Good morning, and welcome to the OneWater Marine Fiscal First Quarter 2024 Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star, then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Jack Ezzell, Chief Financial Officer. Please go ahead. Good morning, and welcome to OneWater Marine's Fiscal First Quarter 2024 Earnings Conference Call. I'm 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 would 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 SEC filings. The company disclaims any obligation or undertaking to update the forward-looking statements to reflect circumstances or events that occur after the date of the forward-looking statements are made, except as required by law. And 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. We delivered a solid quarter despite the industry-wide return to seasonal selling patterns and moderated pricing. In an increasingly competitive environment, our team remained active, closing deals and driving same-store sales growth of 2%. We continued to outperform the industry, which market data indicated was down about 4% for the quarter. With the anticipated return to historical seasonal mix, demand softened as expected, and customer preferences turned towards our larger boat offerings. Unit sales were flat in the first quarter, reflecting the effectiveness of our sales team and our strategic approach to inventory management. As expected, we continued to operate in a more competitive environment. Boat margins across the industry continued to reset during the quarter, and we expect this to continue through the first half of the year. Additionally, quarterly margins will continue to fluctuate with seasonality and model mix, similar to traditional pre-COVID year. As a reminder, we typically benefit from stronger margins during the summer selling months, with a mix shift to the lower ASPs, with higher margins and increased unit volumes, compared to the slower winter months, with the mix shifting to higher ASPs with lower margins. Before I turn this over to Anthony, I would like to emphasize our strategy and our path to get to where we are today. When we went public in February of 2020, we had a solid growth strategy consisting of steady organic growth coupled with a battle-tested M&A. COVID created a lot of disruptions, both good and bad. The transition back to historical trends has been challenging, but we believe we are approaching the new normal. As we move forward, OneWater is a fundamentally stronger company, having grown significantly with a more robust and diversified product offering. Compared to where we were pre-COVID, our baseline has been reset higher, and we are off to a great start in 2024. Adding to that, we are encouraged by what we've seen at the boat shows so far, giving us confidence in the coming year. Even as we navigate the challenging macro environment and inventory overhang in the industry, we are still very confident in our ability to deliver on our growth strategy. We are excited about the future as we continue to grow market share, optimize costs, enhance profitability through our higher-margin businesses, and pursue M&A opportunities to amplify shareholder return for years to come. With that, I will turn it over to Anthony to discuss business operations. Thanks, Austin. Our team delivered first quarter same-store sales growth of 2%, supported by higher average unit prices as customers shifted their preferences to our larger boat offerings. We are excited about the boat shows we have participated in so far this year and are seeing strong demand for our manufacturer's newer models, which is a positive sign given our inventory strategy. We are pleased to report growth in customer orders at the boat shows that were not impacted by inclement weather. We are looking forward to the Miami International Boat Show in a few weeks, which is an important event for us and the industry. Our aggressive inventory management approach has positioned us well in an industry flooded with non-current models. We opened the year with a healthy model mix and will continue to work down non-current inventory where we can favor newer models. Inventory levels are up sequentially, as is standard in the winter build months in preparation for the selling season. That said, our 24 weeks on-hand inventory continues to outperform the industry at approximately 38 weeks on hand. While boat sales are up year-over-year, total finance and insurance revenue was down moderately as we face the challenges of higher rates. However, finance penetration during the quarter tracked consistent with our target of 60% of new boat customers financing a portion of their purchases directly with us. Credit availability and the uses remain strong, and we feel good about where we stand today. With that, I'll turn the call over to Jack to go over the financials in more detail. Thanks, Anthony. Fiscal first quarter revenue decreased 1% to $364 million in 2024, from $367 million in the prior year quarter. New boat sales grew 4% to $241 million in the first fiscal quarter of 2024, while pre-owned boat sales decreased 4% to $53 million. The increase in new boat sales was primarily driven by an increase in the average selling price as customers gravitated towards larger boats in the quarter. The decrease in pre-owned boat sales was due to a drop in brokerage consignment sales, partially offset by an increase in pre-owned sales from trade-ins. Revenue from service parts and other sales for the quarter decreased 10% to $62 million compared to the prior year. As a reminder, we sold Roscioli Yachting Center and Lookout Marine in our fiscal fourth quarter of 2023, which primarily drove the decline. Additionally, we saw a reduction in parts and accessory sales to original equipment manufacturers. These OEMs have reduced production of boats as a result of the elevated industry inventory levels. Finance and insurance revenue fell 18% to $7 million for the first quarter, primarily due to a decline in income earned on loans, given the current high interest rate environment. Overall, gross profit decreased 17% to $91 million in the first quarter, compared to $110 million in the prior year, driven by the normalization of gross margins on boats sold. Gross profit margin fell sequentially with expected seasonality and a preference towards larger boats, partially offset by increases in margins on our service, parts, and other sales. We anticipate gross margins to continue to stabilize through the first half of the year as the cycle returns to normal. Though we anticipate this new normal will level off higher than what we saw prior to the pandemic, given structural changes in our business and the industry. First quarter 2024 selling general administrative expenses increased to $80 million from $78 million. SG&A as a percent of sales was 21.9%, up 70 basis points from the prior year period. SG&A, as a percentage of sales, is typically higher in the first quarter, which is historically the slowest quarter, as lower revenues reduce our fixed cost leverage. We continue to monitor the sales environment and proactively manage costs to optimize the business. Operating income decreased to $6 million from $27 million in the prior year period, and adjusted EBITDA was $7 million, compared to $30 million in the prior year period. The decline in adjusted EBITDA was primarily due to lower gross profit and heightened floor plan borrowings and related interest costs. Net loss for the fiscal first quarter totaled $8 million or $0.49 per diluted share, compared to net income of $11 million or $0.61 per diluted share in the prior year. In the fiscal first quarter, adjusted loss per diluted share was $0.38, compared to adjusted earnings per diluted share of $0.73 in 2023. Turning now to the balance sheet. On December 31st, 2023, total liquidity was in excess of $65 million, including $45 million of cash and additional availability under our credit facilities. Total inventory on December 31st, 2023, was $707 million, compared to $610 million at September 30th, 2023. This inventory build is reflective of our preparation for peak selling season, and we expect inventory levels throughout the remainder of the year to mirror the seasonal patterns we have historically experienced. Total long-term debt currently stands at $440 million. Our net debt to adjusted EBITDA ratio is 2.6x. Our liquidity and leverage position remain in a comfortable range, and we are utilizing our cash to pay down our floor p lan, which carries the highest interest rate. Looking ahead, we are maintaining our fiscal 2024 guidance and expect margins to stabilize with seasonal norms. We anticipate same-store sales to be up low- to mid-single digits, and we expect adjusted EBITDA to be in the range of $100 million-$155 million, and adjusted earnings per diluted share to be in the range of $3.25-$3.75. On capital allocation, our priorities remain unchanged, and we are focused on delivering organic growth and increasing our footprint through strategic M&A of top-performing dealers in the best boating markets in the country. As always, we are prudent in our approach and will allocate cash where we believe it will provide the most value for our shareholders. For our M&A deals, we look to utilize free cash flow as our funding source, which has historically given us the best return on our invested capital. As always, we remain disciplined in our approach when evaluating acquisition targets, and the pipeline remains active, and we are poised to act when the right deal comes along. This concludes our prepared remarks. Operator, will you please open the line for questions? We will now begin the question- and- answer session. To ask a question, you may press star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Drew Crum with Stifel. Please go ahead. Okay, thanks. Hey, guys. Good morning. On same-store sales, can you address how the +2 performed versus your expectations and the level of promotional spend you deployed relative to plan in order to achieve that figure? And I guess, you know, will you need to be more aggressive here in order to hit your same-store sales target for the year? And then I have a follow-up. Jack, you want to take that, or you want me to? Yeah, I would say we're fairly close to plan. You know, where we expected it to come in during the quarter. I would say from a promotional activity, you know, I would say it continues to be elevated similar to that we saw in the fourth quarter. You know, I don't know that trends have really changed a lot. I think we continue to be very aggressive in the marketplace. Customers are still, you know, coming through doors. Initial boat show activity has been good, and we continue pushing on. Okay, perfect. Then on the service parts and others business, you know, you mentioned the sale- leaseback transaction contributing to the down 10%. Do you see the year-on-year declines moderating going forward? You know, I think, you know, with lapping the retailer destocking, the comps would get a little easier, but you also have the cuts in production by OEMs, which you flagged. So, you know, curious as to how you see this business trending over the next few quarters. Thanks. Yeah, for sure. I mean, it's going to be, you know, challenged for the year. I would expect the decline, right, because the December quarter is such a small quarter. I would expect that percentage decline to moderate some, like you suggest. But I do expect it probably to be, you know, service parts and other for the year, you know, to be down, I don't know, somewhere in that 5%-7%. You know, just, but it's going to be an impact, right? Because we closed on the transaction right at September thirtieth, so you have a full year that you have to bake out. Okay, got it. Thanks, guys. Thank you, Drew. The next question comes from Craig Kennison with Baird. Please go ahead. Hey, good morning. Thanks for taking my question. I think you mentioned the acquisition environment. I'm just, I'm curious. I imagine there are some dealers on your target list that are ready to get out in the current environment. Is it a more active environment today? And how aggressive could you be if those who want to sell are ready to sell? Well, I mean, you know, like Jack stated earlier, you know, Craig, we're going to use free cash flow, so that'll put some limitations on it if the spigot just opened wide open. But we want to be strategic about what we're looking at doing. And so when you kind of look at the environment right now, you know, one of the things is still trying to pinpoint what a true multiple is easy because we have that set, but what we're paying a multiple on. You know, we're expecting to see some margin decline. You know, I don't know how much more a dealer can absorb right now with inflated floor plan interest costs. You know, there's a lot of dealers. I think something that we thought was going to happen last fall is probably fixing to start happening more now because dealers have gone through the winter. You know, not only are they paying, you know, a pretty, you know, double-digit floor plan interest rate cost, margins are continuing to drift down a little bit, but also, you know, cash flow is tight because of curtailments. And so it is kind of like the perfect storm. So I just- I wouldn't say that it's kicked up any more than it was. You know, even, you know, the good and bad parts of COVID, we tended to, you know, add a deal or two to the pipeline a month. That was something that we would really consider. I mean, we get incoming calls and emails and stuff, probably, you know, a couple, you know, 6-12 a week, and a lot of those is just stuff we're not looking at or even have any interest in. So I'd say it's pretty much the same. I wouldn't say it's increased. I think we might see some increase, and there might be some strategic deals that we could pick up on somebody that's just throwing in the towel, as they go into the early spring months and, you know, say, "Hey, I just don't want to do this again." Because I do think people are going to have to start reaching into their pockets, i.e., leveraging up real estate or whatever, to cash flow, to get to the earning months of April, May, and June. And then if we have a bad weather spring, that could even push it to where they really don't start to see that incoming cash flow to build back what they put out till May, June, and July. It's kind of like we're just, you know, we've got some things we're working on, but we're going to be very opportunistic as we move forward. Yeah. Thanks, Austin. And then I'm trying to reconcile a weird dynamic in my mind, which is, you know, retail looks to be, you know, somewhat in line with your own expectations, but it feels like every OEM has agreed it's actually time to cut production and help you and other dealers get right with inventory. Was it just like a realization on the OEMs part, that it's, things are different, or the pain is so severe for some dealers on floor plan expense that they had to do it? What do you think changed in the minds of OEMs when, frankly, retail is about what you thought it would be? Yeah. So that's a really good question. You know, when you look at, you know, retail and where we sit right now and how that works, you know, we're able to probably be a little bit more not opportunistic, but optimistic versus the OEMs because we have the inventory that's already on hand. So, you know, they're having to replenish inventory where we have too much. So we sell through that inventory where they need to build boats today. And so as that kind of, you know, shifts, you know, we have plenty of inventory. I mean, I think, Anthony, if I'm not wrong, if we just didn't order another boat from here on out, we'd have plenty of inventory to sell through, probably a good chunk of the summer. Correct. And so when you look at that, that's why we're a little opportunistic—you know, optimistic—is because we have all the inventory on hand, so now all we got to do is perform and sell. Where, you know, an OEM is like, "Okay, well, I don't have anywhere to put my inventory." And so, you know, with that, they can't build it if they don't have anywhere to put it. So I think that it's just been a timing and a lapse that's kind of happened, and it caused, you know, the OEMs maybe not to have that, you know, oh, crap moment as much as it just, it's a lag behind us. And so, you know, we feel we're in a good spot. When you talk about individual dealers and the promotional activity, I don't think that, you know, we've been in the position that we're in right now, today, in, I mean, almost two decades, where you have floor plan interest costs in double digits for the majority of the dealers. You know, not only is that a big expense, margins have contracted. You know, the floor plan curtailments, you know, pre, the great, you know, 2008, 2009, weren't really enforced, so that wasn't an outflow of cash flow. And so as we've gone through this winter, every month, dealers are out there having to cut checks for curtailments. Now, that's marking the inventory to market, which is a good thing. It's a discipline thing. The industry needs that. But they're not used to that. They've never seen that, and they're not really sure how to navigate that. And so when you look at that and say, okay, where do they sit today? It's probably a pretty scary point, you know, for a large majority of the industry. They're looking at something that they're not used to having to deal with, and they got to shift what they're doing to navigate this. And so, you know, that's kind of, you know, it's just a tough spot for some dealers, I imagine, out there, you know, that are coming through, going, "Okay, where's all my money?" And, you know, that's going to go back to what we've kind of been waiting on, I think, a little bit, is for the dealers that navigated 2008, 2009. Sure, they can navigate this. I'm not, I'm not being, you know, saying that they're doomed, but it's going to be hard, and now is the right time. Maybe it is the right time to throw in the towel and or, or to look for that exit strategy. Great. Hey, thank you. The next question comes from Joe Altobello with Raymond James. Please go ahead. Thanks. Hey, guys, good morning. Just to follow up on that comment you made, Austin, about non-current inventory in the industry. How long do you think it'll take for your competitors to kind of work through that non-current? Well, I mean, it really just depends on how strong this spring early selling season is. You know, I think we're doing-- we're seeing good things at the boat shows. Things are going really good at the boat shows for us. I imagine you've got several other dealers out there that are performing very well at the boat shows. You know, people are coming through the door and they're buying boats. And so as that inventory kind of pushes through, a good early spring selling season will accelerate that. If you know, you have weather or pockets that aren't as good, you know, that could change things. And so, you know, I-- that's a crystal ball I just don't have. You know, if you just wanted. You know, Anthony probably has a better gut at that than me. I'd take a swag at it and say, you know, that once we get to model year change, going into 2025, you know, that lag point in June and July, I think we should be in pretty good shape, unless there's something out there that we're not seeing from a macro standpoint. Anthony, you got any feeling on that? No, I think that we're heading that way, and we have a plan in place to ensure that our inventory is right. Yeah, I think the only thing I would throw in there, Joe, is, you know, we had gotten some indication that dealer inventory is around 38 weeks. And so if manufacturers cut, you know, 20%-30%, let's say 25%, right? If I just say, okay, well, then that reduces floor plan and retail is flat, you know, does that reduce it back, you know, down 25%, and that gets them closer to that, you know, 26 weeks on hand? You know, that 2 turns that historically the industry has seen, that sounds like some, you know, some math you can get around, that would make sense, assuming this season is a flat year. Okay. That's very helpful. Maybe just to follow up on that, you talked about normal seasonality, you know, several times this morning. Maybe help us understand what you mean by normal seasonality, because your business has changed a little bit since COVID. So as we think about the next t hree quarters, for example, how do we think about the cadence for the year from a maybe a sales and EBITDA perspective? Jack. Let me jump in. Let me jump in, then you can backstop it a little bit. I think, you know, Joe, one of the things that, you know, the exercises that we kind of went through is we wanted to go back and look at 2017, 2018, 2019 as individual years and seasonality by month and quarters, and then also took an average of those three and kind of applied that to where we are today for the first quarter. And it was a really good exercise, and it gave us a lot of confidence on where we sit today. You know, there's a lot of things out there in front of us that we can't control on the macro that could change some things. But when you look at just what it, how it used to be, and then what we're seeing as far as, like, the transition to bigger boats in the winter months, because those are a longer build time, you know, just the way the customers' buying patterns and, you know, not the urgency in the September, October, November to order smaller, smaller boats. They're waiting till the boat shows. You know, it's just it feels just like it was 2017, 2018, and 2019. And I mean, we had great years those at those times. Now, I do agree that we've shifted the, you know, EBITDA contribution to some of these higher margin businesses, so that changes it a little bit. But if you just kind of really look at the seasonality of new boat sales, which is still the predominant driver of our EBITDA, and you go back and you look at it pre-COVID, take all the COVID noise out of that, it's a pretty compelling story where we sit today. And I think that's something that's got us, you know, optimistic, you know, feeling pretty good. Boat shows have helped a little bit, but then, you know, we got to really be careful and watch really tight, you know, inventory and all this stuff as we move forward, because there are some things out there that could stump us that we can't control. So going back to what we kind of say all the time, we're controlling the things we can control, and we're watching it really tough. If this shifts, we're going to make big adjustments. But, you know, right now, if you look at what the seasonality was pre, pre-COVID, and take all that COVID noise out of it, it kind of feels like we're back to this new normal of, t hat something very similar to what we saw pre-COVID. Jack, I probably rambled too much, but you can add to that. No, you pretty much, you pretty much stole all my thunder. I think, I think the only thing I would add to when you, when you work through the math of it. I think as I look out at consensus guidance, right? I think we got the front half of the year just a little too heavy and the back half of the year a little light. And when you think about that, right? And you go kind of over the last several years with COVID, right, and scarcity of inventory. The first half of the year, we accelerated so much, you know, we shifted so many sales into that beginning part of the year. And, you know, we were selling, you know, pontoon boats and ski boats in the December quarter when that customer wasn't even really using the boat. You know, normally, that was a spring and, you know, early summer boat buyer. And, and so now I think we're, we're seeing those sales transition back, you know, and, and that's, that's our, our expectation. But, you know, Austin—like Austin said, you know, we're, we're cautiously optimistic that if, if those sales don't come in the, in the back half, you know, as we're going through the boat show season, lining up orders, you know, we'll, we'll adjust. But, as of, as of right now, we're, we're cautiously optimistic. Okay, great. Thank you, guys. The next question comes from Michael Swartz with Truist Securities. Please go ahead. Michael Swartz, go ahead, Mr. Swartz, your line is open. Hey, sorry about that. Forgot there was a mute button. Just, just trying to understand, you know, with regard to the guidance, you know, I would assume there's some, you know, sensitivity to the path of interest rates, both on, you know, consumer demand, you know, your floor plan expense, you know, F&I revenue. So maybe just help us understand, what exactly are you embedding in your guidance as it pertains to, you know, the path of interest rates over the next 6-12 months? Jack, I don't think we embedded a whole lot of, any. No, I mean, we didn't. Interest rates. I wouldn't say we embedded any material changes. I would say, in our models, right? We get, we get some yield curves from a couple different banks, including Truist, and we kind of synthesize those together, and we drop them in the model. So we're not baking in some, you know, some additional shift or curve or, you know, a significant reduction, if that's what you're getting at. You know, I think as far as retail goes, you know, we are baking in that, the pressure we've seen on the F&I line where, you know, we're just not able to make the spreads we've made in the past. So that's probably the biggest, you know, I'll say it's more of a negative impact versus a positive. Should rates ease a little bit, maybe that gets better. But, you know, again, it's a highly profitable business, and it certainly can impact the model, but it's, you know, it's just a small piece. Gotcha, that's helpful. And maybe just expanding, I think, Anthony, you had, you know, some commentary around the boat shows, and I think, you know, we kind of look at the boat shows and compare them to, you know, a year ago. And maybe if we can go back to, you know, pre-COVID, maybe back to the 2019 level, not so much concerned about, you know, what you're seeing demand-wise there, but just the level of promotional intensity, you know, maybe versus back then. And I'm sure the answer is a little different pertaining to, you know, model year 2023 or model year 2024. But is there any way you can just frame, you know, what discounting looks like this year versus, you know, maybe a normal year? I think it's back to the way the boat business was in 2018 and 2019. Everybody's being pretty competitive, and the manufacturers are being great partners in helping us move boats. You know, as far as the volumes are concerned, I mean, it's pretty impressive what, y ou know, we had some shows that we've had some, unfortunately, pretty bad weather in the northern markets that were affected. But you know, the boat shows that we had in the southern markets, We're up over the prior year and continue to do very well. You know, and it is with the help of great manufacturing partners, though, which we had that help in, you know, 2018 and 2019. You know, during COVID, we didn't have any help. We didn't need any help. But, you know, as things get more competitive and as the inventory rises, they are staying with us, if you will, helping us ensuring that we have great shows, and they have been. Great. Thank you. The next question comes from Fred Wightman with Wolfe Research. Please go ahead. Hey, guys. Good morning. You've talked for a few quarters now about working down your inventory to position OneWater for what you were seeing on the horizon in terms of slowing retail and some dealers getting a little bit heavy. Do you just feel like your mix of current versus non-current, compared to what you're seeing in the industry today, really positions you to do that? And can you maybe just talk about your ability to capture, you know, maybe it's, where that would show up? Is it more on the comp side? Is it more on the margin side? Like, where do you think that proactive approach that you've taken is gonna be most visible? Well, I mean, I think it'll show up everywhere. I mean, you know, I think one of the things that we're—what's happening now, comparing us, you know, the weeks on hand, when you look at that, we don't really know the makeup of that 38 weeks on hand from an industry perspective. You know, that's information we get out of the weeks on hand out of Wells Fargo, but it's not diced up between 2022s, 2023s, 2024s. We don't get—we can't get that kind of detail out of them. But when you look at, you know, 38 compared to where we are, that's a pretty good competitive advantage that we have. I think the one thing that probably would give us a little bit of concern, the further we get into the year, the more that 2023 inventory that we have left is the harder inventory to sell. So, like, if you have, y ou know, there's certain 2023s that are like popcorn, you can sell just as many of them as you can get, but then you get into some other ones that aren't really the right boats. And I think that's a little bit of, you know, any concern that we've had in the last, you know, several weeks is, you know, as we keep moving forward, it's gonna get harder and harder to sell that 2023. You know, the hope is that, you know, that means we're gonna be selling that many more 2024s to offset whatever kind of margin we're gonna have to take, you know, margin decline on this 2023. But I think it's gonna show up in same-store sales. I think it shows up in gross margin. You know, it all depends on how quick we can work that down and then get into being able to sell 2024s against 2023s, then you don't have to be as competitive, especially on the new models. That makes sense. Is there any way that you can just give some context to the pricing or margin benefit for those 2024s versus the non-current stuff, just to sort of help us think about what that blended margin opportunity could look like? Well, I mean, I would think, Anthony, it's probably double, isn't it? You know, if you take our 2024s, putting it against the competitor's 2023, we could probably get twice the margin they're getting. If they're getting a 6%, we're getting a 12%. If they're getting a 10%, we're getting a 20%. If they're getting a 12%, we're getting a 24%. You know, I would say it's close. Yeah. Go ahead. It's very mixed by model. I mean, whether it's brand or you know, whether the specific model's a recent renewal or it's a model that's a little bit more stale. So it's really hard to break down that number, Fred. Okay. Thanks a lot, guys. The next question comes from Noah Zatzkin with KeyBanc Capital Markets. Please go ahead. Hi, hi, guys. Thanks for taking my question. You kind of touched on this a little bit, but in terms of, you know, kind of the levers that you have available to you, should retail potentially soften. I guess, first, like, internally, how are you thinking about those levers? And then second, like, is there an expectation that OEM incentives could step up, were units not to be moving, come spring and summer? Thanks. Noah, look, to the levers, we've covered this a lot in several other quarters. We have a lot of levers that kind of pull themselves. You know, when you go back and you look at you know, what we had pre-2008, 2009, as far as, you know, our biggest expense on the P&L is employees. Most everything's tied to bottom line or the performance of that department. So, you know, if things slow up a little bit, that kind of rights its ship. You know, there's a lot of other levers that we have from, you know, just different cost-cutting methods that we can do. You know, just, just stuff that we, we kind of have in our playbook, that it's been hard for us to really deploy some of those right now because, you know, the revenues have kept up. And so it's like, you know, you go out and you make a bunch of cuts, and then nothing slows up, you know, or doesn't slow up dramatically. Then you start performing bad from a service perspective to the customer, and that just doesn't work. So we're watching that really good, and we feel we have a lot of levers, but there are several levers that just automatically pull themselves based off the performance of the, of the business. So, you know, we're confident in our ability, you know, if things were to dramatically shift from a macro standpoint or something that's completely outside of our control, you know, we have a pretty good game plan in place and ready to deploy that if we're needed. As far as, you know, manufacturers' incentives, you know, I can't answer that for the manufacturers. I, you know, I think that if things slow up, they're gonna have to. I mean, because you again, you're looking at a dealer network that's out there, and I'm really talking about the standalone, one-off dealerships that have, you know, interest on their floor plan that they've never seen before. It's a big number. And if they got a lot of carried over inventory, those curtailments eat a lot of cash flow. You know, I'd heard, you know, once somebody reached out to me about a curtailment holiday, and they were like, "What does that mean to you?" And I'm like: Well, that, I've never heard that, but a curtailment holiday is probably something that could be needed if, if it softens up, because that sucks cash out of a, out of a dealer's, you know, cash flow for operations. So when you, when you look at a slowing up, I mean, I sit today and I look, the dealers probably cannot afford to take any more promotional activity on their P&L. And, you know, that if they have to, you know, are we gonna lose some? I think so. You know, when you look at the increased floor plan, you know, all the other just incremental increases, but then you look at the cash flow that curtailments are sucking out of there also, and they're not making any margin, if they have too many 2023s and they're not getting a blend of 2023s and 2024s, that could be very devastating to, to a one-off dealership. You know, one of the, one of the blessings that we have and one of the things that have been a fundamental, you know, competitive advantage that we think we, that, that we have, is that we can move inventory between a lot of different stores. So you could have one market that's hot, one that's not, we're moving, we're moving product to the hot market. And so, you know, that, that'll help us as we go through. I would suspect, you know, but I can't speak for them, but if they slow up dramatically, the manufacturers are gonna have to step up or they're gonna lose a lot of their dealers. Very helpful. Thank you. 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