Good afternoon. Thank you for attending the IDEAS Investor Conference. Our next company is FreightCar America. The presenters will be President and CEO, Director Nicholas Randall, and CFO Michael Riordan. Thank you, Emily. Good afternoon, everybody. As said, my name is Nick Randall, CEO of FreightCar America. A couple of disclosures and forward-looking statements you can read about those, so the first thing I wanted to talk about as an introduction is really, we're going to be a hundred and twenty-five years old next year in 2025. Got a hundred and twenty years of history in the industry as a pure play manufacturer of high-quality freight cars. The first hundred and five years, we were known for coal car products. That was principally in Pennsylvania, supporting the coal industry. You can see from the milestones, the next decade, from the 2010 to the 2020s, was to pivot to a diversified product portfolio away from pure coal cars. We represented products for across the rest of the freight car market. By the end of the sort of 2020s, we decided to relocate or transform our business across into Mexico, and we put a manufacturing campus in Mexico. Key milestones we've hit just in June of this year was producing and shipping our 10,000th product out of our Mexico facility in Castaños. We announced sometime in July we've secured a multi-year contract to refurbish or recertify tank car products in the years of 2026 and 2027, which allows us to expand our product portfolio into the tank car market also. That's kind of our history and highlights. Let's move on to, I know, what does our business model do for us? So our trailing 12 months, which is shown on the screen, revenue is up 29.3% year on year, as of June thirtieth this year, just under $500 million. Gross margin for our business at 10.3%, up 260 basis points year over year. Adjusted EBITDA, just over $7,212. When I mentioned before in 2020, when we decided to move to Castaños, that was -$18,000 per car when we last manufactured in the U.S. So over that sort of five-year period, we've gone from a negative eighteen to a +7,000, EBITDA per railcar. Trailing 12 months, we finished at just under 4,000 units shipped, 3,906. Full year guidance for this year, at the midpoint, will be 4,500. We have 175,000 units in service or in use across North America, and our plants, without any further alterations in Mexico, has a current capacity of just over 5,000 units without any further changes, but I'll get on to that in a moment. As you think about that in terms of business performance for this last sort of four or five years and this year, you can see we've got over two years growth deliveries of 20%, CAGR of just under 10%, between 2021 and 2023. Or we will have a guidance just over 4,500 units shipped, and that would deliver just over $37 million of EBITDA this year from across our facility. You compare that at the beginning of the slide, where it was negative $41 million in 2019. Our transformation is being planned, our transformation is being completed, and with our 10,000 units shipped and the financials to support it, we consider ourselves now transformed as a Mexico manufacturer. Talk about our position in the market. For those who don't know, the replacement market, the annual demand of freight cars across North America is 40,000 units per year. Our shipments of about 4,500 puts us about 12% to 15% market share. That 40,000 units per year is principally driven by replacement rates. That is, cars that were built in the late 1970s will expire because they'll hit the 50-year threshold. It's federally mandated that after 50 years, they have to be removed from service. We can look at what was built, what's in use, and what's about to expire. The true run rate on expiries is about 250,000 over the next five years, which would be 50,000. Cars we build today are slightly more efficient than cars that were built in the seventies, so it's not quite one for one. We get about a 95% replacement rate, which gives us the 40,000 units per year. Our current product portfolio covers 60% of those 40,000, so about 24,000-25,000 units covered in our product portfolio. The tank car retrofit program I talked about will expand our product portfolio by another 20%, so we'll be able to meet 80% of the addressable market. The remaining 20% is very fragmented. It's very niche products, it's very bespoke, and you do those as an as-needed basis based on our customers' demand. So our current product portfolio, 60%, increasing 20% over the next three years, and you can see from the charts or from the numbers, we've got a significant runway or opportunity to grow our capacity and our throughput to meet customers' expectations. When we think about our product, you know, when we were a coal car only company, our business experienced some quite peaks, cyclical peaks and troughs as demand for coal cars would ebb and flow. As we diversified our product portfolio, we go to hoppers, boxcars, flat cars, conversions, and what we call gondolas. That allows us to increase or decrease any given segment in our product portfolio so that we can have a level load of demand out of our manufacturing facility, rather than having a full volatility to the market. One thing that's unique about FreightCar is our route to market. There's three principal consumers of our product. There are Class I railroads. These are the people who run the railroads across North America, and they usually purchase direct or purchase and then instantly lease their product. There are shippers. These are the people who use products on dedicated mining facilities, dedicated railroad links, or dedicated agricultural businesses to ship from harvest to refinement. Or there are leasing companies who buy a product principally to lease out to end users over the life of the unit. Almost all of those routes to market value an independent financing option. Our two biggest competitors manufacture and lease product. We're a pure play manufacturer, which means we have more options to lease or more partners to work with to lease our products, which for majority of these large purchases, is an attractive or a more attractive proposition. So we typically differentiate ourselves through route to market as well as our product. We have a product at the base level that covers 60% market share. Due to the way our manufacturing is configured and the way that we design our product, we're able to customize the componentry and the end design of our product in a way that our competitors rarely are able to do. That gives an advantage where we don't have to compete necessarily on price. We can compete on configuration and availability of that configuration in that lead time. So for all those reasons combined, even though the industry has a pretty flat CAGR over the last two or three years, we've been able to grow market share 10-15% year on year through that period. So on the left-hand side are three pillars of growth. We have our profitable growth in railcar manufacturing. That's our transformation into Mexico. We've established that. We've built that. We've shipped 10,000 units built and shipped from Mexico. We have the supply chain to support it. We have over 2,000 well-trained employees in our Mexico facility. We have the certifications required by the AAR to continue to build and ship products out of Mexico facility. We have about 700,000 sq ft under roof in our campus. We have another 200,000 sq ft under roof that we can turn on if we wish to, to build additional capacity beyond the 5,000 that we've already spoken about. We have the options to use that campus and that area to continually vertically integrate our fabrications and machine shops into our business. For those reasons, we've been able to generate the value you've seen, and we've been able to offer our customers a different route to market and a different product spec than typically they've been expecting or receiving in the rail market. I'm gonna switch over to Mike, our CFO, because there's some important things to understand about our capital structure and our debt, and Mike's gonna explain those in a bit more detail. Thank you. So with the transformation complete, the operational efficiencies flowing through the P&L, the higher profitability, the revenue, and that footprint transformed, we've put ourselves in a great position to recapitalize our debt structure. We've had the same structure since 2020, when we transformed the business and moved to Mexico. With that, you know, we're going to be looking to obtain a new working capital facility, which will be at a significantly lower cost of capital, and then expand our free cash flow generation from this year to next year by retiring our preferred shares, which have a very high cost of capital at 17.5%, and moving into more of a traditional term loan or other debt facility at a much lower cost, which will be even more accretive to our free cash flow. This year, based on the guidance, you know, midpoint of the guidance, which I'll flip to here, is $37 million of adjusted EBITDA. We have guidance out for $5-$6 million in CapEx this year, which moves to about $29 million, and then about $5-$6 million of cash taxes is $21 million of free cash before considering any cost of debt, which our preferred shares are about $104 million in liquidation value at 17.5%. So still free cash flow positive this year, but with retiring that at a normalized facility level with a debt to EBITDA ratio after June thirtieth of closer to 2.5, we'll have substantial free cash flow in 2025 and forward to continue to service debt and invest in further growth. Investment highlights, 5,000 units of annual capacity. Last year, we were at 60% capacity. This year, we'll be closing in on that 5,000 plus. Last year, 11.7% gross margin, which was the industry leading, and that's an industry-leading gross margin while we're only in the freight car segment. A key note on the tank car segment is that's the most profitable portion of the freight car market that we're not currently in. We anticipate our third consecutive year of operating cash flow. Through the first six months of 2024, we generated over $30 million of operating cash flow, $50 million in Q2 alone, so well-poised to pay down debt, service debt, and complete the financial transformation and all the instruments we took out to do this. This is a little outdated, but the enterprise value and market cap as of 6:30 is shown here on the right. Net debt, $10.8 million. We had about $40 million of cash on the balance sheet, no draws on our revolving credit facility, and really only those preferred shares outstanding. The net debt you see there involves a lease that gets qualified as debt, but very healthy financial position and balance sheet that we'll continue to work through this year, with a stated goal to recapitalize that debt structure before the end of the calendar year. We enter 2025 with a good platform to continue to generate additional free cash flow. Great, Mike. That's a very quick overview of the business, how we compete, where we compete, and how we grow our business, and with the financial instruments Mike just covered. So, I'll open it to questions that people may have. Yes? Are there any legacy liabilities from retirement or other aspects from the U.S.? Let me just repeat the question, so do we have any legacy liabilities from other assets in the U.S.? Yeah, I'll take that one, so over the past three years, we worked really hard to reduce all of that. We took our pension, our legacy pension obligations, and took opportunistic times in the market and actually shed it from $50 million down to $10 million. From a PBO perspective, we have assets to cover that and are in a kind of glide path hedged out, so within a couple of years, we'll completely retire that pension obligation, but right now it's completely immaterial to our business. Thank you. Any other question? If you've done refinancing, does that include shares? What kind of savings would you bring on roughly? Sure. So if we've done the refinancing of the preferred shares, what kind of savings does that bring annually? So right now, just round some numbers, 100 million of preferred shares, 17.5% is $17.5 million in annual service cost. With our leverage factor down to about 2.5 at the end of our Q2 on a trailing 12-month basis, we expect to be in a SOFR five to SOFR eight, so maybe call it five to thirteen, ten to thirteen percent, probably closer to that ten range with today's market. So substantial, so $7-$8 million of annual savings. Are there any Wall Street analysts covering the stock at this time? Are there any Wall Street analysts covering the stock at this time? Yes, we have one covering, Noble Capital Markets covers us, and we'll have a second one joining, the coverage shortly. Does Noble have a price target? Their price target is $7.70 a share, and then, yes, we'll have a new coverage that's joining here shortly in the upcoming week or two. Can you divulge who that analyst is or? Sure. Sidoti. Thank you. You're welcome. So if you're going to go from 3,900-5,000, are you taking share from your other competitors? Sure. The question there is, if we're increasing our volume to 4,500- 5,000, are we increasing our market share? So the short answer is yes. So the industry has been declining for the last three years. Industry is 0.2, so call it 0%. And we've grown from 3,000 units shipped to 3,600 shipped in our last 12 months, and we expect to be over 4,500 this year. So we've taken about 1,500 units of share in that same period of time, which has taken us from about 7% market share to, we think this year we'll finish at 13%. Our sweet spot is to try and get to sort of 15%-16%, to fulfill that full 5,000-piece. But yeah, short answer is yes, we've been taking market share from our competitors. Are you our presenters? The question is, are the cars price takers? So we rarely win on price. Our size in the industry and our size, compared to our competitors, if it was purely a price play, we would probably not stand up so well. So we have a couple of different things. The route to market is very differentiated. Our ability to have multiple leasing options on the cars we manufacture is very attractive, certainly if the person we're selling to is an existing leasing customer who doesn't wish to purchase a car from their competitors. So that's one factor. Our product is customizable from the componentry and configuration perspective, which not everyone offers in a marketplace. So if you're an end user and you have a certain configuration at your dock or your loading, unloading station, and you would prefer a different configuration of those peripheral items, we allow that to happen, so we can differentiate on that. And then some of the products we have simply have some IP protection or engineering protections around, our product just performs better for that niche process in the marketplace. So those three things combined, we're going to allow us to win. There's a couple other things we've done in our manufacturing process. So our manufacturing process is physically longer, which allows us to run multiple product types down the same line, which means that we can reduce the changeover or the burden cost of changeover significantly, so that when we're allowed to change, we can change over from product A to product B in five to six weeks or even less sometimes, which then that saving allows us to use that with a customer. So there's multiple reasons why the last thing we want to compete on is pure price, because that's where we're not really positioned well to win in that market. So, um, um- Yes, sir. Just a question about the competitive environment. Are your competitors also manufacturing in Mexico? And, based on that, are you, how do you manage exchange rates or other- Okay, so the question is, are the competitors also in manufacturing in Mexico? So two competitors are manufacturing in Mexico. One competitor operates out of Ontario, Canada, and then one competitor in the future on tank cars operates in the US. So the ones we compete with today principally operate in Mexico. So short answer to that one. I'll let Mike answer the peso protection, so we can have a bit more detail on that. In terms of exchange rate, that does exist. Primarily, our peso exposure is on labor costs, which is the smallest portion of our cost structure, given we moved to Mexico. But, we have a derivatives hedging program, so we build that into the economics of every deal we go into. And our order book or our order timeline is usually six to nine months out. By the time we've signed a deal based on that and the hedging we have through the customer contract on raw materials, which go up and down to the customer, we're very well protected and have very good foresight into the profitability of orders as we book them. Are your preferred shares or warrants publicly traded? Are the preferred shares or warrants publicly traded? No, they are not. The preferred shares are held by the original term loan lender. That was a conversion, and the warrants are also held by that same lender. So I think that you're not starting now, you've got to go over it. That's right. And so you're saying you can, that the boost in potential sales are 20% in the current government? Let me. I'll expand on that. Ongoing growth. Okay. So the question is about the tank car product, and does it grow our volume by 20%, and then how does it, how, how does it affect our margin? So let me answer those two things. The announcement we made in July is for a tank car conversion program. So there's a federally mandated requirement for tank cars that are in use today. They have to be upgraded or expired by 2019 to maintain current use in the U.S. network. So the program we've got- Twenty twenty-nine. 2029. So the program we have is to convert over a thousand of those from their current specification to the new specification, which will allow them to continue to be used after the 2029 period. Due to the way that will work, and the volumes will do that between the years of 2026 and 2027, spread across that two-year period. In doing that process, we also have our plant certified and approved significantly in order to build new tank cars. So our expectation is that after we've finished that program, by the time we get to 2028, we will position ourselves to offer brand new build tank cars on an ongoing basis from that point onwards. The 20% piece, so tank cars represent 20% of the market. So our addressable market goes from 60%, or our product portfolio goes from 60% of the market, will increase to 80% of the market, as in, we have product offering for it. I wouldn't expect that we'll get 50% of that market. We'll probably get, you know, we're aiming for about 8%-10% share of the tank car market, which is about 700-1,000 units a year on tank cars. And then within the industry, tank cars are generally the most margin-rich product in the company and in the industry. So that will allow us to, you know, increase our margins by product differentiation also. Does that answer all your questions? Yeah. Thank you. Refurbishing the tank, is that a federal government-funded program or a specific from the northern? Who pays? The question is: Is the refurbishment mandate? Is funding funded by the federal government? To the best of my knowledge, it's funded by the owners, not by the federal government. Unless you want to differ? Yeah. Yeah, it's funded by car owners. So you have a DOT-111, and that if it's hauling hazardous material, it has to be upgraded to a DOT-117R by May of 2029. If it's not, you have to either take it out of service or use it for a different service. So they take them out of service, and then they both get additional money. They get upgraded for all the specifications needed to give the extra protection on the tank cars to prevent catastrophic spills, et cetera, and then they get shipped back, and they can start using them in service, and there's a whole certification paperwork, and they can now run on Class I railroads in the U.S. How do you get that business from the incumbent that manufactured it, sending one more back and, just explain on, sending them back? Sure. How- Could you take this one? Yes. So the question is: How do we win this particular order or future orders from the incumbent suppliers in those items? So there's a couple of things. The, this particular recertification program we've got, due to the compressed timescale between now and 2029, there's not enough capacity in the overall network for refurbishment or recertification. So we have the opportunity and availability and the qualifications to do that work. So that's, a piece that explains the recertification program. When we think about, winning work from incumbents in the, the new tank cars, very similar to the way we win work today, the current producers of tank cars also happen to be the leasing agents of those tank cars. What we offer is manufacture of a tank car and leasing or financing independence, which is being, you know, well rewarded for us at the moment on the rest of the product portfolio. We have every reason to believe that that would continue in the tank car space as well. Extra liability with tank cars, that is more volatile product? Yes and no. Of the 8,000 a year, approximately half, the half that we'll be targeting, are not hazardous waste, and that's the ones which are the non-hazardous waste ones, don't typically have the extra liability with them. The other half, we would go into. We'll revisit that in the future, but then the ones we're trying to go to market on, no additional liability to the best of our knowledge. Yes, sir. So you're saying that the replacement market in the next five years is 40 or 50, and you're going to get 10, 15, 20? Yeah. Which is max 10? ... So let me answer. The question is, the replacement market is 40-50,000 units per year for the next five years, and we're aiming for 10%-15%. Is that our max capacity? That's the question. Well, yeah. Yeah. So I- 5,000. Yeah. So currently, with the, we have four production lines running. They are running, for example, two shifts a day, Monday through Friday. So if demand increases and the prices were still sustainable, we could increase the current four production by another 30%-40% by adding shifts as an option. We have a fifth production line under roof, ready to turn on. It will take less than 90 days to restart it, and less than $1 million to configure it. So that would add an extra 25 capacity, 25% capacity, or about 1,200 units a year, if we wanted to. Most likely, what would happen is, as we have increased demand or we secure more demand, we would make sure that we're not introducing a fight for price process. We don't want to win volume on price. We have options. We can either increase the shift density on the current footprint. We've got a footprint, space protected and pre-built, that we could expand into a fifth production line. Those things, both combined, could take us to 8,000 if we needed to without any further significant investment. The most likely outcome is we would stay around that 4,500-5,500 range, but increase the margin profile with it. Your current product line includes boxcars, spine cars, hopper cars, wheat cars, and transport- So the short answer, does our product current product portfolio cover a wide variety of product types? So yes. So we have boxcars, we have the hoppers, both open and covered. The grain cars are covered hoppers, typically. We have the flat cars in various configurations. We do conversions and modifications we talked about, and then gondolas, they represent quite a large range of product different types. Four hundred and four. Yeah. Right. So, we have, with that current product portfolio, it addresses about 60% of the current demand of the 40,000, so. The former may depend on manufacturing? Gunderson, in Mexico. That's right. Yes, sir. One more. And you might mention how much does steel pass through on price for the. How much is steel a pass-through on price, is the question, right? Yeah. Yeah. In terms of price, I think just the steel price is going to be. Yeah. So this is where we do hedge ourselves in customer contracts, where if the price increases, it is a direct pass-through to the customer. Given that the orders go six to nine months out and raw material markets like steel can be volatile, they'll be quoted at one day, and then we'll flex with the observable market with them to the order time frame. It always goes up. There are some customer contracts where we don't have to give it back if it goes down, but the majority of them are both ways. So there's some opportunity, but in general, we're never exposed negatively. We can only potentially have help, but in general, it's perfect hedge. Yes, sir. When you have high margins on the higher, so suggest that you are more efficient, you have a lower cost. Where is that cost efficient? It's probably not your purchases. It's not flat purchases. Yeah. Where do you get that sort of information? The question is, if we're demonstrating higher margins on our shipped products, where is that differentiated value coming from compared to our competitors? It's a true statement that majority of our competitors, ourselves, the competitors, where we buy specialty products, we're getting them from the same vendors, usually at the same locked-in prices. Steel, we assume it is a comparable price between our items. The biggest differentiation becomes the way, the volume of steel that's used to fulfill the product, so the material content can be improved through design engineering. That's one piece to achieve the equivalent design through a value-engineered process. Productivity is a large one. We talked before about how our plant has longer physical production lines and can produce more than one product down the same line, which means during launch costs, which can be significant, eight to 12 weeks of lost production. If you can shrink that down by two weeks, three weeks, you don't... You amortize less cost around across the build. So that's a big portion, that we believe we are differentiated from. And then there's the general ongoing productivity on the build's quality and the build schedule, so that if you improve general productivity on right first time throughput and the way you do shift configuration, you get a cost differentiated before, a cost differentiator as well. The launch is probably the single biggest differentiator. Our ability to change over our lines more efficiently and have reconfigured. From one product to the other on line one. It would depend. So the question is: Does it still take six to eight weeks from one product to the other? So some products, where we have them both available on the same line, it can be measured in days. You can go from product A to product B in a matter of days. It's effectively move the inventory, replenish the inventory, re-qualify, recertify the employees, and you've got a launch process. So some can take from 12 weeks down to, let's say, ten days, two weeks. Others, we go from eight weeks down to four weeks if it's a full reconfiguration on a different line. So a combination of the way we've set up the plants, the way we engineer the product, and the way we engineer the jigs and fixtures to build the product, and the way we train our people, allow us to play on that, in multiple fronts, in multiple directions, which has proven to be successful for us so far. Yes, sir. So if the lead time is backlogged- Mm-hmm. Essentially allow it. The question is lead times and backlogs. Sweet spot for backlog for us is between six to nine months. We're currently at six to nine months, depending on which line. Some lines are at nine, some lines are at six, but that's, that's where the position we're in on. The ideal backlog and the place you wanna be. If you get too far out in backlog, then you're selling line space too early. That's why you don't wanna do it. Lead time, so the conversion time from securing raw materials to shipping a product is generally seven to ten weeks, depending on what the nature of the product is. So if you think about that backlog, you secure an order, there'll be a couple of, you know, two to three months before we place physical orders for raw materials. Raw materials arrive, and then we've got a conversion process that takes from raw materials through fabrication, through assembly, through certification, through shipment is generally six weeks or less. There's enough current optimal? Obviously, I would prefer them to be more optimal, but it's... You know, I think we've demonstrated that our ability to increase capacity and use it well has been demonstrated. We've done our 10,000th car from Mexico. We've shipped over 1,000 cars per quarter for the last three quarters, demonstrated. We're forecasting it will continue at that rate. Our backlog or our order intake in Q2 was almost 3,000 units, so just 2,000 and so units, which would represent an increasing of our backlog. Obviously, it's a multi-year contract, which always helps, so you know, we've got a number of factors that are positive for us. Obviously, we've still got to be well organized. We've still got to understand what we're trying to do. We've still got to be agile to customer requests, but the results we've been able to deliver, certainly for the last couple of quarters back-to-back, have been very encouraging. Twenty thirty, where do you want to be revenue wise and profitability? Sorry, say again? 2030, like in five years- Yep. Where do you want to be revenue wise and profitability? The question is, where do we wanna be by 2030, in the next five years? Typically, we don't give multi-year guidance. It's something we're gonna start doing. Obviously, you know, we'll look to do that sometime in 2025, but we'll hold that answer for then. Just a quick question. How insulated are you from things like tariffs and things like that, as well, effective, rather, any other potential second order impact from all the things? So the question is, are we insulated or how vulnerable are we to other government changes or tariff changes? You know, I'll talk about the labor piece first, and then I'll Mike can do about tariffs. There's been a lot of noise about change of governments in Mexico. There's some change of labor. We are a plant that has a unionized facility. We have a collective bargaining agreement. Our collective bargaining agreement was done in April this year, valid for three years. The changes that the government are driving are well below where we operate. So we are kind of, you know, we need to have high-quality people doing high-quality work. We're not looking for the lowest cost people. So those changes that the governments have implemented have typically targeted a different sector than we hire from. So we're somewhat insulated from that. No doubt, there'll be some ripple effects, but it's not something we haven't handled. And then, because we have multi-year collective bargaining, we have very predictable labor costs for the next couple of years. So, that's the labor side, which is a big portion of it. Then Mike can talk about tariffs. As far as currently, there's no tariffs directly impacting us that have caused us to have to source material from a different country or pay a higher cost than was anticipated. Could tariffs go into effect in the future? They could. The whole industry would be affected the same way, but and we'd find a way to move around that. What's your evaluation of having your own lease fleet? You know, the question is, what's our evaluation of having our own lease fleet? We've had a lease fleet in the past, and we currently have no lease fleet. One of the things that I think is truly instrumental in our growth is we don't compete with our customers, and majority of, at least a third of our customers are leasing operators. So for us, in the position we play in the market, not competing in that lease space is a differentiated value proposition that helps us win work. If you were a larger size and you had a different balance sheet, maybe an option. But for us right now, it's not something we're looking to explore. Might be the first time you ever heard this. So on a given day, there's multiple cars coming off the assembly line. Mm-hmm. How do they get from the assembly? I mean, do the customer send a locomotive to pick up 10 cars at a time? I'll try and explain it. So question is, on any given day, you have multiple freight cars coming off multiple production lines. How do they then get to the customer? So we have- The car manufacturer brings in a huge lot. Yep. They go on a rail car, and they're brought to wherever. Yep. So really- Our plant is physically positioned on a dedicated, on a railroad, obviously. We have around about 450 spaces on plant for finished product. We'll group finished product about 450 units space on our plant. And we have a daily pickup from the local train operator, which is Ferromex, and they will pick up anything up to 100 units. If you think about 4,500 units a year, it's about 20 a day, Monday through Friday. We will normally have a daily pickup of about 20 units, or if they maybe three days, it's 60, or definitely one pickup a week of 100. But through a series of turntables and shuffle tables, we'll maneuver and store them around. But yes, it's large. It's- That's the Mexican railroad? Yeah. We're on a Mexican railroad, which takes it straight to the border and then switches onto the U.S. railroads from there. Thank you. Considering the changeovers, what's your maximum utilization? So the question is, considering the changeover, what's our maximum utilization? Will it vary very much from quarter to quarter in 2022? We typically drive a SIOP process, a scheduling operational planning process, or sales and operational planning process, and we will avoid multiple changeovers concurrently. The reason for that is, one, you've got a large team who support a changeover. They're gonna be in one place at one time, and you'd have a fabrication shop, which can level the demand. We manage that through the scheduling process to avoid multiple changeovers as well. Real quick question: Is there a Mexican market for the product, or are there customers in Mexico? The question, is there a Mexico market? So the short answer is yes, there is a Mexican market. It's not as large as the North America, the US and Canadian market. And few and far between, we do get Mexican inquiries, and we've shipped some Mexican product, but it's not a large portion. All right. Thank you very much. Thank you for your time.