With me here today is Rick Phillips, our Chief Executive Officer Janet Croom, Chief Financial Officer and Steve Korn, Chief Operating Officer. We issued a press release yesterday afternoon with our results for the third quarter of twenty twenty five ended March 31, 2025. To accompany today's call, a presentation has been to the Investor Relations page on our company website. Before we get started, I'd like to remind you that we will be making forward looking statements that involve risk and uncertainty, and are subject to our safe harbor provisions as stated in our press release and SEC filings. And that actual results can differ materially from the forward looking statements. Our commentary today will be focused on adjusted non GAAP results Reconciliations of GAAP to non GAAP amounts are available in our press release. This morning, Rick will start the call with a few opening comments, Jana will review the financial results for the quarter and guidance for fiscal twenty twenty five, and Rick will complete our prepared remarks before taking your questions. I'll now turn the call over to Rick. Thanks, Andy. And good morning, everyone. I am proud of the results for the third quarter and our team's ability navigate an environment of uncertainty while focusing [indiscernible] Sales in Q3 were in line with expectations and increased sequentially Margins improved We continue to generate cash from operating activities and the pay down of debt continued with borrowings now 45% lower peak levels.

We have ample liquidity to weather the short term unpredictable environment and significant dry powder to opportunistically invest in the business.

Longer term.

As part of today's release, we are reiterating our guidance for fiscal twenty twenty five. With the expectation that we'll be at the top end of the range for sales and operating income. We also announced the addition of a new manufacturing facility in Indianapolis focused on the medical industry. This is another step of repositioning the company for a return to growth and expanding our presence as a medical CMO. Will occur over time. To accelerate this strategy, we're looking to better strategically utilize the cash generated from our EMS operations, and redeploy capital to the CMO. We remind everyone that the revenue cycle of CMO is similar to EMS and as a result, organic revenue growth will take time. In our company's history, EMS generates high levels of cash when operating conditions are at historic norms. And this cash will be used to grow the medical CMO through organic and potentially inorganic channels.

The margin profile on higher level assemblies and finished medical devices could be accretive to the returns that are customary. With contract manufacturing and EMS. To keep pace with industry growth, are looking to continue to elevate our prominence in medical. With an expanded manufacturing footprint through adjacencies and additional vertical integration of our production capabilities. Turning back to the third quarter. Net sales totaled $375,000,000 a 10% decline year over year when excluding the AT and M business which was divested earlier this fiscal year. From an end market perspective, sales in Medical increased the other two verticals we serve were down in the quarter. Starting with Medical. Net sales in Q3 were $115,000,000 up 2% compared to the same period last year, and 31% of total company sales. It is important to highlight that the increase in the quarter was driven by non recurring consignment inventory sales to our largest medical customer. This transaction was related to obsolete inventory associated with the FDA recall. We estimate the Q3 revenue impact on the medical vertical from the inventory sale was approximately 2%. And the revenue impact in total about 6%. As previously announced, we are working with this same customer out of our facility in Thailand to launch their respiratory care final assembly and HLA business this summer.

And will continue to see volume growth as the customer restores its place in the market. The step of adding a new larger medically focused manufacturing facility in Indianapolis reflects our commitment to the CMO. The leased facility represents 300,000 square feet a complement to our capabilities that extend beyond electronics and print circuit board assemblies, and include operations such as precision injected molded plastics, complete device assembly, and cold chain management all of which support the production of medical disposables surgical instruments and selected drug delivery devices such as auto injectors. The plan is to transfer existing programs in the Indianapolis to the new building over time, and sell the buildings we currently operate out of. We will have more than enough floor space in the new facility for future growth with new and existing customers including the transfer work. Next is automotive, our largest business with net sales of hundred and $73,000,000 a 14% decrease compared to the third quarter of last year, and 46% of the total company. Our automotive business is heavily concentrated in North America and China, but growing in Europe. With the launch of the breaking platform in Romania. For the third consecutive quarter results in China were strong, Sales in Europe increased modestly as the new electronic braking program in Romania started to ramp production.

North America on the other hand reported a decline in sales primarily driven by the electronic breaking program in Reynosa as previously discussed. We continue to monitor the demand for electronic steering systems for EVs globally, which were sequentially lower in the quarter. Finally, Industrial. Net sales of $86,000,000 down 15% year over year, when excluding AT and M. And representing 23% of total company sales.

The decrease occurred in all regions with the largest decline in Europe followed by Asia, and a modest decrease in North America. Our customers continue to experience market share loss from the commoditization of smart meters, and reductions in climate control and public safety products. We are seeing stability in climate control on the horizon. However, we do not anticipate smart meters to a significant portion of our industrial vertical going forward. I'll now turn the call over to Jana, provide more details on the financial results for Q3 and our guidance for the full year. Janet?

Thank you and good morning everyone.

As Rick highlighted a moment ago, net sales in third quarter were $374,600,000 a 12% decrease year over year 10% when excluding AT and M. Foreign exchange had a 1% unfavorable impact on consolidated sales Q3.

On a sequential basis, the top line increased 5% compared to Q2, driven by the $24,000,000 non recurring confined inventory sale in the medical vertical. The gross margin rate in Q3 was 7.2% a 70 basis point decline compared to 7.9% in the same period fiscal twenty twenty four, with nearly half the decrease driven by the consigned inventory sale which incorporated only a modest markup and the balance of the decline coming from lower absorption, a result of reduced year over year sales in our EMS manufacturing facilities. On a sequential basis, however, our gross margin rate increased when compared to last quarter. The impact of restructuring. Adjusted selling and administrative expense in the third quarter were $11,200,000 a $3,600,000 or 24% reduction compared to the $14,800,000 we reported in Q3 last year. With the decrease primarily resulting from the absence of AT and M this year, versus the full quarter of expense in fiscal twenty twenty four and cost reduction efforts. When measured as a percentage of sales, adjusted selling and administrative expenses, were 3% a 50 basis point improvement compared to 3.5% in Q3 of fiscal twenty twenty four. Adjusted operating income for third quarter was $15,700,000 or 4.2% of net sales which compares to last year's adjusted results of $18,700,000 or 4.4% of net sales.

Other income and expense was expense of $4,600,000 compared to $6,300,000 of expense last year. With the reduction being driven by lower interest expense. Down 50% year over year. The effective tax rate in the third quarter was 46.6% compared to 52.4% in Q3 of fiscal twenty twenty four. Our higher rate was primarily driven by the limitation of tax deductibility of our interest expense.

Which cannot exceed a certain percentage of domestic EBIT. Withholding taxes on global cash repatriation also drove the rate higher. But those funds were used to pay down debt [indiscernible] are offset by lower interest expense. As a reminder, the effective tax rate last year skewed higher by the impact of the impairment and restructuring charges associated with the AT and M business. We expect a tax rate around 30% for the full fiscal year. [indiscernible] Adjusted net income in the third quarter of fiscal twenty twenty five was $6,800,000 or $0.27 per diluted share compared to adjusted net income in Q3 last year of $9,800,000 or $0.39 per diluted share. Turning now to the balance sheet. Cash and cash equivalents at 03/31/2025, were $51,400,000 Cash flow generated by operating activities in the quarter was $30,900,000 our fifth consecutive quarter of positive cash flow.

Cash conversion days were ninety nine days compared to one hundred and ten days in Q3 of fiscal twenty twenty four and one hundred and seven days last quarter. The decrease in CCD this quarter compared to Q2 was driven by improvements in DSOs and PDSOH. For clarity, our CCD calculation in Q3 excludes the consigned inventory sale. We are pleased with the progress we have made related to cash conversion and look to continue to significantly improve our cash conversion days as we actively and aggressively manage its components. Inventory ended the quarter $296,600,000 which represents a $9,600,000 reduction compared to Q2 and $100,000,000 or 25% lower than a year ago. Please note that the consigned inventory sale did not contribute to the reduction. The inventory that was sold was consigned to Kimball and required movement into our possession with an immediate sale to our customer in the same month.

Capital expenditures in the third quarter were $4,000,000 CapEx will likely be at the low end of the guidance range as we work through the timing of spend related to the transfer of work for the closure of the Tampa facility, the CMO strategy, and other investment needs. Borrowings at 03/31/2025 were $178,800,000 a $26,000,000 reduction from the second quarter and down $116,000,000 or 40% from the beginning of the fiscal year. Short term liquidity available represented cash and cash equivalents plus the unused portion of our credit facility totaled $304,600,000 at the end of the third quarter. This continues to be a great example of controlling what we can control and setting up our balance sheet for future growth. In the third quarter, we invested $3,000,000 to repurchase 175,000 shares of common stock. Since October 2015 under our board authorized share repurchase program a total of $100,000,000 has been returned to our share owners by purchasing 6,500,000.0 shares of common stock. We have $19,300,000 remaining on the repurchase program. As Rick mentioned, we are reiterating our guidance for fiscal year twenty twenty five with net sales in the range of $1.4 to $1,440,000,000 Adjusted operating income is estimated at $3,400,000,000 to $3,600,000,000 of net sales.

Capital expenditures of 40,000,000 to $50,000,000 Based on what we know today, we expect to be at the high end of ranges for sales and adjusted operating income margin. Our estimates for the closing of the facility of Tampa have not changed with total asset cost in the range of $6,500,000 to $8,500,000 and we fully expect the proceeds from the sale of the property to exceed the exit cost. I'll now turn the call back over to Rick.

Thanks, Jenna.

Before we open the lines for questions, I'd like to share a few thoughts in closing.

It probably goes without saying that the current tariff environment is filled with uncertainty and unpredictability for many, including our business, our customers and the end consumer.

We continue to carefully monitor the situation to understand potential impacts and possible solutions for both the short and longer term. Options could include changing final delivery locations, shifting production to different Kimball facilities, or simply paying the tariffs. There may also be impacts on our supply chain and we are considering alternatives for U. S. Manufacturing. But the rules of engagement need to be finalized before solutions can be agreed upon and implement. This uncertainty makes the timing of recovery in our core EMS business increasingly more difficult to predict. As we look to the future it's important to recall the recent steps we've taken to reposition the company. We divested the non core AT and M business We are in the process of closing our Tampa facility to streamline our network thus improving our global capacity utilization We made major workforce and other cost reductions to respond to demand softness, We drove significant inventory and cash flow improvements and we announced a lease signing for a new facility fully dedicated to the CMO. With a strong balance sheet, we're focused on returning to growth through emerging medical technologies, high level assemblies and a variety of drug device combinations.

We look to elevate our prominence as a medical CMO with expanded manufacturing capabilities in The United States new adjacencies and additional vertical integration medical device production. I'm optimistic we're getting closer to that return to growth and that we've taken the right steps to reposition the company for the future. Operator, we'd now like to open the lines for questions.

Certainly. We'll now be conducting a question and answer session. Our first question today is coming from Mike Crawford from B. Riley Securities. Your line is now live. Thank you. Could you give us some more details about this strategy with this new larger facility in Indianapolis like what does this do to fixed costs? Given the lease? Any additional equipment you might buy or labor? And I guess the second part to that is [indiscernible] [indiscernible] the owned facility date? That you would transfer over time be worth if you were to be able to sell that?

Sure. I can start that Mike and thanks for joining us today. Yes, we're really excited about the facility. It gives us first of all, a lot more space, frankly, to expand and grow in the medical CMO compared to what we have currently in Indianapolis. It also is a brand new facility. It has different characteristics in terms of ceiling heights, and layout and clean room capability that we're going to build that just is a game changer for us in terms of of playing there. We did, as mentioned and as you asked, do this as a lease, which is not our typical approach. We typically own our facilities and and we did this intentionally and frankly creatively in terms of the lease terms to give us time and space to fill it. Over time. So the ability to grow is there, the ability to expand over time is there. But we're also not overburdened with large costs upfront.

Particularly given that it's a lease and given the terms of lease.

Yes. And Mike, I'll just add to that a little bit. So the terms of the lease just to give you a little insight, while we're doing the build out and leasehold improvement, we don't start paying rent on the facility. Until all of that is done which was important so that we weren't to your point having an expense drag on our income statement while we were getting the facility up and running. In terms of additional labor costs, it's [indiscernible] Right now we're not anticipating that we're going to have additional labor costs. Until we start to have the additional revenue in these all those corresponding things coming along with that. And so right now, it's really just probably six or seven months from now and once we have the leasehold improvements in place, that will start experiencing the rent and then some depreciation costs associated with the equipment that we've got to put in place. But this structure in terms of creating the least amount of burden on both the balance sheet and the income statement. While committing to the growth opportunity I feel really good about the way that we did this.

Great. And potential value in the sale of the existing facility?

I think it's too early to tell, Mike. [indiscernible] I believe it's too early to tell. We're probably the transition from the current facility, a new facility will probably take two to three years due to the FDA qualifications and validations of some of the products in the current facility. But we will provide more details as we go forward.

So we're not anticipating like significant proceeds from the sale of the current assets.

Okay. Thank you. Just one more for me. Nice to see that the uptick after five quarters of decline in open orders or backlog Roughly by vertical, how does that break out?

Yes. If I look at the verticals, the greatest increase was in medical.

From a dollar standpoint.

Followed by industrial and automotive were very similar. In that increase.

Thank you.

Jump back into the queue. You. Next question is coming from Jason Schmidt from Lake Street Capital. Your line is now live.

Hey guys, thanks for taking my questions. Congrats on the strong March. Just looking at the results here, do you think any orders were pulled into March just given the backdrop? It's a great question, Jason. And frankly, we talk to our customers about that all the time. I would say [indiscernible] We haven't gotten strong indications that, that is there's a lot of pull forward ahead of the tariffs necessarily. But we certainly are well aware that that could be a possibility So we don't have a great read on it and we continue to talk to customers daily to get their take. Got you. And then just looking at sort of the first month of Q4, curious what you're seeing from kind of a quoting activity and booking standpoint? In general, Jason, we're seeing a good trend. Again, we're we're cautious about it. We recognize the uncertainty of the environment. But we're seeing pockets of strength relative to where we've been. And we take a good look at our funnel on a very regular basis. And I will say that our funnel is very healthy. Perfect. And then last one for me, and I'll jump back into queue.

Apologize if I missed this but how should we think about OpEx trending the rest of this calendar year?

When you say OpEx trending, do you mean the expense piece, the gross margin, the operating income margin?

Really just for the selling it and administrative expenses.

Yes. And so this is something that we did want to touch on and we were going to touch on in Q4 SG and A this year is low as a percentage of sales. Right? And so we did that because we knew that this was going to be a challenging year and in [indiscernible] So there was a lot of felt tightening There was a fair amount of cost that we pushed out But in FY 2026, as you're thinking about it, for modeling purposes, we are not going to be able to hold SG and A to 3% of net sales. There are some investments we're going to have to make to prepare the business for this return to growth. And so I would encourage you as you're thinking about that that 3% level is not a norm that we can hold. And grow the business and prepare for the future. Okay. That's really helpful. A lot guys.

Thanks, Jay.

Thank you. Our next question is coming from Derek Soderbergh from Cantor Fitzgerald. Your line is now live.

Yes.

Hey, thanks for taking the questions. Hey, Jana.

Sorry. I think you kind of broke up there.

But so Jana, just kind of continuing the conversation, on us taking a modeling approach here looking forward. I think just in the short term, it looks like we're going have a step down in gross margin. Operating income percentage. I'm guessing that's tariffs I think the math works out to maybe 2% operating income margin for the last quarter here. Is that right? And can you just kind of talk about the short term moves in gross margin, operating income, things like that and then how we should think about those pieces for next next fiscal year? Thanks.

Yes. So I know that we guided to the high end of an OI range 3.4% to 3.6 Next quarter is not going be a 2% OI margin. Quarter. We actually think next quarter is shaping up to be fairly similar to Q3. But we did not increase our estimates for OI margin because you're only one tweet away from who knows what. And so it just made sense to stay conservative and reserved we'll see how the quarter shakes out. But I would model an expectation similar to what we did this quarter. The restructuring impacts are taking hold and we're pleased with the progress very hard hard thought that the organization has made.

Got it. That's super helpful. I appreciate the clarity on that. And then as my follow-up, just on the Indianapolis facility, Rick, just curious why you feel like this was the right time to make this move Can you just touch on the demand environment in medical? And then beyond sort of this more inorganic move, does this at all change approach to inorganic growth from here? Can you just kind of talk about you've got this facility now, does that at all change your approach to inorganic growth in the medical space? [indiscernible] as you know from prior quarters, the medical CMO has been a space that we're excited about. We of course play in today We think we can play in a much larger way. Quite honestly, while our Indianapolis facility currently that we have is performing very well operationally, We can't get new big business in the medical CMO without a different facility. And so we made that investment. We're very encouraged. The conversations that we've been having over time with major players there. And yes, we continue to look hard at potential inorganic opportunities as well. So all of this is is based on our belief that this is first of all a very attractive space.

Secondly, a space that we have some really differentiated capabilities in our ability to handle drug, with what we already do with injectors, etcetera. So this is an area of growth for us for sure in the future, and we want to do invest behind it.

Got That's helpful. And then just one last one for me. Jana, continue to manage the balance sheet well here. Any more room to work with inventory management And then just can you kind of touch on the cash conversion here? Where do you think that's going to be trending here? And then finally, just on buybacks, it sounds like you've got about $20,000,000 left. Do you feel like you guys are in a position to continue repurchase shares here? Thanks.

So I'll start with the share repurchase, and then I'll my way backwards in your question. So, yes, we expect to continue our share repurchase program And so expect for that to continue on and we'll report on that in the quarter That's the easy one. In terms of CCD, so I look at where we were and this is a huge partnership between operations and finance, right? So moving down from an excess of one hundred and ten days to where we're at currently Incredibly proud of the progress that we've made. But definitely still more to go. We feel like there's work that we can do in PDSLH There's work that we can do in DSO and AP Day parity.

And potentially a little beyond that. To get the cash conversion days down. And so we still think that there is [indiscernible] fair amount of room to go there in terms of our cash conversion.

Sounds great. Really appreciate it. Thanks.

Thank Next question today is coming from Anja Soderstrom from Sidoti and Company. Your line is now live.

Hi. Thank you for taking my questions. Most of them have been addressed already. But when are you going to lapse that steering program fall off in the auto Where'd it go?

That's probably a Steve question.

Anya, the program is the breaking program in Mexico and that will fall off completely with the exception of some small service work at the end of this quarter.

Okay. And then you're ramping some other programs, right? So we should start seeing an Right.

As Rick mentioned, As Rick mentioned, there's a new breaking program that launched this quarter in Romania and looks to be very solid going forward. And we have other programs that we're launching, but that major breaking program that Rick referred to will it was significantly less than it was a year ago and will continue to trend down and be complete by the end of this quarter.

Okay. Thank you. And then with you closing the Tampa facility and moving some of that production to other facilities and now you opening another facility and going to move. How is that going to affect your gross margin going forward? And when do you expect that to sort of normalize?

With the Tampa closure, go ahead, Jana.

Go ahead, Steve. I'll chime in after. Yes.

With the Tampa closure, we're still on target to have that wrapped up by the June. Our team has done a great job supporting our customers and our employees. I really applaud that team and our Jasper team and our other teams around the globe that have taken on that It's gone very well and we continue to be right on target to close that with how we expected it to be closed. We do expect some gross margin improvement there with that. And then the Indy facility is all contained with Indianapolis and just that facility. So there will be a small impact to gross margin, but we don't see a major impact there. With what we're doing. And that move from one facility to the next.

And the other thing I'll remind everybody else is as our customers and our supply chain and we are dealing with the impact of [indiscernible] Both known and unknown. Consumer sensitivity on price is paramount and on everybody's mind. And we're doing our best to hold our margin as best we can. But there are sensitivities out there and we're not immune and nobody else is either. And so we're doing everything that we can to hold it I mean, is in tough negotiations on a regular basis. And so we do expect some impact benefit from the Tampa closure. But we are also experiencing pressure that we're navigating.

Okay. Thank you. And then just one last one. In terms of CapEx spend and and investments in automation and efficiencies, are do you still have a lot of room there to make improvements there and that could sort of help your utilization and margins?

Yes. We've continued to make investments in automation. Both in our warehouses and on our production floors. And we continue to see opportunities there. And we've been on that journey now for for four plus years and we are continuing on that journey.

Okay. Thank you. That was all for me.

Thank you. Next question today is coming from Hendi Susanto from Gabelli Fund. Your line is now live.

Good morning, Rick, Jana and Steve. I would like to ask about automotive first. So your manufacturing footprint in China like can you compare and contrast how different it is in terms of let's say, like 70% of your auto business is steering wheel. Is that the case in China also? And then so like if you look at the high level, what the revenue of the revenue composition of China looks like? How different or how similar it is?

I would say China is a little higher percentage on steering [indiscernible] comparatively speaking. It is probably closer to 80% in steering in China. Across a number of of Tier one customers and OEMs. Both domestic Chinese OEMs as well as the foreign OEMs.

Yes.

And then may I also ask about the braking program? Like would you be able to disclose like how many customers you are working with? Or and then like how many platforms in terms of design awards?

Yes. We're working with two or three different customers in braking. I can't share much more than that on platforms, but we continue to have very good opportunities in breaking And that's typically the number of customers that some of our key customers across the globe today. And the same customer that we we had the business within Mexico was the customer in Romania.

And then may I know what type of vehicles They're both ICE vehicles and EVs. So we have both breaking on both.

Yes. And then my next question is about the sales trend in industrial, the declines in smart metering, climate controls and public safety products. Have we reached the bottom yet?

I believe we've reached the bottom or we believe we've reached the bottom in climate controls. From what we're seeing Smart metering as we had in our our release. We don't see that as a significant part of our industrial moving forward. And also in the public safety we believe we've reached the bottom of that also.

And then in order to see let's say, like growth returning in industrials, what are the top low hanging fruits The top low hanging fruits is our current customers. We're seeing opportunities there with both new programs and current programs. As industrial continues to come back. We have some new awards and some new verticals that we're also seeing some opportunities that are maybe twelve to fifteen months out. So we're seeing those opportunities as well as some charging opportunities with a couple of customers that we're seeing as well. Haven't I cannot announce any awards yet, but we are in a very good position with those customers.

And then, John, I would like to understand this better. The consigned inventory sale impact. You mentioned the impact was 226% Is [indiscernible] I would like to clarify my understanding about those two different numbers 22% on [indiscernible] [indiscernible] specifically and 6% of total net sales.

Okay. Yes.

Okay, great. Thank you. That's very helpful. And then with regard to the Tampak closing, so the estimated exit cost is 6,500,000,000.0 to point five How much has incurred like let's say, like year to date? And when will the remainder [indiscernible] entirely in the fourth quarter of this of the current fiscal year?

So year to date, I actually have the in front of me right now. We've done about 3,500,000.0 to $4,000,000 The bulk of the closing again with our goal of being closed by 06/2025. Will incur next quarter.

Okay. So there's like maybe like between 3 and $4,000,000 left for Q4?

Yes. I'd say there's about $3,500,000 of expense left, perhaps more than that. And we'll incur I would say probably 90% of that next quarter. There may be a tail into Q1 of twenty twenty six just depending on the process and the transfer of work. I will say, and I echo Steve's comments, our Tampa team has been absolutely amazing. They have just done an incredible job with this. We're going to take care of our customers and make sure that we do it right. And so if that leads over a little bit into Q1, it will.

Okay. Yes. And then one last question. I think with regard to, let's say, ongoing trend of inventory digestion in certain spots, whether it is in industrial or automotive? And now we have uncertainty. Can you highlight where inventory corrections is better today compared to three months ago? And when do you see areas where customers may do inventory rebuild sometime in like sometime soon, some companies are expecting incremental or gradual improvement in the second half. Wondering whether you can share some puts and takes on [indiscernible] inventory digestion that has been ongoing for a while, versus when customers may rebuild their inventories Yes, Hendi, as we've shared our has come down $100,000,000 over the last twelve months. We continue to see a positive trend moving forward as we burn down our excess inventory and it's really across all of our verticals maybe a little stronger in industrial and medical. But we had a significant amount of LTSA or long term supply agreement inventory that we took from suppliers that is now burning down at a very good rate. We continue to see that going forward. We're not seeing a significant buildup of inventory at our customers today. So we'll monitor that very closely as Jana mentioned the environment obviously is very difficult to read with tariffs and things that are happening, but from what we see, we will continue to see that inventory come down over the next twelve months.

Thank you, Rick. Yes, I think I would like to clarify what I meant was on the customer side, what you are seeing on the customer side. I guess, you said like is mimicking like [indiscernible] destocking done in terms of what we had seen in some of the verticals? Do you feel like we're past? That? Is that what you're asking, Tim? Yes, yes.

Like on the customer side, yes.

Yeah. I believe we're past that. We what we're seeing today from our customers is their sharing is there's not a significant amount of inventory in their channels. But it's hard to see. We don't have complete visibility to that.

Thank you so much. [indiscernible] Thank you. Next question today is a follow-up from Crawford from B. Riley. Your line is now live. Thank you. I just wanted to go back to your guidance. You talked about being at the high end of your guidance. I mean that implies like just, I don't know, $335,000,000 of revenue in June.

Versus what I think, Jamie, you said it was a $23,000,000 consigned inventory sale because that 226% come to slightly different numbers, one is $25,000,000 one is $22,000,000 But It's 20,000,000 I'm sorry?

It's $24,000,000 of confined inventory sales.

Okay. And so what would it take for you to exceed that $335,000,000 ish that it would take to get over the high end of your your guidance?

Demand continues to be strong. It will be higher. And we'll beat it.

Okay. Thank you.

Thanks, Mike.

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