Good day, and thank you for standing by. Welcome to the VOXX International Fiscal 2022 third quarter results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Glenn Wiener of Investor Relations. Please go ahead. Thank you. Good morning and welcome to VOXX International's fiscal 2022 third quarter conference call. Yesterday, we filed our Form 10-Q and issued our press release. This morning, we uploaded a new investor presentation, and all documents can be found in the investor relations section of our website at www.voxxintl.com. Today, we have prepared remarks from Pat Lavelle, President, Chief Executive Officer, and Michael Stoehr, Senior Vice President and Chief Financial Officer, after which we'll open up the call for questions. I would like to remind everyone that except for historical information contained herein, statements made on today's call and webcast that would constitute forward-looking statements are based on currently available information. The company assumes no responsibility to update any such forward-looking statements, and I'd like to point you to the risk factors associated with our business, which are detailed in our Form 10-K for the period ending February 28, 2021. We're coming off a very active week in Las Vegas at CES 2022, and next week, on January 19 and 20, we will be presenting at the Sidoti conference. Let me end by wishing you all a happy New Year, and I'd like to thank you for your continued support of VOXX. Now it is my pleasure to turn the call over to Pat. Pat? Thank you, Glenn. Before I start, I would also like to wish everyone a healthy and prosperous new year. You know, last year, we had one of the best third quarters in our history, and this year, we did not repeat at those levels given the strength of last year's Q3. Overall, we had a strong quarter. We outperformed our plan, exceeding our latest projections for revenue, margins, and operating income. Nothing has changed with respect to our outlook. We see growth and improved profitability going into next fiscal year and beyond, especially with the new OEM award we received this past quarter from Stellantis, which is estimated to be approximately $125 million. Before I cover the results, I want to address the Seaguard Electronics arbitration. They are a former supplier of ours providing stolen vehicle recovery systems. We signed a supply agreement with them in 2007, and more than 10 years later, they filed claims for breach of contract and patent infringement. Throughout the process, we have been advised by legal counsel that the case was unlikely to go against us, and if it did, our exposure was not material. A few million dollars at most. Based on that advice, the company did not specifically disclose this matter in footnote 24 to its financial statements, which covers contingencies. The initial damages that were sought were $10 million, and the day before the fact witness portion of the arbitration concluded, Seaguard amended its claim and sought $40 million. The arbitrator allowed this to happen and awarded Seaguard $39.4 million in damages. Needless to say, we were shell-shocked by this. There's no other way to say it, and we are going to fight it. We have reviewed our legal options and made a motion in the arbitration proceeding to modify the interim award based on the plain language of the supply agreement. If this motion is unsuccessful, we intend to seek to have the California court vacate or modify the award on legal and equitable grounds. While the initial award is for $39 million, we are not paying this out. Rather, we took a charge this quarter, which is reported in other income and reflected on our balance sheet. Just about every law firm we spoke to afterwards concurred with our initial assessment and believed the arbitrator's ruling was egregious as to the calculation of damages, it was inequitable, and that she overstepped her authority as an arbitrator. We hired a new California-based national law firm to represent us to vacate or modify the award, one specializing in these types of situations. Currently, we have three options, seek a modification or reconsideration of the interim award, seek to have the court vacate, modify, or correct the interim award, or negotiate. We are aware of the challenges in having an award overturned, challenging but attainable, and are confident we will get the case heard. We have been advised there is precedent for modification given the facts of the case, how this process unfolded, and the legal basis of the ruling. Our balance sheet is strong, and we have cash and substantial availability on our credit facility. We are not paying out cash at this time. Should the ruling be overturned or modified and result in a lesser amount, we will reverse the charge accordingly, resulting in a potential positive pickup in net income. The process could take up to a year or more until it's resolved, and we are going to exhaust all options. Now, let's move to the business in the third quarter. As I stated, we did not repeat the exceptional performance of last year's fiscal third quarter, but we did beat plan and remain on track to finish the year on a positive note with significant growth prospects ahead. In Q3, we reported net sales of $192 million, down less than 5%. Had it not been for some OEM customers pausing production due to their chip and part shortages, we would have come in around last year's Q3. Gross margins, while down year-over-year, were about 100 basis points higher sequentially compared to Q2 and came in better than forecast. The second wave of price increases we instituted are having a bigger impact, offsetting the higher cost of doing business. Our automotive segment was impacted by temporary pauses at OEM plants and tighter margins due to price increases. Higher operating expenses were primarily a result of R&D and engineering expenses within the automotive segment to support new OEM launches and the addition of the Onkyo engineering team. Operating income of $7.8 million was down $10.4 million year-over-year, an adjusted EBITDA of $15.5 million, down $9.2 million. Again, our bottom-line performance came in above plan. I'll give you a quick snapshot of our year-to-date performance through Q3. Total net sales are up $71 million or close to 18%. Gross profit margins are down 240 basis points due to the sharp run-up in supply chain-related costs, but gross profit dollars are up $9.4 million due to higher revenue. An adjusted EBITDA of $30 million is down $5.3 million. Considering the difficulties posed by part and labor shortages and price increases, transportation and warehousing cost increases, the global pandemic in 2020 and its resurgence in 2021, we have managed through it all. We thought fiscal 2021 was tough, managing through COVID, but I have to say, in my 40+ years of doing business, fiscal 2022 has been the most challenging by far. All things being equal, I am proud of the team. We've grown, we're profitable, and have many paths to create value. Let me move on to the segments for the quarter. Automotive segment sales were up year-over-year by about $100,000, with OEM product sales up $4.4 million and with aftermarket down $4.3 million, primarily due to chip shortages and some delays as we moved from air freight to boat. Driving our OEM business were RSE programs with Ford, Stellantis, and Nissan, an ongoing business with the top heavy-duty truck manufacturers such as Daimler Truck, PACCAR, Volvo, and Navistar. While these events have driven OEM sales growth, volumes have been less than initially expected, given chip and part shortages and the starts and stops with our customers' production. In light of the price increases, we constantly negotiate with suppliers and customers, and even more so in recent months. As we incur higher costs, we must cover them. We got some pickup from the second wave of increases we instituted last quarter and expected to see a bigger impact in the fourth quarter as some contracts required a notice period before taking effect. By the end of the year, the Automotive segment will have nearly doubled from where we were in fiscal 2020, and we're expecting more significant growth in the years ahead based on the awards that we have secured. The good news that I have to report today is the new OEM award with Stellantis. Our original award with Stellantis was for approximately $300 million. Based on their revised projections, the award forecast now is about $275 million. This covers the Chrysler Pacifica, the Jeep Wagoneer, and the Jeep Cherokee vehicles for model years 2022 through 2026. We received an additional award for the Ram covering model years 2024 through 2026, which is estimated to be approximately $125 million. Stellantis now represents awards of approximately $400 million. With Ford, we received an initial award for $75 million covering the Lincoln Navigator and the Ford Expedition for model years 2022 through 2024. This award is now projected at $80 million. We have the $20 million award from Nissan for our EVO system, and we have a variety of awards from the truck manufacturers and tier one suppliers for approximately $30 million, some spanning as long as 10 years. This equates to approximately $530 million in OEM awards we have received over the past 2.5 years, with production in its early stages. There are three other things driving our optimism for automotive. I talked about adding other potential customers for Amazon Fire TV prior to the supply chain outbreak. COVID and the industry environment held back negotiations on projects, but more recently, we've begun to see increased activity, and this bodes well for future growth as any additional OEM business would layer on top of our core and the incremental business we've already been awarded. DEI has performed better than projected, and they added strong brands and a powerful distribution network. We are the clear-cut leader in aftermarket security and remote starts with the best-selling products in the market. VSM, as I indicated, has received a number of long-term OEM awards while expanding its customer base. We have production secured for many years out and new products coming to market. Adding new OEM channels and product lines was a big reason behind this acquisition, and it's beginning to show results. You can summarize our Automotive segment in a sentence. We continue to win new OEM awards with a lot of room for growth as we penetrate new customer accounts. Moving on to consumer electronics. Our Consumer Electronics segment sales declined by approximately 6.7% in the third quarter, as we expected, and are up 11.2% year-to-date. Premium audio product sales last year benefited from exceptionally high order volume with more stay-at-home purchases and new sales from the ProMedia speaker launch. We took steps in the first half of the year to secure inventory to meet customer demand, and we succeeded. The acquisition of Onkyo further strengthened the segment with $7.8 million in higher sales over Q3 of fiscal 2021. We are aggressively working with Sharp to rebuild manufacturing and distribution, and the demand is certainly there. Barring any additional supply chain issues or unforeseen events, we believe we can reach sales of $125 million next fiscal year with a goal of reaching $200 million as we expand worldwide. The addition of Onkyo, Integra, and the Pioneer brands, along with Klipsch and our other speaker brands, gives us the ability to offer our retailers and consumers a much wider assortment of complete, sophisticated home audio solutions. Year-to-date premium audio sales are up 16.7%. At CES, the Premium Audio Company showcased its 2022 product lineup. It's another year of a lot of excitement. We had strong media coverage and customer interest. I'm just going to go over three of the new lines we debuted, but you can read more about them on the Klipsch website. The Klipsch Jubilee is the new flagship product of the Heritage Series. It is a horn-loaded two-way loudspeaker incorporating the latest acoustic technology and designed to deliver the ultimate in listening experience. The Klipsch Jubilee is priced at $35,000 a pair. The new Klipsch Reference speakers features Tractrix horns for high frequency reproduction, resulting in soundstage quality of audio. Lastly, the McLaren edition of our Fives powered speakers features a high-efficiency DSP amplifier for high-resolution and ultra-low mass carbon fiber for enhanced performance. This takes the best from both McLaren racing and Klipsch. Staying within consumer, our other CE product sales, primarily accessory lines, were down 5.7% year-over-year in Q3 and 5.3% year to date. Nothing was out of the ordinary. Sales were down modestly across several categories due to limits on inventory supply and some decisions we made to address rising costs in lieu of certain sales. Our customer relationships remain very strong and we expect to expand with some key accounts in the coming year. For example, our Sensation program has done very well with Costco Canada, and we secured the fiscal 2023 program with more than two times the volume. Our reception programs with Walmart have been very strong in the U.S., and we will be adding additional SKUs to our lineup and have expanded programs with them and other retailers throughout North America. Overall, we're operating a smaller but profitable business which globally should be $90 million-$100 million in sales. We are always looking to enhance our product lineup and remain focused on stable and profitable growth. Moving on to biometrics. The biometrics segment remained relatively flat for the quarter, and is up 15.6% year to date. We received our first payment from GalvanEyes following approval of the agreement at our annual meeting of shareholders, and the cash received will be accounted for on our balance sheet, not flow to the gross profit as initially informed. This is because GalvanEyes has the right to convert to equity based on the value it pays to EyeLock in the future. During the quarter, we made progress with respect to current projects and secured future awards. First, the healthcare award we received, we are on schedule for beta launches in the coming quarters and deployment in late 2022, with a ramp up thereafter. Through GalvanEyes in Q3, we were awarded new business from a Switzerland-based customer in life sciences and entered into an MSA and license agreement with a home healthcare and AI diagnostics company. Additionally, we are working on a prototype for an auto mall in Miami, and if successful, we plan to roll this out through our automotive aftermarket group. Delivery is set for Q1 of fiscal 2022, and during the third quarter, EyeLock also was awarded a small piece of business from a U.S. government agency. We also made a change in management, appointing Allenn Eiber to the role of President of EyeLock. Based on his extensive background and knowledge of the markets, he is the right individual for the job. He has over 25 years of experience in technology. He has served as the CEO of technology companies, including Data Transfer Solutions, a business he co-founded and successfully ran before it was sold to SNC-Lavalin, one of the largest companies in Canada. He has very strong relationships with target customer accounts, particularly with government agencies. There are several projects EyeLock is currently working on that have great promise, and as we have learned from the past, these do take time, especially when discussing embedded solutions and the modifications that are typically required. Some of the more recent work is centered around access control systems, authentication software for healthcare professionals and pharmacies, and embedded applications in large volume public settings. In closing, we continue to perform well in what is a very challenging environment. We remain on track with our sales forecast for the fiscal year, with the only caveat being the car manufacturers keep to their production schedule. Next year should show growth with scheduled OEM launches and the addition of Onkyo. Gross margins have and should continue to improve modestly near term, especially as the automotive price increases take hold and OEMs return to more consistent production. Operating expenses are in line with our prior comments, with the second half increase primarily related to Onkyo R&D and automotive engineering. Let me make it clear, we are not chasing growth at the risk of losing profits. We are focused on securing long-term profitable partnerships. We have proven to be agile and disciplined, and with the foundation we've built over the past few years, believe the company can drive significant top and bottom-line improvements. At this point, I'll now turn the call over to Mike. Michael? Thank you, Pat. Good morning, everyone, and I too will start with my well wishes in 2022. Happy and healthy new year to all. Let me start with a bit more detail around sales for Q3 and year-to-date comparisons. In Q3, OEM sales increased with Stellantis OEM program driving sales growth. This is new and incremental business. Our sales with Ford were also up with increased volumes related to the Ford Explorer program. Finally, VSM's OEM sales were up almost 40% year-over-year. Aftermarket sales were down roughly $4.3 million, due primarily to supply chain issues and heavier load-ins last year, as Pat discussed. The three biggest categories that were impacted were satellite radio fulfillment, backup cameras, lighting products, and turn signal switches, which collectively made up approximately $2.6 million of the decline, with the rest spread out and offset by growth at our DEI subsidiary, which was up over 8% year-over-year. Year-to-date, automotive segment sales were up $38.6 million, with OEM sales up $17.4 million and aftermarket sales up $21.2 million. OEM growth was due to higher rear seat entertainment sales and higher volumes with Stellantis, Ford, as well as significant increases in sales at VSM. There were a number of offsetting factors in the aftermarket, and overall growth was primarily driven by the addition of the DEI subsidiary, which was owned for the full nine months in fiscal 2022. Within the consumer segment, we had lower sales than last year's Q3, down $9.3 million. Premium wireless speakers and home separate speakers were down $12.6 million combined, with the decline directly related to shipping delays and shortages, as well as chip shortages resulting in product back orders. We had higher load-ins in sales last year, quarter three, for our ProMedia speaker line, which was introduced then. 11TC positively contributed, increasing by $7.8 million, principally due to Onkyo, Integra, and Pioneer products. As noted in September, the acquisition of Onkyo Home Entertainment Corporation was completed, and we moved from a distributor to an owner. With higher sales expected, we built distribution and ramped up production with Sharp and our JV partner. Consistent with Pat's remarks, Singsation has performed well, and Q3 sales were up over 9% versus Q3 of last fiscal year. Year to date, our consumer segment is up $32.3 million, with premium audio driving the increase. 11TC contributed to this growth, up $25.5 million year to date. Premium home theater speakers, wireless accessory speakers, and Singsation were the three biggest gainers within the segment. The biometrics segment Pat covered. Gross margins were down 200 basis points in Q3 and 240 basis points year to date. I think we've covered the impact in detail throughout the year, and it's pretty much the same story. We have been able to mitigate the higher costs of doing business through two price increases instituted throughout the fiscal year. The second price increase was put in place in Q2 and had a positive impact on Q3 margins, up 90 basis points sequentially. The full impact, however, was not felt, as OEM customers typically require notice periods, as Pat also mentioned, and will start to absorb some of these costs in Q4 and in Q1 of fiscal 2023. The pauses with OEM customer reduction also impacted gross margins during the quarter, but on the positive side, gave us a chance to change some of our logistics and future costs. Operating expenses were in line this quarter, no surprises, and consistent with our Q2 comps call remarks. We had a $3.9 million increase in operating expenses and added $4 million of expenses primarily due to Onkyo to the Onkyo JV, particularly impacting engineering and technical support expense lines. For the 9 months year-to-date period, we had a $23.3 million year-over-year increase in operating expenses. There were approximately $6.8 million of non-recurring expenses we outlined in our Q2 call through the first six months of fiscal 2022. $4.8 million for professional fees and $2 million for NRE and outside labor. We also had $8 million of expenses that were added in fiscal 2022 for the DEI subsidiary and for furloughed employees in salary and bonus reductions. DEI we owned for the full 8 months in fiscal 2022 and five months in fiscal 2021, and the latter relates to the reduction we implemented in early stages of COVID in fiscal 2021. We have the additional $4 million of expenses related to the Onkyo acquisitions. This leaves $4.5 million with the remainder made up of higher professional fees related to the Seaguard arbitration, higher R&D expenses for various projects across each segment, expenses related to our new Australian premium audio company subsidiary, and there were other offsetting factors. You'll see acquisition costs in our income statements. The Q3 increase was approximately $300,000, and year-to-date increase was $3 million. This has incorporated professional fees I just provided. On an operating basis, operating income of $7.8 million in Q3 represents a decline of $10.4 million as we have outlined. To put this year's Q3 performance in perspective, the last time we reported higher than $8 million in operating income was fiscal 2015. We had increases in other income expenses, primarily due to the Seaguard arbitration. I believe this has been covered thoroughly, so I'll speak only to the financial impact, which resulted in a current non-cash charge of $39.4 million. For Q3, interest and bank charges increased by $300,000 due in part to a shareholder loan as a result of the capitalization of our new Onkyo subsidiary with Sharp. The JV capitalized with a portion of equity and a portion of shareholders' loans to set up the tax structure. We had a decrease in interest expenses related to our credit facility. Equity income of our equity investees, which relates to our 50/50 joint venture with ASA, increased by $400,000, which was offset by an increase in other net expenses and income. Year to date, interest and bank charges declined by $400,000. Equity and income of our equity investee increased by $two and a half million, up more than 50%, representing growth and improved profitability of ASA with minimal impacts elsewhere. Net income attributable to VOXX was adversely impacted by the arbitration decision. As a reminder, currently the cash has not been paid out and there is a possibility this could be reversed or a portion of it in future periods if we are successful in our legal pursuit. We reported adjusted EBITDA of $15.4 million in the third quarter and adjusted EBITDA of $30 million year to date compared to $24.6 million and $35.3 million for the comparable periods. This represents a decline of $9.2 million and $5.3 million versus fiscal 2021 third quarter and nine-month period. In summary, though November 30th sales were up close to 18% and we had over $5 million of adjusted EBITDA year to date, and we are only $5 million off adjusted EBITDA year to date. We have had a lot of added costs this year dealing with the supply chain costs and delays, which we have worked and continue to work to mitigate, higher professional fees related to acquisitions. Please note we added Onkyo, which will result in higher expenses without the full impact of reduction yet. Though next year we expect to increase the top line, generate production efficiencies, and see a positive bottom line contribution. Our cash is anticipated to follow historical patterns and increase in the fourth quarter. That concludes my remarks. Operator, we're ready to open up the call for questions. Thank you. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, press the pound key. Please stand by while we compile the Q&A roster. Our first question comes from Brian Ruttenbur with Imperial Capital. Your line is open. Yes, thank you very much. Good quarter operating. Couple quick questions in terms of price increases. You stated you increased prices in the second quarter. Can you give us a ballpark? I know it's a lot of different products, but on average, how much you increased in the second quarter and how sticky those price increases were? On the fiscal year, if you can talk about price increases, how much you've gone up, you know, for these first three quarters of this fiscal year. All right, Brian, it does change from product category to product category. Based on, you know, changes in the logistics cost of bringing in containers, especially for our bigger products, we've seen increases in excess of 20% in our consumer group. We've had multiple increases all along, whether or not we are taking product by air freight, with some surcharges and things like that, because the air freight versus boat really changes the picture on the landed cost of the products, right? I can't give you one solid number, but needless to say, we're well above double digits within our automotive group and over 20% within the consumer group. Okay. That's on the year, is that correct? Roughly, or north of 20% consumer- Yeah, yeah. ... roughly 20% automotive. Yeah. That would be on the year. Obviously, you know, what we're assessing is what does the future look like? Are we going to continue to see? You know, it's a combination of chip problems, increased chip costs, increased raw material costs, increased trucking costs, increased you know, freight coming in from overseas. As some of these problems mitigate throughout the year, you know, we'll be adjusting and you know, matching it to where we believe you know, these costs are going to come in. Let me just say this, from a chip shortage standpoint, we believe that the chip problems will last for the car manufacturers well into, I mean, calendar 2022, possibly into 2023. That's something that, you know, obviously we have a rough time determining exactly what that does as they move chips around to build certain vehicles and take chips away from other vehicles. You know, that's the caveat that I gave, was as long as they stay to the production schedules that they've given us, we should be pretty good. Okay. Thank you very much for that color. That's helpful. I know that you don't give specific guidance on a quarterly basis, but I was trying to understand at least trends, comparing you versus maybe last year or something like that. As we look forward in the fourth quarter, you're gonna have Onkyo contributing, so revenues should be better than the fourth quarter last year overall. Is that the right statement? You know, it all depends on what we get in product. In the case of Onkyo, we're selling everything we get our hands on. Nothing's sitting around, everything is going out. The demand is very strong. Depending on Sharp primarily holding to production schedules and not having issues either with COVID, where it shuts down their plants and things like that, you know, we expect to continue to expand our Onkyo sales. Okay. In terms of, you typically have a drop in gross margins in the fourth fiscal quarter, overall. Yeah. Do you anticipate that with this new mix, with Onkyo coming in and everything going on, would you still see a sequential from third quarter to fourth quarter, a drop in gross margins or kind of maintaining these levels? Well, what we're looking at is we're looking at improving our margins in the near term, as I've said, because some of the price increases we've already put through, you know, the 60 or 90-day periods, have expired, and we expect those price increases to go into effect. This might be a little bit different than our typical fourth quarter, from a margin standpoint, as we expect to see improving margins, as price adjustments come in. The merchandise that we'll be selling in the fourth quarter is pretty much, you know, in the barn. Meaning that we don't expect the cost to go up, for importing those goods, you know, much. There will be some because we are still waiting on some product deliveries. Okay. No, that's very helpful. Just in terms of operating expenses in the third quarter, looking at third quarter expenses, you know, just the normal ongoing, the selling G&A, engineering, tech support, is Onkyo fully in there, so we could be able to model from those levels going forward? Or do we still need to- Yeah ramp up a little bit? Yeah. Well, Onkyo's in there for the quarter. We started in September. So they were in there for the full third quarter. We expect to see the same. There could be, you know, again, you know, part of the overhead calculation when we partnered with S&O is the amount of product that they can ship us, okay? The more they ship us, the lower the cost of carry of the Japanese offices. Okay. Understood. Pivoting real quick, and then I'll yield the floor, so to speak, you know, on this potential arbitration settlement, you know, with Seaguard. So, can you tell us a timeline? I believe that there's going to be certain milestones in February and, you know, can you walk us through what we should be looking for in terms of decisions from either courts or, I know it's not necessarily appeal, but, where the next steps are and the next milestones and the timing of those milestones. Well, I mean, you know, we have asked the arbitrator to review the award, the interim award. That will be done sometime in February. From there, it's going to be based on the decision she makes as to whether or not we take this to either federal court or state court. You know, what I said is it could be as much as a year or more. Okay. Thank you very much. All right. Bye. Thank you. Our next question comes from Victoria James with D.A. Davidson. Your line is open. Happy New Year. Thank you for taking my call. I've just got. You're welcome. Thank you. I've got two questions related to comments that you made in your remarks. First, as longtime industry participants, I would love a little bit more color on what you're seeing in the supply chain, and if applicable, whether or not you're seeing any signs that supply chain and logistic trends are improving versus last quarter. Okay. From a standpoint of pricing, we do see some modification of pricing on the logistics side. But we're not baking that in 100%, only from the standpoint it depends on the volume of goods coming in. We also are concerned about the Omicron, you know, really taking hold in different parts of Asia, which could create shutdowns at ports, at plants, and once that happens, then pricing will start to, you know, reflect that. But if everything was to stay, you know, on course, I would think we'll see some drop in logistics costs as far as bringing products in. I don't believe we're going to see much in the way of chip prices changing much. You know, we're out 52 weeks on lead times for purchase of needed chips. I don't think that changes till sometime in 2023. As far as logistics, the thing that could hit the logistics, that could raise the prices again, is going to be a breakout of COVID in the different countries. That's very helpful. My second question is, in your remarks, you mentioned that stay-at-home really drove order volume for premium audio products last year. Mm-hmm. What are your current thoughts on consumer demand for premium audio products, and what are the implications for Klipsch, considering that you just dropped the three new lines of speakers, right? Yeah. No, what we've done is we had a big launch of our computer speaker last year, and that was particularly appropriate for a stay-at-home situation, so we had large sales there. We knew those sales would not repeat at the level that they were last year. But when I look at the overall, we're up almost 17% in our premium audio business over the year. Demands remain strong. Now, obviously, some of that demand comes from the dollars and the stimulus dollars that were in the economy. But at this particular point, I've got to believe a good portion of that was gone for Christmas, and we had a very solid Christmas. The projections we're looking at on a go-forward basis, you know, as I said in the past, we do believe this business is sustainable. Wonderful. Thank you so much. You're welcome. Thank you. As a reminder, to ask a question at this time, please press star then one. Our next question comes from Alex Albertini with Axebrook Capital. Your line is open. Hi, guys. Thanks for taking my call. I'd just like to go back to these arbitration issues again. It's my understanding that there's been two claims brought under arbitration. One is for breach of contract, where there's been a $40 million award. Mm-hmm. There's a second claim being heard with respect to patent infringement. Now, there's some chatter in the market that the patent infringement claim is actually a much larger claim. Could you comment on that or provide us guidance on, you know, the magnitude of a potential award? Now I also get that you've been indemnified by your suppliers on that claim. Right. I know as a lawyer myself, these claims are usually very, you know, difficult to enforce from an indemnity point of view. That would be helpful there, if you could start there, and then I've got another one, if you could start there first. Okay. Well, the first one is, you know, first off, we do not believe that we infringed the patent. Okay. Secondly, as you rightly mentioned, we do have an indemnity there. Any infringement, if we were to lose a case, would be based on the number of products that we sold, and that would be the determining factor for the most part as to what any claim would be paid. Therefore, based on that, we do not believe it would even be material. Could you guide us on revenues generated from the products that those parties are infringing or alleged infringement on? At this particular point, because we're involved in a case, I would not be at liberty to discuss that. Okay. That's fair enough. The second question I had. Again, I've been involved in a few of these arbitration disputes, is if you appeal that award, or if it's entered as a judgment into a state or federal court. My understanding is that if you appeal it, you have to post a bond, a cash bond. Could you comment? I know, you know, the payment hasn't crystallized, but there could be a payment that needs to go into court at some point. Could you comment on that? Well, the thing is that first off, there is no appeal process in an arbitration. We're either going to sit and speak with the arbitrator to see if she can modify the award in some case. If that's not successful, then we would plan to take it to federal or state court. If we have to post a bond, we've already discussed with our insurance companies, and it would not be, again, in our estimation, would not be material as to the cost to post that bond. Okay. The last question on this matter is, I understand under the terms of your revolver that you aren't able to draw funds to incur additional debt. I would assume that means any of those judgments. With $20 million of cash on balance sheet, I know, you know, cash is obviously gonna trend higher, but assuming, you know, you have to post a bond or pay out that award, plus a potential patent infringement award, you know, do you think you have enough capital here? You may need to go back to the market, you know, whether an equity raise or some type of debt facility. No. We can use our facility any way we want. It's an ABL loan, so we're free to do and use that money in any way we want, providing we have enough inventory and enough accounts receivable to support you know, the level of facility that we have, which we do. Okay. Then the last point, we've picked up on some data showing your imports for consumer electronics have trended down, and that's publicly available information from Panjiva. I'm just curious why imports have dropped off in November and December. You know, quite a cliff-edge drop. I'm just wondering if you can comment on that. Is that a supply chain issue? Are you clearing up in inventory? That'd be great. Thank you. We're a cyclical business, and this is the time that our inventories would start to come down after the holiday seasons. We also had, you know, in getting ready for the holiday season, brought in sufficient amount early to make sure we had enough inventory for the holiday season. This is very typical of what you would see, our inventories would come down, and we would, in fact, cash up towards the end of our fiscal year. It's cyclical. Okay. Thank you very much. You're welcome. Thank you. I'm currently showing no further questions at this time. I'd like to turn the call back over to Pat Lavelle for closing remarks. Well, thank you, all. I wanna thank you for your interest in VOOX, your support, and once again, I wish you all the best in this coming year. Thank you, and have a good afternoon. This concludes today's conference call. Thank you for participating. You may now disconnect.