top items. Our medical business is in this segment, this reporting segment. The Connect and Protect is in this segment. Our assembled electrical grid components are here. And our secret sauce is that we can design and build our own dies and that we're a quick innovator. And we have a good footprint, and we service good end markets. And in this business here, as you'll see as the year goes on and we report our results, that a big chunk of our growth in 2025 will be in this segment. And so we've won a good amount of business that's launching this year. Our other business is Mobile, which is mainly machined metal parts. Think CNC equipment, lathes, and heat treating. And this is a really good business for us. We also make some medical products here. Big ones for us are fuel efficiency and steering and braking. So really hard surfaces that need to be tough and quiet and are high performance and high tolerance. This is a business for us where we're well known, and it's an evergreen ongoing innovation program to make things stronger and more quiet. And a big thing that's been happening with autonomous vehicles is steering and braking. And it has to be much more precise and all wheels. So the content's going up for us, and we have a really good footprint. So we're picking and choosing where we want to play in this market. So our transformation plan is on track here. We're still new in this. A year and a half for me, as I mentioned, and Chris, the younger at the company here. He's actually younger also in years, but younger at the company. Got the leadership. We're closing in on the leadership we need. We're still working on kind of the second and third levels to get the culture that we need everywhere. And I would say that we've made serious improvements towards the end of last year on the team, and we're making some here in the first half too. And we have a few areas where we're not happy yet. And so we're going to keep mixing over the people till we get the leadership that we deserve and that we need to win. Fixing non-profitable areas, we're probably going to eventually drop this one because this year will be the year where we won't have any plants that don't make money. So it'll just be underperforming or below average versus unprofitable. Expanding your margins is what it's all about, and we're on track with the targets that we set. Deleveraging and refinancing our debt and our preferred stock is important to us, and we're focused on it. Then growing the company organically and just letting it grow. This will be a good year to start that program. The company has not been able to organically grow in quite a while. We continue to get new business here. Some people ask for characterization of these wins. We get a lot of wins with existing customers. We do get a lot of wins in automotive because of where we have our references. We're geographically dispersed on purpose because our plants are. Machine parts are a big part of what we win at. Recently, we had to hire a couple of teams, going back to that other chart, and stamping stamped products to get going a little faster. And we're going to skew this vintage year of wins more towards non-auto and stamped products. We get questions about tariffs. Tariffs are good for us, but we're not counting on them to save the day. Our North American business is all in the U.S., and we source our metals from the U.S. And we convert and make the products in the U.S., and we sell them in the U.S. So we're the Trump poster child of American manufacturer. And so all the tariff talk that's happening is to protect people like us who have been forced over a long period of time to compete against Chinese and Mexican producers. And so these tariffs are going to help us, but we're not counting on it. We are starting to see increased inbound requests for people that want to make their products in the U.S. again. So we are seeing that happening. We are in China for China. We're in the U.S. for the U.S. We're in Brazil for Brazil. So we don't export around to our operations. We're primarily in the country for the country. So we're not impacted by this. And our China market has been growing as the Chinese have been exporting heavily into non-U.S. countries. Next, I'm going to have Chris talk a little bit about our leverage and our guidance. Yeah, thanks, Harold. So we're just showing here since Q2 of 2023, the overall leverage has come down quite a bit for the business from 3.9 turns down to just under three turns in Q3 of 2024. And we expect that trend to continue. Done a lot of things to improve the business, as Harold mentioned, from cost savings, process improvements, and so forth, as well as paying down debt. That's been the strategy of the business really since Harold came in, is to redo the capital stack, reduce debt, so we started that process in the third quarter of last year. As he mentioned, we lost our advisor during that process due to other circumstances, and so we carried on that process. We were able to finish the ABL in the fourth quarter of this year, and we announced that, and we continued on. We're continuing on with the process of refinancing the term loan and expect to get that done sometime in early 2025, so that will be the next step in our journey, and we'll continue on with that process. We also expect to redo our full capital stack along with the Pref sometime in the near future, so that's kind of our overall process for redoing our capital stack here in the near term. We did put out some additional guidance for 2025. As Harold mentioned, we didn't finish up 2024 yet, but we are comfortable putting out some guidance and targets for 2025. So on the net sales side, we expect net sales to be in the range of $460 million-$480 million. Again, we also expect that that'll be above 2024 on both the actual and, obviously, pro forma basis because we did sell off the Lubbock plant this year. Our Adjusted EBITDA, we expect to be in the range of $53 million-$63 million with stronger margins due to the cost-out benefits that were implemented in 2023 and in 2024. And on track with the five-year plan, new business wins expected to be around $65 million. So that's been consistent the last couple of years. We are rolling in over 50 new wins in the early part of 2025. So that'll be hitting the P&L during the first and second quarter of this year. So excited to announce those outlooks for 2025. So with that, John, we can open it up for questions. Hey, thank you, Harold. Thank you, Chris. If you have a question, please put it in the Q&A box and I'll present it to management. Gentlemen, I want to touch on a couple of topics off the bat. First and foremost, you talked about tariffs being a potential benefit. What are the things you're looking at, Harold, that would tell you one way or another that trends are in your favor or working against you as far as tariffs are concerned? Well, you know, all of us, most of us on the phone, probably all of us went through COVID. And so we saw what happened with supply chain irregularities. That's one thing in the back of my mind, John, is that. But for us, our supply chain is in the U.S. We produce in the U.S. for the U.S. An indicator is that we are receiving inbound inquiries on whether we have open capacity to make certain products that people want to bring back from China specifically. Their supply chain is that they're buying these parts from China and then bringing them back to the U.S. to assemble into a bigger system. They're asking us, "Hey, you used to make these products for us. Can you make them again and make them in Michigan or Ohio or Illinois?" That is happening. We're seeing inbound inquiries. That's a good indicator. A negative indicator, so I think on the top line, it's going to be more robust than we've had, John. And the outlook, though, is what's going to happen to materials. And so we're protected because of our supply chain, but I think it might be disruptive to the industry. Got it. Understood. You mentioned in your presentation that you're going to finish closing two facilities in the first quarter. Is that part of the group of seven? And does that suggest that this is the footprint you're comfortable with on a go-forward basis? Yes, these are two of the group of seven. And yes, we are comfortable with the footprint. We have one really small immaterial plant in Massachusetts, John, that when the lease runs out in two years, we're just going to dispose of it then. It just makes a little bit of money. It's an underperformer. We're not making enough money in Europe. And so we're primarily trying to fill those assets so they're dilutive to our average. I would say we still have a new set of focus plants, but it's really the ones that are below average now versus losing money. The plants, we won't have any plants that lose money by plan. That's good to hear. Let's move now to the audience. Question is, what is your labor situation as far as cost and availability at your facilities? That's a good question. It does vary by facility. In the U.S., it's been hard to get really experienced machinists. So we have an apprenticeship program, and we have a graduated wage scale up to pretty high wages and the amount of hours that you work per week. So we've had to grow our own machinists in the U.S. And except for the U.S., we don't have problems getting labor anywhere else. Okay. A question on the refi. Can you elaborate why the loss of your advisor delayed the completion of the term loan for three plus months? Yeah. Well, it was a gradual. I don't know if you followed what happened to B. Riley, but they got into progressive trouble as an institution, and it began to slow things down for us. And then it culminated with the entire team that was working on our refi quitting and went to another bank. And so Chris and I, we were pissed, but we had to carry forward, and we had to decide what to do. And so we just decided to focus on the ABL first. And we finished it the week before the end of the year. Literally, we did it ourselves. We were working with lawyers and the whole thing, intercreditor agreement. We weren't trying to just save fees, John. We were kind of just, we were stuck, and we had to carry the ball. So the term loan, we did the same thing. So we're finishing it off. And because we're not experienced at it, it's going a little slower. But Chris is running the data room, and we're answering all the questions, and we're hopeful to finish this off ourselves. That's plan A. Plan B would be that we would hire someone to help us. But right now, we're just trying to finish it ourselves, John. Understood. Question about the Chinese business. How big is it relative to the entire company? And can you talk about its growth rate and margin profile? Yep. We have a page on that in the appendix on Wuxi. If you could flip to that one, Joseph. So our China business is growing. If you look in the bottom chart, 2022, 2023, 2024, growing. 2025, 2026, 2027 are also going to be growing up because of the new business that we've won. And so you can see right there that Wuxi right now, $65 million in 2024 was the forecast. And this growth curve is continuing. So we have a growing business there. We've added equipment there. And the Chinese are producing more cars than they themselves buy. So they're exporting to a bunch of targeted markets. None of them are aimed at the U.S. They don't need the U.S. for any of this. And our business is growing, and it's heavily steering, braking, vehicle control components. And big customers are BYD, Bosch, Brose, Schaeffler, if you know these kind of names. Tier 1s, Tier 1s in the auto world. And then BYD, they're their own Tier 1. They make their own Tier 1 products. So when BYD exports, when they do final assembly, like in Brazil and Hungary and other countries, they export the steering systems from China. So they're using our components globally. Question about the outlook. Given your 2025 sales and EBITDA outlook, could you maybe discuss what your expectations are as far as 2025 free cash flow? Yeah, free cash flow. We've been reinvesting a lot into capital. And when we have our free cash flow finished, we will give that guidance. But sitting here right now, just we're at the beginning of January. We haven't closed all of our books for 2024 yet. And we're still negotiating on financing of equipment. So we're not through with our financing decisions. And when we have that, we'll give guidance. This is going to be a good year for us, John, because we have a one-time event that we're going to get a refund from the IRS. I'm sure your question was really around operating cash flow. Operating cash flow, it's going to be similar. It's going to grow a little bit, but the growth is also taking inventory profiles with it. Chris is modeling all that out right now. It'll be a little bit dependent upon the new debt deal that we get as well. Yeah. Couple of questions here on acquisitions. With the $50 million in acquisition revenue that is part of your target, do you expect that to be one transaction or multiple transactions? Do acquisitions rely on the completion of the term loan? We are expecting that the acquisitions to be small bolt-ons. That's what we're looking for because that's what realistically we can afford. Yes, we are coupling that in with our term loan conversations. Question about any commentary on the stock price trends over the past 6 -1 2 months, maybe your general thoughts. Yeah. I've asked that question to Chris. I think that there's, John, I think people want to see certainty over refinancing the term loan and the preferred. I think there was some uncertainty over what was going to happen with Trump and China and the auto industry. That's one reason we put that tariff chart in there. Just speaking transparently about this doesn't matter to us. If anything, it's a good thing. It shouldn't scare you about us. It's a good thing. Then also highlighting what our China business is and isn't. I think that that's becoming known now. And so I think there's been a ceiling on the stock price a little bit. And I think it's uncertainty over right now. I think it's financing because the transformation of the company is going according to plan, knock on wood. Chris, anything else? No, no, I agree, Harold. I think getting the refinance done and then also the overhang with the tariffs and the overall environment in auto and the economy has been a bit of an overhang for microcap. Y eah. Harold, just a quick question for me. In the $70 million in new program wins, I think you expect in 2025 with a potential of $80 million. If I remember correctly, the medical market had the profile of turning around quicker. Would that delta be filled by medical business, or is this something else you're just waiting for finalization on in another end market? So we expect to win $65 million of new business this year. We're going to launch 80 programs, discrete programs in the calendar year of 2025, of which 70 we already have in hand. So we expect 10 more wins this year that will be immediate ramp-ups. And so those are the figures. On medical, if you look at the business right now, the plan this year is to do around $15 million-$20 million, depending on launch timing. And so we need to win about $8 million a year to get to our $50 million goal, and we're tracking to that. Okay. Gentlemen, I see that we're out of time. Harold Bevis, do you have any closing remarks? Thank you, everyone, for listening in. And we look forward to performing this year. And it's going to be a fun year. We're very excited about it. All right. Thank you very much, Harold and Chris, for being with us today. I appreciate you. Have a great day, everybody. Thank you. T hank you.