All right. Good afternoon, everybody. My name is Errol Gergen. I'm a Vice President here at Three Part Advisors. Wanna thank you guys for coming to the Midwest IDEAS Conference. Up next, we have CarParts.com, trading on Nasdaq under symbol PRTS, and from the company, we have Ryan Lockwood, CFO. Ryan? Thanks for having us. I'm Ryan Lockwood, CFO. You know, this presentation is gonna be pretty high level. I think some of you guys might be a little familiar with the story, so I'll try and leave some time for Q&A at the end. So, if you're not familiar, we're one of the leading e-commerce auto parts retailers, and the difference between us, and I think a lot of people, is we've created a destination that is a go-to destination for repair and maintenance needs. What's interesting is a lot of people only focus on collision or only focus on mechanical. We actually have collision, mechanical, and a little bit of performance and accessories as well as tools, so we can be a one-stop shop for customers. You know, the website is... You know, I joke sometimes that we're one of the biggest people you've never heard of. You know, we actually have 100 million website visitors annually. We're the number one eBay store in the entire world. Last year, we had 6.8 million orders, and we have a mobile app that has 350,000 downloads. Last year revenue, $676 million. Full transparency, this year guidance is between $600 million and $625 million, so a little bit of softness in the market. But we also have 1,500 team members. A lot of these people are in our warehouse and distribution center, which I'll go over in a second. You know, I think some interesting parts is, you know, we're the only public pure-play auto e-commerce retailer and one of the largest by revenue, and the market is very highly fragmented, and so we face a lot of competitors who are a lot less sophisticated than us. We have a digital-first strategy, so we've really built the company from the ground up as an e-commerce company, rather than as a brick-and-mortar company bolting on e-commerce. And we have a great website that's easy to navigate, which gives us a competitive advantage against some of our other competitors. We've been driving profitability over the last year, versus prior to this, we were trying to kinda balance of growth and profitability, and we have a really strong balance sheet. So we ended last quarter with $35 million of cash and $110 million of inventory, which at a market value, is really actually worth over $220 million, since our pre-freight margins are in excess of 50%. So for those of you not familiar with the auto parts landscape, it's actually incredibly large and highly fragmented. The TAM this year is estimated to be at about four hundred and-- over $400 billion, and when you think of AutoZone, O'Reilly, GPC, Advance, these guys, those are kind of the big household names. Along with all the dealerships, you think of, AutoNation, Penske, these other guys. You combine all of them, they still don't even make up half of the market. The remainder of the market is very highly fragmented, and it is a lot of mom and pops, a lot of people, as I mentioned, who are not that sophisticated or people selling through the eBay, Amazon marketplaces. In addition to that, the industry has 285 million cars on the road. That number always only goes up. The average age of cars on the road is 12.5 years. That number also only goes up. So, people, there are more and more people on the road with cars needing repairs, or in this case, in this day and age, people needing to keep their car on the road longer. A lot of people only buy a car based on what they can afford per month. Because financing rates are so high, people are stuck with the car for longer than they would've expected, and they need a way to keep it on the road, which is how we can help them. The other part that's interesting is e-commerce penetration for the industry is incredibly low. It's under 5%. When you look at overall e-commerce penetration, as a whole, it's at 22%. When you look at things like travel, electronics, you're up into the 60, 70, 80% range. Online auto parts is still relatively in its infancy, and again, we believe it's ripe for disruption, especially as people have learned that it can be more convenient and advantageous on price to shop with someone like us rather than walk into an O'Reilly's. So going to the online experience, you know, from the ground up, we've created a website that helps people solve all of their problems, you know, essentially from one platform. Again, we have a full selection from collision to mechanical, to tools, to accessories. Over one million SKUs available. We have very fast delivery speeds. We'll help you shop based exactly on your type of vehicle, and get you back on the road. You know, we have a significant cross-channel reach, 10 million emails, 238,000 followers, 100 million website visits, a lot of app and mobile traffic, and I think that this is something that is unique to us versus a lot of our competitors. Yeah, just giving you an outline, you know, we sell everything, you know, from headlights, taillights, bumpers, we even sell hoods, so incredibly large items, all the way down to small parts like a spark plug and, you know, obviously, accessories, tonneau covers, fender flares, receiver hitches. And I think that's one thing that's interesting about our distribution network, is that we are set up to do this. A lot of people will only ship small, easy to manage items. We ship everything from a giant hood to a tiny little, you know, door lock for your car. You know, we also have partnerships with the most major brands you can think of, PowerStop, Bosch, Denso, MOOG, over one million SKUs, and we're up to 50% less expensive than brick-and-mortar retailers. So you can price shop us right now for, you know, something for your car. We're gonna other than branded to branded, I'll be transparent, we're not gonna sell Bosch windshield wipers cheaper than O'Reilly sells Bosch windshield wipers. But if you need brakes or a headlight or window regulator, we're gonna be cheaper than the brick-and-mortar guys almost every time. You know, we also have a J.C. Whitney brand, so we have a lot of private label brands. We're working on consolidating them into J.C. Whitney. It's a very well-known brand. It's been around for 100 years, and we also have a wide assortment of national brands. So this allows us to give the customer a better, best selection, where they may want that branded part 'cause that's what they're familiar with, or if they wanna save money, we can sell an equivalent part of the same quality, but for a less price through one of our house brands. We have a very extensive supply chain, 1.24 million sq ft. We do not own the box, we rent the box, but everything inside of it is ours. So we employ over 1,000 people in the warehouse centers alone. We pick the orders. We actually are vertically integrated all the way to the, up to the factories in Asia, where we purchase from. So we import, we do our own trade compliance, we put it in the warehouse, we pick it, we pack it, we ship it. So this gives us a significant advantage versus some of our competitors that are smaller than us. A lot of them rely on a distributor to go to Asia, import, that person marks it up, maybe sells it to another distributor, marks it up, and then sells to one of our competitors. For us, we're going straight to the source because we're large enough to hit the minimum order quantities. We put it in warehouse, and we pass along the savings to the customer. We can hit 99% of the population within two days. For every one day extra of shipping time we show a customer, we lose 6% conversion, so having that coverage is very helpful for us. We also have advanced data analytics. We have four PhDs on our data science team that help us manage everything from pricing to labor to cartonization to optimize box size. I'm sure all of us have ordered from Amazon at least once, where you get a giant box, and all that's inside is a little pack of batteries. So we have a whole data science team dedicated to optimizing this kind of thing. And then we have significant automation facilities inside of all of our warehouses, from robots in Jacksonville, Florida, to pick modules in our new Las Vegas facility. You know, we actually have great customer service. Again, as I mentioned, we're some of the best. We're one of the best companies that you've never heard of, where once people shop with us, we have great retention. So over 35% of our revenues come from our return customers. Great Google reviews, and we actually have a very high Net Promoter Score when you consider it versus industry average retail. We've also launched a significant library of videos on YouTube and our website to help you install the product yourself, which we think is really valuable. As people become more independent and want to save money, it's very easy to go online and say: How do I replace the brakes on an F-150? We're one of the top results for you to learn how to do that. So right now, you know, our long-term goal is to drive towards a 6%-8% Adjusted EBITDA margin. You know, it's very high from where we are, but I think what it is, it's a lot of blocking and tackling. So improving gross margins by putting more items in a box or changing that, we sell more to B2B, which we don't do that much of. You know, on here, we mentioned marketing brand awareness. We have very low unaided brand awareness, but we have high retention on customers that have shopped with us before. The goal is to create more brand awareness, so that when someone walks into an O'Reilly and they say: "Hey, it's $300 to solve your problem," we need them to know, "You know what? That sounds too high. Let me check CarParts.com." We believe we have a right to win because we have a very aggressive pricing structure and great shipping speeds and very low return rates. Once people shop with us, they have a good time, but we need more people to know we exist. Then also, we are working on expanding our product assortment. Right now, we sell a lot of what we call need-to-have products. We only just added wheels and tires. I'm sorry, we just added wheels. Tires are coming later this year, and we're expanding our tool selection as well. We also just added European parts and South Korean parts, so as we add products every day to categories we've never carried before, it's just additional revenue and profitability that falls straight to the bottom line. You know, recently this year, we did a new shift on our customer base. This company historically did a lot of promotions, coupons, and trained the customer to only shop with a discount. Then what we decided to do this year is take away a lot of these discounts because the bottom decile of customers will only shop with a coupon, but if you give a coupon all the time, that means for the other 90% of your customers, you're giving a coupon, and they would have purchased anyways. This year, we embarked on a pretty aggressive strategy to reduce the amount of coupons we sent out in email, reduce the holiday promotions that people are used to. We've curtailed the landing page coupon when you land and get a pop-up that says, it used to be 20% off, then it went to $20 off, and I believe we're at a 10% coupon. We've tried to reduce the kind of couponing that we give, and it has led to sequentially higher gross margins from April, May, June, and we expect it to continue through the rest of the year, some of this margin improvement. We also launched a new website this year. You know, it's much easier to navigate, and it's an unblocker for us. The old website was actually pretty archaic, and if we wanted to make changes, someone had to go in and literally change the source code, like you might have seen, you know, people do twenty-five, thirty years ago. Now, we're on a platform called Bloomreach, which is best in class. You know, Total Wine, Neiman Marcus, to name a few people, are on the same platform as us, and it's gonna allow us to launch upsell, cross-sell, selling more fee-based products like shipping protection or product extended warranties. We're gonna be adding VIN lookup, so people can make sure they're shopping for the right car. It improves our SEO optimization, and we can add three sixty images and embed some of those instructional videos on the website. Also, on the mobile app, you know, we've had very good uptake of the mobile app, and the way this helps us is a lot of our customers find us through Google, and then when they come back, they still find us through Google again. And if we can get people to shop through the mobile app, as the start of their journey, it actually saves us about 18% on that purchase. So right now, if you go to Google, you click on one of our ads, that's an 18% cost. Our blended ad rate right now runs about 13%, 'cause we do get free traffic from, just having high SEO, returning customers, email. The goal is to get this into the high single digits range, and so we believe there's a significant amount of leverage we can drive through by reducing our reliance on Google and shifting people's behaviors, especially repeat customers, to the mobile app. You know, we've been going back to improving our marketing efficiency. We've invested significantly in our YouTube channel, as well as working with influencers to create content that, you know, we pay once, but harvest the clicks in perpetuity at a much more attractive rate than buying Google Ads. The other thing we've been doing is developing content and recommendations for our YouTube channel and our blog. So what happens is, we can optimize how people search, not necessarily for the part, but for the job or to become educated. So we're actually one of the number one resources in the world. I'm not sure how many people are car nuts here, but if something goes wrong in your car and your engine... Check engine light comes on, you can plug a device into your car, and it will give you a special code that says what's wrong with your car. We're then one of the number one authorities on the web, on, on all the internet, where if you get a certain, OBD code, we will decipher it for you and tell you what's wrong. These are ways that we can drive more organic traffic to the site. The other thing we're doing is the J.C. Whitney private label consolidation. We have 17 house brands today that we're looking to consolidate to one brand. The major issue with having 17 different brands is that if you have a great experience buying a TrueDrive product, it doesn't translate to make you want to buy a Kool Vue product, which is one of our other brands. Versus some of you may be familiar with Costco. If you buy, say, a Kirkland shirt and you feel like it's good quality, you may buy Kirkland wine, which is good quality, and then buy Kirkland medicine, which is good quality. There is a halo effect, so we do believe we can create increased efficiencies on marketing by consolidating everything to one brand and getting a halo effect from all of the brands being high quality. So, you know, we're trading actually significantly below tangible book value as well as liquidation value. We have $34 million of cash. We have $109 million of inventory, and again, I'll remind everyone, we have over 50% pre-freight margins, which means the market value of this inventory for... You know, versus GAAP value, the real retail value of this is double what the number you see on the screen. We have a $75 million asset-based credit line with J.P. Morgan, which is completely untapped. We haven't borrowed a dollar on it. So we have a lot of comfort that the company is on sound financial footing and can survive any kind of economic malaise or downturn. You know, over the last several years, we've grown the company. This was a bit of a turnaround story, where the company was hovering between 250 and 275-300 million dollars of revenue for, I think, about 10 years before we took over. You know, since then, we've grown significantly on the revenue base. Again, we're shrinking a little bit this year. Guidance is between $600-$625, but still significantly higher than where it was historically. We also have our share repurchase program. We bought $4.3 million shares last year, $1.2 million of actual shares, and we still have 25 million shares outstanding remaining on that. I did promise to leave it open for a little bit of questions. Can you talk a little bit about the economic malaise that's sort of impacting you from both... 'Cause I think some of it's, like, macro, rather than e-commerce kinda going out of favor, but I kind of assumed that having a low e-commerce penetration in auto parts would give you more of a, a tailwind? Great question. Thanks. So for us, it's really interesting, where I think the consumer overall, it's a tale of two cities, where I hear some people mention, like: "Hey, the consumer's really strong." If you are a white-collar worker with stock portfolio that includes, say, NVIDIA, you feel great right now, and you probably are sitting on a 3% mortgage. If you're a lower income, blue-collar worker, which is our customer right now, you may be living off of credit cards, you have definitely no stock portfolio whatsoever, and maybe your hours got cut at your job. And so that's where you're seeing a lot of people like us, McDonald's, et cetera, mention consumer softness. It's really on that lower quartile of consumers in America that are more pressured. And so what we're seeing is that deferrable items, people, the basket size will shrink or they just simply defer, and then non-deferrable items are still pretty robust. So I'll give you an example. You may want a side mirror that is not so beat up or dangling, or the glass is the mirror is cracked. You may want to repair it, but if you're tight, you technically don't have to repair that. Versus brakes for us is still very robust 'cause no one kinda wants brakes on their car. Everybody actually wants brakes on their car. And so this is what we're working through, where we believe there's a lot of pent-up demand in the system, where nobody wants hot air conditioning or a window that doesn't roll up and down. And then as consumers regain a little bit more confidence back, maybe that's a rate cut, maybe that's a change in administration, for that reason, we do believe that there's a lot of pent-up demand that will increase revenues. And our goal through the remainder of the year and into the beginning of 2025 is to... What can we do to position the company to capture as much of that demand as possible? From the new website, to adding upsell, cross-sell, adding 360 images, improving the speed that we ship. What can we do so that when people come back and buy, we'll capture more of that share? I have one follow-up question on the back of that. Why is e-commerce penetration so much lower in the auto parts industry compared to the broader market? It would seem, you know, that there is an incentive to order the correct part and have it shipped to your door, and have the availability factor compared to a brick-and-mortar store. But I'm just curious why there's still a bit of a difference. So I'll take that as a two-parter. So I think number one, before anyone gets started on even buying it, they have to know what to buy. And so I think some stuff is really easy to buy online and diagnose. So, "Hey, my side mirror's dangling by the cords, probably shouldn't do that. My brakes are squeaky, I need to get new brakes." But if your car has a burning smell, that could be ten different things. And so I think that the diagnosis portion does whittle down the potential penetration you're ever gonna get on e-commerce. The other part is, only one in five people install a part themselves out of the overall TAM. So what we're trying to do, and we're gonna be relaunching it next year... We did it, this last year, which was we partnered with RepairPal to install at shops. But I would say the customer experience with that partner wasn't really uniform, so it wasn't the right partner for us. We're gonna be migrating to Wrench, and they'll repair your car at your house. So the idea would be, even if you don't know how to put on brakes, they do. So you can get fully transparent pricing, where you'll buy the part from us, you add the service component in the cart. So you know, "Hey, it's $500 to get my brakes changed." Maybe you're under pressure, you can't afford it, hey, we offer. We partner with Zip and PayPal. You could spread it out to four payments of $125, and then someone comes to your house, repairs your car, and leaves. Versus you, you know, driving to the mechanic shop, getting a ride from your wife to come home, driving back, picking it up, you don't know what you're gonna pay. So we think that there's a lot of opportunity to relieve some of the friction for customers by helping them get this installed. For us, it's a five X on our TAM, and it allows us to attach to a customer that is significantly more affluent and less price sensitive. So it's the similar crowd that maybe spends $20 or $25 for a Subway sandwich because it comes through Uber Eats, but they just don't want to drive to the Subway, park, get it, come back. It's a lot easier for things to come to you. What percentage of your business is with mechanics and other professionals, as opposed to the independent homeowner type? Almost all of our sales right now are to consumer. So from a channel mix perspective, we're at about 60% on our e-commerce website, 34% is in marketplaces, and 6% is for us, what we call offline or B2B. But of that 6%, the vast majority of it is us drop shipping for other people who run a small online business. Our actual revenue to shops is kind of, you know, maybe, like, 1%- 2% of revenue. Could you compete with the other sources? Yeah, that is our major initiative for the rest of this year and for 2025, is growing our B2B business, because it's significantly higher margins, and we do think we have a right to win there. We're the second largest importer of collision parts in the country. Just as a curious question, why are these deployed capital to increase the amount of training for a homeowner or the independent car owner, versus spending the money on marketing to the professional dealers and repair shops, who could get to do the business, and if they save money buying their parts from you, it's win-win for both of them? Yeah. So the marketing part is not actually that significant on the educational videos, and the good part about them is because it's owned content, we pay once to develop the video. It sits on YouTube, so when people say, "How do I change an F-150 headlight?" we usually are very, very high on the organic, and Google wants to send people to YouTube because they own YouTube, so they wanna keep them in the captive audience. Someone watches the video, and then they see in the description, and we obviously plug our product through the whole video. People click to us, so it's actually a great free source of traffic, which I get it, you know, we paid to develop the video. But over a long-term period, the customer acquisition cost is incredibly low. For B2B, the best way to grow B2B is actually not that much of marketing, it's more of just salespeople. So it's generally commission structure of 2.5%-5%, and someone goes and has to bring donuts, knock on the door, and it's the old-fashioned way you grow a business. But I will say, 2.5%-5% commission structure is significantly more attractive than 13%-18% to Google. I was curious, what percentage of the population do you cover that within one shipping day? You said two is 99%, and I was curious what's one day. I think one day is at about 65%, 62%, something like that. The difference between two and one day is a lot, and it's a really rapidly diminishing curve to get to one day. But two days is pretty easy. How long does it take you to get to some sort of profitability of return on your conference? You already mentioned yourself, you're a growth company, and you're going after this new place today. Yeah. So we were free cash flow positive for the last several years. This year is our first year since the new management took over, that we're not free cash flow positive. We think we'll be back to positivity, like, let's just talk free cash flow positivity, within the next one to two years. It's probably pretty reasonable. Do you mean like a GAAP net income? Sure, or like operating EBITDA. EBITDA. I mean, last year we did 19 of EBITDA. So you're getting some sort of GAAP profitability- GAAP Is that in the plan or like- No, I mean, we will get to GAAP profitability, but the largest hit to our GAAP profitability is depreciation. So a lot of the investments we made to grow our warehouse footprint from 500,000 sq ft to 1.25, it's gonna run through depreciation, and we're just. It's, they're relatively new investments, so as those depreciate off to zero, we'll naturally accrete towards a GAAP net income number. Yeah, for us, actually, before this job, I worked for ten years on the buy side at a three and a half billion dollar investment firm. I always only cared about cash, so I'm more of a cash, cash flow guy. Yeah. It's just the world changed a little bit in the last few years. Yeah. Sure. Does it look like a net net? So this year's really noisy. So we're doing multiple tech projects to clean up our tech stack. So the front end, we have a couple backend systems we're investing in to get those cleaned up. We moved a warehouse from Las Vegas, actually down the street in Las Vegas, but doubled the size. So there's a lot flowing through the income statement and cash flow statement that masks the underlying business. Combined with being honest, it is a tough year for us because of the low-end consumer. And so that's, I think, making the business look worse than it really is. I think next year, I think, will be better for investors because it's just gonna be cleaner. We won't be opening any new warehouses. We won't be moving any warehouses. You know, the front end, one of the biggest projects we did was rebuilding the front end of the website. That project's done. So I think from a profitability and growth standpoint, next year's gonna be a lot easier for modeling. I was curious, how often do you get, like, a return part of that? Or like, how many times does a customer order a part and say, "Well, this wasn't the right part," and send it back to you? So return rate's about 6.8%, and a lot of that is actually customer error, and it's not the customer's fault. In many cases, it's Google. So Google does a thing called fuzzy match, where, let's say, you search, and you say, like, "2013 Honda Civic headlight." And maybe in 2014, Honda changed what a Civic looks like. Google may send you to the 2014 headlight, and if you're not paying attention and you buy, you now have something that doesn't fit. And it's not your fault, 'cause Google sent you the wrong thing. It's not our fault, because we don't know what you're really driving unless you tell us. And Google thinks it's doing a good job. Out of all the characters you typed in, it was only off by one, and so, you know, we get a lot of this, where people buy the wrong product, they complain, and we say, like, "Well, what did you buy?" And they say, "I drive this." It's like, "Yeah, that's not what you bought." So one thing we're adding, that's gonna be on the app, is VIN scanning. So the idea is, like, hey, do you... If you don't know what you drive, but you wanna make sure you're buying the right part, you can scan your VIN, and it will filter down to the parts that actually fit your car, which I think is gonna be very helpful for our return rate. I think just, you know, for a lot of customers, it can be tricky because you may not know if you drive a XL or an XLT or an, you know. I think, what is Honda? Like, SE, LX, you know, EX. If you don't know which trim you have, it could actually matter. On eBay, they have that service. Is that unlike Google, where you order a part, and they'll tell you? So they... Yeah, so that is dependent on whoever's the seller inputting everything correctly. Yeah ... and then it just cross-references the database. So we, our data is pretty good, so as long as you use that function in eBay, and you put in your car, you're not gonna get the wrong part. Same with our website. If you put in the right model number filter, you'll get the right part. Where we see a lot of returns is people coming in through Google and not paying attention, where Google sent them, and then they buy the part. Is 6% or 7% return rate normal in the online business, the car part? In online, it's about right. It's lower than brick-and-mortar, 'cause a lot of people in brick-and-mortar will buy from multiple people to just see who delivers the fastest and return whoever delivered slowest. It's lower than brick-and-mortar. What would you expect cash to be by the end of the year, since thirty-five? Yeah, end of the year, about 30 plus or minus 5. So we generally buy inventory as we exit the year because our peak season is late February through about, like, mid-May. It coincides with people, you know, coming out of the cold weather. No one wants to work on their car, especially here. I don't know how many of you are local. Probably not working on your car in the driveway in January in Chicago, right? Same with New York, a lot of places. And so as the weather warms up, people are willing to work on their car, and then it also obviously coincides to tax season. So people get those refund checks, they spend them. Okay, who is your most direct competitor? Who do you look to to maintain this? So our top competitors are RockAuto, on the European side, FCP Euro. 1A Auto is a tough competitor of ours, and then just the normal marketplaces, so other sellers on eBay and Amazon that are, you know, not-- We don't really compete with actual Amazon itself. Amazon makes its bread and butter on that small, easy-to-ship things like windshield wipers, motor oil, but there's sellers on the Amazon Marketplace that we compete with. I would say those are our number one, two, three in sources of compound competition. No, very few of them, 'cause not many of them directly import from China, Taiwan, Mexico. They're usually buying from a distributor. So the way it works, if you go to a factory, they're gonna have a minimum order quantity. Say, "Hey, you wanna buy these headlights? You gotta buy 2,000." And most mom-and-pops can't afford 2,000. Large distributors will go there, buy 2,000, and then they'll break it into a case, make up the case pack or the container, and say, "Hey, we'll sell these 100 at a time." And if someone can't buy 100, you know, they'll buy from a distributor who bought that 100 or broken into twenty-fives or something. So there's a lot of... For a lot of mom-and-pops, they're the third or fourth leg down the chain, and there's a markup every time in between. Sophistication of vehicles and as things get electrified, repair at dealership or should involve them? That's a really good question. So, it depends and the answer is, it depends. So, you know, we actually have a partner that has an exclusive patent for certain side mirror glass, where like, you know, it might have the blind spot indicator turn signal behind the glass. So we have a partner for that, but if something's, you know, like the front sensors, depending on what it is, the type of sensor array, could be tougher to do, or some dealerships, what they're trying to do now is, like, encrypt the thing. So even if you plug in a sensor, it's not gonna work until they decrypt it. That is a bit of a headwind in some cases. Electrification, not that much of a headwind, believe it or not. So even me, I drive a Tesla, to be honest, but Tesla still has brakes, shocks, struts, door handles, window switches, you know, windshield wipers. So from that standpoint of electrification versus ICE vehicles, 90% of what we sell doesn't matter the powertrain, 'cause everyone kind of has mostly the same parts. But you won't see us selling, like, Tesla batteries anytime soon, which is probably a good point. Do you change your own brakes? I don't, not anymore. So in the old days, I did when I was younger, and that is actually kind of what we see from our demographic data. A lot of young people, fresh out of college, a little more free time, a little more energy, maybe a little bit less money, more price-sensitive, but able to use YouTube and learn how to do things, fixing their car themselves. As people get a little more affluent, they drive a car under warranty, or they have the money and, and not as much time, they go to a dealership or go to a repair shop. As people get older, you know, maybe retired, more on a fixed income, or learned how to do it, 'cause I think sometimes repairing a car kind of feels a little bit more old school. These people are in our customer cohort. So I don't, but, I would love to. I wish I had the time to work on cars. I still am a car nut. Any... I have one minute, thirty seconds, if anyone has a last-minute question. Perfect. Thank you, guys, for your time. Appreciate it.