Good day, and thank you for standing by. Welcome to the Rush Enterprises Reports Q4 and Year-End Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, we'll open up for questions. To ask a question during the session, you will need to press star one one on your telephone. You'll then hear an automated message advising your hand is raised. To withdraw your question, please press star one one. Please be advised that today's call is being recorded. I would now like to hand it over to your speaker today, Rusty Rush, CEO, President, and Chairman of the Board. Please go ahead. Good morning, and welcome to Rush Enterprises Q4 and full year 2025 earnings conference call. With me on the call today are Jason Wilder, Chief Operating Officer, Steve Keller, Chief Financial Officer, Jay Hazelwood, Vice President and Controller, and Michael Goldstone, Senior Vice President, General Counsel, and Corporate Secretary. Before we begin, Steve will provide some forward-looking statements disclaimer. Certain statements we will make today are considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Because these statements include risk and uncertainties, our actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in our annual report on Form 10-K for the year ended December 31, 2024, and in our other filings with the Securities and Exchange Commission. Thanks, Steve. As we reported in our earnings release for 2025, we generated revenues of $7.4 billion and net income of $263.8 million, or $3.27 per diluted share. In the Q4 of 2025, revenues were $1.8 billion, and net income was $64.3 million, or $0.81 per diluted share. I am also pleased to announce that our board of directors approved a cash dividend of $0.19 per share. 2025 was another challenging year for the commercial vehicle industry. Freight rates remained under pressure, excess capacity continued to be a factor, and customers faced uncertainty around trade policy and emissions regulations. All these factors negatively impacted demand, particularly for new trucks in the over-the-road segment, and also created a more difficult aftermarket environment. Despite these conditions, I am proud of how our team performed. We remained disciplined, generated strong cash flow, managed expenses effectively, and continued investing in the long-term growth of our business. Toward the end of the Q4, we began to see improvement in new Class 8 truck demand. Quoting activity and order intake both increased, and that momentum has carried into the Q1. We believe a key driver of this improvement has been increased clarity, particularly around tariffs and the EPA's anticipated confirmation of the 2027 NOx standard. With some of that uncertainty behind them, fleets are beginning to plan for the future, for future vehicle replacement cycles again. We also continued to expand our network in 2025. We acquired IC Bus dealerships in Ontario, Canada, with an area of responsibility that includes the provinces of Ontario, Quebec, New Brunswick, Nova Scotia, and Prince Edward Island. In addition, we added a full-service Peterbilt dealership in Tennessee with Rush Truck Center's, Nashville Central. These strategic conditions strengthen our footprint and enhances our ability to support customers over the long term. Turning to the aftermarket, parts and service and collision center revenues totaled $2.5 billion for the year, essentially flat compared to 2024, and our annual absorption ratio was 130.7, compared to 132.2 in 2024. In the Q4, aftermarket revenues were $625.2 million, up from $606.3 million in the Q4 of 2024, and absorption was 129.3, compared to 133 in the prior year period. While aftermarket conditions were challenging in 2025, we continued to see strength in key customer segments, such as the public sector and medium-duty leasing. Our focus on operational efficiency, reducing dwell time, improving parts delivery, and strengthening service execution also supported our performance. Demand remains soft in January, but we are beginning to see signs of improvement. As fleet utilization increases and customers address deferred maintenance and aging equipment, we expect parts and service demand to strengthen. Looking at vehicle sales, we sold 12,432 new Class 8 trucks in 2025, representing 5.8% of the U.S. market. In Canada, we sold 338 new Class 8 trucks, representing 1.4% of the Canadian market. As I mentioned earlier, demand was soft for much of the year, particularly amongst over-the-road fleets. However, demand from our vocational and public sector customers remained relatively stable, helping offset some of the weakness in the over-the-road segment and highlighting the benefit of our diversified customer base. ACT is forecasting new U.S. Class 8 retail sales of 211,300 units in 2026. We believe the Q1 will represent the trough for Class 8 retail sales, and we are encouraged by recent improvements in order intake. Fleet ages remain elevated by historical standards, and we expect replacement demand to increase as the year progresses. With respect to medium-duty commercial vehicles, new U.S. Class 4 through seven retail sales totaled 217,412 units in 2025, down 15.6% compared to 2024. Despite that decline, we sold 12,285 new Class 4 through seven commercial vehicles in the U.S., down 8.5%, significantly outperforming the industry and increasing our market share to 5.7%. In Canada, we sold 993 new Class 5 through seven commercial vehicles, representing 6.3% of the Canadian market. We continue to be pleased with our medium-duty performance. We believe our diverse customer mix and Ready-to-Roll strategy continue to differentiate, differentiate us from our competitors. ACT is forecasting U.S. Class 4 through seven retail sales of 218,225 units in 2026, up slightly compared to 2025. While we remain cautious, given weak order intake over the past several months and broader economic uncertainty, we are beginning to see improved quoting activity, and we are well positioned to fulfill orders as customers move forward with purchasing decisions. We sold 6,977 used trucks in 2025, down 1.9% compared to 2024. As freight rates improve and pre-buy activity builds ahead of future emissions regulations, we expect the used truck demand to improve in 2026. Our leasing and rental business delivered another solid year. Leasing and rental revenues totaled $369.6 million in 2025, an increase of 4.1% compared to 2024. In the Q4, lease and rental revenue increased 3.6% year-over-year. This business continues to benefit from the strength of our full service leasing operations, supported by strong customer demand and a younger fleet. From a capital allocation perspective, we remain disciplined and continue to return capital to shareholders. During 2025, we repurchased $193.5 million of our common stock. We also announced a new stock repurchase program, authorizing the company for repurchase up to $150 million of common stock through December 31, 2026. In addition, we returned $58 million to shareholders through our quarterly dividend program, a 5.6% increase compared to 2024. These actions reflect the strength of our balance sheet and our confidence in the long-term outlook for our business. Looking ahead to 2026, we expect market conditions to remain challenging in the Q1, but we are optimistic about the remainder of the year. With fleet ages elevated and maintenance needs increasing, we expect both commercial vehicle sales and aftermarket conditions to improve as we move into the Q2. While we cannot control the pace of the market recovery, we can control our execution. We believe we are well positioned to respond quickly and effectively to our customers' needs as conditions improve. Historically, when the cycle turns, demand for both new commercial vehicles and aftermarket parts and service rebounds quickly, and we believe the strategic investments we have made over the past several years will help us serve customers better and gain market share. Finally, I want to thank our employees for their hard work and commitment through 2025. This was a very demanding year, and their focus and execution were critical to our performance. With that, we will open it up for questions. Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for a name to be announced. To withdraw your question, please press star one one again. Please stand by. We're compiling our Q&A roster. One moment for our first question. Our first question will come from the line of Brady Lierz from Stephens. Your line is open. Hey, great. Thanks. Morning, Rusty. Thanks for taking our questions. I wanted to maybe start, unsurprisingly, on Class 8. As you mentioned in your prepared remarks, you know, we've seen an improvement in orders, you know, late in 2025 and here early in 2026. But can you just kind of talk about what you're hearing from your customers? Are you expecting this to be a pretty meaningful pre-buy here in 2026 ahead of the 2027 regulations? Just any clarity there would be helpful. Thank you. Sure. Be happy to. The answer would be cautiously, but maybe not even cautiously, but optimistic that, yes, there will be a, you know, a pre-buy before, you know, we get into the 2027 emissions regulations, you know, based upon not just the regulations, right? But you can, you can incorporate regulations all you want. I was around, well, you were probably still in high school back in 2009 and 2010, when we, when we went to SCR, and we were supposed to have this big, you know, buy in 2009. Obviously, it was the worst year in 40 years, right? We had a little economic problem going on. So what I'm reflecting on is not just the fact of the 2027 emissions, but the fact that their business is improving. I'm not going to get ahead of myself and say it's like accelerating or ramping up rapidly, but it is improving, especially over the last 90 days. I don't have to tell you, you know, spot rates have been up. If I'd asked six months ago, most people would have thought going into the year, contract rates were probably going to be flat. Now, people are hoping to get contract rates up, you know, mid-singles, right? That line between spot and contract has moved nicely, but where spot was so much lower before. So, you know, your business has to be good. So you got to... And I'm not going to say it's great, but you at least need to be able to see forward, right? And that's important. We had so much uncertainty last year with regulations, you know, with EPA regulations, with tariffs and everything else. So now you can focus on these regulations and do it while your business is, you know, gradually getting better. It may not be reflected in all the Q1 reports. But I think most customers feel that their business is improving. When you talk about, we're talking about over-the-road customers right now, because that still is the biggest segment, even though we're more diversified than most folks when it comes to vocational and over-the-road. But we still need that over-the-road customer to be solid, right? He's the biggest piece of what you do still. And so combining, you know, some, most, we don't have full clarity, but we know we're not changing it. We know it's gonna be 35, the government, when I come talking about NOx and stuff, so we realize that's going to be there. You know, there's a little—they haven't clarified everything, but you pretty much know what the cost is. And, you know, when you're doing something like this, the cost is one thing. It's, you know, it's, you know, some, a little bit new after-treatment systems, and I watched in 2010 when every particulate filter was clogged up when we came out of SCR back in 2010. So I'm sure there's a lot of people that still remember that, you know, you can have issues when you come out. So I'm just giving you background. You combine the EPA issue, clarity on tariffs, which has given clarity to pricing throughout this year, which we did not have last year, and their business is getting better. So I am optimistic. The issue will be this: we're gonna run out of time. So, you know, it's already... We're what? eight days away, nine days, what is it, 10 days away, excuse me, from the end of this month. I apologize. And we'll be into March already. So I do expect order intake to remain what we've seen over the last couple of months, in that range, if not, maybe even a little more, because I think people are lining up. So I do believe Class 8 order intake is gonna continue solid. You got to remember, we had a five or six month run last year, a six-month run that was close to being less than the last two months. Five months for sure were close to being less than the first two months. So, I mean, all that. I know it's a long-winded answer, but you folks are used to my long-winded answers. I try to, I try to give you a full perspective here. Yes, the emission piece is there. Yes, that's important, but it's also important that people can at least see a little further in their business and have clarity, which we didn't have. So the combination of the two, yeah, I think we're going to get. You know, and I, I think your big- you may run into a problem, a supply side problem, with Tier 2 and Tier 3 suppliers. We're not there yet by any stretch, because there was a lot of backlog to fill up. But, it'll be interesting to see where we are 60 days from now. So I mean, most, a lot of customers are realizing they better. I think some customers, well, I know they are, that they better get on board now and not wait until summer, or we may run out of-- It's hard to ramp up for that short a period of time. You know, volumes will ramp up, but there's only so much you can do when you don't have clarity past, you know, January 1, really. But I, and I, but I don't see, just going further, I don't see 2027 to be a huge drop-off either, because we're gonna get started. It's gonna be a-- We're gonna get started light here in Q1, okay? There's no question. Lighter than we were last year in Q1, so you're starting in a hole. So I... You know, the year could be similar, maybe slightly up, but it's gonna be, you know, packed into the back three quarters of the year, should you say? So I'll shut up. No, that's all very helpful color. Maybe we could just talk about parts and service for a second. You know, typically, you see a pretty nice sequential step up in the Q1 compared to the Q4. But has the severe winter weather we've seen this year impacted that at all? Just wanna get any thoughts there. Yeah. Then, you know, if you could, just talk about some of your strategic initiatives in parts and service. You know, you've mentioned in the past growing the technician headcount, moves. Just how are those initiatives progressing? Yeah, well, I, you know, I'm not gonna say, as I mentioned earlier, January was a tough month, when you ask about the freezes. Well, we were gonna shut down for about a week in the Dallas-Fort Worth area and some other part areas. We were, you know, down in the South, they don't know how to handle ice and snow. I can tell you, it's not like... You know, it's funny that, you know, weather, cold weather is good for your parts and service business, say, in Chicago. They're used to handling it. They got snowplows. They don't have any snowplows in Dallas. Nothing iced over for five days, okay? We were almost shut. We really were. We were running skeleton crews. It was detrimental, let me tell you, to our southern stores in some areas. That's why January was a real tough month. We're starting to see life, a little more life. You know, as I've said all my life, if I could just get rid of November through February, but I'm from, you know, we're from the South originally, so we're from Texas. And if I could just get rid of November through February, I would have, except for Christmas and Thanksgiving. But, you know, we're getting to the end of it, and you know, we're starting to see. You know, it's typical seasonality, I would tell you. It was softer, soft in January, and it was soft in November and December for my, but that's seasonal. That's not something we don't deal with in the past. January was probably softer than it usually was because some of our bigger areas on the Peterbilt side were down, which are further south, got frozen up a little bit. So, some of these places don't operate well on that. But, I think it's just normal. We'll be, we got hurt a little bit, but we should come out of it here as the sun comes out and it heats up here, we get into March and April. I mean, I see no reason we won't. And, we're seeing signs in February that things are better than what they were, which is just typical. typical. From a strategic initiative, you know, our mobile service piece is something, you know, that we're really big on, and we continued. Last year was a big year for us from a mobile investment perspective. I mean, I can tell you, we, we took on, like, $4 million more depreciation in mobile units last year than we had at the end of 2024. So, you know, those are investments that we make that, you know, that payback comes back over the next five or six years, right? As you ramp all that up. And, and you like to think it's all immediate, but it's not always all immediate, you know, so we continue to ramp up that piece of our business. It's a larger piece of our business than it ever has been. It was running around 30%, now it's running more like mid-30s% or more of our overall business. So going forward, we continue to believe that's going to continue to be a big piece of what we do. You know, outside of our shops, I would tell you that's the most important. We did go backwards a little bit in technicians in the Q4, but, you know, I think that was just, we, I think, I'm not sure exactly why it wasn't. I'm not gonna say it was dramatic, so I'm not gonna make any big deal out of it. But, you know, we are focused on continuing to get back to, you know, adding especially a higher level skill technicians, as best we can, and, you know, doing our best to train the young ones. You'd be amazed that, you know, the turnover usually comes in those first year, second year folks, 'cause they. And we continue to have programs and work our way through that. Yes, you know, we'll continue to try to grow technicians like we have in the past, while we're still doing it profitably, right? You gotta be careful when you're doing that, but you gotta be able to do it profitably, not just do it for the sake of doing it. You know, we've got some great programs from a delivery perspective. We're running a pilot project. I don't want to get into all... I'm not gonna get into all that stuff. How about that? Some of that's might consider proprietary, and proprietary stuff. Yep. You can rest assured, we're not sitting on our hands. We never have, and we never will. We'll be out there, you know, we'll be out there running hard, running out front, hopefully, because you're always getting chased, so you gotta have something going on. Yeah, absolutely. Well, one, one final one for me, and then I'll pass it along. You know- Sure. You mentioned quite a few times, just throughout this challenging freight market last couple of years, you know, one of your priorities has been controlling your expenses, you know, controlling the controllable. You know, you did a nice job of that in 2025, and particularly in the Q4. Can you just talk about how we should think about expenses in 2026, given, you know, both your focus on wanting to maintain that cost discipline, but also considering, you know, we are expecting the market to improve here in 2026? Right. Well, you know, I mean, let me say this: If we get to really where I believe, we're not there yet. If we can get into a growth where we really feel some real growth, I'm not ready to claim, and I'm talking parts and service growth, not truck sales. Remember, truck sales are when you go, everybody goes, "SG&A, SG&A." Well, we run it different. S is attached to truck sales, G&A is attached to all the other expenses, right? Because S is a variable commission piece driven by what truck sales are. So, you know, you sort of got, you gotta look at them in two separate buckets, right? And that's how we do it. And, you know, I would hope that we can maintain our G&A at least close to flat, okay? That's my plan here in, you know, in Q1, would be to do that. Now, as we ramp up, if the parts and service business ramps up, we always talk about the fact that we will spend, you know, half of the growth, because half of the growth will have to be spent, the gross profit growth. Now, let me back up a second. Remember this about Q1. Don't comp Q1 to any other quarter. Q1 is always jumps from Q4, okay? We have... You've got all your payroll taxes restarting, and all our equity costs go out. The majority of our, not all, majority of our equity costs go out in Q1. So if you look at our historical record, it will always show a jump from Q4 to Q1. So don't, don't, don't forget that. I would just compare it to last Q1, would be what I would tell you to do, not compare it to Q4, because that's always a jump that we have. You start up, you know, a lot of different things in Q1, like, you know, payroll taxes run down as the year goes on, et cetera. And really more than anything, the equity costs are all, the majority, not majority, but half the equity costs in the company run in one quarter, and that would be in Q1. So again, don't compare it to Q4, compare it to last year's Q1. But we would hope to stay, you know, do a good job for now, staying close to that number, last year. But it's possible that it'll ramp up some if our gross profits and parts and service start going up. We can't just... You know, it takes people to do what we do. People turn wrenches, people move, drive, and deliver parts, people do all these different things. So it's not like I'm loaning money here. I'm handling, you know, hard assets and stuff like that. But I'd love to have that problem, so hopefully, we will continue to see growth, and if we don't, then I'm planning on keeping it as flat as possible, okay? If we stay flat in parts and service, I'm planning on keeping as close as I can with as little inflation as possible, you know, to where we were. But we're hoping to have some growth, and like I said, after getting out of January, we're seeing a little uptick here in February, which is not enough. But I'm, like I said, I'm used to the seasonality of the business, whether I like it or not, and I just have to deal with it, and hopefully, we'll pop out in the spring, like always. Very helpful. Thanks for, for all the colors. Always, Rusty. I'll, I'll go ahead and pass it along. You got it. No worries, my pleasure. Thank you. One moment for our next question. Our next question comes from the line of Avi Jaroslawicz from UBS. Your line is open. Hey, good morning, guys. Good morning, sir. Rusty, as of where things are standing today, and you kind of discussed it a little bit already just there, but what are your expectations for price cost in the aftermarket business? I think it was somewhat of a tailwind last year, just as you raised prices of inventory to match the cost increases you were seeing. But then there's a lag for when those hit COGS. So how should we be thinking of what... yeah, should that be a headwind here in 2026? And if so, you know, roughly, what are we talking about? Yeah, you could have a slight headwind, as inflation, you know, with inflation slowing down, okay? But, you know, I don't look at it as it being monumental, okay? There will still be inflation. It may not be quite as much. You know, inflation can be a tailwind to you when you're doing it, if you can maintain. So I, I would tell you, we'll have a little bit of a headwind, but when you look at it as, as from a percentage of the whole, it's something that if you've got a growing market, you could overcome without any, you know, without question. So, while we'll have inflation, I don't expect the inflation from that perspective, from a parts perspective, to be as much as last year, from what we're seeing from the suppliers and the OEMs right now. It'll be there. It just won't be quite as much. Hopefully, you know, what we're talking about is the market will get better and grow. You know, the overall market was flat. I mean, not just for us, for everybody, or even down, and for some people, for some, whether it's independents or dealer-operated stuff, some of them were negative last year. So, you know, I'm hoping that we get into a more, you know, as our customer base gets healthier, you know, their spend will be more normalized. You know, you got to think about it like this, you know, the way I look at it, you know, these guys were over three years in a freight recession, and I've been around, I hate to say how long, but, I'm young at heart, but, I've seen a lot. You know, when it gets like that, people don't necessarily spend like they would if their business was normal. When they're not, their business is in a recession. You saw companies lose money that never lost money. Well, guess what? When that's going on, you're gonna put off, you're gonna, you're gonna put off spend. You're gonna add... You know what I'm doing? I'm adding 5,000 mi to the oil change. You know what? I'm not fixing that fender. You know what? I'm not doing this. So the health of the customer is the most important thing out there. And yes, we do a lot of locational stuff, but the over-the-road market is still the biggest piece. And this, even the small, I mean, we've been off double digits from our small customer for the last... each year for the last three years. So, you know, and you go, "That's, that's bad." Well, that may be bad, but right now, I'm gonna say, but I look at it as a positive. I look at it, it can't get much worse, right? It's only one way to go, and that's up. So, you know, I hear you about the little bit of headwind, but I think the overall market, when I look at the possibilities, a healthier freight market is gonna be way better than a little bit of headwind. And it's not overwhelming headwind either, by the way, but I still think there's gonna be some inflation, there's no question. But other than that, you know, we'll, we'll, we've been able to hold our margins. You can see, I think we were in 37 blended parts in service in Q4, so which is in line, probably. You know, if you look, when I'm sitting here looking back, it's in line. We were 37.2, 37.6, 35.8, actually, the last Q1 of 2025. So my point being, 37 is solid, so and I would hope as we can maintain in that same range, blended parts and service margin, regardless of inflation. But, you know, the health of our customer base, especially the largest customer base, the over-the-road carrier, and, you know, once the big carrier gets healthy, guess what? The little carrier follows along, and that is where more of your retail parts and service comes from. A lot, not more, but a chunk of it that has been super depressed. And so, you know that, to me, that's... It's not there yet, but I've seen these cycles before, and I don't want to get too bullish or anything, but, you know, if things go according to historical, then I think, you know, we should be in, you know, fairly good shape to capitalize on that. That makes sense. Appreciate that. And then on the, on the medium-duty side of, of the business, so saw a pretty sharp, drop-off in, in sales there in Q4. Still better than the industry, but, a sharper deceleration than the industry in, in the quarter. Yeah. How are you thinking about the shape of the medium-duty demand here in 2026? You think it's gonna be fairly similar to what we see in heavy-duty or- I don't know. You know, I have some concerns around it, to be honest with you, but, you know, I haven't seen the acceleration in it over the last 60, 90 days that I've seen in the heavy-duty side. But a lot of times, you know, that's, you know, the medium-duty business is, you know, a lot of leasing and a lot of different customer base, right? And it's tied more to the general economic activity of things going on locally in a lot of ways, because it's a lot more diversified type of products, not just - not otherwise leasing in box trucks and stuff. There's a lot of other medium-duty segments that we play into. So we're seeing more quoting activity right now. It hasn't come to fulfillment as much as the heavy has, but a lot of times, you know, it'll be springtime, as we get around here, coming up with NTEA and some things like, it's a big conference that comes up, the convention, things like that, where some of these things happen. So I am sure that it will line up, historically. You know, I, I can't sit here and tell you that we're going to sell lots and lots more. I would imagine we would be some, maybe based on ACT, calling it pretty flat, to be honest with you. We would stay in line with the percentage of the market we're at now. But, you know, I can't tell you I've booked it all already, that's for sure. But I can also tell you I'm not afraid. We've got a pretty good sales force out there, and, yeah, well represented, many brands and, you know, we feel good. It will come. It just hasn't really happened yet for us, to be honest. But the quoting activity's picked up. You got to quote before you can deliver. You got to quote before you can order, and you got to get it ordered and get it built and get it delivered. So, I'm confident that we'll execute in the lines of where we have historically here, if not grow it. You know, I've got some stuff going on that I'd like to see happen. It might allow us to even grow it, but I don't want to get out and have my skis on. All right, appreciate that, that color, and thanks for the time. I got you. My pleasure. Thank you. One moment for our next question. Our next question will come from the line of Andrew Obin from Bank of America. Your line is open. Rusty, Steve, good morning. Well, good morning, Andrew. Just a question, just going back to something you said. I think you guys were fairly skeptical, and there was a big industry debate about ACT orders last month and were they one time in nature. It sounds like you're sort of warming up to the fact that, you know, orders could actually improve faster. Could you just, you know, unpack this for us? Just what do you think happening with industry orders over the next three to six months, how that's going to play out? Thank you. Sure. And I may be a little repetitive here, Andrew, but I thought I tried to answer, but we believe that, you know, about 90. Once we got clarity, remember, clarity started on November 1. Let's get that right. 232, the, when they changed the tariff rules, took effect November 1st. Then we got some clarity a little later after that about, well, we're going to hold on and keep the 2027, rules in place from the emissions perspective, except for, we're going to loosen up a few things here. We're going to probably-- and it, it hasn't come out yet, but the feds have said, we're not going to keep all the warranties. Now, it hasn't been officially done, but they have communicated to, customers and the like, that we're going to cut the warranties back. Well, that was more than half the cost. We're going to be a little flexible on credits, and how you do that, and I'm not the, I'm not the technical expert, but so you had all that go down. So that gave clarity, right? So then customers started looking out next year. I keep talking to them. They knew they really wanted-- they pulled back on purchases last year, so in the second half. And, you know, you can't do that for too long, or you're gonna bottle back up, your maintenance is going to go through the roof, and the age of your fleet goes up on these big fleets. People really started talking, I would tell you, in November, and, you know, November, I don't remember what it was, I don't know, 18-20,000 units, I can't remember, but it was picking up, and then we had the big December, around 30,000-40,000, I think, and then it was 30,000 last month. Well, at the same time, as I said earlier, people's businesses, they started being able to see your tender acceptance rates came down from 98% acceptance to low 90s, which started it even in the high 80s, which started to drive, you know, your spot market up. And it wasn't just weather that did it here recently. And people felt better about where they were at from, you know, in contracts going forward. You can just. There's been a little bit of tightening, right? So that gives you... People worry, is it sustainable, right? The first 30 days, and now I'm going out on a limb, maybe I'm going to be wrong. Maybe it's not sustainable. I have a feeling that after three and a half years, it's got to be somewhat sustainable, if not gradual, right? But sustainable, whether it's, it's not some spike, but a gradual, sustainable improvement in their business. You tie that in with when now you've got clarity, you know where it's going to be at the end of 2027. You may have slowed down on some purchases. I've got reason it did in 2025. Well, you know, that's where I think you're going to see some good order intake this month. Also, I'm just guessing it's a short month, but it'll be solid. I do believe it's a short month because we know February, but I would expect it still to be solid. And from people I've talked to, some people I've talked to. So, you know, and I think what's going to happen is if the backlogs... So, and I don't know for everybody, because I've even heard of one OEM that had some shutdown weeks here in the Q1 now. Not, you know, not anybody I'm dealing with, I don't believe, but I've heard of one OEM that has. And I'm not here to—I don't want to get into all that. But my point being, I know for people that I'm—they're filling up, okay? Not filling up, but you're getting orders, right? You've got to—So all of a sudden, the backlog is increasing, okay? Well, then people look at it here as we get into the springtime and say, "Wait a minute, you know, I don't want to get left behind in the Q4." Because some people, you know, when you see these orders, remember, they're not all built immediately, but they are building a backlog. Most of them spread over time. So I just believe, I could be wrong. I mean, I'm just, it's just my gut, you know, and maybe touch with the market, that, yes, it will continue because people are feeling, oh, their business isn't great, but they don't feel in the dumps. You know, sometimes when you've been living in the swamp, or in the dumps, it doesn't have to get a whole lot better to make you feel better, right? It's been three years of prolonged freight recession, but at least now you got to believe. You know, because remember, the first thing that happened is capacity is coming out, right? Everybody reads about non-CDL drivers, or non-drivers, you know, that have been taken out here and there, and they have. But that's not an add water and stir thing. But as that goes on, you have less intake of trucks. Remember, we built a whole lot less trucks in the back half of 2025 than what we did in the first half. So you know, you slow that spigot down, you start taking some of those non-compliant CDL drivers out, and you start squeezing the capacity piece, then all of a sudden, their business starts getting a little better, the economy looks a little better, the ISM stuff looks better. I mean, there's a lot of things that tend to make me believe, along with, you know, emission regulations coming in January of 2027, we're going to have a pretty good last three quarters of the year, right? Now, and I'm not predicting doom and gloom after that. That's a little far out for me to understand right now. I'm just dealing with what I got in the present and over the rest of this year, and we'll talk about 2027 as we get halfway through, a little further through the year this year. But I feel good that it is sustainable and will lead to maybe even a better year. The problem is, you start off... So, so remember, the Q1 is going to be off, so you're starting a hole to begin with, so you got to climb back out and then catch back up, which you should do for sure in the back half of the year, delivering more trucks than we did last year, for sure. Great. Rusty, and just to follow up, I mean, it clearly seems that you're highlighting the improvement over the road, finally driving your optimism for the rest of 2026. You've alluded to other parts of the economy getting better. Can you just talk about off-highway, which has been such a moneymaker for you over the past years, sort of got you through the drought? But maybe, you know, if we could talk about, you know, sort of these corporate fleets, if we could talk about construction, if we can talk about waste. What are you seeing in those markets? Because those tend to be economically sensitive as well. But as I said, it seems to us that your message is very clear on finally starting to see green shoots on over-the-road recovery. Yeah, very well put, Andrew. Yes, we're seeing them on that side of the market. Yes, you know, we love the, we love the diversity of our customer base, you know that. I would tell you the vocational pieces, I don't see the pickup that I see across, but I can see fairly flat to where we have been, right? Because we've been pretty solid in it, I got to be honest with you. So, as you said, it's helped us a whole lot over the last, you know, couple of years, you know, in this over-the-road freight recession. You know, we've been really solid around that area. So I, I think that, let's say, I don't want to get into specifics. We might be a little softer in one segment and up a little in another segment, but when you look at vocational as a whole, I'm going to say we're going to be probably flat with where we have been. I don't see any huge decrease or anything, you know? You know, because some of them, we were still catching up from COVID the last couple of years, you know, when you couldn't get trucks three years ago. So we have fulfilled maybe some of that, the pent-up demand, so now it's more like business as usual. But I don't see any big downtick. It's more back to business as usual. Some of the people we do business with were playing catch up, 2024 and 2025 from not getting as much product in 2022 and 2023, to be honest with you. You know, where they may be off a little, it's not off because they're off, it's off because they played a little catch up and, you know, we were able to capitalize on that. So when I look at those businesses, they're doing well, but they've caught back up to their normal replacement cycles. They got left out a little bit. Some of those groups got left out back in 2022 and 2023, and then we, you know, we picked them back up in 2024 and 2025. So just because someone maybe, you know, bought 900 from me or something, they're buying 750, 800, doesn't mean their business is bad. It just means they've caught back up, right? So, you know, you got to reply, but I think overall, we'll be somewhat flat in the vocational pieces. Thank you, Rusty. It's been a while since you've been constructive about over-the-road. Good to hear. Thanks so much. Well, it's, it's nice to feel, even though it's, you know, it's a big piece and, you know, but it's all for us. Well, case was big, as you know. So thank goodness. It's nice to feel that you got an opportunity to maybe, you know, and I hope it, when I talk over the road, I'm hoping our small customer base comes back. And I've been a little bit, I'm a little, I'm optimistic there, man. I don't wanna get overly anything. Wait till I talk to you in April, and I'll have a whole lot better feel for what's going on, right? The sustainability of what we're seeing. And I'm not, I don't wanna get over... I keep trying. You know, like you said, it's been a while since we've been able to talk optimistically about the over-the-road business, and I just am looking forward. I think, you know, I think things are, you know, gonna be better, right? So you add that with everything else we got. It's out here in Q1, because as we're just taking all the... Remember, people get excited because all these orders taken in. Orders taken in do not mean Rush is delivered then yet. We are the tail of the dog, right? A lot of times, there's, you know, we got to do a lot of upfitting and things like this to trucks when we get them. So that's why when you hear me talk about, well, he took all, he took orders, Rusty. Well, that doesn't mean I'm gonna add water security and deliver them 30 days later. It could take three, four months to get them out there and get them delivered because of what has to be done, because we are the, you know, we're the last guy that touches the end user. So, you know, even though they're manufactured, doesn't mean we don't have, you know, you know, we have upfitting places around the country where we make sure to, you know, do all those things that customers need. You know, that one-stop-shop, that's what we like to be. Thank you. You bet. Thank you. Another reminder to ask a question, that's star one one, star one one. One moment for our next question. Our next question comes from the line of Cole Couzens from Wolfe Research. Your line is open. Hey, guys, thanks for taking my questions. From a Class 8 pricing perspective, can you talk to what you're seeing across the market at this point? Are OEMs raising prices yet, or does it remain pretty competitive as OEMs look to protect or gain share? And maybe how do you see this progressing through the year with EPA 2027 on the horizon? Yeah, well, you probably didn't do real well asking that question to the OEMs, did you? Okay, so you're asking me, putting me on the spot. I would tell you right now, we're still building backlogs. I would say, you know, I have where, you know, let's say there's no big discounting going on compared to where we were, but there's no huge raises. Now, because that's one of the things, as we get later in the year, I wouldn't be surprised to see, you know, if supply and demand, you know, if demand exceeds supply, you've been around long enough to know what that means. I won't even try to tell you. Everybody knows what that means, okay? And so we're not there yet. Backlogs need to be, you know, backlogs need to be built up. They've been drained down pretty good, man, and people were building trucks in 4 weeks for you if you wanted it. So, you know, once backlogs get built up and, you know, we'll just let the OEMs decide, and we'll be the poor guy in the middle, trying to, you know, get deals done. But right now, I would say right now, we're in the, you know, most OEMs are still in the process of, you know, getting their backlogs more healthy. So, you know, I'm not gonna say it's, it's total cutthroat out there right now, because it's not. But I mean, it's not, it, it's balanced at the moment. But we continue. You start popping some 40,000. You know, if you start popping three, two or three more, 35, 40,000 months in, which are not necessarily typical of these months coming up in March and April, February, a good month, and March and April, you're probably gonna see demand outpace supply, and I'll let you take it from there. Okay. Yeah. No, no, that makes a ton of sense. And maybe just... I know we've asked a lot of questions about this, but to follow up on Brady and Andrew's questions, maybe to put a finer point on it, how much of what you saw in December and January do you think was replacement CapEx versus growth CapEx versus some degree of pre-buy activity? And if it was some degree of pre-buy activity, can you maybe talk to the risk of potential order cancellations late in the year if things maybe aren't as good as they seem, and customers are trying to get in line ahead of EPA 2027 as backlogs start to build again? I feel very good about how solid what we took was. How about that? Without, you know, I mean, I see nobody out there trying to put placeholders, okay? The business we took, it would take a, you know, a recession or something for these folks not to take what they ordered, okay? That's how solid I feel about it, okay? It's not people putting placeholders. You know, you've seen ramp-ups before, where people put placeholders out there just so they can hold slots. That's not what's going on at the moment. I see none of that, to be honest with you. I see people being proactive, understanding what I just went through on the last question. They don't want to get caught in that demand, out-of-whack demand supply piece, right? You know what that means, right? We already know what that means. So, you know, they're trying to be proactive, not just to the emissions, but also to knowing this year is probably going to back up and whether you can get that second or third-tier supplier. Yeah, you know, and that, that's what I'm. I hate to say it, but you know what happens when demand outpaces supply, where price goes, right? Let's get real. So I think, you know, people are catching up. They probably didn't purchase as much in the back half of last year because they didn't. And, you know, I mean, really, that's about the best way I can tell you is solid, right? Yeah, I go back to remember what I kept telling you earlier, their business is better. I think I've said that three or four times also, right? So it's not just the emissions. Remember, I long-winded this earlier. It's not just the emissions. Like you said, you're going to go on top of their two questions, and I answered the same way. Their business is better. You've got emissions coming. You feel better, like I said, you've been in the dumps so long. Maybe it's not, it's not a straight V, but it's a gradual climb up. You feel good about where you're at. You're trying to plan for your future. You know you're going to be in business for a long time, and you need to do the right thing. And you just put that together, and I think that's what you're going to see, and that's what you're seeing, and I don't believe that activity level is going to go away. It may not, it may not be 35, 40,000 every month, but we—some people that aren't participating are going to wake up here in 60 days if we have a couple, three more months of order intake like this go, whoa, and that's what you asked about price. That's what we're going to see, how things move along then with that. So I would tell you that the folks that are on top of their game and feel well enough about what's going on, are doing the right things to... for their business plan, and not waiting till the last minute to do that, knowing that there still is plenty of back—there's back backlog out there to still to be built. You just better not wait till July, would be my comment, or you might get caught, because ramping up production... I mean, these OEMs are having to make decisions right now in the next 30-60 days, what they're going to do in the back half of the year. You got to remember, that's more labor, that's more this, and it's the second and third-tier suppliers that have been down in the last half of last year, that if you ask them to ramp up, they're going to go, "Well, how long for?" Right? And that's where you run into a problem, and that's what could happen. So you know, if I'm, if I'm planning on being in business and around a long time, and I'm a smart player, then I'm out working it right now, okay? That's what I'm doing because, you know, that could be an issue. It's not an issue now, but you better be looking out, and you better not be living just in the moment. You better be looking out a little ways, would be my comment to anybody. I'm not trying to play scare tactics. I'm just telling you, you know, that if they run—you run into issues with that, right? Well, just, you know, I think, if I'm not mistaken, isn't it when, didn't when the engines built is the 2027? Mm-hmm. Not model year itself, but engine. Yeah. What you got to remember, so when you get towards the end of this year, it's about the engine, right? You know, the engines all have to be built by the end of 2026 before you go into the 2027. So it could be interesting back half, let's just say that. How about that? Well, that makes... That's a good color. I appreciate it, Rusty. And maybe if I could squeeze one last question in. Of course, you can. You know I hate to talk. I heard you on the small accounts being down double digits for the past couple of years. It sounds like that hasn't really come back yet, but maybe there's some hope that it will through the year. Yeah. Maybe can you talk to what you've seen from the national account level and maybe from a higher level, talk to some of the initiatives you guys are pursuing to grow national account mix going forward? Yeah. Well, you bet we are. We always... You know, national accounts is easier, more effective, and more controllable. I can't—It's hard to control what we call the unassigned accounts. That's still 30% of our business, roughly, and that's the little folks, right? So we just want that to come back because that's going to be a higher margin, right? When you do national account business, understand, they're national for a reason. They're not paying retail, okay? So, you know, while it can be a little hard on your margins, it's still more solid, you know, sustainable, repetitive business, should I say, right? So you're looking for that foundation, right? You know, you know, the cherry—the cream and the cherry on top comes when you get the smaller retail guy back in the game. The guy was not listening to me on the phone right now, okay? Those folks, but they're still a part of what we do. You know, so but, I mean, our national account business was up, not as much as we had been up, but it was up. You know, some sides of the house, not so much. But, you know, on, on some areas, it was for last year. We will continue to focus on that. Yeah, and so, but we were up, not as much as we had. We were up by, like, overall blended, all OEMs were above 6%, okay? So we will continue to grow that, understanding that, you know, you're blending revenue, you're blending margin, you're doing all that. We love that piece. We're going to continue to focus on that piece. It's the sustainable piece, more sustainable. It doesn't have the volatility of the small customer out there, right? You know, so but that's why I'm hoping, you know, but once but you got to get those guys. The national accounts have to feel better, which they do. They'll buy all the time. They just may not buy quite as much sometimes. We were up six years before, we were up double digits in it, right? Again, like I said, you know, it's if you're growing the revenue, the margin's not as high as the other. We work to blended margins, but I think everybody understands that, right? So, and we're fine with that. We'll manage that piece. It's much more manageable than the unassigned accounts because they're not assigned, and you really don't, you know, but you don't know who they are, right? It's the small folks. You know, hopefully later this year, as the big guys get healthy, the little guys usually follow, but then they get growth. Then what happens is they get too good, they get too big, and we go back in the cycle again a couple of years from now. But for right now, I would tell you, I'm hoping that, you know, some capacity still comes out, which is the small guy, but the one that's left will be a healthier customer, okay? And we will see some pickup in that later this year, too. You know, as rates go up, it helps everybody, not just the big guy, it helps the little guy, too. And so I don't know. It's a long-winded answer there, but I hope some of that, I gave you some, some points there that you can grab hold of that make some sense to you. So- Yep. Okay. Yep, that's helpful. Good to hear from you guys. I'll, I'll turn it back. Thank you. Thank you. I'm not showing any further questions in the queue. I would now like to turn it back over to Rusty for any closing remarks. Hey, we appreciate everybody's participation this morning. Short time before we talk again. We'll talk in February. We're a couple of months away, so look forward to... Oh, excuse me, I mean, not in February. I was looking at April. My bad. Two months from February to April. We'll talk in April, so thank you. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.