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Good afternoon, and thank you for attending today's ALTA Equipment Group's Second Quarter 2026 Earnings Conference Call. My name is Melissa, and I will be your moderator for today's call. I will now turn the call over to Jason Dammmeyer, Vice President of Accounting and Reporting. Please proceed. Thank you, Melissa. Good afternoon everyone, and thanks for joining us today. A press release detailing Alta's second quarter 2026 financial results was issued this afternoon and is posted on our website, along with a presentation designed to assist you in understanding the company's results. On the call with me today are Ryan Greenewalt, our chairman and CEO, and Tony Colucci, our chief financial officer. For today's call, management will first provide a review of our second quarter 2020 financial financial results. We will begin with some prepared remarks before we open the call for your questions. Please proceed to slide two. Before we get started, I'd like to remind everyone that this conference call may contain certain forward-looking statements, including statements about future financial results, our business strategy and financial outlook, achievements of the company, and other non-historical statements as described in our press release. These forward-looking statements are subject to both known and unknown risks, uncertainties, and assumptions, including those related to ALTA's growth, market opportunities, and general economic and business conditions. We have based these forward- looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Although we believe these expectations are reasonable, we undertake no obligation to revise any statement to reflect changes that occur after this call. Descriptions of these and other risks that could cause actual results to differ materially from these forward-looking statements are discussed in our reports filed with the SEC, including our press release that was issued today. During this call, we may present both GAAP and non-GAAP financial measures, a reconciliation of GAAP to non-GAAP measures is included in today's press release and can be found on our website at investors.altaequipment.com. I will now turn the call over to Ryan. Thank you, Jason, and good afternoon everyone. I appreciate you joining us to review Alta Equipment Group's second quarter 2026 results. My comments will focus on our markets, booking and delivery trends, and progress on our strategic initiatives. Tony will then cover the financials, capital structure, and our updated guidance. The central takeaway is that the momentum we discussed in Q1 became more visible in the second quarter. Revenue improved by approximately $65 million from the first quarter, with sequential growth across all three segments. Order activity is improving, deliveries are recovering, dealer inventory pressures are are receding and our operating initiatives are gaining traction. We believe improving industry indicators and stronger activity in our own markets represent a positive inflection point for ALTA. The broader backdrop is becoming more supportive. Industrial spending remains elevated, federal infrastructure funding continues to flow into state and local project pipelines, and transportation budgets in our largest construction equipment markets remain strong. The U.S. manufacturing PMI stayed in expansion territory through the quarter and strengthened further in July, a constructive leading signal for lift truck demand. Non-residential demand from energy infrastructure and on-shoring continues to build and Volvo recently raised its 2026 North American market forecast by 5%. Tariff-related disruption has stabilized, benefiting master distribution and overall pricing. Material handling remains the clearest leading indicator of improving demand. As shown on slide 7, industry bookings in our areas of responsibility increased 12.3% in the first half versus a year ago, and second quarter bookings held near the strong first quarter pace, up 4.9% from prior year quarter. This is not a 1 month spike. The improvement has been sustained across the first 1st half, a trend Hyster Yale also noted on their earnings call this week. the recovery is broad based across regions and verticals including food and beverage manufacturing building materials energy defense distribution and logistics those bookings are building backlog and backlog is what gives us confidence in the second half our material handling backlog now stands at approximately 143 million its highest level since 2023 in this business bookings convert to backlog and backlog converts to revenue over the following quarters so today's orders order book provides meaningful visibility into second half invoicing and as slide eight shows our current booking pace points to a meaningful recovery in 2026 with volumes moving toward long-term regional norms new structural drivers support the trend first fleet age many operators deferred replacement over the last two years and as four and five-year-old fleets become more costly to maintain quoting activity increases driving both equipment sales and the recurring parts and service revenues that follow each unit. Second, product breadth. Our OEM partners are introducing modular value-oriented configurations for lighter-duty applications, allowing us to serve cost-conscious customers with fit-for-purpose equipment while preserving our premium offering where uptime and lifecycle support matter most. Our material handling share gains are being driven by three factors. Stronger participation in the fast-growing warehousing segment, new products that allow us to recapture business previously lost a value-oriented brand, and PeakLogic's integration capabilities, which enable us to advise customers on and execute larger and more complex projects. Construction equipment entered the quarter with a delayed seasonal start, but activity accelerated through the quarter, carrying the segment past its first quarter low point. Market deliveries in our areas of responsibility increased 20.1% in the second quarter versus the prior year and were up 7.5% for the first half. florida was a notable area of strength particular particularly in articulated haulers and quoting activity is benefiting from road and bridge work municipal projects energy infrastructure and manufacturing investment the competitive environment is healthier than a year ago dealer inventories have declined oem discounting has moderated and used equipment values have improved from their 2025 lows all supporting better equipment margins our rental fleet initiatives continue to progress the goal is matching fleet investment to local demand improving utilization and returns and avoiding underproductive assets tony will detail the results product support remains one of the most important differentiators in alta's dealership model with 85 locations approximately 1100 factory trained technicians and more than a thousand field service vehicles creating reoccurring revenue streams that pure play rental models do not replicate through our customer value mapping initiative we are aligning capacity with customers who value uptime and life cycle support while improving rate realization and service productivity our strategic vision for 2028 focuses on generating more value from the platform we have built since our ipo we have completed 17 acquisitions and grown from 43 to 85 locations the next phase centers on organic growth operating consistency and disciplined capital allocation gaining share in attractive markets, scaling peak logics and ecoverse, improving product support productivity, increasing inventory and fleet returns, and using technology to drive efficiency and accountability. As we enter the second half, demand indicators remain constructive, led by material handling bookings and backlog, construction equipment project activity, and healthier channel conditions. We are maintaining a measured outlook, and Tony will discuss our revised guidance. the second quarter does not complete the recovery but it provides clear evidence that one is underway and that our operating model is responding as expected i want to thank our approximately 2600 employees for their commitment to our customers their expertise is the foundation of alta's value proposition with that i'll turn the call over to tony thanks ryan good evening everyone and thank you for your interest in ulta equipment group in our second quarter 2026 financial results before getting into the quarter i'd like to thank our employees customers oem partners and shareholders for their continued support support we entered 2026 facing a number of challenges including the pull forward buying activity that benefited late to 2025 difficult winter conditions and software equipment markets while q1 was challenging our second-quarter performance and the trending kpis suggest All of those headwinds are behind us as the second quarter reflected a return to more normalized operating conditions and showcased the fundamental earnings power of our dealership model. My remarks today will focus on three areas. First, I'll report our second quarter financial performance and discuss the significant improvement we saw versus the first quarter, along with the key drivers behind our results. Second, I'll discuss capital efficiency, which remains an important priority as we continue to optimize inventory levels, rental fleet investment, and improve returns on capital. Lastly, I will provide perspective on our outlook for the balance of the year and discuss the indicators that continue to give us confidence in our ability to deliver within our previously communicated guidance. As always, I shall be referencing slides from our earnings presentation throughout today's call. I encourage investors to review our earnings presentation as well as our 10Q, both of which are available on our investor relations website at altg.com. With that, let me begin with our financial performance for the quarter, which corresponds with slides 12 through 22 of the earnings presentation. For the quarter also generated revenue of $475.5 million and adjusted EBITDA of $48.6 million. Nominal gross profit increased year over year and total gross margins expanded approximately 70 basis points to 26.1 percent, while EBITDA margins increased to 10.2 percent. While revenue remained modestly below prior year levels, the more important takeaway is the sequential improvement versus Q1, and the results were encouraging. Revenue increased by approximately $65 million compared to the first quarter, while adjusted EBITD increased by approximately 20.5 million, from 28.1 million in Q1 to 48.6 million in Q2. EBITDA margins expanded 340 basis points sequentially. While some of that increase reflects normal seasonality as construction and rental activity improve entering the summer months, it also reflects strengthening equipment market conditions, improved equipment margins, and solid execution across our operating businesses. One area I'd specifically highlight is equipment performance company-wide new and used equipment gross margins increased to 15.3 percent during the quarter representing a meaningful improvement both year over year and sequentially we believe this is an important indicator of a more balanced supply of more balanced supply and demand dynamics across the competitive landscape from a segment perspective first material handling which we were particularly pleased with generated 19 million dollars of adjusted EBITDA in the quarter, an increase of approximately 13 percent from the prior year, despite lower revenue. Strong service execution, sustained booking momentum, and improved operating efficiency all contributed to this segment's performance. Construction equipment generated $30.6 million of adjusted EBITda, a notable $16.7 million sequential improvement. Equipment margins improved, utilization trends strengthened throughout the quarter and the business benefited from the expected seasonal recovery following a slow start to the year. Within master distribution, Ecoverse delivered one of its strongest quarters since acquisition. Revenue increased from $20.9 million to $22.8 million year-over-year, while adjusted EBITDA increased from 1.1 million to $2.8 billion. Importantly, much of the tariff-related margin pressure that negatively impacted the business over the last year has now subsided. Revised OEM pricing arrangements and a more stable tariff environment both contributed to materially improved profitability. As a result, Ecoverse returned to the economic profile that underpinned our original acquisition thesis. Taken together, these results support what we discussed last quarter, namely that many of the factors impacting first quarter performance were temporary in nature and that the underlying business remains fundamentally healthy. Moving on to the second portion of my prepared remarks, I'd like to spend a few moments discussing capital efficiency. One of the most encouraging developments during the quarter continues to be the progress we've made on improving capital efficiency across the organization. I direct investors to slide 16 of the earnings presentation, which highlights the tangible results of our inventory optimization and fleet rationalization initiatives. In material handling, average assets declined by approximately $52 million dollars or 11 percent while the business maintained relative relatively consistent earnings performance as a result trailing 12-month adjusted ebitda as a percentage of average assets improved 120 basis points from 14.8 percent to 16 percent in the construction segment average assets declined by approximately 77 million dollars year over year or eight percent while profitability remained resilient despite operating in a market that's still below historic levels that resulted in a 60 point 60 basis point increase in return on assets from 10.8 to 11.4 percent we believe this demonstrates that alt is becoming more capital efficient a more capital-efficient organization generating comparable earnings while deploying less capital and ultimately improving returns briefly on the balance sheet for the quarter as of june 30 total liquidity may remain strong at approximately 225 million and net leverage remains stable at roughly 4.7 times importantly our capital structure continues to provide some provide flexibility as we have no meaningful debt maturities until 2029 a largely fixed rate debt profile and ample liquidity to support the business going forward moving on to the final portion of my prepared remarks I'd like to discuss our outlook for the remainder of 2026. We continue to believe that the assumptions underlying our previously communicated guidance remain intact. As shown on slide 19, we are narrowing our adjusted EBITDA guidance range from $167.5 million to $177.7 million, reducing the upper end of the range by $5 million while reaffirming our free cash flow before rent to sell decisioning range of $100 to $110 million for the year. Importantly, the adjustment to the upper bound is not being driven by a change in our view of underlying demand as bookings trend as bookies bookings trends remain supportive and backlog levels have materially increased year over year rather the revised range reflects increased visibility into the timing of equipment equipment deliveries and the conversion of the backlog into revenue during the second half of the year overall there's several pillars supporting our confidence in the back half of 26 when compared to 25. first material handling fundamentals continuing to improve as ryan mentioned backlog has increased substantially year over year providing for improved confidence into this into second half equipment deliveries second construction equipment demand is growing across our core markets customer activity remains healthy and infrastructure related project activity continues to support equipment utilization and demand third equipment margins continue to trend favorably the margin improvements we've discussed today are consistent with reduced competitive discounting healthier used equipment market dynamics and a more and more balanced dealer inventories fourth eco versus tariff related challenges appear to be behind us the business returned to a more more normalized profitability level during the quarter and we believe those improvements are sustainable moving forward lastly the organization continues to execute on productivity and operational efficiency initiatives across multiple departments our product support organizations remain focused on tech utility tech utilization labor efficiency pricing discipline and customer profitability while these initiatives may not always maximize revenue growth they do improve overall dealership profitability and support stronger long-term returns taken together supported demand indicators growing backlog improving equipment margins and and continued operating discipline support our confidence in the business in the second half of 2026. In closing, the second quarter represented a step forward. The business benefited from both the expected seasonal ramp and improving conditions across our end markets. Perhaps most importantly, we demonstrated that Ulta can generate stable or improving profitability metrics on a significantly smaller asset base, which will translate into better returns on capital over the long run. you for your time and continued interest in Alt Equipment Group. I'll now turn the call back over to the operator and we'll be happy to take your questions. We will now begin the question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Mike Schliske with D.A. Davidson. Your line is now open. Please go ahead. Yes. Hi. Good afternoon. Thanks for taking my questions here. I wanted to go back to some comments you made earlier about some of the material handling modular products. I really appreciate that this is a growing area, but is there an offsetting service revenue headwind when you sell more modular compared to some of these original models? Mike, I'll take that. No, we don't perceive it as a headwind. If anything, it's a positive because there'd be more commonality across the product lineup and that would potentially enhance parts turns. Okay. Okay. And then turning to construction, you know, I do appreciate that Volvo increased the outlook. Other large OEMs may increase the outlook a bit more than perhaps Volvo did. And I'd just be curious, you know, in Florida and your main markets, where it's been strong all along, I think, do you feel like your share has been hanging in there in the first half? And I think that could be changing here in the second half as far as construction market share. Hey, Mike, this is Tony. I'll take that one. You know, I Think we've got the one slide in the deck that shows what our markets did from a delivery perspective in Q2 relative to 2026 relative to 25. and i think um those markets were up something like seven percent um and so we definitely saw we saw that now they were down a little bit in q1 um but long and the short of it is you know the the number that ryan mentioned and what volvo's focused on i believe is north america the one that we're focused on obviously is the one just for our aprs they seem to be in alignment with one another maybe ours being up a little but um in terms of share um i would just you know we don't we don't call out market share specifically publicly but you know i would think of us as just holding share uh in in the in the current marketplace of over the first half okay and then maybe just lastly on the um on rental fleet sizing again with some of the upticks we've seen in uh large projects infrastructure um and you know other other other areas are you thinking about potentially upsizing your fleet just a little bit to to match that demand or do you think what you've got now is pretty appropriate for the envelope of projects that your customers are facing mike this is uh tony again the way that we think about the rental fleet is is um laser focused on hitting our utilization kpis and at the moment we're still not there and so um to the extent we see demand kind of staying where it is specifically in the construction fleet um this would all of this commentary would be specific to our construction fleet we intend to continue to pare it back a bit by year end the other thing that i would point out to you is that some of the data centers and and projects that you are referencing are more akin to vertical construction which would mean aerial equipment which the larger rental houses compete in and we do not it's a much smaller piece of our portfolio in terms of in terms of the rental business and that's all there on slide 17. and so we're certainly participating from a land clearing perspective we know of jobs that our customers are on where they need you know dump trucks and excavators but those projects are you know a little bit shorter relative to, call it the vertical construction of the building. So the short answer is no, we don't see, you know, investing in rental fleet in the short run here. Okay, fair enough. Thanks so much. I'll pass it along. Your next question comes from the line of Stephen Ramsey with Thompson Research Group. Your line is now open. Please go ahead. Good evening, everyone. Wanted to start with the color you shared around the marketplace being more balanced from a supply-demand standpoint and leading to reduced discounting. Would you say that the market is in a healthy and optimal spot at this point, or it could keep trending in a healthier way potentially through the back half of the year? Hey, Steven, this is Tony. Before I answer your question, I just wanted to point out, I misspoke on Mike's, the question Mike had. Equipment deliveries in our construction markets were up 20%, as suggested on slide seven. I said 7%, which is the year-to-date number. Anyway, yeah, all signs point to more normal supply-demand dynamics, which, you know, what we have believed all along would help support more normal margins in terms of, you know, discounting that we have to do to kind of hold share, specifically in the construction segment. I think there's still a little bit more room to run. We have, as we've suggested, really tried to optimize inventories. And by doing so, we've actually had to take some skinnier deals to to offload the balance sheet a little bit. So we think we still got some tailwinds in our own numbers, you know, through the back half here from an equipment margin perspective. But I think from a macro environment, we've found that balance. What I'd say pricing wise, I think pricing still has a little bit of room to run as well. Some of the larger players in the construction space that you're well aware of, you know I think are showing price realization year over year five percent um in in the second quarter in terms of you know what the oems are charging their their uh their dealers um as their costs have gone up tariffs have been impacted you know it's been a while but we're finally seeing you know less discounting coming out of some of the bigger bigger houses so i would expect that to continue in prices to continue to improve just overall but much more balanced than we've been you know over the last two years Okay, that's great to hear. And then one thing I wanted to clarify in the guidance, the part of caution around deliveries, can you talk a bit more about where that caution or conservatism is coming from, if it's a certain product set or certain customer group? no so it would simply be on the you know some of this is the as ryan mentioned the material handling backlog is getting to like record levels uh from a nominal dollar basis we're still not there from a from a just a unit perspective um it's really just timing with heister yale you know with their production uh capabilities and the ability to deliver and whether or not some of the demand sneaks into 2027, Mike, sorry, Stephen, versus 2026. It's not a specific customer base. It is not really a product line per se, but it would be more on the material handling side, particularly Hyster Yield. And it is not that we are saying that there is risk that we know of. We are just being mindful that, you know, the level of volume coming through could leak into 2027. Okay, that's helpful. Thank you. Your next question comes from the line of Liam Burke with B. Reilly Securities. Your line is now open. Please go ahead. Thank You. Good evening, Ryan. Good evening, Tony. Hey, Liam. Tony, you were talking in your prepared comments about the reducing the higher end of the guidance not basically because you have better visibility i'm looking at the two major businesses materials handling with the order flow gives you a pretty good sense as to what the second half is understanding that you talked about orders slipping into 2027. um on the construction side where where what are you seeing that gives you more visibility on the second half uh activity yeah i think it's it's just general momentum liam um as investors and and some of the analysts are aware the material handling um purchaser and and that that cycle is about six months from when we get a booking place an order with heister yale all the way through our ability to invoice just as a a rule of thumb and it could be less there could be more um so we we we have great confidence that we're all going to perform we will outperform the back half of 25 here in 26 because of because of that um and again the timing issue is really what um we're very bullish on demand it's a timing issue that impacted the top end of the guide um on the construction side as you you mentioned, it's more momentum. Q2 deliveries were above Q2 26. We're 20% above Q225 in our marketplace. And we still see a lot of quoting activity. DOT budgets are now in and are effectively holding pretty flat against what were peak levels seen in 2025. So there's lots of work to be done here in the back half. Our rental fleet and the construction side is out with no sign of, you know, things are still going out on jobs versus coming back. And so all of those things give us confidence in the black half of the year on the construction site, as well as some of the some cost takeout things that we were able to kind of execute toward the end of Q2 that we expect to see in the second half as well. Well, just to follow on the construction cost reduction you had a they step up in gross margins on new new and used equipment sales do you expect that momentum to continue the second half on as volumes improve in a word we don't expect it to retreat and we would probably expect a little bit more juice on gross margins in the I can have. Great. Thank you, Tony. Thanks, Liam. Your next question comes from the line of Steve Hansen with Raymond James. Your line is now open. Please go ahead. Yeah, guys, thanks for the time. Appreciate it. I just wanted to ask one of the earlier questions a different way. It's just around the guidance. You know, any reason you didn't decide to take the lower end of the guidance up perhaps just given all the optimistic commentary here in the outlook so far thanks um steve i think it's just you know building a little bit of a level of conservative of conservatism maybe into the guide um and really you know when we think of the back half the the the ebida is heavily weighted to the back halves you know something like 90 or 100 million implied. And so what we were looking to do, one, is just squeeze the range for the investor community. And we felt like, you know, understanding that there can be some variability in deliveries and so on, we would touch that, we Would take the top end down. And We have great confidence, you Know, in the low end at the moment. Okay, great. That's much appreciated. I just want to go back to your utilization or your asset optimization, sorry, comments earlier as well and how do you feel about the working capital build necessary to sort of uh support some of this growing order momentum that you see out there do you need to build a lot of working cap in the next sort of back half here how do we feel about that no if you think about it steve most of these uh the back half is going to be supported on equipment deliveries all of that is typically floor planned at 100 loan to uh you know payable the value if you would for floor plan payable to value so there'll be a little bit of investment in ar but that's a quick turnaround typically when you're selling equipment so that's all long way of saying no we wouldn't expect working capital uh investment in the back half in fact as we start to see projects wrap up you know typically our cash flows are um especially in the fourth quarter collections come in and and we end up getting working capital release in the bad cast and i'd expect to sit the same this year Okay, I appreciate it. And just one last one, if I may, is just around the support side. With the broader backdrop improving, as you described, any desire to start to reinvest in some of the product support team or pursue techs in a more aggressive fashion here? How do you feel about your support capabilities here moving into the new cycle? You know, what I would say, it's a tale of two segments probably, Stephen. What we have been focused on over the last 12 to 18 months is technician retention, training, and then uptime or efficiency with technician heads versus adding technician heads. There are elements of the business where we need more techs in material handling, given some of the inflection that we talk about could be one of those areas in the Midwest specifically where manufacturing and some of the automotive stuff is starting to ramp back up. And we've been in the Midwest for 40 or 50 years now, and we've got all kinds of different ways to recruit and attract talent. So that would be a place where we're more bullish. And then, you know, on the construction side, it's more about, you know, getting labor utilization up. There are elements of the business areas of the business where we would be looking to take on. Moorhead's New England in the northeast comes to mind. So it's spotty. Right now, you know, we always want to look for highly, you know, technical individuals. We're always kind of recruiting, but we don't have any major plans at the moment to, you know, we don'T need a hundred mechanics or anything like that at the moment. Okay. Much appreciated. Thanks. Your next question comes from the line of Ted Jackson with Northland Securities. Your line is now open. Please go ahead. Thanks very much for the time, and looking forward to the second half, guys. My first question on material handling, you know, I mean, if you listen to the Hyster Yale call yesterday, you know, in one regard, they actually kind of trend their second half 26 delivery outlook, not because of a demand issue clearly the bookings are very very strong but they had a there's a change in the 232 tariffs that in response to that they chose to delay some deliveries so they could shift their manufacturing from say europe to the us to avoid those tariffs and did that obviously in conjunction with their customer base and when when that happened did that have any impact on your look for the second half and you know maybe gave you a view that you know some of the you know that that what am i trying to say that maybe the second-half you know, some of, the stuff that you thought you were going to be able to put revenue on the table in material handling maybe got pushed a little out some of it's going to come in 27 and again you know it's not a bookings issue it's just kind of it's a smart move on their part because you know they're saving 15 to 20 percent that they would have had to pay if they hadn't made this change but jennifer what i'm asking are you did you see the impact from that um ted there there wasn't anything that in general what i would say is the the the movement you know and what we were discussing about the guidance and the back half for material handling is generally correlated to just you know general execution risk in terms of the cadence of bookings uh product producing from from high studio perspective all the way through kind of end market our shops prep and delivery and then and then invoicing so just general execution risk that that you know you know we were thinking about i i'm not familiar specifically uh with what the tariff issue was in the repaid trading of the manufacturing so that was not a specific element. And I don't think that that would, you know, impact us one way or the other in terms of just the general execution risk that we always have when we start to see backlog jump like this. Okay. Now, you Know, there's just something more of an interest to me. You made some commentary on utilization rates and the rental fleet. And, you mean, obviously, That's an admirable goal to, you know, obviously you drive them up, use them more, you make more money off them. Is there a target that you would share in terms of where you want it to kind of settle in that? I mean, I think right now when I looked at it and did my calc, somewhere around the mid-30s with the last quarter, you know, when we look at that business a year from now or whatever time frame you kind of think of, where do you want to get it? So, Ted, the way that we think about it is, if you do the math here, TTM rental revenue – give me a minute – TTM Rental Revenue is $175. the moment, at the end of Q2, we're carrying $500 million of gross fleet. So that's 35%. We would like that to get into the high 30s or even touch 40 if we could get that metric there. So it goes to what Mike was asking. We still are not where we want to be on our metrics and um now we're improving and we've made a lot of progress as i mentioned on the prepared remarks but if you wanted a kind of a benchmark that's where we would want to be okay um third question um we don't talk too much about ecoverse uh you know and i mean maybe i don't or think about it that much but you know the you had a good quarter out of it um um you You know, I mean, you do have like I view like kind of Tarek's and part of their business as a cop for that. They had also seen some challenges within the world and in their quarterly call did express some some pretty solid optimism with regards to the business. You know as they kind of thought through and I think they were really talking more about 27. They just felt like the business itself was really on the on the turn and on the mend. Can you provide us a little update on kind of what you're seeing within that market, and do you agree with that and what the drivers are? Ted, from what I understand about Terex is they're more into crushing and screening. They may have an environmental line or two, but we don't – they wouldn't be competitive to some of the things that Ecoverse is doing, which is more of the environmental processing equipment. we've always seen, you know, tailwinds here in North America for this type of product. We just, there was just, given that we're an importer, and just to remind everybody, we are the direct importer from Germany, primarily, and Europe for a lot of this specialty equipment. And there was Just so much turmoil, I would say over the last year, And we've had to renegotiate pricing, reset pricing with customers. So, you know, we believe the demand was always there. It was a margin issue and just the cost issue that we had to work through, which, as I mentioned, we feel like is behind us. But that's to say we always have felt good about the demand. We continue to feel good about demand for those products. and now we finally have our cost in line with kind of the revenue the revenue that we're able to get in the marketplace to earn an appropriate uh appropriate margin okay and then my last question is around peak logics you know so you know you're a um you've got a a product line now coming out of high street yale that's far more competitive you know in terms of honestly getting into the warehouse market you have a warehouse automation solution um is there a benefit to you for you know having both of those together like is the is the better and more competitive product offering from extra yale help you sell peak logics does peak logix help you sell those you know better designed better you know targeted um you know lift trucks from high school yale into the market as well what kind of you know synergies are there between those for you and sales perspective this is ryan you know from the sales perspective of the the leading part of the business it's it's symbiotic the same customers that are looking at trying to, you know, put more through their warehouse, you know, that are using narrow aisle equipment are the same ones that would be leveraging the expertise of our Peak Logics team. So, you know, the analogy we use is if we sell the vehicle, now we can design and sell the track that the vehicle runs on. And the fact that now you have a better product and can sell more vehicles and get, you know, be more competitive will help you sell more track. So Is that a fair way to think about it? Yeah, and there are sort of two product evolutions going on at Hysteria. One is that they're making more competitive product for the warehousing segment, which is fast-growing and is more of a specialized piece of equipment where we haven't been as strong historically. And then the other is that they're providing multiple price points of their legacy product, the more traditional rider forklift, so that we can compete on the high end of the market where we've always been successful, but also in the value part of the market. So that the, I wouldn't characterize our warehouse product as low cost. It's full featured product. It is a separate issue of trying to drive a lower cost product offering for class one and four. Okay. All right. Well, thanks for taking my questions. Thanks, Ted. Thanks, Ed. There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.