Operator: Hello, everyone. Thank you for joining us and welcome to the Wabash Second Quarter 2026 Earnings Release Call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to John Cummings, senior director of financial planning and analysis and investor relations. John? Please go ahead.
John Cummings: Thank you, and good afternoon, everyone. We appreciate you joining us on this call. With me today are Brent Yeagy, president and chief executive officer and Pat Keslin, chief financial officer. Before we get started, please note that this call is being recorded. I would also like to point out that our earnings release, the slide presentation supplementing today's call, and any non-GAAP reconciliations are available at ir.onewabash.com. Please refer to slide 2 in our earnings deck for the company's Safe Harbor disclosure addressing forward-looking statements. I will hand it off now to Brent.
Brent Yeagy: Thanks, John. Good afternoon, everyone, and thank you for joining us today. I would like to start by discussing something that is fundamental to how we operate at Wabash. Safety. As we close out the second quarter, we are proud to have successfully improved our injury rate for the fourth consecutive quarter. 13% versus Q1 of 2026, 33 percent versus Q2 of 2025, And total injuries are down 15% year over year. As we look ahead to increasing dry van production, we are increasing focus on our onboarding process to elevate workplace safety and manufacturing quality. Our long-term target is an injury rate of less than one. Every day, we are moving closer to that attainment. The second quarter continued to strengthen our conviction that the freight market recovery is taking shape. We are seeing a healthier combination of supply-side forces, safety-focused federally led enforcement, and improving carrier economics. These factors are beginning to translate into better market fundamentals. Spot rates, contract rates, and tender rejection rates are moving in a direction that supports improved carrier profitability and that matters because carrier profitability is what ultimately frees up capital to support increased replacement demand expenditure. We fully opened up our order book for 2027 production in late June. That time is earlier than traditional order cycles, reflects what customers want. Which is earlier visibility and delivery windows and pricing. Our role is to help customers plan with greater confidence, And in a recovering market, those who plan early should be rewarded with better availability and greater certainty. Against that backdrop, we have continued to take proactive steps to position Wabash for the next stage of the cycle. We are controlling what we can control, aligning cost to demand, protecting liquidity, and continuing to invest in areas that differentiate Wabash with our customers. We also recently announced a convertible note offering designed to enhance balance-sheet flexibility as we prepare to ramp production for dry van. That action is consistent with our approach to managing through the cycle preserve resiliency in the near-term, maintain the ability to move decisively, and make sure we are prepared to support customers as they increase activity. Earlier this month, Wabash announced its intention to issue convertible senior notes and after the close of the quarter, secured $150 million of additional liquidity less associated expenses. Those funds strengthen our balance-sheet flexibility and are intended to be used for general corporate purposes, including repaying amounts outstanding under existing credit agreements. Just as importantly, they provide working capital as we prepare for the next phase of the market cycle. We view flexibility around net working capital as a strategic advantage. When demand begins to accelerate, companies that can respond quickly, efficiently, and with discipline are best positioned to serve customers and capture profitable growth and share. This added liquidity gives Wabash greater ability to manage that ramp without compromising our broader priorities across cost control, operating execution, and long-term value creation. As part of our broader capital strategy, we are also continuing to pursue the refinancing of a revolving credit agreement. Multiple lenders have committed to funding and extending the agreement up to $300 million. We expect to provide an additional update on this topic soon. Turning to the market. Leading indicators continue to build from what we saw earlier in the first quarter. Spot rates continued to strengthen, rising from roughly 14% above prior year levels at the end of the first quarter to approximately 40% above last year by June. Surpassing contract rates. Tender rejection rates have moved above 16%, which represents the highest level since 2018. ATA for-hire truck tonnage continues to run ahead of the prior year, and the ISM manufacturing index has been in expansionary territory for six consecutive months. And the Logistics Managers' Index reached its highest level since early 2022. We are encouraged by the direction of these data points, and we are also encouraged by what we are seeing in our own backlog. Backlog grew to $956 million at the close of Q2 2026 a 14% increase quarter-over-quarter. While continuing the double-digit growth that was experienced in the first quarter. A more important point is the pattern. This was the first time in the company's history we have experienced backlog growth in the second quarter. That tells us that the customers are beginning to move from deferral to committed demand as they work to stop three years of fleet aging. Wabash is positioned well for the return of replacement demand environment. Our U.S.-centric supply chain leading manufacturing capabilities, increased dry van capacity, and strengthened liquidity position, give us the ability to support customers as the market moves through its next growth phase. Our intent is clear and steadfast. It is to serve customers better. Win share, and convert improved volume into stronger financial performance. In conjunction with our intent to grow share through the next stage of the demand cycle, the recovering freight market is also providing the opportunity to recover, through price, costs that Wabash has absorbed during this abnormally lengthy trough. That recovery will not appear all at once. Pricing will be gained incrementally as 2026 progresses and newly quoted deals layer into existing backlog and become more impactful as we move through 2027. Industry average selling prices for trailers have fallen from prior years while underlying costs have increased. That spread is not sustainable over the long-term. And this pricing is an important part of restoring appropriate economics across the industry. We will continue to price in a way that reflects cost, capacity, customer value, and the reality of a market that is beginning to recover. there is also been meaningful progress in the antidumping and countervailing duty case brought to the International Trade Commission in late 2025. Affirmative preliminary rulings and rates have been established as follows. Countervailing duties for China at a range between approximately 82% for cooperating entities and 129% for non-cooperating entities And for Chinese antidumping duties, they are set at approximately 131%. Mexico, countervailing duties are approximately 2%, antidumping duties are expected to be announced shortly. Wabash is a champion of American manufacturing That commitment is evident in our continued investment in U.S. facilities, including the Lafayette South plant, which added 10,000 units of dry van capacity and our sourcing strategy, with approximately 95% of our materials procured from the U.S. We support actions that provide relief to the domestic industry and help level the playing field. Because a healthy domestic manufacturing base is important for customers, employees, and the long-term competitiveness of the industry. As a reminder, our foreign competition is also subject to Section 301 tariff duties that were modified in Q2 resulting in a 25% tariff rate being applied to the full customs value of an imported trailer. Section 301 tariffs, antidumping tariffs, and countervailing duty rates are stackable. Looking forward, the outlook continues to show positive signals including the atypical second quarter backlog growth to $956 million. At the same time, we continue to monitor market sentiment closely and continue to consider the ongoing potential for macro disruptors geopolitical tensions, and broader economic impacts that could influence overall market recovery. For that reason, we will continue to provide quarterly guidance while this transitionary period converts into a more stable environment. For the third quarter, we expect revenue in the range of $440 million to $460 million and adjusted earnings per share in the loss range of $0.50 to $0.40 per share. The outlook for the third quarter remains consistent with our prior qualitative guidance and reflects sequential improvement as we move through the year. While we are not providing quantitative guidance beyond Q3 at this stage, we do expect the fourth quarter to experience some top-line deterioration versus the third quarter in line with typical seasonality. While continuing to improve sequentially in earnings per share as cost recovery through pricing begins to filter into the financials and we benefit from focused cost control actions. Before I turn the call over to Patrick, I want to again recognize our employees. Their skill, experience, and commitment to execution are what allow Wabash to manage through a difficult environment while continuing to prepare for the upcycle. We have asked a great deal of our teams and they have continued to respond with discipline, resilience, and a focus on continuous improvement. And with that, I will now turn the call over to Patrick for his comments.
Pat Keslin: Thanks, Brent. I will begin with a review of our second quarter results. For the second quarter of 2026, consolidated revenue was $417 million above the expectations we communicated on our first quarter earnings call. During the quarter, we shipped 8,290 new trailers and 1,380 truck bodies. Truck body volumes were in line with our expectations with the second quarter expected to represent the low point for the year. We continue to project the recovery in truck bodies to lag our traditional dry van business. We anticipate moderate sequential improvement in the second half of 2026. We were encouraged by the incremental volume we saw in the quarter, particularly within our core dry van product. While the financial profile is improving, the current market environment continues to suppress margins in the near-term. Adjusted non-GAAP gross margin was 4.1%, marking a return to positive gross margin. And adjusted non-GAAP operating margin was -5.6%. Results were impacted by higher material costs that we have been unable to fully recover through pricing. As a reminder, these adjusted results exclude costs associated with the idling of our Little Falls and Goshen facilities. Adjusted non-GAAP EBITDA for the quarter was -$9 million or -2.1%. Adjusted non-GAAP net income attributable to common shareholders -$21.6 million or -$0.53 per diluted share. EPS was within our guidance range, but was adversely impacted by the material cost versus price relationship I just mentioned. We anticipate this to be short-term in nature and not to affect our expectations for sequential profitability improvement as we move forward. Turning to our segments. Transportation Solutions generated $355 million in revenue and reported an operating loss of $12.1 million on a non-GAAP basis. The segment returned to positive gross margin supported by improved volume and better leverage of the cost base. We continue to expect sequential improvement as pricing adjusts to offset cost pressures. Parts and services delivered $63 million in revenue and $6 million in operating income on a non-GAAP basis. Segment profitability improved versus the prior quarter, reflecting a step-up in upfit business profitability. During the second quarter, we began to see the benefit of steady ramping at our new upfit sites which carried elevated startup costs with minimal initial revenue in the first quarter. In addition, we continued to make progress on the development of digital technology and AI-powered tools that will help us to better serve the parts market in the areas of parts findability and availability. Over time, we expect these capabilities to create additional revenue generation opportunities while improving mix, efficiency and margin performance across parts and services. Turning to cash flow. Operating cash flow for the quarter was $5.1 million resulting in free cash flow of $3.1 million As of June 30, total liquidity including cash and available borrowings, was $193 million, 17% up versus the prior quarter. Cash makes up just over one-third of the $193 million with the remainder being available borrowings on our existing revolving credit agreement. Throughout the ongoing market softness, we have remained focused on preserving liquidity and maintaining financial flexibility. This disciplined approach allows us to manage near-term headwinds while continuing to support our strategic priorities and longer-term initiatives. In addition, we secured $150 million of additional liquidity through the convertible senior notes issued after quarter-end. That decision was driven by a desire to strengthen our liquidity position ahead of an expected market recovery giving us the flexibility to support working capital needs manage the production ramp, and pursue value-creating opportunities without compromising financial discipline. During the second quarter, we spent approximately $2 million on traditional capital expenditure and returned $3.3 million to shareholders through our quarterly dividend. As we look ahead and prepare for market recovery, we will continue to closely monitor cash and liquidity. The convertible senior notes provide additional flexibility and optionality including the ability to pursue early payment discounts with our supply base where we see attractive financial returns as we progress through 2026. We are also nearing completion of the refinancing efforts associated with our revolving credit agreement, with $300 million already committed. We expect that to formally complete in the very near-term well ahead of it becoming current in September. Looking ahead to the third quarter, we expect revenue in the range of $440 million to $460 million an operating margin of approximately -4% adjusted earnings per share in the loss range of $0.50 to $0.40 Capital expenditure remains under close review. We remain committed to appropriately funding the organization while retaining the ability to calibrate spending to business conditions. As we communicated on our prior call, Q1 was expected to be the weakest quarter of the year and the second quarter showed meaningful financial improvement. We expect that trend to continue as we progress through the year and our expectation for positive EBITDA in the second half of 2026 remains unchanged. In summary, the second quarter represented an important step forward off the bottom. There is still work ahead but as we evaluate the growing backlog, improving sentiment in the marketplace, we remain cautiously confident in the outlook. We are focused on disciplined execution, capturing share as demand improves and positioning the business for stronger financial performance as volumes recover. The important steps taken to strengthen working capital availability reinforce our ability to respond quickly and decisively to customer needs while expanding long-term value for our stakeholders. I will now turn the call back to the operator and we will open it up for questions.
Operator: Thank you very much. We will now begin the question-and-answer session. To withdraw your question, press 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. Your first question comes from the line of Michael Shlisky with D.A. Davidson & Co. Michael, your line is open. Please go ahead.
Michael Shlisky: Hello, and thanks for taking my questions. Let's see. I wanted to figure out some of the more recent challenges you saw in EPS this quarter and EPS in your third quarter outlook. They are a little bit more challenging than I expected, but it sounded like from your comments, and if I am wrong here, please correct me. It sounds like you are just still working through the low point of pricing in the backlog. And some maybe some ramp up inefficiencies as you are getting ready to ramp up and couple of quarters. Is that the right way to characterize it? And how much better do you think the pricing margin is in the backlog currently, the $956 million compared to what you just built the last quarter or two here.
Operator: Just a reminder that if you are muted locally to please unmute your device. Was I muted, or were they muted perhaps? I think the main line might be muted at the moment.
Michael Shlisky: Hello? You hear us?
Operator: Yes. The main line is now unmuted.
Brent Yeagy: Alright. Okay. We are in. Sorry about that. We heard you, Mike. Okay. So I will start over, Mike. Sorry about that. So it was a really good one to answer too. So yeah. So where you are heading is exactly where we are at. And if you think about just where we were in the first quarter, the uncertainties that we had, how backlog was being kind of executed in Q1 and early Q2. We were not really in a great place from a pricing standpoint. That had really changed coming into mid second quarter. But that is backlog that is really laying into the tail end of the third quarter and primarily into the fourth quarter and now technically into 2027. So we have to work our way through to where that shows up in the P&L, but we have great visibility to what that is. And we have made substantial pricing increases just in the last really, in almost three-week increments for the last 9 to 12 weeks. With this substantial amount of backlog that is flowed into the business. We do have some inefficiency costs that would have crept into the second quarter. As we began to add some additional labor and shifts in response to the demand that is come in. There will be incrementally Similar levels when we get into Q3. But remember, we are going to be ramping for the next 9 to 12 months based on the replacement cycle that we see. But I think that part would generally be in line. Patrick will talk more here in a second about the real visibility that we have in terms of pricing and why we feel comfortable and confident that, you know, we are seeing it go in the right direction at the right scale. To regain profitability. Relatively soon.
Pat Keslin: Yep. So just quantitatively, Mike, we do of that $956 million in backlog, there is a big portion of that is going to convert here in the third quarter. So the profitability in the third quarter is tied in with the guidance that we gave, which at its highest level looks very similar to what we saw in Q2 from a margin standpoint. Think of it the price what we refer to as material margin. So price adjusted for your material costs, Q3 will look very similar to Q2. Now going into Q4, we expect that number to incrementally get better material margin percent by 200 to 300 basis points. And that is backed by orders that we have in the backlog right now. And then of the remaining available slots in the fourth quarter, of which there are not many at this point, We are seeing elevated pricing that more than offsets the material cost increases. We have seen this year. Which is very different than what we experienced in our second quarter results and subsequently, our third quarter backlog looks like. So positive momentum going into the fourth quarter from a margin standpoint, that we also expect to continue into 2027.
Michael Shlisky: And let's talk about 2027 for a moment if you if you would not mind. Some of the big forecasters out there are saying the trailer market is 260,000 or so. Kinda back to a more what I would say would be replacement level demand or some more normalized average level of demand. Pretty big jump from 2025 and 2026 And I looked back at history, you know, I have seen Wabash make you know, between $150 million and $200 million-plus of EBITDA in years that are similar to that. Given what you just said about the price and your ability to catch up hopefully, largely by the fourth quarter or the very first part of 2027, Just want you know about what you have changed and the brand new facility that you have opened up and have not used much of the last couple of years, how do you feel about reaching a more average normalized EBITDA in 2027 if and do you do you agree with the ACTs of the world that their lines are correct? And if they get there, know, how do you feel about your profitability this time around compared to a previous times? We have we have seen a 52 or so level of shareholder demand.
Pat Keslin: Yep. Yeah. I will address the profitability question. Brent can chime in on the forecast for 2027 and how we align to that. But to answer your question of if 2027 does get back to a replacement level demand, we fully anticipate that we would be back in that range of profitability. So back to a more normalized EBITDA level. With that will come certainly an increase above our current pricing levels that we are seeing in the Q2 results and the Q3 backlog. But where we are currently pricing 2027 bids at, would be enough to get back to that return to between that $150 million to $170 million of EBITDA range for 2027, assuming, like you said, that the ACT forecasts are in line with what actually happens in 2027?
Brent Yeagy: Yeah. I will answer two additional points. One, I will answer your question around how do we see the market. Yeah. So, ACT, FTR, we will just call it a net 260,000 unit total trailer range. Almost all that change from 2026 to 2027 is predicated on dry vans. And, yes, we fully see both from the discussions that we are having with top tier executives with some of the largest carriers in the country, is that they are fully focused on a replacement volume level it is reflected in their words. it is reflected in their quote volumes. And their stated intent to purchase. So we feel very comfortable with the market conditions as they are. for 135,000 to 145,000 dry vans. Which would be right in that replacement level. In the way we see it. And we have got a market backdrop that supports that. And then the other piece I want to make sure we are we are clear on is that we are pricing today based on, the what I would say is the reasonable expectation of covering the inflationary costs that we have received over the last two to three years. it is a relatively straightforward conversation with our customers. And the balance pricing that we need to see in 2027 is also bridged very concisely with that walk around the inflationary pressures. It is not taking into account anything with countervailing or antidumping, you know, pricing factors at this stage as they continue to play out. And so we feel very comfortable on just the back of general market economics in terms of the pricing levels that we are able to quote, win, and achieve right now.
Michael Shlisky: To follow-up there, Brent, as I look back to previous pricing, I mean, inflation's happened every quarter, every year since the beginning of time. So when I think back to what has happened on pricing the last couple of years, it is come down a bit. And when I try to look at the forward numbers in 2027 perhaps or even late 2026, would previous kinda high watermark pricing from couple years ago be the right place to look for what might happen in the future or even higher than that given several years beyond. That previous time.
Brent Yeagy: Well, I mean, I do not think 2024, early 2024 is a realistic or even practical view of where the market is right now or will be in 2027. I think when you start looking at 2022 and you think about dry vans in the I do not know, say, we will say spec agnostic right now. In that $35,000 to $41,500 range. Is something that is appropriate for where the market is in terms of the cost base that we have right now. And I think that our customers are very aware of that in their own math. And how they are thinking about capital allocation going forward. And that is would be a reasonable place think about it.
Pat Keslin: You know, when we are sitting at the, end of 2027. Yeah. I would agree with everything Brent just said. The 2023-2024 profitability that we saw I would not model that in repeating into the future. But 2022, would be a very good comparable to what we would expect going forward.
Michael Shlisky: Got it. Got it. And then I just also wanna ask about opening the order books early. Typically, that is usually in advance of a pretty solid year. Coming up. What has been the customer reaction to that? Since you did it? And do you feel like you are getting good visibility on perhaps, I would say, better than ever biz better than ever visibility as to how to buy know, when to buy, when to produce, when to schedule, 6-plus months in advance here. Kinda just curious whether that is helped you get even more orders. Have customers been receptive to it? Or some just saying calling in, you know, November Just a sense as to what you are hearing from some from some of the fleets out there.
Brent Yeagy: I mean, the reason we did it is because we had customers asking us to. So the response we have gotten is the follow through on those requests for active quoting and, we will call it, early cycle negotiations in closing. Of deals so that they can have certainty in terms of allocated capacity and slot timing. So I think it is exactly what we expected would occur based on customer feedback. Is great because, you know, theoretically, we could customers could say one thing and do another, They, you know, they carry through with what they have asked. We carry through on what we executed. And we are, working through it right now. So July orders for Wabash here, and compared to other July normally have been awfully good? Just because you had the ability to take orders. Yeah. Yeah. The price is We Think it is a carry forward what we have already said in Q2. And this is atypical in terms of, we will call it, customer acquisition and order closure. It started in June. It will carry forward into July and so forth. The dealer body has already started to come into play, which is shoot six to nine months ahead of where it is been the last two years. In terms of them being prepared for the beginning of the year. So it should be. And, you know, I will put Q2 in perspective. Just to give it scale. We talk about it being 14% up. But that is a world where typically we would have contracted $200 million in backlog, So we are really talking almost a $300 million swing in backlog under a normal February-ish type of world. Little bit <$300 million, but you know, surrounding. it is in that kind of ballpark. Of what we are experiencing right now. July will be something similar in terms of cost direction. We will need to see how August and September you know, continue to play out. But, you know, the trend is generally continuing. Do you know if the competition out there has also opened their order books early? Some about the ability to import or priced to what you have? I think there is activity going on everywhere. Domestic manufacturers right now. Alright. Well, guys, thanks very much. I will pass it along. Thanks, Mike. Thanks.
Operator: Thank you very much. Our next question comes from Jeff Kauffman from Citizens Bank. Jeff, your line. Is open.
Jeff Kauffman: Hey, everybody. You know, I think Mike covered almost everything. I do have some follow-ups here. As I think about kind of this journey from a 180,000 back to 300,000-plus orders at some point in 2028 or 2029. I look at the margins on transportation solutions. Right? Gross margins right now about 2%. At that level of production, we should be up in the 11%-ish, 12%-ish range. I look at what is going on in parts and service. And you are at 14% gross margins, and we should be kind of in that 25% to 27% gross margin range. So I just like to think through those businesses in terms of when business comes back, you know, we make up 800 to 1,000 basis points in gross margin in transportation solutions much of that is going to be driven by just volumes getting higher? How much of that needs to come from pricing rising, you know, 200 to 300 basis points? How much of that is going to come from mix normalizing versus where we are today? Can you just kinda help me through how we get there? Or are we just at structurally lower margins because of what has happened in the market since the last cycle?
Pat Keslin: Yeah. I do not I do not have exact numbers to give you, Jeff. But I will say that the majority of it will absolutely come through price. So when we talk when I talked about a 200 to 300 basis point improvement in the fourth quarter, there is going to be more price needed in 2027 to get back to what you are referring to is the historical margin profile. And that is all related to exactly what Brent was talking about. And it is the recovering the inflationary cost fully that we have seen over the last two to three years. that is really what is what is dragging the profitability currently. But we absolutely have line of sight to get that back. And then just to there obviously will be a volume leverage play to it. Just from, you know, what our contribution margin looks like and how much fixed costs relatively. We have the fixed cost structure to be able to get to those much higher production levels. So there will certainly be a benefit in the margins related to volume leverage as well. But a lot of it is coming directly from price.
Jeff Kauffman: Okay. And on the parts and service side, you know, we are we are talking about gross margins going from kind of this 14% level right now. And I know you mentioned a lot of startup costs in these upfit centers that are dragging down on that. Where can those gross margins go in the next two to three years, and how do we get it there?
Brent Yeagy: Well, I think, you know, just from a general perspective, we would expect over the next couple of years to at least being back in the mid to high teens. In the way we would think about that. We have you know, what I call meaningful categories inside of our parts business that are directly influenced by the kind of state of the OEM market. Right now. There are probably components are one of those. Tank heads is one of those. And then we have a proprietary part standpoint with an aftermarket, is directly related to the state of the business or state of the industry. Those are all areas that will naturally ramp up, and they all have superior margins. Than what would flow through the P&L. So their mix contributions are substantial when they begin to ramp up, which, I would just say, generally, you would expect to begin to layer in at the end of the third quarter, beginning of the fourth. Just based off of the natural, call it, cycle when those begin to creep in. We feel there is nothing that we see that is not market centered. In terms of how we naturally mix adjust those margins up Now there is a pricing element to that as well. Because there has been absolutely inflationary pressures there that have been difficult to pass along. And those are pricing recovery actions that we have initiated in Q2 based off of a changing market dynamic that we are executing that, you know, we will lay the groundwork that volume begins to layer in. Okay.
Jeff Kauffman: If I think about market share, which is a little lower now than it used to be. Yeah. Some of that was because we got out of the reefer business. You know, maybe we get back into it. This cycle. I am kinda curious about the timing of that. You know, some of it is our competitors grew with other companies that were outgrowing the market. You have made the argument, and I agree. That because of the tariffs, because of the dumping and countervailing duties, there is an opportunity for the company to recapture market share, and you have even expanded that ability to drive production in dry van. How do we get the share back? What is the longer-term plan with reefer? I know the tank market's about half of where it normally is. Right now in a cycle. Big opportunity for share. How do we go about recapturing it this cycle?
Brent Yeagy: Yeah. Let's start with Tanks, you are absolutely right. That market is substantially lower. We actually have grown market share there arguably 800-plus basis points. 800, yeah, basis points. Over the last two years. It just has happened to be on fairly dismal market demand. So will we hold on to all of that when it climbs? there is some mixed aspects to it. Probably not. But we think we have made some substantial gains. We just need the market to return. On the dry van side, we are sitting at about 23% market share. As we think about 2026 right now. 23% is about where we were under most of the, call it, 2010s. As we executed a price-over-volume kind of centric way. It really grew up grew the gross margin of our trailer business. Now ultimately, I will not say ultimately. Initially, we were 25% market share is kind of the first hurdle. And we think being able to not have to manage through the cycle on kind of an allocated basis And our ability to get a larger percentage of, say, given customers split of orders is a big part of it. Another piece to it is being able to go out and prospect on a greater number of direct customers. That can now make up the portfolio because we have capacity that we can actually count on. Throughout the cycle. And our dealers can have a larger level of allocation which they had been on effectively for 15 years. Plus or minus a couple COVID years. In terms of what they had available. And we so in that, just making capacity available and sustainable is a tremendous shot in the arm in our ability to go out and win customers because they know that they can work with us through the cycle, not just at the beginning or the end. And we can do that with reasonable pricing expectations. Pricing expectations that fit. Inside of what Patrick's already laid out. And so that is the straightforward simple way that we think about it. Now there is all the differentiation and the way we take care of the customer that are precursors. But the biggest thing is that we can go out and find or hunt find, and cultivate customers with known capacity that can serve them over a cycle which they need to run their business.
Jeff Kauffman: Just FYI, one of your large national customers was musing on the conference call just a few hours ago on how they needed to start buying more trailers in 2026 and 2027. So just kinda supporting your comments earlier. That is all I have. Thank you.
Brent Yeagy: Thank you. Thank you.
Operator: Thank you. We have reached the end of the Q&A session. I will now pass the call back to John Cummings for closing remarks. John, please go ahead.
John Cummings: Thank you everybody for joining us today. We look forward to following up with you throughout the quarter, and have a wonderful rest of your day.
Operator: Thank you everyone. This concludes today's call. Thank you for attending. You may now disconnect.
