Good day, and thank you for standing by. Welcome to the OneWater Marine Fiscal Q1 2022 Earnings Conference Call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. If you require any further assistance, please press star zero. I would like to hand the conference over to your speaker today, Jack Ezzell, Chief Financial Officer. Please go ahead. Good morning, and welcome to OneWater Marine's Fiscal Q1 2022 Earnings Conference Call. I am joined on the call today by Austin Singleton, Chief Executive Officer, and Anthony Aisquith, President and Chief Operating Officer. Before we begin, I'd like to remind you that certain statements made by management in this morning's conference call regarding OneWater Marine and its operations may be considered forward-looking statements under securities law and involve a number of risks and uncertainties. As a result, the company cautions you that there are a number of factors, many of which are beyond the company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. Factors that might affect future results are discussed in the company's earnings release, which can be found on the investor relations section of the company's website and in its filings with the SEC. The company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. With that, I'd like to turn the call over to Austin Singleton, who will begin with a few opening remarks. Austin? Thanks, Jack, and thank you everyone for joining today's call. Across the board, we delivered exceptional results for the Q1 of 2022, highlighting the strength of our team and our ability to outperform the market. Revenue for the Q1 increased 57% to $336 million. Even in the face of an ongoing industry-wide supply chain constraints, we increased same-store sales by 28% on top of an incredible 38% comp in the prior year. These same-store sales gains are significantly above reports on industry growth, which suggests we are achieving market share gains. As a part of our incredible increase in same-store sales, we also saw a significant increase in our higher margin service, parts, and other revenue. In the end, we delivered Adjusted EBITDA of $41 million, an increase of 146%. As we come up on tough same-store sales comps over the next quarter, we should see the strength of these stable revenue streams shine through. While we expect lower inventories to persist over the next few quarters, we're extremely confident in the prospects for the business. We continue to see robust demand, and pre-sold inventory remains elevated through yet another quarter. We also saw our service parts and other sales up 111% in the quarter, significantly outpacing growth of boat sales. This increase was driven by our recent acquisitions of PartsVu and T-H Marine that led to further diversification of our revenue. We expect service parts and other revenue growth to continue to outpace boat sales as we integrate these acquisitions. These higher margin revenue streams will also support our overall gross profit margin in the future. We were extremely active with M&A to start the year, closing three new dealership transactions and adding a significant piece to our Parts and Service business. The dealer transactions are OneWater's bread and butter, expanding our geographical reach for New and Pre-owned Boat Sales, Finance & Insurance income, and Service, Parts & Other sales. These transactions will leverage OneWater's expertise and platform to push newly integrated dealers to even greater heights. Earlier this week, we announced the closing of a tuck-in acquisition in the Parts and Service space. JIF Marine provides complementary products and establishes us as a market leader in stainless steel ladders and docking products. We are very excited about the synergies and opportunities to expand this less cyclical part of our business. We also believe there is a significant opportunity for us to grow in the future through additional parts and service tuck-in acquisitions. Accordingly, as part of our corporate acquisition and diversification strategy, we are establishing a target to complete two to four parts and service acquisitions per year. This is in addition to our target of completing four to six dealership acquisitions per year. Looking ahead, our acquisition pipeline for 2022 is robust and will continue to be a core component of our overall strategy. While the opportunities are plentiful, we are committed to our disciplined approach, selecting targets that meaningfully drive growth, diversification, and are in line with our goals. We believe our acquisition strategy significantly adds to the earning potential of the company. In summary, our Q1 results drove expansion of both the top and bottom line. We look forward to continuing to capture the momentum of the unrelenting customer demand and feel confident about our position to manage through the supply chain constraints. Our M&A activities will continue to fuel growth as we integrate market-leading dealers and expand higher margin revenue streams, supporting expansion of the business and enhancing the overall quality of our earnings. We believe these efforts will further extend our market share and generate meaningful value to our shareholders. With that, I will turn it over to Anthony to discuss business operations. Thanks, Austin. The strong levels of demand from fiscal year 2021 carried into the Q1 when demand typically slows during the winter months. Our customers are happy, and they're out shopping, putting money down for their next boat with no signs of demand slowing. Pre-sold inventory remains elevated and customer deposits more than doubled in the quarter compared to prior year, highlighted the continued strong customer demand. Seasonal sales were stronger than anticipated in the cooler climates as pre-sold units delivered. In the South, the sales of big boats were particularly strong in the Q1. We continue to see strength across the board in ski wakes, pontoons, saltwater fish, runabouts, and yachts, with all categories and all geographies performing well. The team continued to do a great job of effectively using our superior inventory management tools to sell inventory from any location across our portfolio. This asset-light model reduces our flooring costs and consequently supports a higher margin profile marked by a 550 basis point improvement in gross margin this quarter compared to prior year period. Improvement in our inventory levels continues to be a focus as we prepare for the summer selling season. We experienced an increase in inventory during the quarter, which is partially attributed to our numerous acquisitions coming online. The supply chain continues to pose challenges for OEMs. However, our exclusive technology and strong vendor relationships allows us to navigate the environment in an extraordinary manner. We are leveraging these resources and our expertise to put us in the position to continue to outperform the industry, and we feel good about where we stand. At some point, the supply chain environment will normalize and the overall industry will begin to build back inventory to a new level of normal. It is still unclear exactly when this will happen. However, we have the team and the tools to make sure we can operate successfully in this environment. I am also proud of the success we have had in our service parts and other lines of businesses. Our dedicated team takes great pride in meeting our customers' parts and service needs, so they can get back on the water, enjoying their boat and making memories that will keep them boating for years to come. We will continue to service their existing boat and stand ready to help them find their next boat of their dreams when the time comes. Moving on to our marketing activities, we continued our balanced strategy between boat shows and local dealer-sponsored events. While some shows were canceled due to COVID-19, we participated in other shows throughout the quarter and saw the same level of activity that we are seeing at our local personalized events. Customers are out, they're happy, they're excited about the product innovation, and they're buying boats. With that, I'll turn the call over to Jack to go over the financials in more detail. Thanks, Anthony. Fiscal Q1 of 2022 revenue increased 57% to $336 million from $214.1 million in the prior year quarter, which was fueled by a 28% same-store sales increase. New Boat sales grew 56% to $236 million in the fiscal Q1 of 2022, and Pre-owned Boat sales increased 39% to $53.4 million. We continue to realize the benefits of our diversification strategy in growing the higher margin parts of our business, which contributed meaningful to our results in the quarter. Finance and insurance revenue increased 56% to $9.3 million in the Q1 of 2022, and Service, Parts & Other sales increased 111% to $37.3 million, driven by our same-store sales growth and businesses recently acquired. Gross profit increased 93% to $101 million in the Q1, compared to $52.4 million in the prior year, primarily driven by the increase in gross margins of New and Pre-owned Boat sales and an increase in the higher margin Service, Parts & Other sales. Gross profit margin increased 550 basis points to 30% compared to 24.5% in the prior year. Q1 of 2022 selling general and administrative expenses increased to $59.1 million from $34.9 million. SG&A as a percentage of sales increased to 18% from 16% in the prior year. The increase in SG&A as a percentage of sales was mainly due to higher variable personnel costs driven by the increased level of profitability compared to the prior year quarter. Operating income climbed 95% to $31.3 million, compared to $16 million in the prior year, driven by the increased gross profit and partially offset by higher SG&A expenses. As a result, Adjusted EBITDA increased to $41 million compared to $16.7 million in the prior year. Net income for the fiscal Q1 totaled $23.5 million or $1.45 per diluted share, up 99% from $11.8 million or $0.71 per diluted share in the prior year. For both periods, charges related to transaction costs and contingent consideration adversely impacted diluted earnings per share. These amounts, tax affected at 25%, were $0.41 per share in the Q1 of 2022 and $0.03 per share in the Q1 of 2021. Looking ahead for the full year fiscal 2022, we are raising our outlook for Adjusted EBITDA to be in the range of $210 million-$220 million, and earnings per diluted share to be in the range of $8-$8.40 per share. We maintain our anticipation for same store sales to be up high single digits despite the ongoing inventory challenges. These projections include the acquisitions completed during the Q1 and the recently announced JIF Marine transaction, but exclude any additional acquisitions that may be completed during the year. With regard to our capital allocation, we remain focused on accelerating organic growth, executing on strategic M&A opportunities, and leveraging synergies. By executing these strategies on a longer-term basis, we believe we can increase our Adjusted EBITDA run rate by 15%-25% per year, with our M&A strategy contributing 10%-15% and existing operations contributing 5%-10% aligned with their long-term same store sales expectations. For this year, we believe we'll exceed these amounts with the low end of our guidance range yielding Adjusted EBITDA growth in excess of 30% before any additional acquisitions we may complete this year. Following through on the math, this basically gets you to a 50% increase in Adjusted EBITDA by 2024 and a run rate in excess of $300 million. Needless to say, we are working hard for shareholders to execute on completing additional acquisitions, implement our proven strategies across newly acquired dealerships, and enhancing our earnings by growing our higher margin businesses. This concludes our prepared remarks. Operator, will you please open the line for questions? In order to ask a question at this time, please press star one on your telephone, and to withdraw your question, just press the pound key. Once again, that's star one for questions. One more for questions. Our first question will come from the line of Drew Crum from Stifel. Your line is open. Okay, thanks. Hey, guys. Good morning. The 28% same store sales figure I think was better than anyone expected. Understanding the fiscal 1Q is seasonally less important, any thoughts around what the shape of the year should look like for same store sales? Separately, Austin, you talked about targeting two to four parts and services businesses on an annual basis going forward. How do the economics and purchase price multiples of these deals compare to your dealership transactions? Thanks. Yeah. Jack, do you want to jump in on the same store sales? I can say- Go ahead. Go ahead. I was just gonna say, you know, a little bit of that, you know, this quarter is our lightest quarter. I do think we had some deals that should have probably been captured in the last year that just, you know, got pushed into this quarter. I've spoken about this on the last couple of calls that, you know, really the last seven to 10 days of each quarter are probably the most important for us because it can shift a quarter, and that's why we've been kind of not really same store sales on a quarterly basis is gonna be very choppy for us. Year-end, having that high single digit projection or guidance is very doable, and we're comfortable with that. This quarter just happened to probably have some deals push out, and then the boats came in early because everybody kind of took some Christmas time, so we didn't have as much dependence on the last, you know, seven to 10 days that between Christmas and New Year's was not as we weren't as dependent on that as we would be like the last 10 days of March. That'll be extremely busy, so it can sway a little bit. Same store sales, this, you know, we had a great quarter. We knew we were getting the boats, kind of like what we've got coming into this quarter. We know when the boats are supposed to come in. As long as there's no more disruptions or slowdowns, we're pretty confident in where we sit and know kind of what it's gonna look like for the next several quarters. Again, the last 10 days are what's mattered. Jack, you wanna add anything to that before I talk about the part stuff? Yeah. I just think it's, you know, important to understand last year, right, Q2, we had a 58% or 57% comp. That'll be a tough number to overcome. Q3 and Q4, we're up against a negative comp. I think the comps certainly get a little bit easier, although those are our largest quarters. I think it's like Austin said- Yes. It's gonna be a little bit challenging to get the forecast perfect for the year. I will say that, you know, even though Q2 is a big comp we're going up against, you know, we're not expecting, you know, a major reduction, right? We're not expecting a 30% reduction in same store sales. You know, I also wouldn't expect a 30% increase in same store sales, right? I think we'll be able to be in and around the number from last year. Just like Austin said, it's gonna depend on how those flow at the end of the quarter. Drew, just to answer on the, you know, the parts side of it. You know, when we did the T-H Marine deal, part of one of the things that was intriguing to us, when we were looking into that was his pipeline and the opportunities that he had. His pipeline is probably as good or maybe even better than mine because, you know, it's not as fluid. He kind of already knows everybody. As we started to get ramped up and get them folded in, and once they got integrated, you know, we sat down with Jeff and David at T-H, and they were like, "Here are all the opportunities." And we were like, "Well, let's get going and let's start addressing those." His pipeline is pretty robust. Economics are a little bit different than ours. I mean, he's probably closer to a 4x to 7x on a trailing 12. And, you know, the synergies, the business is a little bit more, I would say, stable, it, you know, because it's less cyclical. Stable is probably not the right word. It's just less cyclical, so there's not as much peaks and valleys as you look back over the years. The multiple is probably gonna average into the, I would say, between five and six on the acquisitions. They're a little bit smaller, and then the synergies aren't quite as big. I mean, we're not buying anything on the parts side that's gonna double in 24 months. It's gonna be a little bit more, you know, we're gonna pick up some synergies on margin, some SG&A stuff and stuff like that. The increase or the upside we're gonna have to build into additional revenues. When we start looking at these, what we're trying to do is pick the ones that really fold in, that complement and have the ability to use the PartsVu side of it to either expand revenues or either as we bring them in the T-H side, it expands margin. I I think that should answer your question. Yeah. Thanks, guys. Appreciate it. Our next question will come from the line of Craig Kennison from Baird. Your line is open. Hey, good morning. Thanks for taking my questions. I think you mentioned that deposits were up. I'm wondering if you could just characterize how you're handling the demand that you can't currently satisfy because you lack inventory. Yeah. I'll let Anthony jump in on this, right? Let me just say, I don't think we're missing deals. I mean, the consumer has kind of been conditioned over the last year and a half to understand they're pretty much having to wait on everything. What I think we're seeing and why those deposits are double where they were is I think people are preparing a lot more in advance. The people that, you know, were planning on doing something, you know, for spring or summer, they jumped out this fall knowing that they were gonna have to wait and get what they wanted. I'll let Anthony probably. He'll be better to talk about that. You know, Craig, I just think the customers are a little more specific on what they want, and there's so many new models that are coming out that our manufacturer's dealing with, so that the consumer is willing to wait for what they want. They're paying for it, and we're not having any issues with it. I don't feel as though we're missing anything. They're just getting exactly what they want. It's a really good environment really to be a dealer and you're able to price for the kind of features that consumers want. You're a large dealer. Are you having any conversations with your OEM partners to figure out how you might be able to preserve some of this, I guess, scarcity dynamic where the customer comes in- Daily. -they expect to pay full price, and they just wanna choose the features they want? Daily, we have those conversations with our OEMs. I mean, it's something that I think that my views are that, you know, the old model of, you know, having two turns a year, like most dealers do, we were always much higher. You know, ordering the right boats and using the technology that we have to make sure that the boats that we have in stock are what everybody wants instead of, you know, I've used this example in the past, you know. You know, if a manufacturer builds 14 different models, you don't put all 14 different models in a market if it takes a year to sell, you know, two of those models. You know, ordering better, real-time inventory, sharing inventory between, and just using the data that we collect to make sure that we have the right boats at the right places at the right time. And that's where we're getting better and better. I don't really ever see us going back to having, you know, overabundance of boats on our yard if we order correctly. Craig, on top of that, I think the manufacturers have also, you know, seen this. You know, when we had 2008 and 2009, you know, there wasn't an opportunity for the manufacturer to understand how a flattened production schedule, where there's not peaks and valleys in their production schedule, makes them much more efficient, make the dealers healthier. It creates turns, it creates margin. I think most of the manufacturers, especially in the short term, you know, it's gonna still take us a couple of years to catch up in inventory, and then probably a couple of years after that, there'll be a discipline where manufacturers, I'm not gonna say they're not gonna. They're gonna create scarcity by not producing boats. I just don't think they're gonna ramp up to overproduce and start flooding the inventory, you know, field because, one, I don't think the dealers want it, I don't think the floor plan company wants it, and now I don't think the manufacturers want it. I don't think they want these old peaks and valleys of inefficiency in production. I think that they've realized that. I think that, you know, because of where we are from an inventory perspective, some of the things that everybody's able to see now that we weren't able to see in 2008, 2009, and 2010 because we were cleaning out the inventory channel, has brought light to everybody. I think everybody's kind of getting on the same page. I think that's just gonna give us more years ahead of us, where not only are we gonna have to work through the supply chain and get inventories back to a new normal, but I think there'll be a discipline for a period of time after that. Now, eventually, greed sets in, people start stuffing the channel. You know, I honestly think that that's five to six years out. We do have conversations along with them about how some of the tools that we have, we don't need to hog them as OneWater tools. Some of the this inventory tool will make the whole entire industry healthier, and it'll help our manufacturers even out that production line. You know, there's some opportunities there that we're looking at on how we can take the tools that we have and push those out to other people for their use to help them manage field inventory. Just to follow up, what's the customer experience like? How do you have to, I guess, manage the information flow? As a customer, if I put money down and I have some uncertain future about when I might get my boat, are you doing things to keep customers apprised of progress along the way so that customer feels engaged and pleased with the experience, even though, you know, it's hard to know when the boat's delivered? Yeah. Craig, through our CRM, we are in constant communication with the consumer, and it's the way we train our employees to continue to have those touches, even though the boat may be a year away or nine months away, that we're continually touching the customer. Just real quick, we don't have customers coming in. Like, if you came in today, and it doesn't matter what boat you ordered, you said, "Well, I want this boat." We're not saying, "Okay, well, that boat is gonna be $300,000. Give us a $30,000 deposit, and we'll let you know." I mean, we're able to, through our tools and working with the manufacturers, if you come in and just pick any boat, you can pick a Cobalt R5, a Barletta, a Sunseeker, it doesn't matter. We're gonna give you an estimated delivery date that's gonna be within, you know, 10 days before or after that date, the boat's gonna be delivered. It's not a big unknown like we don't have a clue. I mean, we have a really good idea over the next because of the production slots that we have when that boat should deliver. Now, there's all kinds of things that shift that delivery date, like I said, 10 days earlier, 10 days later, but it's not this, you know, "Well, we'll get it to you when we can." So, you know, we're able to set the expectation, and then like Anthony said, the CRM tool is very powerful for our sales associates to really do those things through email, text. They do phone calls. I mean, it's to keep those touches going, just to stay in front of them. That's why, you know, one of the things everybody talks about was, oh, people aren't going to wait, they're going to want their deposits back. We feel that our stuff is extremely sticky because it's an emotional purchase. Once they make the purchase and they put the money down, I mean, the fallout that we have on deposited boats is not somebody changing their mind. It's a life-changing circumstance. They get relocated, there's a death or something like that. That's about, you know, the half a dozen or dozen yearly, you know, back outs that we have is off something like that once we get a deposit. Great. Hey, thank you. Our next question comes from the line of Joseph Altobello from Raymond James. You may begin. Thanks. Hey, guys. Good morning. I guess first question may be for Jack, a clarification on the guidance. You raised the EBITDA guide by $40 million-$45 million. By our math, the acquisitions that are now included, which is, I guess, T-H Marine, Norfolk Marine, Quality Boats, and JIF Marine, I think those represent about $30 million-$35 million of that EBITDA. Is my math right, and the base business went up by about $10 million or so for this year? Yeah, I think you gotta look at the acquisitions. Be careful when you're looking at the acquisitions, right? Because on a full year basis, you know, they're gonna contribute probably closer to $40 million. You got to make sure you're adjusting it down for the partial period. One thing that wasn't mentioned earlier, we were talking about JIF, right, that's a smaller business. It's about $5 million in annual revenues, and about, you know, a little under $1 million of EBITDA. So it wasn't a real big deal. You know, just you got to scale it in that way and, yeah, I think you're thinking about it right as long as you're, you know, backing down a portion of the costs, a portion of the projected EBITDA for those acquisitions on a pro rata basis for the year. Okay, that's helpful. Secondly, in terms of the $300 million plus run rate that you guys talked about this morning for fiscal 2024, I guess first, what's the similar run rate? Oh, I guess I can figure it out, right? If you're adding $40 million to the $210 million-$220 million, that's your run rate for this year. But what are the assumptions around future acquisitions? Are you assuming, you know, call it a couple of parts and service acquisitions and maybe, you know, four or five dealer acquisitions? Yeah. Yeah. Well, real quick, one thing I want to point out, Joe, that run rate is based off historical numbers. That's historical numbers. That's no synergies on that run rate. Yeah. Pre synergies. I think another thing that's important to do, you know, is we were ultra-conservative when we were kind of planning out that run rate. Jack, I mean, you can talk to him about what we kind of, you know, put in as base case for acquisitions, you know, we have a historical record of doubling acquisitions on the dealership side inside 24 months, and we by no means put any of that in. We're you know again if you look at a modest growth on the base business if you know you think about it right now we're looking at a total cadence of about eight acquisitions a year. That's kind of the you know say three on the parts side on the dealership side right? Just kind of taking that midpoint. You know that's probably gonna generate you know $25 million worth of EBITDA. You know it's very powerful. It's very powerful how it adds to the growth of the company. You know like Austin said you know we do have a good history of improving those dealership acquisitions by implementing our tools. I think, you know, there's probably even upside, decent amount of upside, you know, from that $300 million. Okay. That's helpful. Maybe if I could squeeze in one more. Yeah. You know, in terms of the price environment, obviously, you know, the comp +28%, very strong, mostly pricing driven. This may sound like a bit of a silly question, but is there any chance we start to see discounting at all in 2022, or given where inventories are, that's really not possible at this point? Yeah. I don't see discounting, especially not till the end of the season. Now, do you get to the end of the season and have some pockets in the country that have had some, you know, weather issues? I mean, we've seen this in the past where you'll have a really wet Midwest, you know, start to the season. In some cases, I've seen it where a lot of people couldn't boat till the end of June in the Midwest just because their lakes were flooded. So if you get some sort of dynamic like that, and then you come out towards the end of this year, you might see some discounting from some of the smaller dealers who just don't want to have any carryover inventory. From an inventory perspective, if you look at the country as a whole, it's gonna take us a while to get back to this new normal. I don't expect to see any massive discounting. Where you do see discounting will really be on the low-end super value side, not on the high-end premium side where we mainly, you know, where we operate. I don't see that coming anytime soon, like no time soon. It's gonna be isolated if we do see it later this year. Yeah. Then one other thing I'd like to point out, and Jack, tell me if I'm wrong, but you know, Joe, you said, you know, the 28% comp. I mean, a lot of that was driven not just by New Boat sales or pricing of New Boats. A lot of that was driven, you know, on those ancillary businesses. You know, our Parts and Service was a huge contributor to that. That's a good point. Thank you, guys. Thanks, Joe. Our next question on the line of Fred Wightman from Wolfe Research. You may begin. Hey, guys. Good morning. Do you have the organic inventory number? Just sort of trying to parse out what is the impact of the acquisitions on that inventory number on the balance sheet? Yeah. I don't have it in front of me, but it's flat, up slightly. It's not. A majority of it is driven by acquisitions. Okay. When you say flat to up, that's on a year-over-year basis, right? Year-over-year basis. Yeah. Sequentially, it's up a lot more just because of the seasonality of the business in the year. You tend to build inventory through the winter, but yeah, on a year-over-year basis. Sure. Okay. That makes sense. Could you just give a little bit more detail on sort of the margin performance across the New and the used segments that you saw in the quarter? I mean, still up big on a year-over-year basis, but that growth rate looks like it might have ticked down a bit versus last quarter. Are we sort of at a steady state margin here for those two categories going forward? Do you think it could sort of fluctuate a bit given seasonality? How should we think about that? Yeah. I think what you also have going on here is a seasonal trend. You tend to have, you know, bigger boats sold in the winter months that we're in now. That typically the December quarter tends to be a lower margin quarter. I think that's a little bit of what's at play here. We certainly see our larger boat business perform very well in this quarter. Makes sense. Then just within that high single digit comp number that you guys are still guiding to, has the unit assumption changed? I mean, said differently, do you think that the deliveries from OEMs is gonna be better or worse versus when you sort of put that out there last quarter? Yeah. I think it's still a little early to tell. I mean, you know, we're optimistic about the supply chain, but you know, we expect some unit growth. You know, it is a balance there between price and growth. Perfect. Thanks, guys. Once again, that's star one for questions. Our next question comes from the line of Michael Swartz from Truist Securities. You may begin. Hey, good morning, guys. Maybe a question for Jack, just around the, you know, cadence of acquisitions on the parts side and unveiling that number, kind of targeted number for acquisitions annually. I guess, how should we think about that relative to, you know, return on invested capital or just working capital, int-intensity? Are these businesses much more working capital intensive than dealerships? Yeah, they are. I mean, they're typically, you know, the various businesses have funded working capital through, you know, either cash or, you know, some sort of revolver. As of right now, you know, so they don't have the floor plan facility like the boat dealerships do. There certainly will be a little more, a little additional working capital, right? A lot of them, you know, as well, these aren't massive businesses. You know, quite so often we can, you know, integrate them into our existing operations and, you know, absorb some of that working capital need, reduce some of their, you know, fixed costs, you know, to improve and cover that cost. Okay. Just kind of similar lines in the service parts and other supporting segments. Now that you've made a couple acquisitions there, I guess, how should we think about the margin shaking out, you know, in a steady state environment? You know, understanding parts tend to be diluted relative to service, so is there a way to think about that? Yeah. I mean, you saw it this quarter where we saw our margin for Service, Parts & Other, you know, come down a little bit. I think on a more steady state, you know, depending on the cadence of the acquisitions, you know, that margin will probably fall closer to a, you know, closer to, like, a 40% number. You know, but which will still contribute positively to our overall margins as you know, that is higher than boat sales. You're 100% correct. You know, parts tend to be in and around 30%, 32%, 33%. You know, your Service labor tends to be, you know, closer to 60%. We'll kind of, you know, we'll blend down kind of in the middle there in that 40 range. Okay, great. That's helpful. That's all for me. Thank you. Thanks, Mike. Thank you. That will conclude our Q&A for today. I have no further questions in the queue. This will conclude today's conference as well. Thank you for your participation. You may now disconnect. Everyone, have a great day.