Welcome to the IDEAS Conference. I'm Sandy Martin with Three Part Advisors. Up next, we've got AZZ, which is a client for Three Part Advisors. AZZ is an exciting story. It's an NYSE-traded company with a ticker of the same, AZZ, and a $4 billion market cap. Gone through a major transformation over the last several years. They are a pure-play metal coatings business that is an essential sort of infrastructure play here, with a lot of public and private money coming to all the metal coatings. Next up, we've got David Nark, and he's the CMO, IRO, and corporate strategy. I'm going to hand it over to Dave. Thanks, Sandy. Good morning, everyone. I'll be walking through our investor deck for you today, and if there's time at the end, we certainly can take some questions as well. Investor presentation for those that are listening online can be found at azz.com on the investor relations page. Just look for the investor presentation dated May 28th. That's when we uploaded the most recent version. Walk everyone through that. If you're not familiar with the company, as Sandy mentioned, we're in the metal coatings space, a very differentiated player. There's not too many folks like us. We have two segments serving North America, a metal coatings business, which is a post-fabrication hot-dip galvanizer. Metal fabricators are fabricating their product and then bringing it to us to galvanize. That's post-fabrication. On the pre-fabrication side, we're one of the largest coil coaters in the nation as well. As we walk through the presentation, you'll see we've got tremendous opportunities in front of us to grow sales and margins due to a lot of secular drivers that we'll cover. The business generates a tremendous amount of free cash flow, really focusing capital allocation on several things. One of them is high ROIC investments and strategically aligned M&A, which for us, if you've been following us for the past three or four years, you know that's a change in the strategy. We've been de-levering for the past four years after doing the strategic acquisition, so we're now back on the growth trajectory and looking to add to the business. We'll do that while maintaining our leverage in 1-2x EBITDA, and then returning capital to shareholders through continuous dividends that we've been paying, and growing the dividend over time, as well as share repurchases. As we get into it, here's a quick snapshot of the business. If you're not familiar, we're located down in Fort Worth, Texas. We have about 3,800 employees on the metal coating side, 46 locations. 42 of those locations are what we call our hot-dip galvanizing facilities, and the other four are powder coating, plating, and anodizing facilities, and then 14 coil coating locations. As I mentioned, both of those businesses are market-leading businesses. We have the number 1 market share position in both segments, and about 2x the size of our nearest competitor. We've got a really formidable position in the marketplace with a high moat around the business. You can see at the graphs, the breakdown of sales and adjusted EBITDA, roughly split equally between the two. On a consolidated basis, $1.65 billion in sales, $368 million in adjusted EBITDA. That is inclusive of corporate costs and a 22.3% adjusted EBITDA margin. If you're not familiar with the storyline, on slide five, you'll see our strategic journey over time. This goes back to really when Tom Ferguson, our CEO, started at the company, and shows you a quick look at the past several years, really transformed the company. We're now at $1.6 billion and eyeing $2 billion in top-line sales as we move forward. I think really what I would just leave you with is back in 2022, we really started looking at strategically transforming the company, positioning away from a very diverse group of assets that we had in the portfolio to becoming a focused metal coatings company. We were able to action that as we moved into 2023 through the disposition of all those disparate assets to a JV with a company called Fernweh Group LLC, and then the acquisition of Precoat Metals, which really set the stage for us to be a pure-play coatings company. As we look forward, what we're looking to do is, again, continue the disciplined capital allocation strategy, focusing on high ROIC opportunities, investing in the two segments that we have. I often refer to them as swim lanes, so we're looking to stay in the two swim lanes as we move the business forward. Certainly look at how do we continue to invest in technology and drive return for our shareholders. On slide six, a real quick look at the achievements we've made versus our commitments. You can see we've kind of checked the box on all these things. When we talk about leverage being one to two times, we're at 1.4 times debt to EBITDA on the trailing 12 ended February, which is consistent with the end of our fiscal year. We have reduced debt down to $385 million in the most recent fiscal year. We've said that we'd like to have adjusted EBITDA at the $360 million-$400 million as we ended the last fiscal year, and you can see we've achieved that, as well as the EBITDA margin coming right in where we wanted it to be. Talked about acquisitions. We said that we would like to pivot and start working on M&A again, strategic M&A. We got one of those deals done last year in Canton, Ohio. Several others in the pipeline as we meet here today. As I mentioned, dividend, we're a consistent dividend payer. We've increased the dividend recently. We're committed to not only paying a dividend every quarter, but looking at increasing that dividend commensurate with the growth of the business as we move forward. With respect to share repurchases, we have a $100 million authorization in place. We repurchased $20 million of shares last year. That was consistent with making sure that we don't dilute the business through equity comp. We pretty much offset that. Really quickly on slide seven. End markets, mostly focused on construction. We break that down into 3 categories, infrastructure, non-res construction, and residential construction. Each one of those, it's roughly about a third of that 56% that you see there. Other large markets for us include industrial, electrical, transportation, all big markets. What really is driving us and getting us excited are the things listed on the right side of the screen. Infrastructure investment, no doubt, has been a huge driver for the business. We'll talk about IIJA and other things, but no doubt about it that we're in a long-term secular growth trend for infrastructure in the U.S., and that bodes well, particularly for our galvanizing business. Reshoring is certainly another thing. Of course, conversion's happening in the pre-painted steel business where people are moving away from powder coating and wet sprays and looking to use pre-painted steel in their manufacturing operations, which has been a result of the technology has been much improved in terms of pre-painted steel. That allows them to use that in press breaks and stamp it without ruining the finish. I mentioned IIJA real quick. Again, this is just some of the areas that are affecting our business in a very positive way. On slide eight, you can see roads, bridges, major projects, things like guardrails, light poles, signage, highway signage, all that steel that you see that's gray as you're driving down the road or the freeway. It gets gray because we're hot-dip galvanizing it. That's the process that makes the steel gray. Certainly, no doubt, clean energy and power, transmission towers, monopoles, utility towers, that's been a very big business for us and certainly has been a growth spot in the U.S. We benefit from that as well. Also data centers. We do have data center exposure, as well as other types of infrastructure, including airports, water, LNG terminals, et cetera. All those things are really helping propel the business forward. Real quick on slide nine, the strategic value proposition of the business. When you put these two things together, and we were often asked four years ago, "Why are these two businesses together, and why do they make sense?" What I would say fundamentally first is that both business are a tolling business. We're not buying steel, we're not buying aluminum. Our customers do that. We have no risk associated with the commodities of steel or aluminum. We're just a pure-play toll coater. You look at that, we are certainly driving on common technologies, proprietary systems. We run on Oracle, and on top of that, we have two proprietary technologies, CoilZone on the Precoat Metals side, and our Digital Galvanizing System, which we'll talk also about a little bit on the Metal Coatings side. Of course, very service-focused. When you're in the space that we're in, you have to continue to provide outstanding customer service and lead on customer service, and we really do that quite well. We measure that very often. We do Net Promoter Score, for instance, with customers on the projects that we're working on to make sure that we're continually focused on that. I mentioned technology a little bit. On slide 10 of the presentation, you can see I mentioned our Digital Galvanizing System. Very distinct competitive advantage for us. This was a first-of-a-kind tool that was put in place. It's eliminated a lot of paper in the organization. It's improved processes. It's not only an operational effectiveness tool that's helped us reduce costs and improve the operations, but it's also a customer-focused tool that it gives the customers real-time visibility into where their steel is in the galvanizing process and when it's going to be delivered. Certainly, of course, if there's any issues or concerns, we can communicate through them using the tool as well and resolve those very quickly and efficiently. CoilZone, very much the same thing. It does really all the same things Digital Galvanizing System does, as well as provides integration to our customers' major ERP systems. When a customer comes to Precoat, we seamlessly integrate CoilZone into there. We become very sticky with their systems and become sort of their coil coater of choice. With respect to IT infrastructure, we often get a question about AI. A couple of things that we're doing, we've been investing in systems infrastructure, making sure the business is ready. We've worked on policies and procedures, making sure that our folks in the organization know how to leverage AI. We've been doing a lot of training on AI. Then there's some specific applications and specific projects that the business is looking at to further improve processes, automate things, and make decisions in a quicker and more timely basis. Those are the areas that we've been focusing on so far, and we've been very pleased with what we've seen. R&D, real quick on slide 11. We've had a longstanding partnership with Texas A&M back to 2019. What we're really doing with them, we've implemented and installed a small galvanizing kettle on the campus. The engineering students have been working on a lot of different formulations on how to improve the galvanizing efficiency and the zinc pickup by looking at different additives and chemistry. That's proven out very well. We have a number of those solutions that they've come up with implemented in our systems and our kettles nationwide. Very pleased with what we've done with the university. Real quick on slide 12, taking a quick look at sustainability. I think the main driver here is just that we are not only essential, as Sandy mentioned, to infrastructure, but also doing that in a very environmentally friendly manner. When you think about our hot-dip galvanizing business, it uses zinc. Zinc is what's used to galvanize steel. It's 100% recyclable. It's a naturally occurring element. It's in our vitamins, our sunscreen. It's something that is certainly very environmentally friendly as a galvanizing solution. Very committed to responsible sustainability initiatives and reporting. We've been tracking Scope 1 and Scope 2 for quite some time. We're also now moving into looking at Scope 3. We've been targeting a 10% reduction in Scope 1 and 2, and I think our results sort of speak for themselves. We are the industry leader in terms of ESG scores amongst anyone in our category, and that's been recognized by Newsweek as one of America's most responsible companies for four years in a row now. Very, very pleased with what we've accomplished in terms of sustainability initiatives. Lastly, as far as diversity goes, we're a very diverse organization. About half the organization is diverse. We've been focused on driving things like our TRAITS as part of that as well, which stands for trust, respect, accountability, integrity, teamwork, and safety. That's a mantra, again, that Tom has instilled in the business, and also links back to our diverse culture and our values. Kind of talking about Tom and the leadership team, you can see them here on slide 13. We're led by Tom Ferguson, who has a wealth of experience coming from Flowserve and other organizations. Jason Crawford, our CFO, came to us through the acquisition of Precoat, but he has been in the industry for 16 years overall. Bryan Stovall is just retired, and his successor is Todd Bella, who we have both of them listed here on the screen. Jeff Allain runs our Precoat business. Then you see myself, Tara, Haley, and Roy rounding out the rest of the organization. Again, all of us have been together for quite some time. Moving on, just to kind of talk about where AZZ is headed excuse me, on slide 15. One of the things that we put out last year when we did our Analyst Day at our new greenfield facility in Washington, Missouri, was some three-year targets. We talked about the fact that we'd like to grow at 2X GDP on an organic basis. Moving over to $2 billion in annual sales in FY 2028 or higher. We'll do that, as well as focus on disciplined M&A execution. Looking at, again, the two swim lanes that I mentioned and looking at opportunistic bolt-on activities that we can do on the M&A front for both of the two segments. Then do all that while we maintain and/or grow the consolidated EBITDA margin. We're already at 22% consolidated EBITDA, as you saw on one of my earlier screens. What we're really trying to communicate here is that we will look at M&A opportunity through that lens and make sure that we're not just growing the top line for the sake of growing the top line, but also making sure that we maintain and grow the bottom line as well. As we think about acquisitions and the acquisition pipeline, again, I kind of alluded to this, we're looking at both segments, and again, very disciplined in how we look at M&A opportunities. The good thing is that our markets are still highly fragmented despite our position in the market. It does provide some opportunities for us to roll up a few more locations on both sides of the business. When you look at the targets, again, we're primarily looking through it through a lens of either adjacent solutions, geographic expansion, as well as a cultural alignment with the company. Then finally, making sure that from a financial standpoint, that these things make sense, that they're going to be accretive, they create synergies, and drive the business higher, particularly the margins. I'm going to dive in on slide 18 real quick on the segments and give you kind of a quick look on each of the two segments that we operate. Metal Coatings, as I mentioned, is a hot-dip galvanizing business. For the trailing 12 months, again, ended February, $758 million in sales. Our input is fabricated steel. It's coming from our fabricators that are our customers. Things that we do, hot-dip galvanizing, number one. We also offer spin galvanizing, powder coating, plating, anodizing in that segment. Roughly about a $2.8 billion market. Our market share stands at 27%, and you can see the graph on the far right shows you the historical adjusted EBITDA performance of the business. Very consistent growth over the past six years here, even through COVID. If we went back even further, you'd see the same trend line. The value prop, I'm not going to go through all of these, but again, when you think about the business, one of the things that stands out as our value prop is the footprint. We've got a very formidable footprint. As I mentioned, 42 locations strategically located around the U.S. What's key for us is to remain very close in proximity to our customers. Our sweet spot's generally about 250-mile radius, from our business that we're serving from each plant. Again, that will change based upon some geographic locations, but that's certainly part of it. The value-added services, the technology that we talked about, and then our flexibility. We generally can turn steel around for our customers in three to five days. That's the norm. Very quick turnaround business, short cycle, not a big backlog. Again, by design, that's kind of how this industry works. It doesn't mean that we don't have good visibility to the backlog because our customers have long backlogs. They share that data with us. Many of those are companies that you would know in the industry as some of the leading metal fabricators that are out there today. I mentioned the footprint. On slide 20, you can kind of see the footprint here. Again, scattered throughout the U.S. as well as up into Canada. We are completely North American focused. We don't have international exposure beyond Canada, which is very nice when you kind of consider the business as an investment choice. You can see on the galvanizing side here, our end markets, it looks a little bit different than the end markets I showed you earlier. More evenly distributed amongst construction, industrial projects, transportation, and then certainly electrical. Again, electrical is a big growth area for us. Those utility poles, substations, anything electrical infrastructure typically tends to get galvanized. We're ideally positioned to take advantage of that. Here's a quick look on slide 21 of the segment historical financials. I won't go through all of that. Just to say that, again, when you look at the CAGRs for both sales and adjusted EBITDA, certainly performing very well over the excuse me, over the past six years. The margins have grown significantly over time, too. They're on the bottom of the screen there. Might be a little hard to see in the room, but back six years ago, we're talking about 27% EBITDA margins in this business. Now we're talking north of 30%. We've grown those over time. Some of the growth drivers, as I mentioned on slide 22, certainly reshoring, nearshoring, infrastructure spending, data centers. We've seen a lot of organic growth in the business, focusing on technology, as I mentioned, and value-added services expansion. Greenfield plant expansions is something we've not done for some time in this segment. Our last one was 2017, but we have developed a list of greenfield plant expansions that we could take a look at going forward on this segment. Really, we've been more focused on just the M&A side. The M&A landscape provides more immediate opportunity for us, and a better return than, and a more immediate return than investing in a greenfield facility. I'll now switch over to Precoat Metals real quick. On slide 24, $891 million segment. Again, steel and aluminum coils are the input. It's a very highly automated process, and about a $4 billion market with a 23% share. Again, you can kind of see the historical performance on EBITDA here as well. The value prop, very similar to what we talked about on the Metal Coatings side. I think the biggest difference I would say here is the complexity that the business embraces, and we're often asked about how is this business different than maybe a mill or a service center. I would say that one of the big key drivers is the fact that we embrace the complexity that our customers have. That's really demonstrated through the amount of colors that we have on file. We've painted over 22,000 different shades, and just white alone, we've got 200 shades of white that we've done. That picture sort of on the bottom right there of some of the coils that have been painted and waiting in inventory, those are just in one location. You can see all the different shades there that we deal with on a daily basis. The footprint, a little more eastern focused and eastern and Midwest focused. That's really where all the manufacturing takes place in the U.S. today for steel and coils. We're ideally more positioned to be around where mills and service centers typically are. You can see the end markets are a little more diverse than what the Precoat Metals or the Metal Coatings business were, but it's still heavily focused on construction. Quick little chart on slide 27 of the financials of the business. The CAGR of 7% on the sales and adjusted EBITDA over time, and pretty consistent on the margin profile. It's grown slightly, but sitting right around 20% EBITDA margins. One of our big investments on slide 28 has been the new greenfield facility that's located in Washington, Missouri. That facility is now operational. This was a $125 million investment. It took us two years to complete. We're happy to report that it was completed on time and on budget. We have a large take-or-pay customer that is committed to 75% of the contracted volume for this facility, which is why we built it, and very pleased that we've been able to ramp the production of this facility to where we've committed it to be for this time. Really excited about this and where we're at. We expect run rate contracted sales of $50 million as we have now entered into our FY 2027 year from this facility, and EBITDA margins that should come off of this facility that are going to be above the Precoat Metals margin profile overall. A nice addition to the fleet, and we're really now in the process where we're adding customers in addition to the take-or-pay customer. We are looking at trials right now with three or four additional customers and running their product to hopefully get them qualified and committed to filling the remaining capacity as we move forward. Some of the strategic drivers for Precoat in slide 29. Very similar to what we talked about earlier. Tailwinds, nearshoring, reshoring. One of them that's a little different is the conversion of plastics to aluminum that's happening in the beverage space. The facility that I just mentioned is tailor-made for the light gauge aluminum that's used in the tops of beverage cans. When you think about Red Bull, Monster Energy, Budweiser, all those different colored tops, we're the folks that are bringing that color to the top that's used in the production of those cans. Real quick, as we move into a consolidated look at the company, when you put all that together, again, nice growth in both sales and adjusted EBITDA over the past six years. We feel really confident that this trajectory will continue as we move forward. Very happy and pleased with the performance of the business. The other thing I would say, we often get asked about cycles and how do these businesses perform. We're a little unique here in that we included that answer to the question in our slide deck on slide 32. If I roll things way back to the financial crisis in 2008, and you look at the performance of these businesses back in 2008 through 2009 during the financial crisis, you see just a modest decline that happened, and it really was just on the Precoat side of the business. The metal coatings business actually grew through the cycle. Very resilient business is what I'm trying to communicate to you today when you factor in AZZ as an investment choice. Again, it really is a factor of all the things on the left side of the screen. We have very broad end markets. Usually what happens is, even in COVID, if we look at and examine COVID, you would see a similar type of chart. Things like stadium construction were down because people were not coming together in large groups. Our exposure on residential boat docks and boat trailers and RVs all really took off. Just a testament to, again, the broad spectrum of end markets that we serve. As I mentioned, we don't get affected by the price fluctuations in metals because we're not buying any metal. That plus the value-added model and the highly variable cost structure of it, about 75% of our costs are variable versus fixed, really generates significant earnings. As we look at the capital structure and where we'll be deploying capital, as I mentioned, we've really transformed the business. We jumped up to as high as 4.3 times debt to EBITDA when we acquired Precoat Metals, and then have very steadily worked that down over time to where we're sitting at 1.4 times debt to EBITDA now. Again, all that generated through the paydown of the debt. We're really happy with getting that transformation done and then paying for it. As we look forward on the growth side of the equation, maintaining that leverage at kind of 1x-2x debt to EBITDA, we've got a balance sheet that's never been stronger and never in a better position. We can go out and do some very significant M&A without really spiking the leverage much. It generates a lot of cash flow and a lot of firepower for us as we move forward and take a look at what we want to do. Looking at that capital allocation transition, I won't go through all this, but you can kind of see it laid out here, where we were versus where we're going. Strategic M&A, bolt-on acquisitions, and other strategic M&A is what we're focused on while we, again, maintain that leverage and return capital to shareholders. Very good position to be in because we can do all these things. We don't have to pick and choose one or the other. It's an all of the above strategy for us. As you evaluate AZZ on the left side of slide 35 versus other industries, as you compare revenue growth, EBITDA margin, or net working capital to sales, you'll see that it's a very strong performer. Sales growth has been right in line and/or above certainly anybody else in the coatings space or the building product space. Steel mills have had a little higher sales growth rate recently due to the tariffs, and what's been happening there. As you take a look at our growth on the top line relative to what our margin looks like, we're certainly head and shoulders above just about everybody else as you make those comparisons. Very low net working capital to sales compared to everyone else. That brings me to our guidance on Slide 36. We've put out our guidance back in October. We generally will revisit guidance each quarter as we announce earnings. Our next quarterly earnings call is coming up on July 8th. We should be out with earnings on the 8th, and then a call on the morning of the 9th. As we stand here today, current sales guidance is $1.725 billion-$1.775 billion, adjusted EBITDA of $360 million-$400 million, and adjusted diluted EPS of $6.50-$7. You can see on the bottom of the screen all of the guidance assumptions that go into that. Just to highlight a few of them, we'll see about CapEx to be $80 million-$100 million in the year. Again, interest expense, $35 million-$45 million. Continued debt reduction of about $130 million-$170 million is factored into that. This, as we look at it, excludes all potential M&A opportunities as well. M&A is certainly viewed as an upside to these numbers. With that brings me to the end of the presentation. I have about two and a half to three minutes of potential Q&A available if there's any questions in the room. Yes, sir. Do you ever see yourself expanding outside of North America? Yeah. Great question. For those following online, the question was, do we see ourselves expanding outside of North America? At this point, I would say no. We view the market as certainly having enough opportunity for us domestically, to sustain us through the planning period of the next three to five years. I don't really see us looking outside the market until later on. We have examined it quite extensively. Usually, as you look at particularly galvanizing opportunities, generally lower margin profile outside the U.S. than in the U.S. We are reluctant to cross that bridge at this time. Okay. All right. Thank you, everyone. Have a great conference.