Hello, and welcome everyone to Commercial Metals Company's financial community conference call to discuss its acquisition of Concrete Pipe and Precast. Joining me on today's call are Peter Matt, CMC's President and Chief Executive Officer, and Paul Lawrence, Senior Vice President and Chief Financial Officer. Today's materials, including the press release and supplemental slides that accompany this call, can be found on CMC's Investor Relations website. Today's call is being recorded. After the company's remarks, we will have a question and answer session, and we'll have a few instructions at that time. I would like to remind all participants that during the course of this conference call, the company will make statements that provide information other than historical information and will include expectations regarding economic conditions, effects of legislation, U.S. construction activity, the company's future operations, the company's future results of operations, financial measures, capital spending, and the benefits and impact of the pending acquisition of Concrete Pipe and Precast. These and other similar statements are considered forward-looking and may involve certain assumptions and speculation that are subject to risks and uncertainties that could cause actual results to differ materially from these expectations. These statements reflect the company's beliefs based on current conditions but are subject to certain risks and uncertainties, including those that are described in the Risk Factors and Forward-Looking Statements section of the company's latest annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission. Although these statements are based on management's current expectations and beliefs, CMC offers no assurance that these expectations or beliefs will prove to be correct, and actual results may vary materially. All statements are made only as of this date. Except as required by law, CMC does not assume any obligation to update, amend, or clarify these statements in any connection with future events, changes in assumptions, the occurrence of anticipated or unanticipated events, new information, or circumstances or otherwise. Some numbers presented will be non-GAAP financial measures, and reconciliations for such numbers can be found in the company's press release, a supplemental slide presentation, or on the company's website. Unless stated otherwise, all references made to year or quarter end are references to the company's fiscal year or fiscal quarter. I will turn the call over to the President and Chief Executive Officer, Peter Matt. Please go ahead. Good morning, and thank you for joining us. Paul and I are very pleased to be with you to discuss CMC's agreement to acquire Concrete Pipe and Precast LLC, or CPNP. This is an incredibly exciting announcement, which represents a meaningful advancement in CMC's growth strategy and one we believe will create long-term value for both our customers and our shareholders. We are particularly excited to welcome CPNP's world-class team to the CMC family. CPNP brings a strong culture of respect, integrity, excellence, continuous improvement, and innovation that meshes well with CMC's. Concrete Pipe and Precast establishes a scalable new growth platform for CMC in a highly attractive industry. CPNP is a long-standing and trusted supplier of a full suite of standard and highly engineered products that serve mission-critical applications in infrastructure, non-residential, and residential early-stage construction. They are focused in the Mid-Atlantic and South Atlantic regions of the U.S. and hold the number one or number two positions across each of their core geographies. Their solutions complement CMC's existing product suite, expanding our role with key customer groups and in complementary geographies to bring us onto construction sites earlier in a project lifecycle. CPNP's operational footprint, which includes 17 plants, aligns strategically with our own, as every CPNP facility is within 100 mi of a CMC mill or rebar fabrication site. We believe this tight geographical overlap will help us fully capitalize on the opportunities we see ahead. As we have previously discussed, CMC's priorities in making a strategic acquisition are, number one, expanding our commercial portfolio and early-stage construction solutions. Number two, improving our financial profile. Number three, meaningfully extending our growth runway. CPNP checks every one of these boxes. In this, we see a clear right to win in the precast space. The acquisition of CPNP will allow CMC to leverage our existing participation in early-stage construction and our deep knowledge of customers, applications, and geographies to drive value-accretive solutions for our customers. The acquisition broadens our portfolio of value-added solutions that are critical to nearly all construction projects and will open up new conversations and early entry points with customers. Moreover, CPNP's products also improve our ability to address key pain points in today's construction landscape. We are enhancing CMC's financial profile through the addition of a business with higher, more stable margins and lower capital intensity than our traditional steel operations. Finally, we are creating a highly scalable new growth platform in a large and attractive industry while increasing CMC's exposure to the structural tailwinds that should benefit construction demand for years to come. Zooming out on the precast industry at large, you can see on slide eight some of the characteristics that make the sector attractive to us. With a total addressable market of approximately $30 billion, precast is large and growing faster than the broader concrete sector. This growth is supported by the general trend in construction demand plus increasing market penetration. We believe this advantage is durable. Adoption is being driven by the ability of precast materials to save labor on the job site, deliver reliable quality, and provide more predictable project timelines. Another element that makes precast attractive is the financial characteristics of the industry. EBITDA margins are relatively stable and generally above 20%, while, like I mentioned earlier, capital intensity is lower than steel, meaning more cash flow is retained by the business rather than expended to maintain operations. On the same slide, you can see the anticipated benefits of entry into precast for CMC specifically. This transaction increases our exposure to the powerful structural trends we believe will provide long-term support to construction activity. Precast and concrete pipe products are essential to nearly all construction sites and will benefit from growing levels of infrastructure investment, reshoring of industry, the build-out of AI infrastructure, and addressing the U.S. housing shortage. In fact, as a result of its solid lineup of utility products, CPNP is already capitalizing on investments in data centers and manufacturing plants in its core region, which is one of the fastest growing in the U.S. There are areas where the addition of precast solutions will not only deepen but also broaden CMC's exposure to key structural trends. This includes stormwater management, where we have few capabilities today, but with the addition of CPNP, we'll be able to better capitalize on investments to reinforce municipal infrastructure against elevated storm activity. In addition to supportive trends in construction demand, precast also benefits from trends in construction execution strategy. Labor scarcity, the drive to shorten project timelines, and the desire for consistent quality all benefit demand for precast concrete products, which are manufactured to precise specifications in a controlled manufacturing environment, require far less labor to install, and are less vulnerable to on-site delays. The precast industry is fragmented at both the national and regional levels, with the top 10 players constituting less than 25% of the domestic market. This fragmentation presents opportunities to expand inorganically and increases the executability of transactions, supporting our belief that this acquisition is establishing a highly scalable platform for CMC, as can be seen on slides 10 and 12. Additionally, service is localized, with most product shipments occurring within a 150 mi radius of a facility. Local expertise is also needed to understand engineering conditions and building codes. This landscape provides the ability to build strong and defensible positions that generate solid and stable margins. As we scale up CMC's precast platform, we anticipate steadily enhancing economics by unlocking greater opportunities to capture operational, logistical, and commercial efficiencies. Core to our organic growth strategy is the broadening of CMC's commercial portfolio in a way that advances us towards a long-term vision of becoming a true partner to our customers, capable of designing, planning, and optimizing early-stage elements of their construction projects. The addition of precast is consistent with this goal. The upside potential is evidenced in several areas where we already see a high degree of project and customer overlap. One such example is in the data center space, where precast is used extensively for dry utility access and water management and will complement CMC's current offerings, which include rebar and post-tension cable for foundations, forming and shoring for tilt wall erection, tensile products for paved surfaces, and even merchant bar for ceiling joists. In the future, this significant overlap will provide CMC with an opportunity to offer turnkey solutions to our customers that optimize their project schedules and mitigate risks. Another example is highway construction, where we see strong customer alignment in CPNP core regions that can be leveraged over time. Before moving on, I would also again note that the business operates with similarities to our fabrication business. Both precast and CMC's fabrication business are local in nature, requiring deep market knowledge, strong customer relationships, and a good reputation to succeed. These are areas where CMC excels. Stepping back from today's announcement, I want to remind you that our growth strategy is designed to achieve higher, more stable margins and cash flows through the cycle. This common thread connects all our strategic initiatives, from tag to organic and inorganic growth investments. Each of our strategic actions is targeted to increase the efficiency of our capital and grow returns over time, and we are confident this acquisition will be accretive to that aim. We are incredibly excited to be entering this $30 billion industry with such a world-class team and see a tremendous opportunity to build on this platform over the short, medium, and long term. With that summary of our deal rationale, I'll turn the call over to Paul. Thank you, Peter, and good morning to everyone on the call. I will start by building on Peter's remarks regarding the acquisition's impact on CMC's financial profile. Through the purchase of CPNP, we are adding a new complementary earnings driver with higher, less volatile margins and a strong rate of cash flow conversion. Slide 14 illustrates this point. You can clearly see the relative stability of precast concrete pricing compared to rebar over the last 20 years, as well as the expansion over concrete, which is the largest cost input. Not only are the margins higher and more stable, but the lower capital intensity of the precast business means more cash is retained on every dollar of EBITDA generated. The conversion of EBITDA to after-tax free cash flow is generally above 70% across the precast space, CPNP included, which is higher than CMC's current rate. This is the kind of attractive financial profile we are seeking to integrate over time as we execute our ambitious growth strategy. On a post-transaction basis, we expect that the acquisition of CPNP will be accretive to our through-the-cycle EBITDA margin by approximately 50 basis points. This business will be included within the emerging business group and will increase the pro forma EBITDA contribution from this reporting segment to over 20% of the total compared to 15% over the trailing 12 months ended May 31st, 2025. Slide 17 outlines the major terms related to the transaction. Total consideration of $675 million will be paid at closing and is subject to customary working capital adjustments. This valuation represents a 9.5x multiple on CPNP's expected calendar 2025 EBITDA. Importantly, the effective multiple is reduced to approximately 8.5x when cash tax savings are considered, as CMC will benefit from a tax step-up on assets. As we have noted on previous calls, we are committed to buying down the multiple on strategic transactions to a level equal to CMC's average EBITDA multiple within a few years. What this requires is to quickly and sustainably grow earnings in the early years of ownership, which we have a plan to do and are confident in our ability to execute. I would like to highlight that we anticipate the transaction to be immediately accretive to earnings and cash flow per share. We expect to generate annual run-rate synergies of approximately $5 million - $10 million by the end of year three, with the majority sourced from identified and clearly executable optimization initiatives. Long term, we anticipate meaningful commercial synergies as CPNP is integrated and we unlock the full potential of CMC's expanded commercial portfolio. Synergies will become a more significant source of economics in future transactions as we scale this platform. The acquisition is structured as an equity purchase. We anticipate closing the transaction with cash on hand. The timeline to complete this purchase is subject to regulatory approval and customary closing conditions, which should be obtained by the end of calendar 2025. Upon transaction close, we anticipate CMC's pro forma post-transaction net debt to EBITDA ratio to remain modest at approximately 1.1 times, giving us ample financial strength to continue share repurchases. That concludes our prepared remarks, and I'd now like to pass to the operator to open the call for questions. We will now begin the question and answer session. To ask a question, you may press star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. We ask that you limit yourselves to one question and one follow-up. At this time, we'll pause momentarily to assemble our roster. Your first question comes from Sathish Kasinathan with Bank of America. Please go ahead. Thank you, Alberta. Hi, Peter and Paul. Congrats on the announced acquisition. My first question is on the potential growth opportunities. If you look at slide four, it seems there is strong growth potential for CPNP to grow into markets such as Texas or other regions where CMC has much greater presence. Can you talk about the growth strategy? Is it going to be organic or inorganic growth? Longer term, do you see CPNP having a potential to become a national player? Yeah, thank you for the question, Sathish. We like the space a lot, and we do think that there's a very nice opportunity for us to grow this platform over time. In the short term, we see organic opportunities in working with the CPNP management to unlock some of the earnings potential of the assets. That'll drive not actually capacity expansion, but earnings expansion. We're excited about that. Beyond that, we think there's a substantial opportunity to grow this through inorganic initiatives. What we like is in this business, we think it's possible to create what we'll call regional strongholds while we consolidate into a national platform. With M&A, it's always chunky, so we're going to have to see how it comes. There are a lot of very small players, and then there's some regional players, and we're going to be looking at those to try to knit together something that mirrors the kind of footprint we have across the southern part of the U.S. Thank you. Anything. Yeah, sorry. Go ahead. No, go ahead. Sorry, you go ahead. Thank you for that. Maybe another question is on slide 15, you talk about potential line of sight for $20 million - $25 million of EBITDA growth by year three. Can you maybe share some thoughts on how you expect to drive this? I assume this doesn't include any of the potential growth opportunities into other regions. Yeah, that's correct to your second question. Let me just start by saying, we also talked about $5 million - $10 million of synergies, and those are mostly operational synergies, and they would be included in that number. Beyond that, those operational synergies are coming really from working with the CPNP management team to unlock some of the capabilities through kind of enhanced purchasing, enhanced logistics, places where we can invest a little bit of capital, not huge dollars, but to unlock some of their earnings potential. Those would be more on the operational side. The difference between that $5 million - $10 million and the overall number that you cite is really in commercial synergies, and we see substantial opportunities for commercial synergies. In the near term, let me give you a couple of examples of where I think that plays out. I'm just going to talk about it in a baseball analogy in terms of at-bats. If we think about having, these businesses are very local in their nature, right? If you think about our rebar fab business, the business is sourced through kind of local relationships, and similarly with the precast business, also sourced through local relationships. Just by way of example, CPNP is on a manufacturing job that is in the Southeast. That's a very big manufacturing job, and CMC is not on it. The fact that one's on it and the other one's not on it gives the potential for an at-bat for CMC. Going the other way, I would point to a DOT job where CMC is contracted, but CPNP is not. I think there are opportunities like that across the footprints that we share in common to gain greater visibility and help each other to, number one, be successful in the product category that starts there, but also extending it to other CMC product categories. Longer term, and I think where the real, kind of what we're really playing for in this transaction is that over time, our goal is to build an early-stage construction platform that increases our importance to our contractors, gives us a bigger seat at the table, and allows us to deliver more content and more value. We talked in our prepared remarks about designing, planning, and executing, and we use the word turnkey. That's where we're aiming to, and we believe that with the ubiquity of precast products, this is going to really help us do this over time. Very excited about the ability to achieve that overall incremental EBITDA. Again, I think if you do the math on that, it will show you that we're bringing our multiple, just as we said we would, down to the multiple that CMC trades at. Sathish, I'll just add there's one more component to why we're excited about this business, and it's really the market growth and the penetration of precast versus cast in place. That has grown very nicely over the last five years and allowed for good revenue growth, and that market penetration we're expecting. Also expecting the market growth both from a penetration as well as the markets in which CPNP operates today are very strong growth forecasts for construction activity. I'm great. Thank you for the excellent color. I'll jump back into Q. Thank you. Your next question comes from Katja Jancic with BMO Capital Markets. Please go ahead. Hi, thank you for taking my question. Peter, you mentioned that you're basically building an early-stage construction platform. When you look at the emerging business groups' portfolio post this deal, do you still see opportunity to further expand into other products, or is the portfolio as you have, you're happy with it? Yeah, it's a great question, Katja. If you'll bear with me, let me just step back from this to say that this acquisition is not something that just popped up. We've been studying this space, the early-stage construction space, for really two years now, and we've been engaged with this asset, CPNP, for well over a year. This is something that we very deliberately kind of identified as part of a strategic thrust, recognizing the fact that in our core steel mill business, we can't really expand that, as we've said to you in the past. One of the things that was a criterion in looking at different business segments was to find a segment that we could grow in so that we don't have to keep adding new product lines, new capabilities, right? Something that was scalable. What we liked about the precast space is that it is, we really believe, given the fragmentation and given the growth opportunities that Paul just talked about, that this is scalable. I think in terms of a focal point, we will be focused on precast and let's say our existing portfolio and expanding that. Tensar, we believe, has growth potential to it. Obviously, Bridge Systems has growth potential. We're investing in our GalvaBar, our performance-reinforcing steel business. We think we've got a nice portfolio of early-stage construction products. What I will say is that we need to keep our eyes open, and over time, we may consider other products, but that's not our priority today. Our priority today is we like this space, and we think there's an opportunity to grow in it. Perfect. Thank you. Thank you, Katja. Your next question comes from Carlos D'Alba with Morgan Stanley. Please go ahead. Yeah, thank you. Good morning, Peter and Paul. Just following on the line of conversation, it seems that you really want to grow this business, multi-region and potentially nationally. Would you consider using more debt and increase your leverage to do so arguably more rapidly than just through cash, as is the case of the CPNP deal? Given maybe the more stable EBITDA, increasing your leverage would not be such an issue. Let me just start, and then I'd like Paul to jump in on this too. We know we have debt capacity, but we're also mindful of the fact that we need to maintain flexibility given the business that we're in. Our target is to stay within this 2x net debt to EBITDA. That's really kind of our focal point at this point. This business, with this acquisition, we don't even come close to that. We're at 1.1x net debt to EBITDA. Maybe I'll throw it over to Paul to make some additional comments. Yeah, you know, if we look at our capital allocation strategy that I think we've been very clear on, we've said we'd be very disciplined and balanced. I think we provided an outlook in terms of where we would look to invest from a growth perspective. As Peter said earlier, we've been studying this industry for a long period of time. Early-stage construction is what we would like to do. We're looking for businesses that have higher through the cycle, more stable margins, and acquisitions that would be in the nature of this size. CPNP ticks all of those boxes. From a capital allocation perspective, this does not change any of our priorities. We remain focused on growth. As you said, the balance sheet remains an asset to us in terms of the strength and flexibility that it provides. Yes, for the right opportunity, we would certainly look to continue to leverage that balance sheet for acquisition opportunities that demonstrate the same characteristics as CPNP. Carlos, can I just add one additional point to this? As we said earlier, inorganic growth, we can't call the timing on it. We don't know today what's going to come our way. I do want to be clear about the fact that, depending on what comes our way, could we bring the leverage over two times? It's possible. It's not our plan. It's possible. If we did that, we would have a plan to bring it very quickly down to below two times. I just want to make sure we're clear on that point. To echo Paul's points, a strong balance sheet is absolutely core to who we are, excuse me, and we're going to maintain a strong balance sheet. Is there any color or detail that you can share in terms of the timing as to when you are going to realize the cash tax benefits that you alluded to? No, Carlos, we do believe that the transaction will be immediately accretive. We do anticipate closing the transaction before the end of the calendar year. To that end, we believe that it will be accretive here in our fiscal 2026, which we're already in. That will be both from a cash and an EPS perspective. The cash tax benefit certainly has been enhanced based on the big, beautiful bill and some of the provisions that allow for accelerated depreciation, which allow us to reach or recognize those cash tax benefits sooner rather than later. All right. Thank you very much. Thank you. Your next question comes from Timna Tanners with Wells Fargo. Please go ahead. Hey, good morning, and thanks for all the color and the presentation. I wanted to, if I could, ask a little bit more about CPNP because we're not really familiar with that business. I know you said it has more stable EBITDA margins, but could you talk a little bit about what that actual EBITDA has looked like through cycles or expand on that? Along the same lines, if you could talk to us about why Eagle wanted to sell the division, that would be great. I'll take the first one. Yeah, as far as the business, it has had very strong growth, both top line and EBITDA. As outlined in terms of the presentation, what we're expecting in 2025 is EBITDA slightly north of $70 million, with an EBITDA margin in the low 20% range, so in the low to mid-20%. That is what CPNP has delivered. Their business continues to benefit from the strength of the markets in which they operate. Their backlog levels are meaningfully up versus 12 months ago. We expect that the revenue should continue to grow. We're very confident that not only are these EBITDA multiples of what they've recorded today sustainable, but also growable by the activities that CPNP has in flight already, as well will be augmented by some of the efficiency and optimization that we will bring from our expertise and capabilities. Regarding the rationale for the sale by Eagle Corp, it's a family entity, and the family is not connected to the business. I think this is just an opportunity to monetize an investment for the family. That makes sense. Thanks for that. On slide, I think it's eight, you talk about adoption tailwinds, and I'd just like to understand those a little bit better. I think labor savings seem really compelling. Obviously, time, regulatory, etc. Can you explain how that business really saves on labor and project efficiencies? Thanks. Yeah, absolutely. If you think about a precast concrete product, what happens is it gets made in a factory, as opposed to the alternative, which is cast in place. You would be on the construction site, and you'd actually effectively make the product on the construction site. You can imagine if you bring a finished product to the construction site, you need less labor on the construction site to make it. That's point number one in terms of labor efficiency. Obviously, there's time there too, because there's a whole process to cast in place. The other piece that I think is really important is that, as you think about increased weather delays, and we've talked about this in some of our projects, I know other people have talked about it in the case of their projects. When you have inclement weather, it's harder to do, and sometimes you can't do a cast in place, right? For example, you lose a construction day because of weather, you definitely lose a cast in place day. It just adds more time onto your schedule. Whereas if we make it in a factory, if we bring it to the site, depending on what that weather is, we might be able to install the precast concrete product in those conditions where you might not, for example, be able to do cast in place. In that regard, it can save substantially on time. As you know, from a construction perspective, that's hugely valuable to our contractors. Okay, great. Thanks for that extra color. Thank you, Tim. Your next question comes from Bill Peterson with JPMorgan Chase. Please go ahead. Yeah, hi, good morning. Congrats on the acquisition, and thanks for taking the questions. A lot of the questions have been answered thus far, but I'm curious, as being not that familiar with these precast concrete products, what kind of barriers to entry are there? Is it really just more of a regional play? You need to be fairly close to your customers? Is there any technical barriers to entry, commercial barriers to entry? Just trying to get more color on the sort of how the markets operate. Yeah, I would say there are, you know, again, in any particular region, there are established players. There are relationships that are in play, just like what we have in rebar fab, and those relationships are very sticky. I can tell you, as I go around and meet with general contractors, they have long memories about who has stood by them and who has served them well over time, and they stand by those, right? The relationship piece is very important. The other piece that I think is really important here is technical. These products are not easy to make. I would analogize that in some ways to some of our rebar fabrication applications where some of these fabrications that we do are quite complex. In this business, you've got some very complex forms that are made, and not everyone can do them, particularly when you start getting into the more engineered or more specialty products here. I think that the technical knowledge is also a barrier. The third thing I'd point to is capital. Capital is a barrier, and it depends on if you're talking about this marketplace, right? You've got two big national players, then you've got some regional players, and then a lot of small players. If you think about the kind of capital it requires to put in a pipe plant, that's a pretty significant number for a small business. If you're talking about adding precast capability, that's still a pretty significant number for a small player. I think the capital does become a barrier, particularly as the industry advances and companies get more sophisticated with their manufacturing. I think that becomes an increasing barrier. I'd point to those three. Yeah, thanks for that color. Trying to frame how to ask it, but how should we think about any sort of pull-through on rebar from, I guess this would be sort of an internal customer on one hand, and then I guess just maybe more information or more color on how this could pull rebar demand from your existing business, I guess, on a given construction site. Just trying to get a sense for how those synergies may play out? Yeah, there is some of that. They do consume rebar, and we could supply rebar. The total steel that they consume is about, last year was, I think it's something like 15,000 tons, not all of it being rebar. Some of it's in the form of wire rod, and some of it's in the form of mesh. Wire rod, we do produce, obviously, in Florida. Mesh, we do not produce today. I think the important thing on the steel side is it's a nice connection, but it's not a driver for us in this instance. The driver really is about building early-stage construction platform in an attractive industry where we can create value and where we can grow a platform over time to be a substantial contributor to our overall EBITDA. We'll continue to look at that, but it's a nice-to-have, not a must-have. Okay, yeah, thanks again for all the details, sir. Yep, absolutely, Bill. Your next question comes from Alex Hacking with Citi. Please go ahead. Yeah, hi, thanks for the call. My first question would be on CPNP's margins. Do you know how that, you know, 25% EBITDA margin stacks up versus peers? Is that best of breed? Is that kind of average? Thanks. It's definitely not best of breed. There's a range of margins, and I'll take this over to Paul, but I'd say it's probably, you know, 25% - 35% is the range to think about here. Yeah, there's certainly, you know, in an industry in which there's a lot of different scale and a lot of different regions, it's a different margin profile that, you know, if you look at across the entire country. Certainly, those that are in the top half of the industry, it's generally north of 20% and can go almost nearing 50% we've seen. We think there's good room for continued growth, certainly in the markets that CPNP plays. Again, to the earlier comment, I think these margins we're very comfortable are sustainable, and certainly growable with some of the things that are in flight and with the capabilities that CMC will bring. One other thing, Alex, that I might add is just the fact that we're super excited about the teams that we're getting from the management team we're getting from CPNP. They've done a really nice job over the last several years in elevating their margins. I think they're going to be great partners in kind of realizing full potential for this business. We've had a lot of conversations about that, and I think there's a broad agreement on the opportunity. Thanks. As a follow-up, how would you categorize capacity utilization? What defines capacity in this business? Is it the amount of equipment you have, the number of shifts that you can run? Thanks. You know, capacity utilization is a very interesting concept in this, and it really comes down to equipment and efficiencies that exist in the sites as well as what we've seen is we've seen a very fragmented market. I think with the opportunity to enter with a great platform company like CPNP and the opportunity to roll out, some of that will definitely be in terms of leveraging utilization through optimization of sites, of introducing capital in some cases. I think it's a combination of there is good area for growth in this platform to continue to grow for what we see as the immediate future in terms of what we project for where this business can go. We don't need to add to the capacity. We can make it more efficient. I think CPNP has a great footprint to grow with the market as we expect it to over the coming years. One other thing, Alex, that is kind of interesting about this space, as we've done a lot of diligence on this over the last couple of years, is the fact that you don't see that many new capacity adds. There are, of course, a couple of exceptions to that, but generally speaking, it's not a business where you see a lot of greenfields. When you do see greenfields, and this is probably why you don't see a lot of greenfields, it seems to take a long time for them to penetrate the market, which comes back to that comment about, you know, strong regional relationships with the site prep guys is they're very sticky. Great. Thanks so much for the call and the color. Best of luck. Thank you. Your next question comes from Mike Harris with Goldman Sachs. Please go ahead. Yeah, thanks for taking my questions. Peter, Paul, if you could, on the revenue growth over the last five years, I think you called out like 14%. Can you speak to how much of that was price versus the volume and maybe give us some idea of how we should think about the contribution from each going forward? You know, Mike, it's a good question. I think what we're excited about from a CPNP perspective is they've really benefited from both sides of that equation. Clearly, those markets in which it operates have seen great construction activity. To Peter's point, the relationships and the value that CPNP brings to its customer base, they have seen their outsized share of that growth. They've also had a great opportunity to leverage commercial excellence within the business that we hope to continue to use to expand margins from a pricing perspective. It is both a revenue growth from making the commercial approach more efficient, as well as seeing good market growth. I think that's a great response. I would also call your attention right to slide six and look at that chart on the left-hand side of slide six. It's a very interesting chart, and it's one of the things that we've studied a lot as we looked at this space. It goes to our comment about volatility. You know, there is pricing power in this space, and obviously, that's something that we think is attractive for our business. Okay, very helpful. I guess just one last one here. When we look at this acquisition, what% of the job site do you now provide, you know, products for customer needs? I mean, does that put you on a 100% offering, or is there still some areas on the job site where you could still, I guess, provide a product offering? Yeah, no, I mean, we're still, with the suite that we have today, we're still a relatively small piece of the overall spend. When you think about, you know, if you think about early-stage construction, we're talking about a $150 billion market. There's a lot of products that go into that. We're still a relatively small piece. I think the important thing here is that, remember, any small piece that's not there when it needs to be there can delay a project. It's really important that even if you are a small piece, when you're an important piece like a piece of precast concrete or pipe or a precast structure or a rebar fab, or a Tensar product or any of the other products we make, if you don't have it there on time, you're going to be costing the contractor. Okay, appreciate that feedback. This concludes our question and answer session. I would like to turn the conference back over to Peter Matt for any closing remarks. Thank you for joining us on today's conference call. We are confident that this transaction will generate good value for both our customers and shareholders. We are entering an attractive industry through the purchase of a leader whose products complement our existing portfolio and take us further toward our goal of being an unmatched solutions provider in early-stage construction. We are excited about the returns we can generate from this new growth platform, particularly as we scale it over time. We look forward to speaking with many of you after our fiscal fourth quarter results are announced in mid-October. Have a good day. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.