Okay. Just got confirmation that's our hosting site. All right, we'll get started. Thanks everybody for joining us. See my screen? Can everybody see the screen? All right. Our safe harbor statement that I won't go through, but is available on our website and very important, anybody who's interested, please make sure you review that. With that, we'll get into it. Start off before we get into the meat of the presentation with a little bit of review of last year. As we talked about on the earnings call last night, an absolutely tremendous financial results for the year for us. First year ever surpassing $1 billion of sales, nearly $1.1 billion, first time in the 169-year history of the company, and did that just in firearms last year. Absolutely tremendous and impressive results from Smith & Wesson team here. As impressive or perhaps even more impressive was cash generated. $317 million in cash generated from operations and pretty astounding EBITDA margins of nearly 35%. Yeah, I just want to touch on this. I know we covered these numbers tonight, but we talk about that flexible manufacturing model quite a bit. Just want to kind of hit on that a little bit here and we'll talk as we go through the presentation about that flexible manufacturing model, what it does for us in a downturn, and enabling us to maintain profitability. We know this is a cyclical industry and as we're at the peaks as we are right now, that flexible manufacturing model allowing us to generate cash like this when we're at the peak, we always know it grows over time, but we're lumpy and we'll talk about that in a little bit. We're always looking at what we need to do in order to make sure that we maintain those gains in a downturn. Generating $317 million in cash gives us a lot of opportunity, presents us with a lot of options. As we talked about yesterday, 14% reduction in outstanding shares, and $8 million paid last year in dividends. As we talked about, continued commitment towards that $50 million share repurchase program, upcoming and an increase in the dividend of 60%. Just talking about looking forward and making sure that we're always set up for the long term. Our profits shared with our employees is not just the right thing to do, it's the right thing to do for our employees and for ourselves ethically. It's the right thing to do for our business. We can't be successful and we can't deliver results like we delivered last year without every single one of the employees in the company being dedicated, having an engaged employee base, having a very strong culture. We put our money where our mouth is. $16.5 million paid back to the employees last year out of those profits. Very proud of the fact we created 300 new jobs. In a time when I think it's very well-publicized, all the hardship that Americans faced last year and the entire nation and world faced last year. In that timeframe, we created 300 new jobs for 300 families out there. We're very proud of the fact that even when you take the management salaries out of it, the average pay here at Smith & Wesson is just under $50,000. These are jobs that you can raise a family on. Very proud of that. In terms of the marketplace and the industry and setting ourselves up for continued growth, 15.9 million first time visitors to our Smith & Wesson website last year. The firearms industry, as we'll talk about as we go through the presentation, astounding growth last year and we really led the way. We're going to talk about that continued theme as we go through the presentation. 16 million new visitors to our site. We were the first ones out there. I remember this time last year sitting in my office whiteboarding with Kyle Tengwall and Sue Cupero, VP of sales and VP of marketing, and going through and talking about the information about these new firearms consumers that just come out and who are they and what is their purchase intent, what are their purchase drivers? How can we talk to them? How can we welcome them into the firearms industry? How do we teach them how to be responsible firearms owners and how to use a firearm? That was the genesis of the GUNSMARTS program. Since that time, as we talked about last night, almost 50 unique videos created teaching everything from the basics of firearm ownership to how to become a more proficient shooter. 2.2 million views of that since we launched it less than a year ago. As we talked about last night, phase 2 of that coming out now, recording those videos as we speak. Finally, 2.6 million firearms units shipped last year, almost a 70% increase year-on-year. Very impressive results. Really what that drove for us, and we talk about a lot, and you'll hear me talk about a lot on this call and into the future is market share. Market share is how we think about and is a metric that we're driving towards here at Smith & Wesson. That's because, again, this is a cyclical industry, as you guys know, right? If we can always make sure that we're taking more than our fair share of the gains when the market is in heightened demand like it is now, and making sure we hold our ground better when the market goes into one of the troughs, then we're always going to be the number 1. As I mentioned earlier, a record-breaking year for the firearms industry in general, 42% growth as we talked about last night. As you can see on this chart, quarter after quarter after quarter last year, we outpaced next. You look at the entire year, a pretty astounding market share growth at 28%. We think that's here to stay. A lot of that's here to stay. Frankly last year this was a story of operations. It was a story of that flexible manufacturing model and just making sure our product was available, more available at retail. As we go forward and we don't expect that the entire market share gains that we've had will stick, but the majority of them will because even as the other manufacturers come out and start to catch back up and maybe we get back into a little bit more of a normalized demand pattern. Number one, you've got somewhere between eight and I think upwards of 10, 11, maybe even 12 million new firearms consumers that have come into the market over the last year and whose product was most available, Smith & Wesson's. I think we've driven a lot of first-time shooters and first-time firearms owners into a Smith & Wesson and we always remember as one of those purchases, you're always going to remember the first brand of car you purchased. You're always going to remember the first brand of firearm you purchased. A lot of brand loyalty there and a lot of lasting results. The second piece is the partnerships that we drove and the partnerships that we strengthened with our channel and retail partners and with the brick and mortar stores, our distributors, with the strategic retailers, the big box stores. You can't quantify that. We've heard emotional stories about in the height of the pandemic, Smith & Wesson was the only product that I had available to sell. If it were not for you, I would have had to close my store. My employees wouldn't have been able to put food on the table for their families. Those kind of stories and those kind of relationships, it's just invaluable, and those won't be forgotten. We've gone from being the number in the pack in the top 5 with a lot of these customers to far and away number 1. We are front of mind now with a lot of our retail and channel partners. With that, let's take a step back and get into the strategy. I think everybody's fully aware by now, but the August 2020 spin-off. We've talked about this a lot and we talked about it before the spin-off and since, but really the driver of that and the reason for the spin-off was, as we said before, 2 very divergent business strategies, right? One for the outdoor products and accessories group that was very focused on inorganic growth and diversification. For us on the firearms side, very focused on organic growth and focused on being a pure play firearms manufacturer. The best thing for both businesses and for the shareholders was to allow those two businesses to separate and go focus on their respective strategies. I think, on both sides, I think that's been proven out to be that it was a good move in the last 10 months. For us, what that meant, we have one thing to do. We have one customer base to take care of. We have one market, one industry to serve, and that really allows us to be very directed in our execution, to be very directed in everything that we do here in the business. One thing that I'd like everybody to pay attention to as we go forward is how we are able to leverage our fixed costs. We have a laser focus here inside the four walls here to everything that we do, we need to be simple. We need to be easy to do business with. We need to be fast, quick, nimble, efficient, not just on the manufacturing side, but on the back office side as well. You'll see the impressive results. I wanted to highlight again, Deana talked about it on the call last night, but our OPEX as a% of sales last year was very proud of the team. The majority of the increase, the vast majority of the increase in our OPEX year-over-year was simply the profit sharing expense, which is a variable expense, obviously based on the profitability of the company. The fixed cost base stayed flat even though we doubled our revenue year-over-year. That's something we're going to continue to focus on going forward because we're going to be successful. This ship is built for rough and calm seas. We are going to be successful regardless of the firearms market and what happens in the ups and downs. Finally, execution and results. We have a laser focus on results. This is something I preach a lot to the team is let's not confuse activity and results. We always want to make sure that at the end of the day, we're delivering tangible, whether it's a marketing initiative or whether it's a production initiative or whatever function of the business we're looking at, we need to have a reason for doing whatever we're doing and making sure that we're always tracking towards delivery of those tangible results. All right. Just talking about the market real quick. We talk a lot about the lumpiness and the volatility of the firearms market, take a step back and look at the last 20 years and the CAGR is pretty impressive. It's 5.2% over the last 20 years. The market's $5.2 billion we got a lot of runway for growth as we'll talk about on the next slide. I think just in the market in general, one of the most exciting things for us and for me is looking at the new shooters that have come into this marketplace. It's not just the number of new shooters, it's the diversity of those new shooters in terms of women, of minorities, of different political views and backgrounds. I think that's great for the firearms industry in general to really start to service a lot more of a slice of Americana, if you will, of the population of America and hopefully make this a little bit less of a partisan issue and more of a, it's a fundamental American freedom that all Americans feel free to enjoy. I think that bodes well for us in the future. For us as an industry and for us specifically at Smith & Wesson, as we just talked about, we are a big player. We're one of the top firearms companies in the nation and in the world, but we still have a lot of opportunity. We have a lot of untapped areas we can go focus on. The first one I'll talk about is innovation, and we talked a little bit about it on the call last night with that Shield Plus and how successful we've been with that. You look at our product portfolio over the last 2 years between the Shield and the EZ and now the Shield Plus and the ability of the Smith & Wesson new product development team to constantly innovate in this marketplace. Not just fast follow, but address unmet consumer needs. When we do have one of our competitors go into a market space or identify a market space that we didn't, we don't just come out with a me-too product, as we'll talk about in a little bit. We come out with something that's better. We enhance on the existing. We have a bigger machine to crank out more product. On the innovation side, almost 150,000 Shield Plus's, as an example, since it's launched 3 months ago. That's a huge opportunity for us. On the new growth side, Mark, you hit on this last night a little bit with the ASP, and I think what you saw in those ASPs, a lot of the driver of that was that shift away from the hunting products on the T/C side. We're going to come back into the hunting market on the Smith & Wesson side and really ride up the value chain. We believe that we have a lot more permission to get up into that mid to high-tier hunting market under the Smith & Wesson brand, and that is going to be our goal there. You're going to see us come back out very quickly into that market space in the next few months, and then you'll see that evolution of that growth over the next couple of years. A huge untapped area for us. The Thompson/Center Arms brand is a tremendous brand. Unfortunately, it's a bit of a niche brand, and Smith & Wesson is not a niche brand. Smith & Wesson is a powerhouse brand that we could really use to leverage to get into that market space. I talked a lot about the new consumers, but just to highlight a point here, our estimate of that lifetime value of those new consumers, you're talking somewhere in the neighborhood of $40 billion, of course, over the lifetime of that consumer. A tremendous opportunity for the industry and a lot of the reason why we're driving and we're focusing so heavily on identifying who they are and making sure we connect and we're credible and relevant with those new consumers and bringing them over into the Smith & Wesson enthusiast fold. Finally, adjacencies. With our licensees, making sure that all of our product, whether it be apparel, whether it be knives or any of the other gun accessories, magazines, et cetera, any of those other categories, we're exploring every last avenue that we can to continue to get our product and our brand out there in front of the consumer. Okay, let's start getting into the meat of how are we going to get this done and how do we think about the business. Starting, I guess from the top and moving down, if you look over on the left side of the slide here, as we look at the business and how we think about it, our keys to success and the things that we drive and spend a lot of time internally talking about, again, market share. You're going to hear that over and over again. How do we increase our market share in the firearm space? Business simplicity, I talked about it. We do things better, cheaper, faster all the time, while still maintaining all of our non-negotiables you see on the right side, cost, quality, execution, et cetera. Market-leading product portfolio. We're going to be the best. I talked about this a moment ago. We're not going to me-too an opportunity one of our competitors has identified. We're going to come out with something that's better. We're going to increase the feature set. We're going to make sure that we're offering more value. We're going to come out with new products that address unmet needs in the marketplace in general. We're going to find white space. Then, of course, the end goal is to return value to the shareholder. I think we've demonstrated that over the last year and commitment to that going forward. Talked about the non-negotiables over on the right-hand side of the page there, but we have a brand name that's recognized and known for being world-class quality. Obviously, maintaining our cost base and keeping that low. I talked about that earlier. The execution focus, compliance, being a heavily regulated industry, obvious commitment to the Second Amendment, our employees. We want them to feel safe, that when they feel comfortable that when they come home, they're going to go home safe at the end of their shifts. Finally, ethical business practices. How we drive that, and how we move forward and think about the initiatives that we run in the business are really bracketed, if you will, into 3 separate pillars. First one being one that you guys have heard us talking about for a long time, but will continue to be one of our core focus areas in the business is maintaining that flexible manufacturing. Not just the capacity, the ability to ramp up and ramp down while maintaining profitability, et cetera. It's also the ability within the categories to be able to, if revolvers are as strong as they are right now, is an emerging market trend we're seeing right now. We can switch over from within categories, from pistols or rifles to revolvers. Within a category, if for some reason concealed carry is a big push, we can ramp down on full size and increase pistols. Within and across product categories, we will also be flexible. Marketing driven is the skin in the center for a reason. We're going to spend a lot of time talking about marketing in this presentation, but really making sure that every decision and every thing that we do in the business is driven by our understanding of the brand and being true to our brand identity, what our brand means to our customer, and making sure that we're consistent in that. Again, we're going to cover that in some detail in a little bit. Finally, efficiency through automation. This doesn't just mean efficiency through automation on the manufacturing floor and our distribution. It's efficiency through automation in our back-office processes as well. How do we close the books faster? How do we use bots in our IT system to gain market insights faster, to slice and dice data and look at it in different ways so that we can be out in front and leading and understanding what's happening in the marketplace and what opportunities we have in the business and really be sophisticated in how we run the back-office business. Finally, obviously, the foundation, the engaged employees and culture. We talk about that a lot. It's not just a buzzword that we use that we love our employees. We truly do love our employees, and I think we put our money where our mouth is. I think you saw that earlier, $16.5 million shared back with the employees for the tremendous results that they delivered in the last year. Before I get into it, while we're on the employees, I got to say that this is probably one of the most cohesive, talented management teams I've ever had the privilege of being involved with. A lot of us have been around the firearms industry for a long time. A lot of us have been at Smith & Wesson for a long time. 338 years total combined experience here at Smith & Wesson. The average tenure of our management team is 19 years here at Smith & Wesson. As a matter of fact, I think of the folks up there, Kyle's the only one who hasn't been here at least a decade. Kyle comes to us from the industry, spent 20 years in the industry with Espada and spent some time with the Duck Commander guys back in the days. It's not just depth of background at Smith & Wesson, it's also broad background and bringing in expertise and different perspectives from different areas, whether it be chemicals with Ecolab or consumer good companies, major consumer good companies with General Mills, or in the firearms industry experience with consumer firearms brands such as Federal and Bushnell or public accounting firms at Deloitte. We got a very broad background and very deep within Smith & Wesson. As I said, it's one of the most engaging, cohesive groups I've had the pleasure to work with. Excited about what the future holds there. We'll just go across and spend a little bit of time talking about each one of the pillars. On the flexible manufacturing side, I know you guys are very much aware of that initiative, if you will. It's been around for a while, just to hit on it, and highlight some things about it. As we talked about, I think, and you can see on the bottom there, our 10-year firearms net sales, and this is just firearms, is a pretty nice up and to the left trend. As we can see, there's some years, like last year, we doubled revenue, and there's some years, like FY 2018, where we took a pretty good haircut on the top line. We're a manufacturer, so our major cost in the business is manufacturing costs. What that model allows us to do is in an industry, in an environment where at the end of the day, what we really do is we cut metal. Those are monument assets. It takes a long time to get them installed, about 6 months from the time we decide we want to put a CNC machine on the floor until it comes in and gets installed and starts running parts. You're talking anywhere between $3,000-$500,000 to get 1 CNC machine in to make enough parts to do between 20 and 40 pistols or revolvers. The point is, it's a lot of capacity, effort, dollars spent on getting that installed. Then if the market falls off, now you've got all that effort, all that money, all that depreciation sitting there on the floor idle. That flexible manufacturing model allows us to take advantage, like we just did last year, of the peaks, and return value to the shareholders, reinvest in the business, do all of those good things that we talk. Make sure that we're setting ourselves up for the long run. Then in the valleys, you can see our average EBIT margins over the last 10 years, 23%, almost 24%. Even for a stable industry, that's pretty aggressive, right? It allows us to maintain those profit margins because we maintain, as you can see on the visual over on the right-hand side, that base manufacturing capacity is always fully utilized. We never have an absorption issue. We usually don't have to have any kind of layoffs of our employees. We might just be moving employees around within the factory as we get it down into some of those troughs. It's really a pretty unique and critical aspect of how we run the business, okay? With that as the backdrop of the operations team's got it no matter what happens, now let's talk a little bit about the market and how we're refocusing on our marketing as we emerge as a standalone pure play firearms manufacturer after the spin. I think many of you on the call here have seen this before. You may think you've seen this before. This is a very recent A&U study. Every single time we do an A&U study and look at the firearms industry and the firearms brands and how we stack up against everybody else, the consistent result is that Smith & Wesson is always number 1. Smith & Wesson is a top-rated brand, the number 1 rated brand in so many areas. We have the reputation for having the highest quality. We are the number one most owned brand out there. We're the number one most used brand, most trusted. People are aware of them. We have one of the most iconic brand names in the industry. We are already starting from a pretty enviable leadership position. If we're going to say, as I said earlier, we're going to be marketing-driven, and everything that we do in the company is going to be based on being true to our brand and being true to what we mean to our consumers, then we need to make sure that we understand that, right? We spent a lot of time right after the spin-off doing some soul searching, and it's a bit of an ambiguous topic to discuss and intangible, but how do we make it tangible? We had to make it tangible so that we have a clear understanding internally, what do we stand for, and what do we stand for our consumers, so that when we make those decisions, it is consistent, and we have a consistent message that's relevant, that's credible. That's the starting point of everything that we're going to talk about in a little bit. Rather than going through this, as I mentioned on the call last night, we put a video together called "Brand Anthem" that really kind of captures the values and beliefs that we share with our consumers, and we're going to play that for you. We'll talk about it a little bit. Sometimes the world can seem a cold place, unrelenting, lonely, so we got to bring the warmth to it. Sometimes the world can seem a dark place, uncertain, dangerous, so we got to become the light in it. Sometimes the world can seem a broken place, unstable, divided, so we got to strive to fix it. We don't know what tomorrow holds, any more than our forebears did, but we do know we will sacrifice to create a better future for our children. Just like generations of Americans have done before us, we will openly carry a generosity that expects no reward. Just like our parents and grandparents taught us, we will foster hard work alongside a feeling of fellowship. Just like our heroes have always done, we will hold fast to our vision and trust in our dreams. At the end of the day, we will know that piece by piece, mile by mile, road by road, we have become empowered to create the world we want to live in. We have searched out the goodness in one another, and we have given the best of ourselves. The world is an unknown place, so we prepare for the worst. Within ourselves, and within one another, we must always expect the best. Okay, as you can see, really just trying to capture the essence of what it means to be a firearms owner and that connection, again, that we're trying to make with our consumers, whether they be somebody who's thinking about purchasing a firearm or somebody who's been shooting firearms for their entire lives and maybe even a competitive firearms owner. I think this video, once we released it out into all our social media platforms and got it out there, we wanted to see before we go too much further, does that resonate? Did we capture the essence of what our consumers think about us? At the end of the day, that's what matters. As you can see here, it really did hit home. Really did capture the essence of who we are at Smith & Wesson. I think really came back to we have a unique position with the brand. Smith & Wesson is such an iconic part of Americana, of American history, that we have permission and credibility and relevancy to talk to firearms owners across the spectrum of where they are in their firearms journey. Again, whether it's somebody who's first thinking about purchasing a firearm or somebody who's been shooting firearms and owning firearms for their entire lives. We have credibility and relevance with everybody across the entire segment. When we think about our brand, we always want to make sure we're serving our core customers. Our core consumers, they are the bread and butter, they are the lifeblood of the brand. Their recommendations and word of mouth is sought out by folks who are looking to purchase firearms. They really help us on making sure that we're always innovating and making sure that everything that we do in terms of product, in terms of message, in terms of resonates, and we got to make sure that we never alienate that loyal consumer base. With that, we're also able to be welcoming to those new first-time gun buyers, right? We have, again, that history with the country, with the nation, that we are a more welcoming brand to somebody who's thinking about purchasing a firearm. They very probably know of Smith & Wesson, even if they never purchased a firearm. We've done a lot of research, and we'll talk about that as we go through here in a little bit. We've done a lot of research in being data-driven in terms of who are those new firearms owners? Who are the people who are thinking about purchasing new firearms owners? What was their purchase reason? How do we talk to them? Where do they get their information from? Where do they shop for media, et cetera? Making sure that we're talking to them where they're looking, and we're giving them a message that resonates with them. Of course, the goal is lifelong enthusiasm and loyalty to the Smith & Wesson brand. Putting this into a little bit more tangible form, this is really how we think about reaching in our marketing and advertising. That gun buyer in the middle, how do we find them? Find them really means how do we understand them, right? Do we understand everything about them? How do we get, again, data-driven? We'll see that on the next slide. It's not just the new firearms owners, right? It's the existing firearms owners as well. This applies to both veterans and the firearms industry and enthusiasts as well as folks that are just coming into their firearms ownership journey. Find them means understand everything about them, right? Welcome them, speak to them, be relevant. Welcome the new shooters, but also welcome the folks who have been here a long time. What we mean by that is be relevant in our messaging, be relevant and be credible. Again, we're in a unique position where we do have that ability to play across the entire spectrum of firearms ownership. Finally, surround them. We'll talk about that in a moment, but really it's a 360-degree marketing approach, making sure that we're talking to them everywhere they're looking, right? Whether that be social media, whether that be print, or whether that be online, or whether that be our website or our catalog, and having consistency in the look, feel, messaging, et cetera, of how we're trying to reach our consumers. Starting off with find them, as I mentioned, this is really a focused effort on understanding every segment of the consumer, and what are the things about them that are relevant to us. This, getting down now into tangibility of the marketing, this is who are they, right? Here's some of the statistics as it applies to our marketing and everything that we do is who are they? 40% women, minorities in 2020. Okay, well, that's a different marketing approach. This is a demographic study, right? It's a different marketing approach than maybe some of our more traditional firearms owners. How do we talk to them in a different way. Everything from pricing. How do we price our products, right? How much are they spending on a firearm? How much pricing elasticity do you have? Where are those price breaks, right? How much are they expecting to spend on a firearm, right? We're not pricing ourselves out of the market and also not leaving margin on the table. Where are they making their purchases, right? Where should we be thinking about focusing our POS efforts? Why do they own a firearm? How often are they using it? How many guns do they. The point is here that the marketing approach is not a pretty picture and a fancy slogan. It's using the marketing approach to drive the business and drive incremental market share. Again, back to the core focus for the business. In terms of how do we talk to them and how do we engage and, again, be credible and relevant, we've got a bit of a challenge. While we have an advantage in that our brand relates across the spectrum, it also presents a challenge in that how do you talk to somebody who's first time coming into the firearms ownership, yet remain credible with the person who's been shooting firearms for their entire life and is an enthusiast. This is a kind of graphic of how we think about it, which we try and get people comfortable with firearms, right? If you're just now coming into the firearms industry or you're thinking about it, how do we allow you to gain comfort with firearms? That's things like GUNSMARTS, right? We talk about that a lot. You'll see a video here in a second. Focusing on that new shooter and what are the barriers that they have, the intimidating barriers that they have, and identifying those, but just addressing it, just recognizing that, yes, this can be intimidating. We recognize that you might have these apprehensions, here, let me guide you along. Let me be a comforting, welcoming resource for you. Things like our website. One of the goals of our website was to become a lot more welcoming and have a website that looks a lot more like what the consumers are used to in the other consumer goods they purchase in their lives, whether it be other big consumer goods companies, Procter & Gamble, et cetera. How does it make our website a lot more welcoming, a lot more easy to use? Reach them via mainstream platforms, right? This can be a challenge a little bit in this industry given the politicization of firearms ownership. There's certain things we can do where we can tailor our message that we can get to folks, right, via unconventional mainstream platforms for the firearms industry. Finally, improving that retail experience. The old stereotype of the bars on the window and the ashtray full of cigarette butts for a gun shop, that's going by the wayside. That's a lot of the industry in general and our partnership as manufacturers with the retailers to try and create that more welcoming environment. We have a retailer advisory council here at Smith & Wesson that we actually just met with two weeks ago. We spend a lot of time talking about this. We spend a lot of time sharing ideas and brainstorming on how do we make that retail experience a whole lot more welcoming for everybody, for the new shooters as well as the longtime firearms enthusiasts. As we move up the spectrum of confidence gaining, now I've got my firearm, I'm starting to shoot, I've learned how to take it apart, how to field strip it, how to clean it, et cetera. Now I want to get out to a range and I want to start to gain confidence. We've got to make sure we're there to meet those folks because that's the transition period where you're either going to turn them into enthusiasts or turn them into somebody who puts that firearm on the nightstand and never touches it again. We're meeting them there. We've got GUNSMARTS phase 2 coming out, as I mentioned last night on the call. A lot of that focus is going to be on exactly that. Okay, you've learned the very basics of the operation and the pieces and parts of the firearm. How do you join a social community? How do you get out to a range? How do you increase your proficiency, et cetera? We do a lot of retail events. We do a lot of training with partnering with our channel partners, sending factory representatives out and making sure our brand is always at the forefront of those events as we're engaging with consumers in partnership with our channel partners. Professional shooting teams, making sure we're leveraging. We got some of the most well-known, recognizable professional shooters in the industry. We're blessed to have them working for us and on our sponsorships. Between Julie Golob and Jerry Miculek and Ken, leveraging that professional shooting team. They've got credibility. They've got a lot of credibility. Jerry's a multi world record holder in the firearms industry. He's got all the credibility in the world. To have him walking around with the Smith & Wesson logo on his shirt and doing video content and teaching goes a long way with bringing people along on their journey. As we get down into community, now I'm a firearms enthusiast. Now I'm part of a community. Continuing to engage with those folks. Social media, being relevant with our social media posts and making sure that it's credible information for a firearms enthusiast. Influencer, we're no different. We're a consumer goods company. Social influencers are becoming a huge thing in the consumer goods world, we're no different. How do we make sure we're engaging with those popular social media influencers, making sure they understand where we're headed, what we want our brand messaging to be, et cetera. We're doing a lot of work there. New digital platforms. Whether that be, I think in the firearms industry, maybe a little behind the curve on sophistication in terms of everything from apps, in that kind of space. What are some other creative, unconventional ideas we can implement to really continue to connect and create that Smith & Wesson community? All right. We talk a lot about the GUNSMARTS. I'll just play just a quick preview of our overview of what the GUNSMARTS program does and some of these videos. This is our series 2 trailer. Hey, guys. Ken with Smith & Wesson, and today I'm going to talk to you about the four points of contact on a Modern Sporting Rifle. Hi there, everyone. I'm Julie Golob with Smith & Wesson. In this GUNSMARTS video, let's talk about improving your accuracy with your pistol by practicing trigger control in dry fire. Hello, everyone. I'm Jerry Miculek, and I'd like to show you some techniques on how to load and unload a revolver. The next option is what we call the belly band. You're going to see a lot of females love to use this option. This GUNSMARTS video, I'm going to walk you through ammunition components and how they will function. As you can see, and as I mentioned last night on the call, almost 2.5 million views of those videos. Extremely well-received, and the feedback that we get and that we see on social media and that we get on our website and on the YouTube channel is resounding. Just, "Thank you, Smith & Wesson." Just somebody there to explain to you, how do I load a magazine? The basics that some of us in the firearms industry sometimes take for granted. How do you rack a slide? How do you field-strip a pistol? How do you load a revolver if you saw it carried there? A lot of that's going a very long way, and a lot of it is, you'll see a lot of us, I was talking with Kyle Tengwall the other day, and a lot of it, our Facebook page, we'll post one of these videos, and instead of comments underneath, we'll have people tagging other people's names, saying, "Hey, so-and-so, hey, so-and-so," and it's obviously experts passing it on, or enthusiasts passing it on to maybe novices. James, I saw your hands up there. Do you have a question? Oh, sorry. No, I'll wait till the end. You're first in line, I promise. Thanks. All right, finally, on the marketing approach, 360-degree approach, as I mentioned earlier, really, the takeaway from this is whether somebody's coming through a Field & Stream magazine, or whether they're on our website, whether they're looking at our catalog, whether they're on our social media page or they're at a retail location seeing our POS collateral or the GUNSMARTS video or our Brand Anthem you saw earlier, the look, feel, messaging needs to be consistent. We need to, and always needs to be true to who we are as a company and who we are as a brand. That's really the idea behind the 360-degree marketing approach is find out where folks are getting their information, where they're shopping our media and making sure we're there, and that we got a consistent, relevant, credible message. Okay, last slide on marketing, just to touch on product real quick and innovation. On the new product side, as I mentioned on the call last night, we got a pretty healthy pipeline coming up this year. Very excited about it. Just to give a little background about how we think about new products. We really have kind of a two-pronged approach, if you will. The first is, we recognize that we're not always going to be able to identify market trends. We got formidable, intelligent competitors who are going to sometimes identify an opportunity, a market opportunity that we didn't. Okay. Really on the left side there is identify and address existing market whitespace. That's market whitespace for us, right? The most, I guess, appropriate example is the M&P Shield Plus, which we just launched and we've been talking about. Shield Plus, we didn't identify that marketplace. That market space was there already, and it was identified by SIG and Springfield with the 365 and the Hellcat. That's a low risk for us. What we can do is at low risk, we know that market's there, and if you go all the way to the bottom, we got one of the best brands in the industry, one of the most powerful, most recognizable brands in the industry. We know if we come into that category and we do it right, we're going to take market share because people seek out Smith & Wesson. We have a loyal following, and we have a reputation for quality. That allows us to steal market share. We aren't, as I said earlier, we're not going to come out and just me-too it. We're going to do something different, whether it's value for the price, whether it's features, whether it's flat-faced triggers, as we put on the Shield Plus, whether it's a higher round capacity as we did with more higher magazine capacity. We're going to do something on that gun to make it better. We got a bit of an advantage because we got something that we're looking at, that we're improving upon. Okay? Again, low risk and we can make it better. Back to that flexible manufacturing, we got the biggest machine in the industry. We can make more. We can really get the product out there. As we just showed with the Shield Plus, almost 150,000 units pumped into the marketplace in the first 3 months. Great example there. Then the other side, though, is the largest opportunity we have. The number 1 pistol still today in the marketplace is that Shield EZ. That's a huge opportunity for us, was a huge opportunity for us. We addressed it, we met it, and that's looking for new space. Both of these are obviously designed to take market share, but one of them is stealing market share that's out there, and the other one is expanding the market. That EZ was, as we've talked about many times before, and many on the call are aware of it was just simply, it can be hard for a weekend shooter to rack a slide, to load a magazine. We tasked the engineers with go figure that out. Go figure out how do we make it a slide that's easier to rack? How do we make a magazine that's easier to load? How do we address those unmet consumer needs, launch that pistol out there? It's, for I think now 2 years, it's been the number one selling pistol in the market. It's obviously a huge opportunity for us, expands that market. Whereas on the first one, we're leveraging our brand, now we're enhancing our brand. Now we're elevating the brand reputation of Smith & Wesson and continuing to keep those loyalists engaged. No matter which side of the lanes you're coming down, speed to market is key for us. If somebody has beat us to a market space that we might not have addressed or might not identified or might have beat us to being the first to market, we got to be fast. We got to get there quick. We got to make sure that we're not missing out on that. On the flip side, if we're trying to meet an unmet need, we don't want anybody, as I said, we got formidable, smart competitors. We don't want them beating us to market, we got to be fast. No matter which channel we come down, we got to have fast NPD, and our engineers do a tremendous job of that. I think we've got some of the best engineering teams in the industry, and obviously there's always improving areas we can work on speed to market, and that's something we're always focused on. Obviously, that leads to industry-leading product portfolio, making sure there are no areas of the marketplace that we're leaving untapped. We want to participate, again, participate on all segments, keep those brand loyals engaged, making sure our brand is always front of mind, and we're always fresh with our product line. Obviously the main goal, as I said, we're going to keep talking about, is maximizing that market share. Finally, beyond product, I just want to talk about this real quick. We think about innovation as product and beyond product because we really do want to be sophisticated in how we approach the firearms industry. That comes down to, as you can see in the picture down below, that's that retail display that I mentioned last night on the call. How do we be more sophisticated in how the consumers view us? Sophistication on our website, sophistication on our social media. Things like getting more polished in how we go to market in our materials, using our license fees, apparel. How do we have T-shirts, et cetera, that we can turn our loyal consumers into billboards for us and have them help us push our brand forward. You got to give them a T-shirt that they're going to be wanting to wear. Being relevant in just the overall social trends. We're going to try and think about innovation in product, yes, of course, but also beyond product and how we approach the marketing side as well. Last slide for me, efficiency through automation. Just real quick, obviously, as we talked about this earlier, operations makes all the sense in the world. Everybody understands automation and operations. Whether it's distribution, huge competitive advantage for us with that distribution center out in Missouri. They do a tremendous job. They cannot just ship volume, they ship the breadth of our line. The ability to take a 200-line order and process it in a matter of minutes is frankly amazing. Has really been a game changer for us this year. A lot of the feedback we get from our channel partners is just that they don't know how we're doing it. We're delivering not just depth and not just volume, but we're delivering breadth across the entire line. Manufacturing, one of our competitive advantages obviously is our adherence to quality, our reputation for world-class workmanship, et cetera. The throughput of the facility, I think all that's been fully proven out. On the back office side as well, as I talked about earlier, how do we get more sophisticated in everything that we do on data analytics? These two graphics up here are actually metrics or dashboards that we use to run the business. How do we get more sophisticated and understand? How do we drill down into being inquisitive? That doesn't make any sense without having to spend three days pulling the data, setting our data sets up so that it's automated, so that it's sophisticated, so that we can, in a matter of minutes, do analytics to understand market trends, business trends, and react and be quicker and more nimble in our back office as well. With that, I'll turn it over to Jaime. As you know, we don't give guidance, but we do have commitments to try to provide as much information as we can to give you the metrics of which to use to evaluate how we're doing and how we think about the business. Mark talked about that left side of the slide there. I'm here just to briefly update you on the right-hand side. Mark talked about the 23.6% EBITDA. We're pretty certain that the 23% EBITDA on a go-forward basis is something that we can readily achieve. As you know, we were at 34.6% this year. The full year will be at 39% during the fourth quarter. Clearly as revenue is on the high end, we're going to be at 30%, maybe a little bit above 30%. On the low end, we don't expect it to really ever dip below 20%. That's a positive thing. We looked at historically, and historically, we were building a bigger business. Our historical higher EBITDA is drained by the growth that we were doing through acquisition. We had bigger departments, more shared services, back office stuff. We really leaned the business out. Hitting anywhere near that 20% would be very low. I think we can safely say we're going to be on the higher side of that range for the foreseeable future. We think about margins. Being that mainline manufacturer, we have great margins even in low times. Mark said we keep 100% capacity even when the half a million dollar sale is the range of sales that we're doing, half a million dollar sale, in that we're able to achieve that 42% gross margin at $1 billion in sales, those are really healthy margins that drive overall profitability. Think about our margins in that range, recognizing flexible manufacturing may cause us to give up a little bit of margin, but with the size of the volume sides of the nuts and having that ability to just take that contribution margin right to the bottom line, our margins really grow as revenue grows. Looking at the balance sheet, this comes up a lot, and if you think about the capital allocation, where do you want to be on cash with your cash on hand? We sort of set ourselves a target to not really dip below that $100 million of cash and have no debt. We are committed to not generating anything that really puts us in a large debt position. We feel it's safer for us to just operate on the cash that we have. Clearly, there are times where we're going to grow to up to more than $100 million in cash. We talked about last night that we are limited to 20% of a share count purchase through August 2022. We're not going to be able to do a lot of share repurchases after this $50 million that we'll just authorize once this week. We'll grow cash, and that's okay. We're comfortable adding cash because we'll be able to deploy that by investing in the business. We have $25 million of capital spend. We'll always generate at least $75 million. As you can tell by the over $300 million we generated this year, that $75 million is very much on the low end. We're prepared to generate less cash if that means we have to build inventory again. Inventory is not a bad thing. We had the ability in the early days of the surge last year during the pandemic. We had inventory on hand because of our strong balance sheet. We were able to deploy that inventory through our distribution channel, get it into the hands of our customers, our consumers, and then work on building flexible manufacturing, using that inventory as a cushion while flexible manufacturing gets turned on. As we turn flexible manufacturing down, as things kind of slow down, we'll build inventory again, and we're happy to build inventory. That means that we can catch any trends, any changes as we need to. In some years, we may have lower cash generated. It's always going to be very healthy, though. We'll use that cash generated to return money into the business, to our employees, and to our investors. We'll grow the dividend. It is our stated interest in being growth dividend stock. We look to continue to grow it. We grew it 50% this year. Then reduce the share count when we can. It is not our intention to want to just flush cash out through special dividends or anything. We want to be able to be slow growth and really monitor conservatively so that we can be there and have the ability to grow through the market, capture market share, sometimes make adjustments through gross margin to drive into the market when we need to. To really be able to be flexible and not to be in a situation where we're desperate to do any one thing at any time. With that, I think we'll open it up more. All right. Allow you to ask questions. I promised James you'd go first. I appreciate that. Am I up? You're up. You're up. Okay. I promise I'll figure out this Zoom thing by the time that we're back in the office. I wanted to really hone in on this last slide, which I thought was interesting just because so many investors are concerned once this goes back to some previous level of sales. This idea that no matter what happens, you could do 32% gross margin, 20% EBITDA margin. I guess if I look back, and some of this is a little bit muddled because of the spin, but if I look back at 2018, I think the gross margin was 24% for firearms, and I think that EBITDA's margins were 14%. I guess, A, correct me if I'm wrong on that. You're right. Yeah, correct. How do you bridge that gap, I guess, versus 2018 not that long ago versus what you think on a go-forward basis will be significantly higher than that in sort of a worst-case scenario? Yeah. That's a great question, and actually I'm glad you asked it. The difference in a nutshell is kind of what Deana touched on, right? I mean, we have a different business operating model, and the simplification of moving towards a strictly firearms focus does two things for us. One, cost base. We had a shared services model, which was required in order for us to be able to continue to be as acquisitive as we were being because we were bringing in all these outside businesses, and we needed to have a big HR department and a big because those are all the functions that we're eliminating out of these new businesses that we're bringing in. Well, you go back to now March of last year, we made some pretty big moves. We had big headcount reduction. These are not intangible things I'm saying we're going to do in the future. These are things that we have done. We went through, unfortunately, and that did mean that we had to cut some people out of the business and eliminate a whole lot of roles. We're a pure-play firearms manufacturer with 1 main manufacturing location here in Springfield, Massachusetts, where our headquarters is attached. We have 3 satellite locations and very specialized. We don't have a whole lot of need for a whole lot of overhead. That's a lot of exactly what you mentioned is a lot of the reason why one of those pillars on that strategy is efficiency through automation. We've gotten ourselves to a point now where our OPEX as a percent of sales last year was 12%. We don't want that. Obviously, as revenue drops, that percentage is going to go up, but we don't want that fixed cost base to change. We've gotten ourselves to a place now where we're very efficient. We've proven we just did $1 billion in sales with this fixed cost base, and we don't need it to go anywhere. That is one of the focuses of the business, and that's why we have that kind of efficiency through automation. That's what that's kind of getting to for us. The other thing that that allows us to do on the top line is a lot of the reason why you saw that 24% gross margin on firearms was promotions. There was one mode and one mode only, and that was when the market starts to soften, we're just going to run out and start promoting the hell out of our products. We're not doing that anymore. We will not be. We have a value proposition, and we will understand our consumers. We will get creative. We will do the things that we need to do to invest in the marketing side. That's not to say that we're never going to promote. Of course, we may have to get back into promoting, but it's not our go-to number one. It's pretty far down the list, frankly, the last resort. We're getting into that right now, actually, in this environment. We talked about it last night that the firearms market, there's inventory pockets starting to show up, and we're way out in front of it. Our sales team is out this weekend and last weekend doing events at retailers and what can we do to get creative around. We just launched the firearm back to the bundling of other accessories with it. Those are things we can do to maintain our margins. We have a different expectation and a different mindset on our price and the value that we should be able to command for our product. We're moving up that value, that hierarchy. That was, again, Mark touched on it last night. A lot of the ASP changes you saw in the fourth quarter was we're not selling T/C rifles anymore, and that's another one. We're not playing in that down and dirty price range. Our brand, Smith & Wesson brand, can command the mid to high tier, and that's where we're going to be. When you think about it, James, if we took 2016 and 2018 and put them together, the election and the aftermath of the election, there was so much inventory in the channel. That was the rebound off of a real push of inventory into the channel. Then 2018 was the bankruptcy of a couple distributors. You ended up in this race to the bottom on pricing and pushing inventory, trying to drive inventory through the channel. With what we're doing here and how we are turning more towards the consumer rather than pushing inventory through the channel, we're looking to drive that consumer into the retailer to say, "That Smith & Wesson, that's the one I want," and pulling it through the actual marketing to that direct consumer. We're not interested in getting into that race to the bottom, pushing inventory in anymore. That's really helpful. Maybe just one follow-up here. If you think you could do that in. I hear that part of the answer is you hope that you're not in a 2018 scenario ever again from a demand perspective. I think what I'm hearing is that you could do 20% EBITDA margins even with revenues in the mid 400 range. Which by my math, on your current share count is EPS comfortably north of $1. Does that sort of jive with what you guys are saying here? Absolutely. Yes. Great. Exactly. That's exactly That's exactly it. We hope we don't get back to 2018, but if we get back to 2018, as I mentioned earlier, we've got a ship. We built this ship. It's custom built for these waters. We think we can do it. That's really encouraging. Thanks, guys. Yep. All right, Scott. Scott. Questions on the flexible manufacturing. Obviously, it is a huge part of helping you maintain some base margins. Can you maybe just go into the nuts and bolts of it? Is it just simply eliminating or reducing the amount of vertical integration on the supply side, or is there anything more to it? Do you have people out there that are finishing product for you? Just trying to get a sense of how the whole thing works. Sure. Yeah, essentially, the way the manufacturing facility is set up, and when we are finally able to do this in person again, we will take you guys on a factory tour again and show you this in person. The way that the factory and our operations, our manufacturing is set up is you can think of we have got this core going down the middle that is our capacity constraint that is machining metal. We say that's what Smith & Wesson does from a nuts and bolts manufacturing perspective. We cut metal. We're a precision machining house. Okay. You have all the machining happening, and that's capacity constrained. It runs 24/7. That is our capacity constraint. Those are our monument assets. Those are those $500,000 CNC machines that take six months to put in place. Okay. We've got all of that manufacturing capacity, that capacity constraint, and then all of the finishing operations and the assembly operations and the bluing and all of those processes are capacitized so that we never have that main pipeline waiting on any of those. Those will run 24/5, or they won't even run 24 hours a day, et cetera. Okay. Essentially what we're doing is the outsource manufacturing is that main centerpiece. We have all the flex that we need on, for example, finishing or assembly, or to make the increases that we talked about. All we need is more parts. Then we get outsourcers to help us. They feed more into that center pipeline for us. They're making slides, barrels, that kind of stuff for us, along with us. They're making the exact same parts as we're making inside. That allows us to make that center pipeline get bigger and suck up all that capacity that we've got available on the ancillary processes. That allows us to flex, obviously, as you saw this year. The flip side to that is we're set up so that when the market contracts, we just stop putting more stuff in the top. Our capacity always stays at 100%. Got it. If I could just slip one more in. Just what you were just talking about certain pockets of inventory that have popped up. You obviously got people in the field working on it. Can you maybe just talk about that a little bit more, which specific product types, or is that just basically maybe more market-driven or regionally? It's very regional. I think it also depends on the size of the customer. If they're more of a major player with some of the distributors, they might be able to get more product. Whereas if they're a B or C dealer, they might still be having completely empty glass cases. It's regional, and it varies depending on who you're talking to. It's the first time we've seen in the last, frankly, 16 months, anybody being able to get any inventory, which is an indication for us that we're going into, quote unquote, "a little bit of a normal seasonality," albeit at an elevated level. Got it. Thank you again. Yep. I guess let's go down the line. I wasn't paying attention who came in first. Steve? That's great. Can you hear me, Mark? Yep, I can. Thanks for doing this. Very helpful. Yeah. Was hoping you could spend a little bit more time on the product expansions, particularly you talked about shotguns, you talked about rifles, both I think very established areas with some very big established brands, but you guys certainly have one too. Until now, I think you guys have been hesitant to go into either area, particularly with the Smith & Wesson brand. You have a little bit on the rifle side with Thompson/Center. Could you give a little bit more color as to how you plan to attack that, when you plan to attack that, et cetera? Sure. We have some products in the pipeline right now that we're going to be able to come out and really, frankly, dip our toe in the water with that initially in the next couple of months. There's a couple of different categories there. Long-range shooting is a category on the bolt action side that has got a lot of opportunity for some higher margin product. As we think about our spectrum of buyers, it's in the enthusiast side. Those are the guys that are willing to go out and spend $1,000, $2,000, $3,000 sometimes, depending on how serious they are, $10,000 on a rifle just for the long-range shooting category. That's an area where it's really a big stretch for us to be able to get into that category, and we can go there quick. On the shotgun side, obviously on the shotguns, there's tactical shotguns, home defense shotguns, hunting shotguns. That's a very broad category. Again, it's not a branding stretch for us at all to get into the home defense side. You've got to think about that and an entry or cracking the door into those two categories. On the long range, we very firmly believe we've got a great marketing plan to get into the hunting. It's actually when we do a lot of our A&U studies, one of the things that is funny to us sometimes or presents an opportunity is that we're identified usually in the top three or four brands in shotguns and rifles, even though we don't make them. People think of Smith & Wesson as being just firearms across the board. We definitely have room to play there. You're right, it's a crowded space. We're not looking to get down into that lower price point. We're looking at the mid to high tier, which tends to be a little bit more of the lower volume, mid tier, mid to low volume, but really nice high margins and really fits well with our brand, which is that aspirational mid high tier brand. I guess the implication here is that you try to do most of this organically, just leveraging your brand. There's been a lot of carnage in the firearms space in the last 3, 4, 5 years. Would you ever look to do something acquisitive, or is the thought that this is easy enough to do and you have the brand name and you just do it yourself? I don't think we'd ever do anything in a category that we already participate in or that we're already a player in. I'm just not sure the sum of 1 plus 1 equals 2 with that. That said, there's a lot of space in the firearms industry and product categories that we're not in, and if there's somebody who's got a formidable brand in that area, we're never going to say never. If something like that comes up, that would be something that we would opportunistically look to engage. Right. Thanks, Mark. Yep. Scott or Brian, sorry. Yeah. Hi guys, this is Brian. Just wondering if you can give us some color on the cadence of launching new products out there. Are you planning on doing one every quarter? How are you guys thinking about that? That's a great question. I think the answer, I'm sorry, is it depends. You think about last year, we had a lot of products planned for launch for last year, and it was a different environment as we came into February of 2020 as to where it is today. A lot of those products we kind of put them on the shelf because we didn't need to, right? Because they were more filling out the product line versus kind of market-shifting products like the Shield Plus. As we go into this year, it's going to depend on where the market goes. We're prepared for, as I said, we got a custom-built ship for any waters. As the market kind of softens a little bit and we got capacity availability and we've got opportunity, we'll opportunistically launch some of those smaller line extensions or major line extensions. We'll probably continue. I think what you can expect is at least 1 or 2 a year, just because from a branding perspective, we are a consumer brand, we got to keep our brand out there and keep our consumers excited about us. You'll at least see 1 or 2 big ones a year regardless of what the market does. Okay. That's helpful. Just one more from me. Do you guys have kind of a target R&D number that you're going to try to get to this year and then maybe kind of the next following years? Is there something that you guys are targeting there? You mean target R&D spend or revenue from new products? Spend. No, we've never really I don't know how much detail we've ever gotten into that, Deana. Yeah. Most of our R&D is labor-based. As you'll see, this year we can come out, we have a lot more new products. We're developing them. Our R&D group is very good. We don't have significant variations or need to really drive dollars into R&D since it's our engineers that do the research and development for us. I wouldn't see significant variation even though we have a drive to many new products this year. I think year over model there wouldn't be a huge variation. All right. That's helpful. Thanks for taking my questions. Thanks, Brian. All right. Anybody else? Yes. I've got a question. Hey, Kai. Yes. How you doing? Let's see if I can- How are you? Good, yourself? Good presentation. I've got 2 questions. 1 is, as you know, either the buyer is a first-time buyer or on average they own something like 8-9 guns, which is kind of an extraordinary statistic as far as I'm concerned. Can you give us some color on what% of your sales last year and the last couple of years were from first-time buyers? Obviously the more first-time buyers, the more you have folks who could go on to kind of do what the other guys have done. Yeah. It's tough for us to measure that just because as you know, we have a multi-step distribution network. Here's what I can tell you is that, given the fact that the overall market, the estimation is 40 at least. We hear a lot of information about the fact that number is low. At least 40% of the buyers over the last year have been new shooters and Smith & Wesson outperforming the market, you can probably assume that we are at least 40% of the product going in was probably going to new purchases. How does that compare with, say, fiscal 2020 and fiscal 2019? The averages up until now. I don't know that we or NSSF or anybody has ever or at least I'm not aware of it. We can maybe take a look and see if we can find that information for you guys separately. Let everybody know if we find it. I'm not sure they've ever done that study up until last year. I think that kind of came out of the realization pretty quick and early on in the pandemic that from the retailers, there was a lot of new folks coming in, so we started paying attention to it. I'm not sure. I'd be kind of curious. I'd I'd give it a yes. Switching gears a little bit, Mark or Deana McPherson, by my numbers, as you look at your cash flow, you could end this year with over $200 million in cash, and you said you don't want cash to get below $100 million. Given your formula, if you're always aiming for $100 million, you might have a delay for one year, but you got to spend a lot of money in terms of buying back stock or raising the dividend. How do you think about that upper limit? How high will you let cash go, and for how long would you run an elevated level of cash? Yeah. What do you think about that? Obviously, we've got a short-term constraint there, given the 20% limit that we've got that Deana mentioned earlier. The one thing I will tell you is we're going to shy away from any kind of special dividends. We think there's just better use for our money. We will have a short-term issue here over the next year probably. We're not afraid to build up a war chest. As we go into next year, you can probably draw your own conclusions as to if there's an opportunity, we got a business need for that, obviously, we've got it there. We've got a lot of options with that cash then, right? If there's a business need, we've got that opportunity. If, as we talked about earlier, I don't know, if there's some opportunity that comes up opportunistically on the inorganic growth side, we've got that. If none of that's there, we're very committed to return that value to the shareholder. Terrific. Thank you very much. Yep. All right. Any other questions? All right. No one? Okay. Well, with that, I just want to say thank you guys all very much for taking the time this morning. Enjoy the weekend, and looking forward to seeing everybody in person again next time we do this.