Today is the Gorman-Rupp Company, ticker GRC. For those who are not familiar with the company, Gorman's a manufacturer of pumps and pump-related systems across an ever-widening range of end markets. We are fortunate to have with us today CEO Scott King and Vice President of Finance, Ron Stoops. Following the presentation, there'll be time for Q&A. Please utilize the Q&A icon at the bottom of the page to submit questions, I'll present them to management. With that said, gentlemen, thanks for being with us. The floor is yours.
Thank you, John. For our participants, again, my name's Scott King, President and CEO. I've been with the company for 21 years and CEO since the beginning of 2022. Ron's been with us since 2020, you get an experienced team speaking with you here today. We will make some forward-looking statements and ask you to take that into consideration as we present today. As John mentioned, Gorman-Rupp is a pump company. That's all that we do, a leading designer and manufacturer of pumps and pump systems. It's well-recognized around the world. We have market leadership in many essential applications within some niches in the industry. Our products are in mission-critical, and non-discretionary uses in most of their cases. You use our products every day, which we'll talk about a little bit more here.
We're fortunate that we have a broad array of products that are sold into the industry, and they're sold into a highly diversified group of end markets. It's pretty rare that all of those markets would be down at any one time. It's also probably pretty rare they'd be up all at the same time, but they certainly help us navigate the ebbs and flows of economic conditions. Gorman-Rupp has some strong competitive advantages in the industry. We make extremely high-quality products. Our employees are enabled to take care of customers. That's all we ask them to do. We have industry-leading expertise in our engineering and a distributor network that is the envy of the rest of the industry. In addition, our supply chains are primarily U.S.-centric, the relationships we have with those suppliers are longstanding.
Our supply chain, regardless of conditions, whether it was COVID, or backed-up ports, or a tariff environment, or whatever comes next, our supply chain tends to outperform the rest of the industries. We own a well-respected and recognized group of brands. They're at the bottom of this slide. Some of them we've developed ourselves, and some of them we've acquired through some disciplined acquisition priorities. The company has a pretty active and attractive financial profile. Our margins have grown to record levels in Q1 of 2026. We have pretty consistent operating cash flows. We have disciplined capital allocation priorities, which we'll cover, and that certainly includes returning some capital to shareholders. We've been growing recently at a pace that's faster than the industry. Certainly, we have some tailwinds that are helping us do so. Infrastructure investment has been helpful.
We've been gaining in market share because of our reputation and the way we interact with customers. They tend to stick with us once they join us and don't go away. We have a pretty robust new product development pipeline. We're expanding internationally, and over the years, we've made a number of acquisitions that have inorganically added to our growth. We do have disciplined capital allocation priorities. Our first priority was to reinvest in the business every year. We have very well invested in facilities that have capacities to be able to continue to expand our share. We've got a remarkable 53-year track record of dividend increases to shareholders. We're going to continue our debt reduction. Last year, we reduced our debt related to the purchase of Fill-Rite in 2022 by $60 million and a further $15 million in Q1 of 2026.
Now that our debt levels are down to 2.1x EBITDA, we're starting to turn our mindset toward evaluating additional acquisitions in the pump space. The third column of this slide is really intended to convey our recent performance. In the past five years, we've done a pretty good job of growth at a 14.4% compound annual rate. A little under 6% of that came from the acquisition of Fill-Rite, which is a great business, and we'll speak a little bit about that later. Just under 9% of that is legacy Gorman-Rupp. We're able to do so because we carry more inventory, and we're more prepared than our competitors for all of the things that happened after COVID. Our strategic planning process prioritizes profitable growth, and is delivering on that.
Our new product development plans are introducing new and innovative products that customers are excited about. We continue to add to and optimize our distribution network, and we're very well-positioned, kind of uniquely positioned within the industry to benefit from some very large stormwater projects. As those organic revenues have grown, they've allowed us to lever and improve our margins. You see a pretty substantial improvement in both gross margins and EBITDA margins, from where we were in 2020 and back to where we were in 2025. Q1 of 2026 actually improved slightly on those as well. We're able to do so because Fill-Rite helped improve our margin profile, but also because about 60% of that improvement is really related to leveraging organic sales growth. Our labor and overhead lever quite well when unitary volumes are going up. We don't need to add facilities to accommodate additional growth.
We simply watch our capital spend and put it in the right places, and then strategically add a bit of incremental headcount where needed. While we're investing in those facilities, we certainly increase automation and efficiency in doing so. We know our cost quite well, and so we've been able to be effective, kind of surgical in how we've navigated pricing into the marketplace. We're not much impacted by the tariff situation. You won't see any material impact favorably from that in our prior results, nor would you see much impact from refunds in future results, just because our supply chain is so U.S.-centric. We've also had an opportunity in recent years to do some IT and benefits consolidation across the number of acquisitions that we've made in order to simplify those platforms, and get some leverage on those.
While we've done so, we've done a pretty good job with working capital. Since 2020, sales have nearly doubled. While inventory has only gone up by just about 40%. We're doing a good job with working capital control as well. There are some favorable external trends that are also tailwinds for the company. I'm sure you're all aware of the aging nature of water and wastewater infrastructure, certainly in the U.S. Recently, utilities have begun to increase their investment in that. Some with support of stimulus money and some of it with just rate increases by utilities as they interact with their own customers. Well, what that allows us to do, Gorman-Rupp has a very broad selection of pumps and systems for both water and wastewater applications. As that infrastructure gets addressed, that's certainly helpful for us.
Whether it's caused by global warming or some other cause, I won't comment on, catastrophic weather events certainly do seem to be increasing. While we certainly don't prefer that as a way to necessarily sell products, we certainly can help protect coastal communities and other areas from catastrophic water events. Gorman-Rupp has the ability to produce pumps that can move up to a million gallons of water per minute during storm events. As an example, the city of New Orleans is now protected by some installations from us. Computer processing capacities are continuing to increase. This is data centers related to AI. We have numerous applications related to data centers. Most data centers have fire pumps in them. We're the world's number one manufacturer of UL/FM-rated fire suppression pumps that supplement sprinkler systems during a fire event.
Our HVAC pumps move chiller water to cool the ambient temperatures in data centers, we make a line of brushless DC magnetic drive pumps that cool NVIDIA's chips through cooling units that are right in server racks. In addition, many water and wastewater applications are popping up as municipalities are connecting to data centers on the outskirts of their communities and need to expand their grids. The industry's been impacted pretty heavily by supply chain and tariff uncertainty. Many of our competitors have low-cost country supply chains that they gravitated to. We have not over the years, our stability in our supply chains and our U.S.-centric nature of our supply chains have certainly made Gorman-Rupp a much more predictable and reliable partner in that environment.
While this right now is not a favorable trend, the ag and construction market cycles have not been too good in recent years. Inevitably, they'll come back, when they do, we have products that are certainly well-suited to serve those markets as well. It's hard to talk about Gorman-Rupp and not talk about a little heritage. It's a really wonderful American entrepreneurial story. The two gentlemen in the top left, Herb Rupp and J.C. Gorman, were both unemployed in 1933. Mr. Rupp had an idea how to make a pump prime itself better, Mr. Gorman said, "Gosh, Herb, if you can make it, I can sell it, but we don't have any money." They borrowed $1,500 from a local family here at our headquarters in Mansfield, Ohio, that's the only investment that's ever been put into the company.
It's really a neat story and I imagine one that would be difficult to duplicate today. Through our history, we've made a number of acquisitions. I won't dwell too much on all of those, but I will highlight one in 2022. We bought Fill-Rite, who is North America's leading provider of fuel transfer pumps for farmers and contractors. It's an outstanding business with great margin profiles. It's very capital efficient, and continues to grow and take market share under Gorman-Rupp's ownership. We've been very happy to invest further into Fill-Rite, expanding their manufacturing capacities, automation, and new product development. It's been a great addition, and really confirmed our acquisition criteria, which we'll talk about here in a bit. I should note, in 2025, we reached 76 years of consecutive dividends, but 53 years of those have been increased dividends to shareholders.
Our dividend has gone up literally longer than I've been alive, which is outstanding. As far as the industry goes, I mentioned you use our products every day. If you turn on the tap at home, that water probably comes through one of our pumps. Your wastewater very likely travels through our pumps. If you have stormwater infrastructure in your community, that could include our products. We irrigate crops with vertical turbine pumps. We cool a number of appliances that serve various needs. We fuel just about every commercial airplane and military airplane around the world. You use our products every day, you just don't know that you do, and incrementally now, data centers are starting to add to that. We think right now somewhere between 10% and 12% of our total revenues are related to data centers. The market size for us is pretty significant.
The Hydraulic Institute, which is the Pump Manufacturers Association, conducts a study every year that tells us the market size of the pump industry is about $80 billion a year. That's a lot of opportunity. A few years ago, we were slightly less than half a percent of that market, we're now slightly less than 1%. That doesn't mean we're the biggest pump company in the world, but we are very well known because the industry is quite fragmented. There are hundreds of pump companies that are out there, but it also means we still have lots of opportunity to continue to gain share. Our competitors are pretty diverse. There are hundreds of them. Some of them are publicly traded companies, some of them are divisions of larger companies, but many of them are still held privately by their founders or the founders' families. It is a pretty mature industry.
The laws of physics that govern how fluids can be moved aren't going to change. Gravity is what gravity is, and viscosity is what it is as well. That has led to general pricing stability for the market. We have good idea what our costs are, and are able to, in the markets that we've chosen to be in, command price that allows us to be profitable. We have really strong brand loyalty. All we ask our employees to do is to take care of customers. We'll talk a little bit about our operating model. Our employees know the customers are the ones with the money. When the customers share the money with us, our profit-sharing program has consistently paid to employees for 92 years in a row. We have a lot of loyalty amongst our customers.
We tend to gain customers, and they don't tend to leave us as they go, or as we go on, I should say. From a competitive positioning standpoint, you're not going to find Gorman-Rupp making commodity products and selling the least expensive pump to do a job. We have very strong brands, extremely strong customer loyalty. We make high-quality products and just ask our employees to take care of customers. Our engineering expertise literally leads the industry. Our Vice President of Engineering for the Patterson brand is also the Vice President of Technical Affairs for the pump manufacturers association called the Hydraulic Institute. Gorman-Rupp engineers are helping to lead the industry in setting standards by which the industry is governed. We make, design, and test excellent quality products that get the job done for our customers. Our supply chains and manufacturing footprint are the envy of the industry.
We have great stability in our supply chains, the supply chain responds to us when we need incremental volume or we need a shift in priorities. Our distribution network is outstanding. We train our distributors with our factory experts and manage that distributor network to make sure that they're very knowledgeable about our products. When they're knowledgeable about our products and apply them well, they can make money selling Gorman-Rupp, and we're loyal to them, and they're extremely loyal to us. The six brands that you see here are all marquee brands within the industry. Each one of them holds one or more number one positions in a niche within the industry, and they all operate on the mission statement that J.C. Gorman and Herb Rupp established in 1933.
We've not changed that, don't plan to, that's to provide a quality product, competitively priced, delivered on time, backed by reliable service, at a profit that provides an equitable return to our shareholders, as well as providing our employees with competitive wages and benefits. That's a pretty unique mission statement to be able to come up with at the height of the Great Depression, it sure has stood the test of time. This is our operating model. We'll start at the left-hand side of the slide.
The philosophy and culture that the Gormans have espoused over the years for all of our employees is that we ask them to take care of our customers and make high-quality products, educate our customers, have high degrees of product availability, and carry inventory that can back up our reputation, and develop our people so that they can do all of those things and be active in the communities we operate in, because we want them to be good places to live and work. That's core to who we are, it's not how every one of our competitors, most of them don't behave that way. At the division levels, we keep our division operators very nimble. The things in the bottom right blue section of this chart are what we ask them to do.
We ask them to sell, to market, and advertise, design products, and take care of their customers, and we try and get out of their way all of the things that might be distracting for them to do so. The things up in the green section at corporate are the things that we move out of their way. They're not responsible for legal aspects, investor relations, employee benefits, insurance, treasury, capital allocation, all those kinds of things. We handle here with a relatively lean corporate team and allow our operating managers to do the things that are important to customers, and stay nimble in doing so. A handful of those things need to have some shared responsibility in the gray areas, like strategic planning or our information technology backbones and things like that. Of course, we gray the area there where we share responsibility for that.
Our operating model, this is unique within the industry. As an example, when we bought Fill-Rite, we only asked the Fill-Rite folks to take responsibility for what's in the bottom right-hand of this slide for their customers, and do so with a philosophy and culture that's on the left-hand side of the business, and it's worked quite well. One of our virtues is that our product line is extremely diverse. This is just a snapshot of a handful of the products that we manufacture. Down to the bottom left of this slide, you see a pump that you could hold in your hand. That's a brushless DC mag drive pump that's under one horsepower. That would be the type of pump that is being used to cool computer chips today.
All the way on the far right-hand side, you see a pump that we started out as three or four-inch plate steel in Toccoa, Georgia, burned out those shapes, bent them, welded it together, and machined them into a 12-foot diameter pump. That's a real-size lady standing inside that pump, and that pump moves, again, about a million gallons of stormwater a minute. Pretty much anywhere in between, we've got a solution for many applications in the industries. Another virtue of the company is that diverse group of products can be sold into numerous different markets. An evolution of Mr. Rupp's original self-priming design might be able to be sold into an industrial facility for maybe chicken processing waste. It could be sold into a farm application for manure waste. It could be sold to a municipality for wastewater collection.
It could be sold to a construction company for use in dewatering and bypass. Another version of it could be sold to move fuel for aircraft and military applications. Our products being diverse means that they can really be sold into numerous end markets. It's rare, of course, that all these markets are all up at the same time, but it's also extremely rare that they would be down at the same time. It really helps to level out cycles. I'll turn things over now to Ron for some comments on financials.
Thanks, Scott. As you mentioned, I'll cover our financial overview for a little bit, I'll also cover our capital allocation priorities, I'll turn it back over to Scott to talk about some of our growth initiatives. When we look at net sales and adjusted EPS, we've had significant top-line earnings growth over the last five years, driven by both an acquisition as well as organic growth. Our sales grew by about 95% during that five-year period, with about half of that being an acquisition and the other half being organic. On the acquisition side, Scott has mentioned this already, in 2022, we acquired Fill-Rite, a manufacturer of fuel transfer pumps. Fill-Rite has been a great addition to our portfolio.
I think Scott had mentioned it already, a few things that we found attractive about Fill-Rite are the quality products, strong number 1 brand position, good margins, a history of growth. It filled a niche that we did not have, it met all of our acquisition criteria. A little detail about our 2025 results. Sales have increased each of the last five years, including a 3.4% increase in 2025. Sales in that year for 2025 were up across most of our markets, with the exception being in construction. Also, in 2025, we maintained our record gross margin rates that we achieved back in 2024, despite some challenges with inflation and tariffs. With the increase in our top line, our adjusted EPS has also improved significantly. Our gross margin was able to improve based on leverage from our increased sales volume.
Our 2025 adjusted EPS of $2.14 was a record, a 22% increase over the prior year. It benefited from both our operating income as well as our interest expense savings. We look at adjusted EBITDA. Adjusted EBITDA in terms of dollars, a percent of sales have increased significantly with our sales growth. The 2025 adjusted EBITDA was a record of nearly $129 million, that came in at just around 19% of sales. Our adjusted EBITDA has increased over two and a half times since 2020, with about 60% of that being organic driven, 40% being from the acquisition of Fill-Rite. A few highlights on our Q1 2026 P&L. We started out the year positive with sales up almost 8% over the prior year. The increase was driven by our incoming order volume increase, which was across most of our markets.
Our gross margin stayed strong, which benefited from sales volume as well as our product mix. The positive operating results, combined with our continued reduction in interest expense, led to almost a 50% increase in our EPS, our adjusted EBITDA reached 20% in net sales. Incoming orders have remained elevated, our backlog is healthy. Our 2025 gross incoming orders were up over 10% compared to the prior year, were increased across all of our markets. Q1 incoming orders were up 5%, demonstrated that incoming orders continue to remain strong. As a result of the incoming order volume, our backlog sat about $248 million, increased $4 million since year-end. It positions us well for the remainder of 2026. A few additional financial highlights. Our working capital remains healthy. We continue to pay down debt.
Our capital allocation priorities remain the same, focusing on reinvesting in the business, dividends, and debt reduction. A little bit more about our debt. Prior to the acquisition of Fill-Rite, we were debt-free. We were able to leverage the strength of our balance sheet for the acquisition of Fill-Rite. I had already mentioned how we felt very strongly about the acquisition. We felt it would provide a good return to our shareholders, and we felt confident in our ability to deleverage quickly, as you can see in the chart. We decreased debt by $45 million in 2024, another $60 million in 2025, and $15 million through Q1 of 2026. Our leverage has come down as we planned. It's currently at 2.1x EBITDA at the end of Q1, and we expect that to continue to improve.
This chart, I think overall, demonstrates the strength and consistency in our ability to generate cash. Our historical capital spending has averaged about $20 million per year, most of that being machinery and equipment. Typically, when we replace our old machinery and equipment, we're improving our capacity as well, and our productivity, and in most cases, it gives us the ability to run unmanned machine time. I'll talk a little bit more about our history of dividends on the next slide. Capital allocations priorities on a go-forward basis continue to remain the same. We're going to invest back in the business, primarily in machinery and equipment. Our facilities overall are in good shape, and the majority of our equipment is current due to our historical capital investment practices. As Scott mentioned, we're also going to continue to track record with the dividend.
We're going to continue to de-lever using our cash from operations to pay down debt. As we continue to de-leverage, we'll start looking at acquisitions. The timing of that will kind of depend on the opportunities that become available. Scott had mentioned this earlier too. We have a long history of dividends. It's 56 or 53 years of a consecutive dividend increase, which puts us in the top 50 of U.S. public companies or a Dividend King. I'll give it back to Scott to talk about our growth.
Thank you, Ron. Just as a reminder, this is a repeat of an earlier slide. This third column represents some pretty outstanding results and trends for both our revenue growth, our margin growth, and our working capital performance, which I imagine makes you wonder what do we anticipate is coming up next. We certainly expect ourselves to continue to grow in sales. We are introducing new products into the market. We're adding to our distribution coverage. We're enhancing our customer-facing technology to be easier to do business with. We're expanding our international sales today. In 2025, only 25% of our sales were outside of the United States, and very little of Fill-Rite's were, so that gives us an opportunity to continue to expand that.
Inorganically, we certainly could make acquisitions. Are beginning to consider those at this point. We have some favorable tailwinds in markets that are uniquely suited to help Gorman-Rupp. From a margin expansion standpoint, every capital addition that we make enhances our efficiency in some way, shape, or form, whether that be through simply increased capacity during the same time or automation that requires less labor. We have very good cost controls within our business, which allows us then to be effective with our pricing strategies. We can manage price to maintain material margins, while also getting some leverage in our labor and overhead.
In 2025, we optimized a site plan for the National Pump brand by rationalizing a few of its sites that were underutilized. Then we actually gave one of the sites to our Patterson brand to continue to expand its HVAC opportunities in data center space. That's certainly helping with margin expansion. We don't need new facilities. Ron mentioned our facilities are in good shape and have opportunities for growth. Acquisitions, if we select some good ones, which is certainly our priority, should help us to continue with margin expansion. Incrementally, we'll grow revenues on the working capital side at a pace that's faster than our need to add to inventory. Our working capital performance should continue to improve as we go forward as well. Sales growth should continue. Margin expansion occurs anytime we get unitary volume to grow.
We have a good reputation with our customers. That tends to happen. We're being good stewards of our capital as we manage our inventory. We do have a history of growth through acquisitions. I won't dwell too much on this slide, but this is recent history. Again, the largest in our history was Fill-Rite. Our approach to Fill-Rite was to continue to invest in that business. When we bought it was operating in 140,000 sq ft in Fort Wayne, Indiana, and 40,000 sq ft in Lenexa, Kansas. We quickly filled that Lenexa, Kansas space. Moved it into 140,000 sq ft itself and are adding new products to continue to fill that. Today, about 50% of Fill-Rite's revenues are coming from Fort Wayne, and about the other 50% are coming from Lenexa, Kansas.
We've continued to invest in Fill-Rite and are very pleased to have it as part of the company. Fill-Rite met to a T these acquisition criteria and really confirmed that they're the right ones for us. We're looking for pump companies or pump system companies that complement our existing product lines. As an example, we could have made a rotary vane fuel transfer pump, which is what Fill-Rite manufactures, but we couldn't have just put Gorman-Rupp's name on it and taken 65% of the fuel transfer market with farmers and contractors as Fill-Rite already had. It certainly made sense for us to acquire that market share. We want to be in markets that we're familiar with. We're certainly familiar with fueling.
Gorman-Rupp's fuel transfer pumps start at about 50 gallons per minute, and Fill-Rite filled a niche of under 50 gallons per minute and is continuing to do well there. Fill-Rite's culture matched our culture. We're customer-focused, we're employee-focused, and we make very high-quality products, and Fill-Rite fit that to a T. Today, we prefer businesses that are in the United States over other regions, and that looks to be like it will be the case for the foreseeable future. We want leading brands and positions in niche applications and markets in the industry where the product can be profitable. Fill-Rite certainly was that. We're not looking to buy a broken pump company and fix it. The brand recognition and quality of product is part and parcel of what we do, and that's the only kind of company we'd be interested in acquiring.
When we acquire it, we would operate it just like we have with Fill-Rite, allowing management of that brand to stay very close to customers. We'll remove all of the obligations from them that distract them from doing so. We certainly, of course, expect good financial performance from an acquisition. I think we learned with Fill-Rite that something of size that moves the needle is probably a better focus for us, even if we need to use the balance sheet to do so, than acquiring a host of very small companies. Small ones take a lot of effort and generally don't move the needle. I'll wrap it up here on this, and then we're happy to take questions. Gorman-Rupp is a market leader in the pump industry. We're in essential applications that you use every day in numerous end markets.
We have a number of structural competitive advantages in the industry, high-quality products, great employees that take care of customers, extremely technical engineering expertise, and a supply chain that outperforms the rest of the industry to support our well-recognized family of brands. Recently, we've been performing quite well. Revenue growth, margins, and operating cash flows, combined with disciplined capital allocation, has really delivered well for us. We're pulling multiple levers to make sure that we continue to grow. We're benefiting from infrastructure investment. We're gaining in market share, both with existing products and new products. We're further expanding our international reach, and we're turning our sights toward potential acquisitions. We'll remain disciplined in that capital allocation. We'll reinvest in our business every year. We plan to maintain that dividend track record for long-term shareholders.
We've done a good job at debt reduction and are continuing to do so in 2026. As we look to acquisitions, we expect to find some worthy candidates to pursue. Maybe I'll pause there and turn things over to John and see if there are questions from the audience.
Thank you very much for an in-depth and expansive overview of Gorman-Rupp. We do have some questions. First, I want to ask, you started off 2026 on such a high note. Can you just talk a little bit, maybe briefly, about what's different this year versus a year ago
Yeah, a lot is not different, John. What we are seeing is that the backlog is converting from incoming orders to shipments. Revenues were up 7.7%. Pricing was not up that much. Pricing was up probably a weighted average of three, the rest of that was unitary volume growth. As unitary volume growth occurs, our facilities are well capacitized, and we really benefit and lever our labor and overhead expenses and then certainly SG&A as well. Not a lot different other than just the timing of customer orders.
Actually, a question from the audience on the pricing environment. Is it just to offset maybe material and labor costs, or are you trying to get some kind of margin improvement also embedded in pricing?
No, I don't think we're trying to gain on material margins with pricing, I will say there is real inflation out there. Labor costs are going up at a higher pace than they traditionally have. Healthcare is probably unsustainable for the U.S., in my opinion, over the long haul. Congress probably should do something about that, I doubt they will. Energy prices are growing, probably a lot of that related to data centers, which of course, we're benefiting from. Commodities are continuing to move. We have good cost controls. I don't think we're trying to gain on material margins. We have, but do have opportunity to continue to gain on labor and overhead leverage, and then caution on our SG&A headcount additions as we grow top line.
One last question. You talked about maybe re-engaging in M&A. Can you talk about end markets or product lines that would be an attractive target?
Yeah. Like Fill-Rite was a product line that Gorman-Rupp didn't manufacture, we would look to product lines that are not the same as the ones that we own across those six brand families. There are a lot of ways to move fluids. Gravity and viscosity are what they are, but there are numerous different ways that people have come up with to move fluids, and some of them can be quite useful in certain applications where maybe we don't have a product line that is well-suited to it. The markets that we're in today, we like all of them. All of them are good markets. Any of the markets that we're in today, I think we would consider entering. We probably would consider further entering maybe food and pharma. We're not too well represented in that today. Food, probably in the waste streams from factories.
Any of the markets we're in today, plus probably some additional, and it would be product types that we don't manufacture today, while also meeting all the rest of the criteria that I mentioned earlier.
Got it. Well, Scott and Ron, thank you very much. We appreciate you presenting at the Sidoti Company June Conference. I hope you all have a great day.
Thank you, John.
Thank you, John.