Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the Rocky Brands Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has technical difficulties during the conference, please press star zero for operator assistance at any time. I would like to remind everyone that this conference is being recorded, and I will now turn the conference over to Brendon Frey of ICR. Thanks everyone for joining us. Before we begin, please note that today's session, including the Q&A period, may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Such statements are based on information assumptions available at this time and are subject to changes, risks, and uncertainties which may cause actual results to differ materially. We assume no obligation to update such statements. For a complete discussion of the risks and uncertainties, please refer to today's press release, our reports filed with the Securities and Exchange Commission, including our 10-K for the year ended December 31st, 2025. In addition, the company may refer to certain adjusted non-GAAP metrics on this call. Explanation of these metrics can be found in the earnings release filed earlier today. I'll now turn the conference over to Mr. Jason Brooks, President and Chief Executive Officer of Rocky Brands. Jason? Thank you, Brendon. With me on today's call is Tom Robertson, our Chief Operating and Chief Financial Officer. After our prepared remarks, we will take questions. After two consecutive quarters of high single-digit sales growth, our momentum accelerated in the second quarter with a sales increase of 12% on top of a 7.5% gain in a year-ago period. We are encouraged by the broad-based strength across our portfolio, with several brands delivering solid double-digit growth, led by XTRATUF, followed by Georgia, Rocky, and our Lehigh B2B safety shoe business. Direct-to-consumer sales were particularly strong, while increased sell-through in our wholesale channel during the second quarter fueled strong bookings for the second half of the year. Tom will walk through the financials in detail shortly, but as you saw from our earnings release, we recorded a tariff refund receivable in Q2. We are very pleased to start receiving these funds after the amount of work and costs we incurred following the implementation of last year's IEEPA tariffs. The actual and expected refund had a very positive impact on gross margins and profitability this quarter. We plan to reinvest a portion into the business while also paying down debt. Now, let me walk you through our second quarter brand performance. XTRATUF delivered another outstanding quarter, extending its position as the fastest growing brand in the portfolio. Wholesale posted a large increase over last year, e-commerce bested last year's already strong results, and marketplace continued to grow at a healthy clip, combining to push the brand total up significantly across all channels. Account momentum remained broad-based. Top performers included our authorized Amazon partner, a major outdoor retailer, and our fastest-growing Western market account. A major sporting goods retailer that brought XTRATUF in store this year has quickly become one of our largest key accounts and is looking to add doors and styles going forward. We're also continuing to see the brand extend well beyond its marine roots as consumers adopt XTRATUF for everyday use. Our product lineup continued to perform well, led by the 15-inch Legacy boot alongside strong sales of our ankle deck boot styles in olive and duck camo. The new spring/summer line also delivered, highlighted by new ADV colorways and the Kids' Tufs Cruiser collection, along with new Guy Harvey collaboration styles for both women and girls. Looking ahead, Q3 and Q4 hold the largest set of pre-book orders in the brand's history, with a substantial new fall line and a winter bookings ahead of last year, positioning XTRATUF for a strong back half of 2026 across both wholesale and e-commerce. Muck's U.S. business maintained good momentum across both our branded e-commerce site and wholesale partners, with both field and key accounts up year-over-year. Our new Rainscape collection, along with the brand's Chicken Boot and original ankle boot styles performed well, helping offset some softness in the Arctic products due to the milder, drier spring versus the extended cold weather we saw last year. Hardware and sporting good channels grew nicely as we continue to expand shelf space and land new partnerships. We're encouraged by the continued strength in the farm and ranch, despite the drought conditions weighing on two of our largest customers in the channel. In total, Muck sales were down modestly compared to a year-ago period, driven by a shift in timing of sell-in to the brand's international distributor. Georgia Boot delivered an outstanding quarter with broad-based growth across e-commerce and key and field accounts. Within key accounts, one of our largest farm and ranch customers expanded our best-selling wedge into more than 500 additional doors, and a large work and western retailer significantly expanded its Georgia Boot assortment behind the success of the BOA Carbon Flex wedge. Our largest online retail partner also delivered exceptional growth after pre-booking ahead of the season and replenishing steadily throughout the quarter. Field accounts grew nicely despite ongoing macro uncertainty and cautious retailer inventory management, with growth widespread across the territories and healthy carryover business in work-focused accounts supported by employer voucher programs. The Carbon Flex wedge has quickly become the second highest selling franchise behind only the Romeo and will continue to expand BOA technology into women's products and warmer climate non-waterproof options. Early response to our spring 2027 line has also been encouraging, led by new safety versions of the Romeo SuperLyte and a refreshed Eagle Lite collection. Rocky Work, Outdoor, and Western posted growth across all three categories. Wholesale was a particular strength as independent retailers continued to report strong sell-through. We also grew at a key national retailer level as new product drove great brand exposure. New fall 2026 product also arrived early, allowing us to ship several new fall styles during Q2 and setting up early retail sell-in and replenishment opportunities. Account growth was well-balanced between national multi-store chains and strong regional independents, including a sizable new rugged casual program with a large Southern sporting goods retailer and a Southeastern family shoe chain. Hunting and outdoor sales were also strong as several Midwest farm and ranch retailers brought in product early for the fall season. We continue to gain shelf space in industrial safety toe, including a test program with a major national boot retailer and expanded regional programs in the Southeast and Texas. E-commerce remains strong with our two largest online retail partners. Product highlights include continuing strong sell-through on our Ride LTE collection with a new duck camo colorway generating strong fall bookings and reaching market early in Q2. BOA-equipped safety toe styles continue to gain strength. Our Outback and Ridgetop GORE-TEX collection posted healthy growth. Retail partners are also stocking up ahead of hunting season on our snake boots and insulated Wildcat collection. Durango sales were in line with our expectations, down year-over-year, driven entirely by the key account channel, which lapped significant bulk buy orders placed by two major chains last year ahead of 2025 price increases. Excluding that dynamic, the remainder of the key account business posted solid growth. The farm and ranch channel was led by our Rebel and Westward Collections. Our e-commerce partner accounts, along with sporting goods and outdoor channels, also had a good quarter. Field performance trended positively as well, with several regions strong increases. During the quarter, we also opened a new 82-door Midwest farm and ranch account with encouraging early sell-through. Demand remains strong within our Hispanic retail base. New Workhorse and Shyloh product delivered in Q2 continues to perform well at retail. Early sentiment and bookings for spring 2027, including our Rebel USA-made boots, Workhorse Lite, and the new women's Shyloh and Crush styles are solid, giving us confidence heading into the back half of the year. Commercial, military, and public service exceeded our Q2 expectations, up mid-single digits versus last year, continuing the positive momentum from strong Q1. Public service outperformed expectations, while commercial military finished roughly flat to LY, but with positively underlying momentum. Given the current geopolitical environment, we expect commercial military demand to remain strong. B2B Lehigh delivered another strong quarter of growth driven by continued success in new customer acquisitions as we added a substantial number of new accounts. We also expanded our product portfolio with the addition of new brands, further strengthening our ability to meet customers' needs across a broader range of industries and applications. Customer spending remained resilient despite ongoing cost pressure, with subsidy utilization and average subsidy dollars continuing to trend upward as employers remain committed to providing employees with PPE. While tariff uncertainty inflationary pressure continued to influence the operating environment, Lehigh has successfully offset these headwinds through strong new customer growth, expanded product offerings, and continued execution of our strategic initiatives. As I just detailed, we have good momentum across our business heading into the second half. While we feel confident in the strength of our brands and our product offering, we think it is prudent to balance this optimism with some level of conservatism, given the shifting tariff landscape and uncertainty regarding the near-term health of the consumer. Tom will discuss our outlook in detail, but from a high level, we are taking up our full year guidance to reflect our Q2 top line outperformance and are modestly raising our sales projections for the third and fourth quarter. I want to thank our teams for their hard work driving the business forward while navigating the shifting tariff landscape. I am confident we are well-positioned to continue capitalizing on the opportunities to expand sales and profitability over the remainder of 2026 and beyond. With that, I'll turn it over to Tom. Thanks, Jason. There were several highlights from the second quarter, led by 12% sales growth, our highest growth rate since 2022. On top of this, gross margins reached a record level, driven by a IEEPA tariff refund receivable we recorded in the quarter, which in turn fueled a significant year-over-year increase in profitability. As I go through the Q2 financials and outlook, I will, at times, discuss results excluding the net impact of the tariffs to provide a clearer look at the underlying performance of the business. Reported net sales for the second quarter increased 12% year-over-year to $118.4 million, which exceeded our expectations. By segment, wholesale sales increased 7.9% to $78.8 million, retail sales increased 21.8% to $36.2 million, and contract manufacturing sales were up 17.2% to $3.3 million. Turning to gross profit for the second quarter, gross profit was $60.8 million, or 51.4% of sales, compared to $43.3 million, or 41.0% of sales in the same period last year. Excluding the net tariff impact of $15 million, which includes $18 million of actual and expected IEEPA tariff refunds, partially offset by approximately $3 million in IEEPA tariff costs versus a year ago. Second quarter 2026 gross margins were approximately 38.7%. Included in this year's gross margins are incremental costs incurred as a result of adjusting our initial manufacturing and sourcing and shipping plans, and higher expedited freight in order to meet customer demand. We also had select incentives to capture additional shelf space with key customers and opportunistic selling of more discontinued styles in the second quarter of this year. Gross margins by segment, excluding the net benefit from tariffs, were as follows: wholesale margins declined 430 basis points to 36.3% versus 40.5%, with the decline driven by the multiple headwinds I just outlined. Retail margins were up 120 basis points to 46.6% from 45.3%. Contract manufacturing margins were down 320 basis points to 9.3%. Operating expenses were $41.1 million, or 34.7% of net sales in the second quarter of 2026, compared to $36.1 million or 34.2% of net sales last year. Excluding $0.7 million of acquisition-related amortization in the second quarter of this year and last year, adjusted operating expenses were $40.4 million and $35.4 million respectively. As a percentage of net sales, adjusted operating expenses were 34.2% this year and 33.5% in Q2 last year. The increase in operating expenses as a percentage of net sales was driven primarily by a $1.1 million write-off of accounts receivable associated with a customer bankruptcy, increased outbound freight rates from fuel surcharges implemented in the second quarter, and higher logistics costs associated with the increase in retail sales. Income from operations was $19.7 million, or 16.6% of net sales, compared to $7.2 million, or 6.8% of net sales in the year ago period. Adjusted operating income improved to $20.4 million, or 17.2% of net sales, compared to adjusted operating income of $7.8 million, or 7.4% of net sales a year ago, driven by the recognition of the aforementioned net tariff impact this year. For the second quarter of this year, interest expense was $2.1 million, compared with $2.5 million in the year ago period, reflecting the decrease in debt levels year-over-year. On a GAAP basis, we reported net income of $13.9 million, or $1.83 per diluted share, compared to net income of $3.6 million or $0.48 per diluted share in the second quarter of 2025. Adjusted net income for the second quarter of 2026 was $14.4 million or $1.90 per share, compared with adjusted net income of $4.1 million or $0.55 per diluted share a year ago. Turning to our balance sheet, at the end of the second quarter, cash and cash equivalents stood at $2.6 million, and our debt net of unamortized debt issuance costs totaled $122.4 million, a decrease of 7.6% since June 30th last year. During the second quarter, we repurchased approximately 54,000 shares at an average price of $37.09, for a total of $2 million. We also announced that the board approved an increase in our quarterly dividend to $0.17, which was paid out to shareholders in June. Inventories at the end of the second quarter were $173.5 million, down 7.1%, compared to $186.8 million a year ago, and down 4.2% compared to $181 million at the end of 2025. We are pleased with the quantity and quality of our inventory as we were able to successfully move through some discontinued styles in the second quarter of this year. Now to our outlook. Based on our second quarter performance and updated bookings for the second half, as well as the net impact of tariffs, we are raising our guidance for 2026. We now expect revenue to increase approximately 8.5% over 2025, with the fourth quarter growing modestly faster than the third quarter. With respect to margins, our prior guidance was for gross margins to be down modestly from the 40.9% we reported in 2025, inclusive of roughly $10 million in IEEPA tariffs that hit our P&L in the first half. As I mentioned when discussing our Q2 performance, we have experienced some additional cost headwinds from adjusting our manufacturing and sourcing plans to meet demand with expedited shipping to continue during the second half of this year. We also are continuing to see higher inbound freight rates, along with increased component costs due to higher oil prices. This is putting some additional pressure on gross margins, which are now forecasted to be approximately 40%, excluding the actual and expected tariff refund, with Q3 and Q4 gross margins improving sequentially into the low 40% range. Since our last earnings call, we incurred $1.1 million write-off in accounts receivable due to a customer bankruptcy, and we are experiencing higher outbound freight costs due to fuel surcharges, as well as a higher mix of retail segment sales. We are also stepping up our investment in digital advertising to capitalize on the momentum in the fast-growing D2C business. Based on these factors, we are now expecting SG&A as a percentage of sales to increase slightly from prior year. With an additional benefit of roughly $2 million expected in Q3 from the tariff benefit. The full year gross benefit will be approximately $20 million, or $10 million on a net basis. Our plan is to invest a portion of these proceeds back into the business, such as investing in expanding our distribution center, as well as paying down debt. This all translates into EPS, excluding the actual and expected tariff refund, similar to last year's $3.26. EPS on a reported basis to be in the neighborhood of $5. Finally, on a net basis, which excludes the $20 million refund and the $10 million incremental IEEPA tariffs that flowed through the P&L, EPS will be around $4 a share. With that concludes our prepared remarks. Operator, we are now ready for questions. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we pull for questions. Thank you. Our first question is from Jonathan Komp with Baird. Yeah. Hi, thanks. Good afternoon. Tom, I want to start off, you mentioned seeing the strongest growth since 2022. Could you maybe share a little bit more detail on where you've seen acceleration across your business? I know, Jason, you mentioned part of the raised full year outlook includes a higher plan for Q3 and Q4. Could you just share more as you look into the second half, maybe what's shaping up better than you were thinking previously? I'll start off, Jon. I think the really exciting thing here was that we're really seeing success across all of our brands. We walked into the quarter. We knew Durango had a very tough comparison to last year. We knew we were going to be down from LY because of some pre-buys before the price increase last year. We know that Muck, which was just down slightly for the quarter, is really just a timing issue with an international distributor. Outside of that, all of our brands grew greater than our expectations. As Jason pointed out, we saw our strongest growth with XTRATUF for the quarter. Wholesale and e-commerce both outperformed expectations there. I would tell you the other thing that has been really great to see is the success that we're having in our own D2C on our branded websites. We're able to see that these investments that we're making are driving more volume and more traffic to our websites. That's been a bigger surprise for us than we originally anticipated with those investments. Just to talk a little bit more about Q3 and Q4, I think, Jon, we've seen some pretty significant bookings for pretty much all the brands. I think we're pretty excited about where that's at. We talked a little bit, or I talked a little bit about how we have been able to gain some new shelf space, and we've seen those styles check at retail, and so we're seeing continued fill-ins on those. As Tom just kind of mentioned, right? Our e-commerce business for all the brands, is performing very well, and we don't see any reason why that won't continue through Q3 and Q4, which is really a little bit better, stronger quarters for us because of the type of product that we have. Just to add on there, Jon, the bookings are really exciting because our bookings are up really across all brands. I think our guidance there of the 8.5% sales growth is trying to bake in a little conservatism for how much of our at-once business, which is historically our largest part of the business, what that will be in fall, given the order book that we're looking at for the next two quarters. Maybe just one follow-up there. Is there a meaningful benefit from new doors or new customers, or are you seeing the strength really across your existing base of accounts? Yeah, I can start with this one. For us, when we look at our key accounts, it's really easy for us to ascertain if we've gained shelf space or not. We have certainly executed on that with our larger key accounts, whether it be in Western or Farm & Ranch or even Sporting Goods. We're very excited about that because we know that's all incremental. As you look at the independent retailers, the smaller independent retailers, it's harder to ascertain exactly shelf space gains there. The bright side of that is that our bookings are up meaningfully even for our field or independent retail accounts as well. Time will tell in Q3 and Q4 as we see what happens with at once. We're very excited about the second half of the year. Yeah, I just would add on, I mentioned in my script about the BOA boot, and it was tested in, I don't know, 200 doors, I believe it was, and it did so well, it's being expanded into all doors. Right? When we see that happen, we're really confident about the sell-through, and therefore more at-once business for that style should be coming in Q3 and Q4 because we're expanding it into more doors. I talked a little bit about that with XTRATUF and a large retailer. They did basically the same thing, tested it out last year, and it saw a really good sell-through, and it continues to add styles, but even adds doors. That's where I know we're picking up some shelf space. Okay, great. The outlook for SG&A for the year, I just want to understand. It looks like the full year growth more than a few percentage points higher than you were thinking previously. Could you maybe just give a little more airtime to the individual drivers or for some of the investments you're choosing maybe to pull forward? Just more broadly, as you think about the operating margin potential for this business, retail, some of your fastest-growing brands seem like high margin segments of your business overall. Just what do you think that means longer term about the profitability and where operating margin can go for Rocky? Yeah, certainly. If you were just to look at Q2 by itself, the accounts receivable write-off for a large account of ours of $1.1 million was certainly unexpected. If you were to strip that out of this quarter alone, we would have had slight operating leverage. That coupled with we were optimistic that we would see fuel surcharges and fuel prices come back down to more normal levels. Right now we're running freight up about 80 basis points as a percent of sales. We're baking that into our guidance the rest of the year. Hopefully, we can see some relief there, but we're baking that into the guidance for the rest of the year. From an operating margin perspective, I think we've got some short-term challenges with our gross margin. As we talked about oil prices driving up our raw material and component costs. Also, given our order book, we are essentially sourcing boots from the fastest source possible, not necessarily the most cost-effective, right? We walked into the year for 2026, we had a plan of making a meaningful amount of our products in the Dominican Republic. The reality of it is, given demand and sales coming in higher than we anticipated, we're having to kind of bypass the Dominican Republic in some cases. It adds about 65 days of transit time just from Asia to the Dominican, and then add a few more weeks in the Dominican to finish the product. We've had to source more products out of Asia than we originally intended. That's impacting our margins. As you look to the future and we're able to build raw material inventories in the Dominican Republic, we definitely see our operating margins increasing over the current year guidance. The difficult part of getting the shelf space is we've executed on that, and now we just have to optimize it by getting the product sourced from whether the right countries or our own in-house manufacturing facilities. We'll give more guidance at the next call probably on the future outlook for operating margins. Yeah, I just want to add, our intention is still the plan we talked about in moving more production to the Dominican. We are going to continue to do that. It's still the right decision. Like Tom said, because of the demand that we've had, we've had to make decisions to get the inventory here to get on the shelves. I believe it was the right decision for right now, but the idea going forward is to capitalize on our Dominican facility for sure. Okay, great. Appreciate all the color. Thank you. Thank you, Jon. Our next question is from Janine Stichter with BTIG. Hi, good afternoon. A few more just digging into some of the input costs. Make sure I understand, tariffs right now flip to a negative, but we also have new tariffs that are recently put in place. When will we see those start to take hold and flip to a year-over-year headwind? You alluded to it a bit, but based on what you're seeing right now on raw materials and freight, would your expectation be for input costs to continue to rise? Maybe just tying that all together, how are you feeling about pricing? Are there any plans for further pricing action? Good question, Janine. Let's start with the component cost, right? We're seeing about, on average, a mid-single digit 5%-6% cost increase on first cost of the product, right? That would be for oil-based components typically that are driving that. The other thing is container prices have crept up since our last call. Again, really driven by oil. It was further exacerbated by the fact that we're having to use expedited shipping carriers to get product here faster. We are continuing to evaluate that. As it relates to tariffs, right? We've kind of guided the rest of the year at this 10%. The new tariffs that went in place, the 301s that went in place on Friday, most of that, the incremental piece will not hit us until the very end of 2026 or the beginning of 2027, as those tariffs will have to flow through our inventory and through the P&L. We are expecting that we will see the next round of 301s at some point this year. There's been a lot of conversation around those happening kind of after the midterms. We are kind of waiting to see what happens with those to determine pricing for pricing changes for 2027. If those happen as expected, the good news for us is that the forced labor 301s impact of the Dominican Republic, it's a net 2.5% bad guy from where we were a week ago. They are not on the ballot for any more 301s. Our whole plan of leveraging our Dominican facility will likely still make a ton of sense coming into this year. Great. Then on pricing? I think on pricing, we're monitoring it. If we were to take out the noise from this quarter with the sourcing challenges, the expedited freight, all those things, our margins would've been just slightly up compared to LY. We're continuing to evaluate it, but we would be really interested to see where we land on these other 301s to determine if and how big a price increase would need to be for 2027. Okay great. This is shifting gears a little bit. On XTRATUF, really nice growth. Seems to benefit from some new distribution. Can you just give us perspective first on how big that brand is right now, and then if you have a view on how big it could ultimately be as it gets more lifestyle distribution? The interesting thing for the second quarter was XTRATUF was our largest brand for the quarter. We're anticipating continued growth for the brand in the third and fourth quarter over LY. We think that brand will be just north of $100 million this year by the end of the year, which would represent 30% growth for the brand over LY. As far as how big can it be, I think we're going to ride it as big as we can make it. I think the brand has a lot of legs. I think we can get into some different categories, try to find different seasons that make sense. I know we shared a little bit about how last year we got into more fleece lined for more skiing areas in winter, and that went really well. We're excited about what that's going to do this fall. If we can look at maybe more sandals or more just casual kind of shoes. I think there's a long runway for this brand. Great. Thanks so much. Thank you. Thank you. Our last question will be from Bill Dezellem with Tieton Capital Management. Thank you. A couple of questions. First of all, with your inventories down 7% year-over-year, how are you feeling about that level, particularly given that you're experiencing this sales strength? Maybe you already touched on this, just given that you're expediting, but more perspective would be helpful. Yeah. I think big picture, Bill, I don't think we really missed sales in the quarter. We were able to react fast enough. We just weren't able to optimize the country of origin, if you will. We are baking into our guidance probably about a $3 million headwind for continued sourcing changes, whether it be sourcing from different countries of origin from we originally planned or continuing to use expedited freight to get product here, given the order book we have for fall. I would also add some of the inventory reduction came from us being able to move these discontinued items that Tom referenced, where we were able to find some homes for those. It's actually a good thing, right? We were able to move that inventory, and get our inventory that we do need in the right place. Yeah. Just to say it one other way, Bill, our discontinued inventory is down about a little over 30% this quarter, which is really exciting how clean the inventory is. Really the cleanest it's been since the acquisition. Yep. I don't anticipate a significant increase in pairs to hit this volume. It's more about the timing of when we can get them. Where I do think we will have some meaningful investments, is going to be in raw materials in the Dominican Republic. That number is below seven figures, though. Because once we get it built up, we'll be able to flow that with the appropriate amount of time. Great thank you. Relative to your comments and your opening remarks that you brought some fall product in early, to what degree is that pulling from the third quarter and, maybe this is unfair, but enhancing the second quarter number, but will put some downward pressure on the third quarter number? Is that a reality or are we not understanding what you were saying there correctly? I think just to touch on this a little bit, that was really the case for our Rocky brand that Jason talked about, it's not a meaningful pull ahead to the overall business. Really, if we think about where we've been chasing inventory, it's not been in leather product for the most part. It's been more in our rubber product. We've updated the full year guidance, taking all that into consideration, but we're still increasing that guidance from the last call. I don't think it's something you will see or feel in the third quarter. I think because we've been able to get it on the shelves and we're hearing it's checking pretty good, I anticipate some fill-in business. It won't be the same as the bookings, but it will definitely turn a little bit more in Q3 and Q4. We should see some fill-in business there as well. Like Tom said, I don't think it will impact Q3 much at all. Right. That's helpful. One additional question, please. Relative to your comments about experiencing some extra cost to gain shelf space, would you discuss that more holistically, please? So-- I got it. What I would tell you is where we have relationships with retailers to manage getting our boots on those shelves, we might have given them a little bit additional discount on the initial order to secure that shelf space. We still feel very comfortable about the margins that we're making on that. The success that's happening there, is allowing us again to get more fill-in business. It's just a way to convince the retailer to give us a little more shelf space. Was that something that was widespread throughout a number of different retailers, or was it rather isolated to only a couple of retailers? More isolated to just a couple retailers. Significant retailers because of the door count they have. Great. Thank you both. Yeah. Thank you. Thanks, Bill. Thank you. There are no further questions at this time. I'd like to hand the floor back over to Jason Brooks for any closing comments. Great. Thank you very much. I just wanted to say thank you to our entire team here at Rocky Brands. We have been working really diligently through all the craziness going on. Thank you to our investors, thank you to our board, and particularly thank you to all our customers, and we really look forward to finishing 2026 strong. Thank you so much. This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.