Greetings, and Welcome to the REV Group, Inc. Q3 2022 Earnings Conference Call. It is now my pleasure to introduce your host, Drew Konop, Vice President, Investor Relations and Corporate Development. Thank you. You may begin. All right. Thank you, Doug. Good morning, and thanks for joining us. Earlier today, we issued our Q3 fiscal 2022 results. A copy of the release is available on our website at investors.revgroup.com. Today's call is being webcast, and a slide presentation, which includes a reconciliation of non-GAAP to GAAP financial measures, is available on our website. Please refer now to slide two of that presentation. Our remarks and answers will include forward-looking statements, which are subject to risks that could cause actual results to differ from those expressed or implied by such forward-looking statements. These risks include, among others, matters that we've described in our Form 8-K filed with the SEC earlier today and other filings we make with the SEC. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all. All references on this call to a quarter or year are our fiscal quarter or fiscal year, unless otherwise stated. Joining me on the call today are our President and CEO, Rod Rushing, as well as our CFO, Mark Skonieczny. Please turn now to slide three, and I'll turn the call over to Rod. Thank you, Drew, and good morning to everyone joining us on today's call. Today, I'll provide an overview of the quarter's consolidated performance and then move to commercial operating and financial highlights achieved within the quarter before turning it over to Mark for our detailed segment financials. 1st, I'd like to provide a few comments on what we are experiencing in the supply chain and labor markets. Like other industrial companies, we have been managing through an inconsistent and challenged supply chain over the past year. While we have seen improvements, these improvements have proven to be temporary, and material shortages have subsequently reemerged, impacting our flow and throughput. We have listed the components that have had the most frequent impact on production. Wiring harnesses, HVAC, axles, radiators, and electronics have consistently been short in supply and remain disruptive to both our starts and completions. We continue our efforts to secure volume commitments and are running processes to qualify and dual source alternative suppliers, but a consistent, predictable flow of materials has not yet returned. Delivery of OEM chassis have improved in recent months. From one OEM, we received an average of 70 chassis per week towards the end of the Q3. This was up from just 10 per week in the Q2. The improvement in deliveries was primarily the result of an inventory lot clearing process. These chassis receipts were not aligned to our production plan, to our scheduled component delivery or to our staffing levels, which created a secondary challenge in managing our production. Receipts of chassis that match our planned productions have not yet improved. This combined with the potential OEM chassis model year delays creates a lack of certainty and stability in the predictability of future chassis deliveries. Our current view of supply chain recovery remains consistent with what we provided on our Q2 call. We do not expect to see broad-based improvement until calendar year 2023. As a result, we have maintained our current line rates that are supported by our chassis supply, our parts availability, and our current staffing levels. Now turning to the Q3 results. Consolidated net sales of $595 million increased $2 million versus the Q3 of last year. The increase was driven by higher sales within the Recreation segment, partially offset by a decrease in sales in Fire and Emergency segment. Recreation segment sales continue to reflect strong demand for our RVs across categories, as well as favorable mix within the businesses. Over 80% of our year-to-date recreation sales and 90% of our EBITDA are within the motorized categories. Our businesses continue to benefit from favorable trends and low dealer inventory. Our Midwest brand that serves the Class B sprinter luxury van market, which grew at 16% on the trailing period 12 months ending June 30th. In the same period, our Renegade Class C diesel business gained 1.4 points of market share, outpacing the market by 12 percentage points. The combined unit output of these two plants improved 29% versus the Q3 of last year, demonstrating REV Drive's ability to impact our business and deliver bottom line results. Partially offsetting the increase in recreation sales was a decline in our fire and emergency segment sales. The chassis and supply chain challenges we broadly have had the greatest impact in our fire and emergency segment. Fire apparatus is specified to a component level and is a highly engineered requiring a great deal of planning and execution to deliver with continuous flow. The supply chain serving this industry is the least mature, most localized, and has been more greatly impacted. This directly affects our production throughput. We have expanded the placement of our purchasing resources and our black belts at our suppliers' locations to assist in improving their throughput. Engineering has been another area that has constrained our throughput. We have supplemented our engineering resources with outsourced offshore engineering to mitigate these issues. There has been significant progress and success in the last Q2 coming from this effort. Additionally, our internal team of lean black belts are aligned and focused on improving our flow. We've tapped our sub-assembly specialists from centers of excellence to deploy best practice across our plants. On a parallel basis, we continue to work the platforming efforts in our fire division to eliminate unnecessary complexity while maintaining the identity and differentiation of our brands. We've expanded the S-180 quick delivery pumper program. This will allow us to utilize open production slots at sister plants while providing an alternative for fire departments that require or desire a faster delivery. Within the quarter, we had a transition of leadership in our fire division that resulted in my taking on a greater role in the daily activities of these businesses. I traveled extensively at the close of the past quarter, visiting our plants, meeting with our management, our engineers, our purchasing and materials handlers, and our production workers. I will continue to focus my daily efforts on improving our fire business while balancing my broader leadership responsibilities until such time that a division president is named. Consolidated EBITDA of $29.5 million was down $12.1 million from prior year. The decline was primarily the result of lower EBITDA contribution from our fire and emergency segment and commercial segments, partially offset by an increase in the recreation segment. Sequentially consolidated EBITDA improved by $6 million at a 31% incremental margin. We expect this bottom-line improvement to continue in the Q4. Please turn to slide four for highlights of the Q3. We continue to experience strong end market demand. Book-to-bill for the fire and emergency segment was 2.6x in the quarter, with strength in orders in both our fire apparatus and ambulance units. Demand remains robust for terminal trucks that are needed to support the country's logistics infrastructure. We continue to see strong demand for Class B and Class C RVs, which are our highest margin categories. Consolidated backlog of $3.9 billion is the 11th consecutive record and an increase of 46% versus the prior year. Interest in our electric fire apparatus has been increasing since we launched the Vector, the first all-electric North American-style fire apparatus at this year's FDIC show. Over the past several months, this interest has converted into firm orders for three additional units. In July, our E-ONE business announced an order for the Vector Rescue Decon apparatus for the city of Varennes, Quebec. In August, our Spartan business announced an order for two Vector pumper trucks. We have sold a total of four units in various configurations from two brands, demonstrating Vector's customization and flexibility to suit fire department needs. Yesterday, we were pleased to announce that our ENC municipal transit business has released its next generation battery, electric, and fuel cell electric buses that are branded Axess EVO. This is the first major platforming and design for manufacturing announcement since we detailed the REV Drive during our 2021 Investor Day. Past generations of ENC fuel cell electric and battery electric buses were built on completely different platforms. The Axess EVO leverages a common structural platform, a common propulsion system, and technologies with over 90% commonality. Not only do we expect lower manufacturing costs, but it provides a simpler solution of aftermarket support, employee training, and maintenance for our customers that operate a mixed fleet. The new designs will allow ENC the flexibility to offer multiple access variations with different power platforms at variant lengths of range from 32-40 feet. Next-generation Axess EVO battery-electric will have more advanced technology options that we expect will allow longer range than the current generation. The battery system and energy storage for this bus is supplied by Proterra, a manufacturer of industry-leading battery packs for zero-emission electric vehicles. The next-generation Axess EVO fuel cell-electric bus will be built on ENC's legacy hydrogen fuel cell-electric bus. ENC was the first bus manufacturer to complete the 12-year, 500,000-mile FTA Altoona test for hydrogen fuel cell powered bus in 2018. BAE is providing their new Gen3 electric powertrain, which is designed to extend the range of the bus to 400 miles, currently the highest range in the industry. We expect significant interest as the FTA announced $1.7 billion of grants for low and no emission buses on August 16. These are the first awards related to the Bipartisan Infrastructure, which provides a total of $5.5 billion over five years to help state and local government authorities buy or lease zero emission or low emission transit buses. ENC's home state of California received a total of $236 million of grants, including Los Angeles receiving a $104 million. The technology and flexibility of these next generation buses opens the door to increase market share as we transition to electric transportation. I will now turn it over to Mark for details on our Q3 financial performance. Mark? Thanks, Rod, and good morning, everyone. Please turn to page five of the slide deck as I move to a review of our segment-level performance. Fire and Emergency Q3 segment sales were $230 million, a decrease of $40 million compared to the prior year's quarter. The decrease in net sales was primarily the result of fewer shipments of fire apparatus and ambulance units related to supply chain disruption and labor constraints, partially offset by price realization. Unit shipments of fire apparatus declined 19% versus last year's Q3 and 8% versus this year's Q2. The decrease is primarily related to shortages of wiring harnesses, axles, and radiators, as well as labor constraints in certain businesses. Shortages of key components have slowed unit completions, resulting in an increase in work in process versus the exit of fiscal 2021. As we mentioned in our last quarterly call, entering the Q3, we lacked chassis to run a normal production schedule and executed furloughs within the ambulance division. These furloughs were extended past the original 30 days as visibility into chassis deliveries remained uncertain. As Rod mentioned, chassis delivery did improve late in the quarter, but the units we received did not meet our demand plan and therefore our production schedules had to be altered to match the mix of chassis received. In addition to the chassis supply variability, the rate of component part stock outs increased versus Q2 and were comparable to rates experienced in the second half of 2021. The net result is that ambulance unit volume decreased 11% versus the prior year. Any decision to add labor and ramp production will need to be preceded by a lasting stability in both chassis and component supply, which we have not yet experienced. F&E segment adjusted EBITDA was $1 million in the Q3 of 2022, compared to $15.8 million in the Q3 of 2021. The decrease was primarily a result of lower volumes and inefficiencies related to supply chain disruptions and inflationary pressures partially offset by price realization. Unadjusted Q3 results include $2.3 million in restructuring charges associated with the transition of KME productions. As of July 31st, this restructuring activity was substantially complete. Total F&E backlog was a record at $2.2 billion, an increase of 76% year-over-year. The increase in backlog was a result of strong orders for both fire apparatus and ambulance units, pricing actions, and lower throughput. We continue to expect conversion of these orders to sales to remain challenged in the near term. The midpoint of updated guidance anticipates Q4 F&E segment revenue to be approximately flat with our Q3 run rate, which is $45 million-$50 million lower than the prior year. We do expect sequential improvement in operating efficiencies, resulting in a 15% year-over-year decremental margin on lower segment sales. Turning to slide six. Commercial segment sales were $111 million, a small decline versus the prior year. The decrease was primarily related to lower shipments of school buses and municipal transit buses, partially offset by increased shipments of terminal trucks, street sweepers and price realization. Lower school bus shipments were primarily due to supply chain disruptions and labor constraints. Municipal transit bus shipments declined 43% versus last year, largely the result of shortages of key components and increased absenteeism related to COVID variants. Within specialty group, production of terminal trucks and street sweepers increased 26% quarter-over-quarter. This is the fourth consecutive quarter of improved unit velocity resulting from REV Drive improvement initiatives designed to increase throughput. Combined production at this plant increased 61% versus the prior year quarter. Commercial segment adjusted EBITDA of $6.8 million decreased $2.9 million versus the prior year. The decrease in EBITDA was primarily the result of lower shipments and mix in the transit bus business, inefficiencies related to supply chain disruptions and inflationary pressures, partially offset by increased shipments of terminal trucks, street sweepers and price realization. Lower municipal transit bus mix is primarily due to the completion of a large municipal order that carried higher content and production of buses sold in a highly competitive bidding environment during the trough in demand during COVID. Increased inflationary pressures have inflated the anticipated build cost and lowered the margin opportunity of these units. We continue to work with our customers to achieve price adjustments to reduce the margin impact of cost increases for these units. Our current bids reflect increased pricing to mitigate inflationary pressures, and we are optimistic that our backlog will benefit from increased EV penetration over the next several quarters. Commercial segment backlog at the end of the Q3 was $531 million, an increase of 70% versus the Q3 last year. The increase in backlog was a result of strong orders of school buses, terminal trucks and street sweepers, partially offset by the timing of orders for municipal transit buses. The midpoint of updated guidance anticipates production of transit buses currently within backlog to continue to weigh on segment profitability, offset by sales and profit momentum in our specialty business. School bus production is expected to continue at current line rates due to chassis uncertainty related to OEM model year changes. Turning to slide seven. Recreation segment sales of $254 million increased 20% versus last year's quarter. Increased sales were primarily a result of increased Class B and Class C unit shipments and price realization, partially offset by fewer shipments of Class A, campers and towable products. Higher shipments of Class B and Class C units were primarily related to increased unit velocity related to REV Drive improvement initiatives designed to increase throughput. Lower shipments of Class A units were primarily related to supply chain constraints, rework, and absenteeism. COVID-related absenteeism and similar supply chain constraints also result in lower shipments of campers and towable units out of our California plant. Recreation segment adjusted EBITDA was $29.8 million, up $6 million versus the prior year. Segment margin of 11.7% increased 40 basis points versus the prior year, with improved margins in all motorized categories. The increase in adjusted EBITDA was primarily a result of increased shipments of higher margin Class B units, favorable mix of Class A and Class C units, and price realization, partially offset by inflationary pressures and inefficiencies related to supply chain disruption and labor constraints. Segment backlog of $1.2 billion increased 7% versus the prior year. Orders continue to be strong in our higher margin Class B and Class C categories, and dealer inventory for all categories remains low. We did experience some order cancellations within the quarter for our Class A products, which impacted our reported backlog in implied segment orders. However, backlog for each of our categories remains greater than one year of production. At the midpoint of updated guidance, we expect Q4 net sales, product mix, and adjusted EBITDA within the recreation segment to continue at the Q3 run rate. Turning to slide eight. Net debt as of July 31st was $235 million, including $148.8 million of cash on hand, versus $237 million net debt at the end of our fiscal Q2. The decrease in net debt was a result of free cash flow generation within the quarter of $24.7 million, partially offset by share repurchases of $24.1 million. Within the quarter, we repurchased 2.1 million shares at an average price of $11.16. We have now purchased a total of 6 million shares for nearly $74 million under the current $150 million authorization. We also declared a quarterly cash dividend of $0.05 per share, payable October 14th to shareholders of record on September 30th. Year-to-date, cash return to shareholders totaled $79.4 million. We plan to remain disciplined and opportunistic with all capital allocation priorities, including shareholder returns of capital. At quarter end, the company maintained ample liquidity with approximately $287 million available under the ABL revolving credit facility. Trade working capital on July 31st was $353.4 million compared to $368.2 million at the end of fiscal 2021. The decrease was primarily a result of increased customer advances and accounts payable, partially offset by increased inventory and accounts receivable. Year-over-year third-party chassis inventory, including both on the balance sheet and within OEM pools, increased $23 million. Year-to-date cash provided by operating activities was $59.5 million, compared to $100.6 million cash provided in the prior year period. The decrease was primarily due to lower net income and a lower trade working capital inflow, primarily due to the increase in inventory levels I previously discussed. We spent a total of $7.4 million in capital expenditures within the quarter. Today, we update full-year guidance to reflect the continuation of supply chain challenges previously discussed. We now expect sales in a range of $2.25 billion-$2.35 billion, a decrease of $25 million at the midpoint. Adjusted EBITDA is expected to be in the range of $100 million-$110 million, a decrease of $5 million at the midpoint. We expect net income in the range of $14 million-$25 million and adjusted net income in the range of $44 million-$54 million. Free cash flow remains in the range of $58 million-$70 million. With that, operator, we'd like to now open the call up for questions. Thank you, ladies and gentlemen. Our first question comes from the line of Mike Shlisky with D.A. Davidson. Please proceed with your question. Hello, good morning. Can you hear me okay? Good morning, Mike. Great. Thank you so much for having me. Let's just quickly start on recreation. Could you maybe talk a little bit about the order pace throughout the quarter? Some of the broader macro indicators that indicate the broader market in recreation have deteriorated over the last few months. Just kind of curious whether the orders for all your products have also taken that same turn, or have things been pretty steady throughout the entire quarter? Yeah, as I said in prepared remarks, you know, the order rate was steady, but we did have the cancellation that sort of, you know, impacts our when you look at overall what the order intake was. As I said, in our Class A business, we had it was really concentrated on one retailer that actually canceled a significant part of their orders or put those on hold within our order book. We saw- Okay. We saw consistent flow within our motorized units. Then we did see a slowdown, as you referred to in the towable, our campers and towable, which again, are only about 10% of our exposure. We don't have the exposure that some of our competitors do. As you know, we're more like 90/10 or sorry, 80/20, 90/10 on the EBITDA, like Rod quoted within our mix. We're a lot more heavily motorized. Got it. Rod, you said you that you've started to take a little bit of a greater role of the fire emergency business, at least temporarily. You said you did have some, you took a more personal up close and personal look at that division over the last few months. I'm curious if you could provide more detail as to what you may have found, that you didn't know before over the last month or two about that business. Yeah, I think that you know, I was pretty much aware of what was going on before, but now, as you mentioned, I've stepped in maybe quite a bit deeper than I was. I think strategically, you know, our direction is pretty solid. We talked about the longer term things in our Investor Day that we wanted to accomplish in terms of simplification and getting at some of the complexity, looking at operational excellence centers where we could maybe take the duplicative efforts that we have in our plants and figure out better ways within our network to execute. All that kind of, what I would call mid to longer term thinking is still on course. Shorter term, you know, as I mentioned in my comments, and Mark also reinforced, the material challenges we've faced have really hit us most difficultly in our fire and emergency business, in fire in particular. Operationally, you know, we just need to step up the intensity and continue to drive improvement despite a pretty difficult environment to drive change. Our people are focused keenly on getting materials available so we can complete builds. When you're trying to transform businesses through those same resources, it has impacted our ability to execute the transformational operational change. We're making progress operationally, but it's very muted because of our flow and our inefficiency we're seeing tied back to the material shortages that we have. I mean, the issues, to us, are pretty clear. We gotta maintain a real focus on improving operations. As we see the supply chains improve, we expect that we'll see those improvements come through and continue on our path, on the longer path around the design changes and network changes that we talked about during our Investor Day. Okay. If I can just close it up with a quick model question. I guess I'm curious why reduce CapEx this quarter for the full year? Have you changed any of your investment plans? Should we be shifting $5 million into next year's CapEx just 'cause of timing or what have you? Yeah, it's more timing as we started completing. These supply chain challenges hit us as well as lead times. You know, lead times for some of the equipment that we were looking to purchase got pushed out as well. It's more of a timing than anything, Mike. From that perspective, we're still investing in our businesses and in the equipment that's required to drive our throughput improvements. Okay, great. I appreciate it. Thanks for your time, guys. Yeah. Thank you. Thanks, Mike. Our next question comes from the line of Mig Dobre with Robert W. Baird. Please proceed with your question. Good morning, guys. Thanks for taking the question. Morning, Mig. Morning, Mig. Maybe I'd like to start with fire and emergency as well. Look, you know, based on the way you kinda talked about the Q4, it looks like you're gonna be doing something like $950 million of revenue this year. You've got, you know, better than $2 billion of backlog. Obviously deliveries here are stretched quite a ways into the future. I guess my question is, 1st, you know, how are your discussions with customers progressing as far as your ability to actually convert and deliver these units? Are they comfortable with the idea that you might be delivering into fiscal 2025 here? The 2nd question is how do you manage your own price cost dynamic? Because with this level of backlog and with all the disruptions that we've seen here, I'm sort of curious if you have any mechanisms that are embedded within your contracts to allow for some degree of flexibility given all the uncertainties that you're experiencing. Thanks, Mig. This is Rod. I guess from the 1st standpoint, you know, we're very transparent with our customers as we pursue work with them around delivery timeframe. That's the only way you can do this is be completely transparent. We found, you know, because we have multiple facilities serving. We have variation in lead times, so by brand. We found that when we have communications and when we go to market in these competitive bid environments, that our lead times remain very competitive to our competitive peer set. I think, you know, in the last quarter, I'm going back on the notes here that I made a quote. I think we're on a book-to-bill basis, and a lot of this goes back to our bill being depressed, but we were still. I think it was 2.5x book to bill. We're still seeing pretty solid demand despite the fact that because of all the inflationary pressures we've seen, we have had to take price up considerably in the last year. That goes to your second question. I mean, most of the contracts that we work on are municipal contracts. They're on other people's paper through a dealer network. Many of those contracts do offer escalation clauses that we take full advantage of. When they don't, we've had conversations through our dealers and with municipalities about equitable adjustment to price. That's a contract by contract thing. We continue to see on a price cost basis in the short term, we've continued to be pretty balanced on that to positive. We look at this on a forward basis going forward, you know, and trying to speculate the range of anticipated inflation. We still feel we're in a pretty decent position because of the prices we've been able to take. Different timing in your backlog, different tranches of price levels could be challenged depending on when they flow relative to inflation. Overall, broadly in the backlog, if we can get back to a normalized inflationary period here soon, we feel pretty good about where we're at, being able to deliver on price cost on a go-forward basis. It's something we're aggressively looking at on the backlog to price standpoint, where we have the opportunities to talk to our customers, and also we continue to monitor on a forward price basis what we need to do with forward pricing to make sure that we're protecting our margins. I appreciate that. I guess, you know, as we're starting to contemplate fiscal 2023 here, I'm curious what your level of visibility or comfort is at this point that indeed in calendar 2023 there is some improvement in your supply chain. You know, you mentioned that in your prepared remarks, but I'm curious as to what gives you any level of confidence that that's the case. As it pertains to this segment specifically, you know, the backlog that will get converted in calendar 2023, in fiscal 2023, is that in a position to be at least neutral on a price cost basis? Should we expect some margin normalization as we look at fiscal 2023, or is that more of a fiscal 2024 and beyond phenomenon? I'll answer the first part of the question. I do think that. What was the first? Supply chain. The supply chain issues, you know, when you look at where we're at this year and looking in the market versus last year, we don't have a crystal ball here. We do look at things that what the Fed's doing and that will probably aid us in slowing the economy, and that should normalize demand a bit more and put less pressure on the supply chain. I do think at some point that realization will come true, and when that happens, we should see a movement in our supply chain to be able to be more consistent with where it was prior to maybe the Q3 of 2021 or at the Q3 of 2021. We don't have hard cut. We obviously talk to our suppliers. We're doing a ton of activity to try to help them. We think everybody's gonna emerge from this better than they were going into it just because of how we've had to improve our performance to continue the line rates that we're even where they're at today. There is a bit of a speculative piece of thinking about some of the activity that's going on with interest rates, what that might do to broader demand. We're building out of a backlog, our demand's pretty set, obviously. Some of the markets that are more hand-to-mouth, it will benefit us, I think, on our supply chain. We may be a little bit of opportunistic belief there, but I do think that the supply chain will normalize as quickly as it eroded and will benefit from that is our view. When exactly that happens, the timing, you know, I still believe it's probably a back half of next year, but I would bet it's a 2023 based on the interest rates that we're seeing and what we think that'll do to demand. Mark, you can comment on that. Yeah, I think as well, I'll carry on on the supply chain. You know, all the work that we're doing that we've talked about previously around supplier development and also expanding our supply base. Those are coming to fruition here. As you know, it takes a, you know, a cycle here in order to get people up to get the engineering drawings and whatnot. We will be in a better position internally with our supply base expanding as well as we progress through 2023. When you get to product validation and whatnot, and some of the resourcing we've talked about before around radiators and wire harnesses, those are in motion here, and it's just a matter of getting the supplier qualified, PPAP'd, and approved. Then we will, we'll have an expanded supply base as well entering into 2023. We feel good about our resourcing activities. From a price-cost, obviously we've highlighted some things on the transit bus business. As Rod said, as we move through this backlog, we are price-cost positive right now. All the work we're doing on some of the resourcing activities, we still believe that we will be price-cost positive next year in these businesses and will improve as we eat through the backlog and work through some of the orders that we were not able to in some cases adjust the pricing. The faster we get the throughput out and eat through our backlog, the quicker we'll see the price relief, which will be upside to what we're currently experiencing. Understood. If I may squeeze in one final one. Mm-hmm. You know, the demand in this segment has been incredibly good, and some of your peers have reported pretty similar order trends. I'm just sort of curious as to what you're ascribing what we've seen here. Is it fair to think that there's a bit of a budget flush that is happening with some of your customers? I'm also wondering if you have any sense that there's the potential for sort of double ordering, you know, placing orders with several OEMs, and sort of trying to wait and see who can deliver first. Do you think that there's any risk of potential order cancellations as the supply chain starts to loosen up, either next year or beyond? Thank you. Yeah. I don't think that, I mean, I think first off, with what's driving the market, I think that you're coming into the COVID. There's no question whether it was how much demand was pent up or how much demand was delayed, that once we kind of exited the fact that tax receipts did not get muted during the COVID period, they actually municipal tax receipts went up. That combined with healthy levels of subsidies from the federal government on top of that, the local municipalities probably had money to spend. I think that's part of it, and I think that what you might call a surge might have been contributed by the fact that there was a period of time when orders really dipped in 2020. That probably delayed those orders come through on, and then get tied back to regular cycle plus, you know, budgets being pretty healthy for a period of time. I think those are the things that are most likely driving. Plus maybe some non-cyclical, cyclical things around the EV side. Some of that stuff is still somewhat immature. The volumes are really low. But I also think that that's the next wave because there's lots of monies laying out there now available in some of these markets to fund electrification as well. The 2nd question you had was what? Cancelations. Regarding cancellations and double orders, you know, in my experience in municipal contracts, I don't think municipalities are in a position to double order. I've never seen that before. We certainly, when we procure these things, we're working so closely with the municipalities in terms of finishing out the designs that they'd have to be doing due effort there on the FNE side, and I just don't think that that's plausible for them to be doing that. I don't think that's real. Obviously, Mark hit on, we've had some small cancellations in our Class A on RV. You know, some of that's seasonal, some of it's, you know, happens on a regular basis. Some of it's related to maybe a downturn. Again, our mix in RV and the fact that we didn't significantly ramp up our volumes and our production rates until last year in our Class B, we're not in a position where the ramping down is probably something that concerns us in relative to order cancellations. You know, there's always the possibility that we're getting no words or no hints of that becoming something we're gonna deal with. Everybody wants their vehicles. Then on the FNE side, you know, many times there's cash advances, deposits on these things as well that support the order staying as well. Great. Did that answer your question? Thanks for the color. Yeah. It did. I appreciate it. Thank you. Thanks, Mike. Our next question comes from the line of John Joyner with BMO Capital Markets. Please proceed with your question. Good morning, and thank you for taking my questions. Morning, John. Good morning. This is mainly on F&E again, but regarding the labor situation. You touched on the previously furloughed employees at your ambulance factories, and then you also talked a bit about engineers. Just looking at, say, your job openings right now, and there's still several ones that need filling, particularly at your Holden, you know, fire apparatus plant. Are you seeing things loosen up a bit in terms of hiring? I guess, how would you describe your overall efficiencies today at Holden since the KME production was added? In general, our efficiencies at Holden and actually network-wide, Fire more broadly, are well below last year. Part of that goes, even though we have furloughed and reduced our workforce because of not being able to ramp in the back half, we're still carrying more labor than we need because everything's getting touched multiple times as it goes down the line. We have more inefficiencies this year than we had last year at this time, for sure. Specific to Holden, it's arguably more impacted largely because, you know, bringing two plants together brings challenges of its own. We talked about openly on these calls that the relocation was, the products were not documented, and we knew that was gonna present challenges. That combined with the material issues we've had have put us behind schedule there without question. We've got an awful lot of focus there from resources, not only at Holden and staffing that plant from a leadership standpoint and also from a direct labor standpoint. We're also focused on that from an enterprise standpoint with our black belts and myself. You know, I'm going down there twice a month now to participate and support that team in their transition. It's been a challenge for sure. I believe, you know, the economics of looking at those two businesses separately versus combined still leads you quickly to the conclusion that once we get through this transition and those brands into planning and get the plant moving and materials right and our designs documented, we'll be in a much better position than we were coming into it. It's still the right business decision. It's just been delayed because of our own execution and then the challenges we've had with the supply chain. Okay, that makes sense. Thank you very much. Maybe just one more, pivoting to recreation. If you look at RVIA, which recently forecast that it expects industry RV shipments will be down 16% in calendar 2023, I realize this is obviously not your outlook, but how would you expect your business to perform against this type of backdrop? Given the amount of heavy lifting that you've done on restructuring side, you know, with I mean, across your businesses, but within the recreation segment, I guess what levers are available to pull in a potentially softening environment? Yeah. You know, recreation, like all our business, are highly variable. You know, from the variable side, we're able to flex labor. With that said, you know, we still have over a year's backlog in all categories. You know, we consistently have said, especially in our Class A, that we have been operating at top volumes in that business. You know, we've managed that business for the long term, and we didn't get ahead of ourselves from a cost perspective and adding costs into those operations. We feel very good that. If you look, you really need to break out the totals when you're looking at, John, at those RVIA data because as we say, you know, our California plant is really our trailer and camper business, and that's you know, we're mostly motorized in the Bs and Cs, which have held up very well, the Bs, especially in this period. In the As, which never saw an upturn during this COVID, you know, we've been managing that business well into profitability. I think that's really, you know, to your point is, we're able to flex that down, and the flexing that has happened there is probably less than others that have actually ramped up during this upturn in the market. Okay, excellent. That's all I have. Thanks for the time. Thank you. All right. It appears. Thanks, John. There are no further questions in the queue. I'd like to hand the call back over to Rod Rushing for closing remarks. Thank you, Doug. The last year certainly has brought some challenge to all, everyone in the industrial manufacturing space. Despite the supply chain labor and inflationary pressures, you know, I and the leadership team remain really confident and positive on what's ahead of our business in the REV Group overall. We have seen impacts to our throughput throughout this period. We've been able to improve our engineering capabilities, our production plannings, materials management, and we continue to invest in our people to solve our manufacturing readiness and our problem-solving capabilities. We've been able to maintain positive price costs in this inflationary period. As we emerge from the supply chain challenges, we believe we are in a solid position to achieve our long-term goals. Our team has worked tirelessly for our customers, and certainly ourselves and our leadership team greatly appreciate everything they've done in support of that and also embracing the changes that we've put forward. With that, I'd like to thank everyone for joining our call today, and we look forward to speaking with you again in December. Thank you for joining. Have a great day. Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.