Good morning. Welcome back for day two of the East Coast IDEAS Investor Conference. Thanks for being here today. Our first presentation for you today is going to be CECO Environmental. CECO has been a client for us for a long-standing time since Todd took over as CEO. They are a diversified global industrial solutions company. Most recently, most of you are probably most excited to hear about the Thermon acquisition, which is the largest of the acquisitions that they have made to date so far. It changes the trajectory of the company. Just yesterday, they put out a press release announcing some of the financial targets and things of the combined company. With that, I will turn it over to Marcio Pinto, who is the head of FP&A and is also leading the integration efforts on the Thermon and CECO transaction. Marcio. Thank you, Steven. Good morning, everyone. It has been a few exciting days here for us, and I am happy to be here and walk you through some of the key points to our story. As we have presented Tuesday, with the acquisition of Thermon, we now become a company with pro forma revenues of $1.5 billion, $250 million of pro forma EBITDA. If you go back to our deal announcement, we have estimated approximately $40 million of cost synergies on a run rate basis to be captured by year three of the transaction. Prior to this acquisition, if you were following CECO, we were signaling about $950 million to $1 billion worth of revenue for the year. This advances our strategic agenda as we think about where we wanted to be on a CECO standalone basis by 2030. This transaction advances our agenda by about four years going into that objective. We are starting as a combined company with a very appropriate net leverage given the relative size of the deal that we just concluded at 2.6 times adjusted EBITDA on a pro forma basis. Also from a market positioning standpoint, we continue to be very much aligned with what were CECO's strengths, specifically power generation, data centers, AI, industrial reshoring, global infrastructure. Now we are also adding Thermon's capabilities to our portfolio around electrification and data centers as well. We have specific long-term growth items that, if you have been following our company, you would recognize. Industrial water, international projects are becoming a key theme in our pipeline. Within emissions management, talking about SCR and emissions controls around natural gas power turbines. Thermon, on the other hand, they have two key products that we think are winners and will add some upside to their top-line story. A liquid load bank, a product specific to data centers, and medium voltage heaters, more for general industrial capabilities. The one point we also mentioned in the call is our ongoing momentum from a booking standpoint, $550 million of bookings by early June. Just two, three years ago, or yeah, probably three years ago, $550 million would have been close to 50% or much more than 50%, I would say, than our full-year bookings. It is a significant change in our momentum and in the growth that we have in our company. One of the objectives of the transaction was to make us a more balanced, mixed company from a revenue profile standpoint. Long cycle, 60%, short cycle, 40% of our revenues, that would compare with pre-transaction of about 80%-70% of our revenues to being long cycle and the delta short cycle. This, in two very summarized thoughts, helps us with smoother performance quarter-over-quarter, less ebbs and flows associated with long cycle and short cycle naturally are a tailwind to our gross margins. The integration program is on schedule, and as you'll see forward, we have that very well under control. This is the new CECO, as we're calling it, right? We quote unquote, woke up one day and we are at $1.5 billion. The transformation has started a lot earlier, right? This is just a reference chart around our stock price, where 2020 is about the year that Todd Gleason, our Chairman and CEO, started with the company. About $7 a share by the end of that year. We were closing at about $95, I think a couple of days ago. Significant run in our shareholder value. How we got there, and this is the chart I want to pause a little bit. How we got there is a combination of multiple actions. I would say we have developed this now over the last few years. Trial and error, but also a lot of success in applying this systematically across the organization. I would divide them in two key items. Business transformation on the high side really allows us, or it's around organizational design. We are very intentional in dividing our P&Ls in a very market-focused way. Call it belly to belly with our customers. Empowering those small P&Ls to make decisions around bookings and orders and decisions that really allows us to maximize our win rate. On top of that, you think about our corporate structure really to be as simple as possible. Be as less complex as possible, and always structured such that we help and we enable success at the small P&L level in the platforms. One of the key traits in our playbook really is a culture of performance. We align incentives with performance. If you perform appropriately, you are incentivized appropriately. Also, keeping in mind our win right values. We don't want to win at all costs. We always want to win right and appropriately. Having a mentality and an approach of continuous improvement. The other part of our playbook really entails portfolio transformation. How do we grow our core? How do we invest in our people, in our processes, in our systems? How do we make sure we have geographic expansion? How do we make sure we have market expansion? You'll see that in one of my charts later, where we talk about our growth in pipeline and commensurate growth in orders as well. If you know CECO, you would appreciate our strategic M&A intuition. We have bought about 13 companies now with Thermon over the last four years. We're always very active, and one of the things you'll see is that we are not done yet. We obviously want and need to digest the Thermon transaction. We need to make sure integration and our processes now work together. We're not done yet. The thought of this here is that stock growth we have seen over the last six years, it's obviously aided by the circumstances of the markets we're playing in. Definitely on the tailwind position in all of our markets, industrial air, industrial water, energy, and now thermal solutions. It also is driven or is sustained by a playbook that we have developed over time. This playbook now is sustainable. As we add more capabilities, whether organically or inorganically, we now have a playbook we can abide by that we think helps maximize shareholder value and value creation. Pivoting a little bit here, more specifically to the transaction. The Thermon transaction was closed on June 1st, announced in late February. When it comes to integration and cost synergies, on the integration front, we have set up an integration management office. We have partnered up with Bain, a consulting firm. It's a team of about 25 individuals. Really think about it as we go through the various functions, whether it's HR or finance, operations, commercial teams, et cetera, it's what we'd call the concept of two in a box. You have a leader in Thermon, you have a leader from CECO, both discussing the process to understand how can we operate as a combined company. The intangible value associated with this is that we really want to create the best-in-class process or the process that best serves both companies in a very collaborative way. From a cost synergy standpoint, we had announced about $40 million of run rate synergies by year three, so that would be June 29. We have clear visibility to that, and we think upside as we go through the work with our teams, and it is something we'll be talking more about in the later part of this year. We have captured about $5 million of cost synergies by now after a couple of weeks as a combined company, mostly related with C-suite changes in our company and some public company costs that we are able to eliminate pretty quickly. One of the themes on the middle of this chart, growth synergies. One of the things that as part of the deal announcement we commented that may not have been well understood was we said that commercial synergies were upside to the model. I think the Street probably interpreted that as there were no commercial synergies. We have been trying to be extremely clear ever since that there are commercial synergies, and I would make a distinction. From Thermon's standpoint organically, liquid load banks, medium voltage heaters, they're gaining momentum in the market. Liquid load banks, Bruce Thames, the outgoing CEO, has spoken about a quote log of about $100 million at the end of March, and this is a product they launched probably less than 12 months ago. That in and of itself will add about a point of growth relative to prior periods to Thermon. On the commercial synergy side, we do think we have an incremental one to two points of organic growth to Thermon, just flowing them through CECO projects. Power gen immediate opportunities are things that we are working right now, but also in industrial air, where we have exposure to data centers and semis. There are some interesting things we're working on. The second part of commercial synergy upside that we are leveraging, or we will leverage, is our international footprint. About 40% of our projects occur internationally on the CECO standalone basis. Thermon, on the other hand, had about 15% of the revenues internationally. There's some real scale we can leverage as a combined company. The thought now going forward for the next three to six months really is like we say in the middle of that middle column, how do we coordinate pipeline opportunities? How can we coordinate access to pipeline on both companies so we can win more and leverage the power of CECO as a combined company? On the right-hand side, least but not last, this integration is important also for our workforce, and we do mean that. We have made some swift changes as part of the transaction, as I'm referencing on the top part of that column with leadership transition. What excites me here about is as we become a much bigger company, we have a lot more opportunities to our employees. Very often in smaller companies, if you are a rock star, you want to evolve in your career, you get to a point where you either leave because you just don't have enough opportunities to stay in that company. I think that's changing now for us and for our workforce, and there will be a lot more opportunities to our best folks to really go through the ranks and growing their careers always with us. Diving a little bit deeper here on the synergies. We think about $40 million by year three with a scenario of upside that we're working now. If you think about where are the costs coming from, you really think about a big chunk of it, I would say about 50% of the $40 million will come between public company costs. You think about investor relations firm, board of directors, auditors, et cetera, and G&A functions, finance, HR, IT, so on and so forth. That's about 50%. The remaining 50%, I would say there's about 20% of that coming from procurement and supply chain. We're a bigger company, have better leverage. We can go and chase our supply chain for better pricing and better rebates. There's about 20%, 25% of that is about manufacturing footprint. How do we think about our manufacturing capabilities at Thermon? Thermon relative to CECO is significantly different in the way they deliver revenue. CECO, on one hand, we outsource fabrication to our supply chain, post design of the solution. Thermon, on the other hand, they get a product, they get the order, they manufacture that product, and they deliver it to the customer. Looking at the supply chain environment, and the manufacturing footprint on how it's best optimized, it's critical for us as we think about $40 million of run rate synergies, acknowledging that is a smaller piece of those three buckets I have on the chart. What we think will give us upside to the $40 million, and that is the work we're developing now and will continue to work over the next few months, is on the commercial side. How do we think about power generation? How do we think about the orders we are winning with GE Vernova and Siemens, and how do we bring Thermon along? Same thing with data centers, general industrials, et cetera. That is how we get to a number higher than $40 million. We have been very deliberate in going very fast at cost in G&A. We'll continue to do so. We'll be very delicate in going after cost savings around manufacturing footprint and commercial teams, because we do think this company is geared for growth. On the topic of growth, two last charts or three last charts, I think. I want to spend a little time here on this pipeline. As a combined company, we're now above $8 billion of pipeline, and both companies define this as discrete opportunities that we're chasing, that will be awarded by a customer to us or a competitor in the next 18 months. CECO in 2021 had about $1.5 billion of pipeline opportunities. Pre-acquisition, we had about $7 billion, growing $7+ billion, and Thermon has north of $1 billion worth of pipeline opportunities. That's the power of this company combined from a top-line standpoint. Part of the playbook that I was talking about a few charts ago, how do you develop this pipeline? Like we're saying here, 65% of our pipeline growth really, engineering capabilities, business development, processes, tools. Let's call it the organic piece of the investment that allowed us to grow into the $8 billion mark. Obviously, the markets on our side, power gen, data centers, international water, and industrial reshoring, are aided by the investments we've done, and that's about a large piece of the growth we have had over time in our pipeline of bookings. M&A, these are the 12 acquisitions we have done over the last four years. They added about 15% to this number, mostly in water and in air, and now Thermon adds about 20%+ to this number. The thought is from an integration standpoint, as we think about a combined company, how do we bring $1 billion-$1.5 billion of Thermon backlog into the existing CECO backlog? How do we overlay that and look for commercial synergies, both here as well as across the world? This is work that takes time, but we have started it on week one of the transaction. Pipeline is the best indicator for future bookings growth. You can see a clear correlation between the ramp in our pipeline to ramp in our orders. Our strategy and our thesis really is more than talking about specific win rates in specific parts of our market. Our focus and our investments really is centered around how can we invest in people and capabilities, the pipeline, the number of pipeline opportunities grows. We know if the number of pipeline opportunity grows and we cast a wider net to win more, we will win more. I think this is substantiated by our orders performance. You look at 2022, $527 million. We booked that in two months this year. On the high side of things, the $550 million we booked in the quarter, they're driven by one large order in the power gen segment. If you think about Q1 of this year, we booked about $450 million of orders. The growth we've had has been very rapid. Last year, we ended with about $1.1 billion, company record. We crossed that $1 billion mark from a booking standpoint, we're now really well on track for $2 billion as a combined company. As a reminder, by the end of May, early June, on the CECO standalone basis, we have booked about $900 million plus. It's pretty active and it will continue to grow. Okay. Last chart before I open up for Q&A. This was a chart we had in our investor call on Tuesday, walking a little bit around several numbers out there, but I would focus in the middle. On the reported basis for 2026, orders of $2 billion, revenue between $1.27 billion and $1.37 billion as a combined company, up about 20% at the same midpoint last year. Adjusted EBITDA of $195 million-$225 million, up approximately 25% at the midpoint, that already includes $5 million of cost synergies, delivering free cash flow at about 55% plus of adjusted EBITDA. The caution here is that reported CECO for 2026 really only includes seven months of Thermon. June 1st, December 31st. That's why on the right-hand side, pro forma full year really establishes what this company would look like if we were together since January 1st. Adding Q1 2026, plus April and May, which are the stub period, meaning in between Thermon as a public company and Thermon now as part of CECO. On a full 12-month period, we are a company north of $1.5 billion, adjusted EBITDA at the midpoint of about $265 million, including $10 million of synergies. Again, we go from six months of realized synergies extrapolated to 12. A company that in the first year of acquisition with moderate synergies, 17% adjusted EBITDA. I would just want to end there. If you'd look at, if you were with CECO, with myself or Todd or Peter in prior conversations, prior Thermon, we would have said by 2030, or our path to 2030 is to be about $1.5 billion or more, a mid to high teens adjusted EBITDA margins. We're there now. That's the power of this combination, that's why we're so excited about it. Okay. With that, I'll open up for some Q&A. I know we have 10 minutes for Q&A. Yeah. If you go back to the prior slide, your book-to-bill ratio last year was one three. I guess it'd be page 10. Yeah. Okay. Yeah, here. Here you go. Page 10. Last year, your book-to-bill Yeah was 1.3x. This year, you're forecasting 1.5x. Yeah. Roughly. 1.5x on a standalone basis is a big number. Yeah. I guess there's two questions embedded here. Number one is the absolute high number of 1.5, and then the second is the acceleration Yeah. from the 1.3x last year. Could you talk to those dynamics? The question for those on the web that will listen to the webcast is how do we go from 1.3x to 1.5x book-to-bill, the 1.5x itself, and the growth year-over-year. Look, the 1.5x itself is a result of the pipeline growth and how we have been cultivating pipeline opportunities. $8 billion of pipeline, and we think about that on an average of the last six months being about pre-Thermon, about $6.5 billion-$7 billion. It gives you enough opportunities for us to win a lot more than we had in the past. A lot of these projects and the way we have our business, it's more on the long cycle, so they go into backlog at full value, $50 million, just say, as an opportunity, and then they slowly bleed out of backlog over the period of 12 months. Part of the 1.5x dynamic is the fact that we book a lot of project cycle business, less short cycle that will get into backlog for three, four weeks, and then get out of backlog, say, within the same quarter. The 1.5x is a result of project mix. The growth 1.3x to 1.5x is continued acceleration on our key markets. I will say this, power generation 2025, 2026 accelerates. It's a lot better, more active. The real driver year-over-year to us has been industrial water and industrial air. Steady companies, steady growth, steady performance in 2025, but on the advent now of semis, indirect adjacencies to call it data center economy, but also international jobs, we're growing that 0.2 points of book-to-bill year-over-year. Our markets are accelerating, and our markets are better, I think, relative to a year ago. Thank you. Okay. Seems like we're good. Yes, you have one more? Sure. We have extra time- Yeah for one more. Let's do it. Administration would like to see manufacturing moving back to the U.S. Yeah. Have you seen signs of that happening, and is that at all indication of what's going on in the air and water businesses? Yeah Just really more CECO specific? Yeah. The question is whether the push for industrial reshoring is helping us specifically now. I think it's difficult to create this line between what's that versus market dynamics and more demand in output, but as well as semis. I think the short answer is yes. I think there is some benefit. We've seen a lot of acceleration in semiconductor bookings and projects accelerating. I think there's a natural incentive to invest in the U.S. I think we're being benefiters of that. More on industrial air side, less in industrial water, and I think as a result of that investment with industrial reshoring here in the U.S., we then have more opportunities on the power generation side. Specifically to the context of the data center economy. You think about data center as sort of like the final product, you have semis before that. Semiconductors and manufacturing footprint around semis help significantly our industrial water portfolio. Data centers to operate, they need a lot of power. That helps our energy transition and emissions management business. I think we are benefiting from that, and it's coming from in both areas of our portfolio. Marcio, since you lead integration, can you give some highlights on how integration's going between CECO and Thermon? The question is how we're doing integration and how things are evolving. As an integration leader, it's been really a pleasure to work directly with Thermon employees across a variety of functions. Operations, commercial, corporate G&A, typical functions. We've done several business travels to their sites in Canada, here in the U.S. as well. I think they are a very incredibly skilled workforce, very knowledgeable about their market. They remind me a lot of our CECO platform's technical capacity. They're very experts in what they do. They're really the best at what they do. They know their customer. They know what the customer wants probably better than the customer knows himself. I think that is pretty powerful from a commercial standpoint. I think capabilities, they have a lot of talent. They're located in Austin. There's a pool of talent in Austin I think we can cultivate. I think they have embraced the transaction very positively. I have led personally workshops with 30 plus people in a room, and I can see the energy. I didn't feel the defensiveness of, "I'm Thermon, I'm CECO. My process is better than yours." None of that. I think everyone is embracing it. We have a lot of momentum in our integration management office team. My job really is to keep that as far as I can because we're doing a lot of good things with them. The key thing for me, and obviously $40 million of synergies, it's very important. That's a specific KPI that we have in front of us, and you guys will be measuring me on that. Really what excites us about that is the concept of how do we develop a better process from two companies? We have grown very fast. We have to catch up in our process, in our structure. They have had a more steady type growth. They offer things we don't have or we haven't developed given the pace of our growth. We're very excited on bringing the best of both companies into one, and that is the main function of the IMO. That will go well beyond a three-year KPI of cost synergies. Go ahead. Relative to the $40 million. Yeah That number was stated out of gates. Now you've had interactions with teams. Sounds like a collaborative interaction. Yes. Have you already identified incremental savings beyond the $40? Yes. That are basically as good as known? Yeah, look, the question is whether we have identified incremental opportunities above 40%. I'll answer that to you in the second earnings call. I'll tell you that we're very positive about what we're seeing. We will move fast as well in where we can move fast. Again, we don't want to break something that's working well. What's working well is commercial growth in Thermon. We don't want to break that. What's working well? This is a company that for a typical industrial company with 40%+ gross profit margins, they're doing something good about it. We don't want to break that. We will move fast and with pace, delicately and thoughtfully. To your question, we'll talk more as we get into the summer. I like what I'm seeing. Okay. Thank you very much. Hope you guys have a good day. Thank you.