Another longtime presenter, attendee, and contributor to this conference is Donaldson. Donaldson Company is based in Minneapolis. It is a global manufacturer of filtration systems and replacement parts. It has been a terrific investment and a terrific cash flow generator. What did I drop? Oh, okay. I am sorry. Don't worry. Dropping your phone. For the last 40 years. We are delighted to have Rich Lewis with us in his first time as CEO of Donaldson. He took over for Tod Carpenter in March of this past year. Just from a cap table perspective, Donaldson has got about 116 million shares, about roughly a $10 billion equity cap, $11.5 billion total enterprise value. I will let Rich take it over here, but welcome, and we are delighted to have you. Yep. Thanks, Brian. Am I good? Will I be able to see the slides here? Yeah. They'll come up in a second. Maybe? No. Well, they're behind you. They'll put it on the conference monitor in a second. There you go. All right. Thank you. Perfect. Good afternoon, everybody. As Brian said, my name is Rich Lewis. I am the President and CEO of Donaldson Company. Appreciate you listening to our story today. I will start off with our safe harbor statement. We just closed our first quarter on Saturday, so everything I talk about today will be as of our fiscal year 2026 year-end, July 31st. This is the main slide. I will go through these points throughout my deck, but if you want to remember anything about Donaldson, this is the slide. We are a technology-led filtration company. We decided from the very beginning on what we wanted to do, and we just committed to doing it better than anyone else. We use that technology. We have developed an innovation engine that I would say we have built over decades of skills being invested in, broadening our technology base, and then we deploy that into a wide variety of end markets. We use technology two ways. It is really all about creating value for our customers, but the vast majority of our customers operate expensive equipment, expensive processes, and we give them peace of mind that their most critical assets, the environment their people work in, their equipment, and their manufacturing processes are protected by the best filtration in the industry. We also bring them higher levels of prosperity. Our filters bring higher levels of reliability, greater levels of uptime, more throughput. Generally, they can make more money through lower operating costs when they use a Donaldson system than they can the alternative. Our growth strategy is really one of balance. We have a diverse set of applications, a diverse set of end markets. We use this innovation engine, and when I say innovation engine, it is really a layer upon layer of capabilities. It starts with the foundational sciences. We have multiple technology platforms that have been built off of that, and then we deploy those through very specific product teams, sales, application, design, engineering, to create that value that I spoke about. We also broaden that technology base through investment, specifically into Life Sciences, where we are broadening our high-purity filtration. So think one micron or below, micron filtration for high purity in biopharma, pharma, medical, and in some advanced industrial spaces like microelectronics or food and bev. This is our story. It is really one of innovation, and that is how we create value for our customers. A lot of information on this slide. I will not go through it in detail. I will leave you with a couple points. We are a 111-year-old firm. We operate in three distinct business verticals. I will touch on each one of those in a minute. We lead with innovation. We have 3,000 active patents, as well as a suite of trade secret processes that protect our investments. Then we have a very resilient business model with two-thirds of our revenue coming from high-margin, sticky recurring revenue. We have invested to do this work globally. We have the broadest set of capabilities in filtration, sales, application engineering, and operating capabilities around the world. We do this across a wide variety of end markets, and our strategy really is to be local from a touch, but use our global scale to create competitiveness. We create 75% of the revenue that we sell within the region that we sell it. This provides the best cost structure, service, and also protects against global geopolitical issues or tariffs, anything that might disrupt our ability to supply our customers. Our goal is very straightforward. We are looking to deliver higher levels of profitability on higher levels of sales. For fiscal year 2027, our guide as a midpoint is 7.5% on the growth. We will expand our operating margin by 90 basis points, and we will grow EPS 8%. These will all be records for Donaldson, as well as the 2026 numbers, which were also records. When we think about the three verticals, Mobile Solutions is the legacy of the business. We have been building capabilities in this space for over 100 years. Deep application expertise, a broad set of technologies that we leverage, and an unparalleled global footprint. This business is a market leader, and it has room to grow and a lot of headroom. We continue to increase our recurring revenue. Last year, the recurring revenue in this business was 80%. It is a great business. We continue to see growth prospects for years to come. Industrial Solutions really is, I will break it down into three pieces. We have our aerospace and defense, which sits in Industrial. We just acquired Facet Filtration, which was the largest acquisition in our history. This increases our exposure to the aerospace and defense side of the business. We also have a Power Gen business, which has a strong tailwind from the data center AI build-out. Then we have our manufacturing businesses, which sell into a wide variety of diverse markets, protecting critical manufacturing processes. Industrial is a business that we believe will continue to grow, and we will be able to drive synergy and make it more durable and scalable in the model. We would look for this business to have higher levels of recurring revenue, more similar to what we see in Mobile Solutions over the next decade. Then finally, Life Sciences. This is anchored by our food and beverage, which is now called process filtration. They sell sterile air, steam, and liquid filters into microelectronics, food and bev, and pharma. That business is growing really, really strongly, and our Disk Drive business as well. They are the two anchors while we build out our membrane capabilities that will open up new, higher margin, higher growth opportunities in bioprocessing. So if you think about these three businesses, our legacy, Industrial is kind of the scale and durability story for the next 10 years, and Life Sciences is our long-term growth prospects. All three have plenty of headroom, and all three have great profitability opportunities. Capital allocation. Our strategy really remains unchanged. We expect and will be a great generator of cash, and we look to deploy that cash in the way that will create the most shareholder value. First, organic investment. We are going to continue to invest in the business to drive organic growth, and utilize our strong ROIC to grow where we have a right to win. Second, we will do strategic M&A, especially when it can expand our technology base or give us critical market access. We will be disciplined on our M&A, but it is an important part of our story. Then finally, dividends. We have put a ring fence around dividends. We have been increasing our dividends for 30 years. We are a proud member of the S&P High Yield Dividend Aristocrats Index, and we look to continue that. Then we will leverage our share buybacks, based on our M&A opportunities. We would traditionally buy back 2%-3% of shares, but if we see the right deals, we will use that as a lever. Again, looking to be a great generator of cash and to deploy that in the way that can deliver the most shareholder return. I will end where I started, which is basically our story. High level of technology, creating customer value across a diverse set of end markets. High resiliency with a lot of aftermarket revenue. Expanding market opportunities as we move into high-purity filtration with investments into membrane technology and adsorbent technology. Really, growth for the next 10 years coming from our organic business while we plant seeds for the future with our technology investments. With that, Brian, I will take any questions you have. Let's do it. That was a terrific overview. If you don't mind, I am just going to stand up. I was on airplanes for about 50 hours in the last week. Please do so. Yeah. I want to start with Facet, an $830 million deal. Talk about that process and the vetting of the business. I think it's a terrific bolt-on for Donaldson, but it's unique in its size. Talk about maybe how that process came to be. Facet's a unique business. We've been aware of this company for a long, long time. We have always valued the business. There are really not many businesses that do what they do. They are selling mission-critical fuel filtration for aviation. A large portion of their business is commercial, but they also do military. There are not very many companies that do this in the world. They are one of two primary companies. There's also a third, as well in Europe. Because this business was being sold as part of Filtration Group to Parker, it had to be spun out because Parker owns the other business, and there were antitrust issues. That became a process. They went out and they ran a process on Facet. We were very active in that process. It was highly competitive. As you say, Brian, it was a great strategic fit. Facet's margins are about 2X Donaldson's margins. Retention rates on this product would be very much like a Life Sciences business. Once you're spec'd in, the regulatory nature of the business makes it very difficult to be pushed out of your spots. It's a good business from a retention, high levels of aftermarket, and high margins. Strategically, it gives us more scale in aerospace and defense, which we think has a long, high-growth tailwind. We expect this business to outgrow our average and higher margins along the way. Taking a step back, you're following two great leaders in Bill Cook and then Tod Carpenter. Yeah, and they both said hi, Brian. Yeah. Yeah. I am glad they did. They are two of my favorites. Given the platform that you now have, what does Donaldson look like 5 years from now, 10 years from now, relative to kind of where you are today? Yeah. Trying to think about how to answer this. Think about 10 years from now. We have modeled the business out 10 years based on where we think the growth opportunities are, what the investment profile needs to be for us to attack those opportunities. I will not talk about any numbers, but we will do- Sure. I am not asking for them. We will do an investor day next year where we will talk about the next 3 years. But if you think about Donaldson strategically, it will not look significantly different. We will probably still have 3 verticals. We will have scaled up our Industrial Solutions and Life Sciences businesses to a much higher level than they are now. If you think about Life Sciences, we have businesses that can grow right now, and they can grow significantly, but we are also trying to build out a technology platform that provides growth opportunities for, think, decades into the future. I would expect we will be a leader from a technology standpoint, in that space in the next 10 years. The sales cycles are a little bit longer, so it will take longer to scale those up. But if you think about our strategy, it really has not changed in a long time. It is a technology-focused, create value, and mission-critical, high-value applications. We will continue to do that. The filtration market is about a $90 billion-$100 billion market, so there is plenty of room for us to roam in filtration. I think the company will just continue on the same trajectory it has. We look to accelerate in a couple areas, but overall, strong company, and we will look to build on that. Great. One area of the business, and we will get to Mobile Solutions soon enough, but one area of the business that has come back much stronger than I think anyone had anticipated is disk drive filtration, obviously due to data centers. Can you walk through the last 5-6 years in that business, why it was slowing down, and now why it is re-accelerating? Yeah. The Disk Drive business has been really transforming from hard drives, from desktop computers, maybe on-prem servers, into much more of a cloud-based, AI-based business. Two things have had to happen. First, if you think about sort of pre-COVID and COVID, there was a huge glut of inventory in sort of the previous end uses of those products. We saw a huge decline in the market as people were working through those inventories. Then you had the ramp-up of AI and data centers, which also came with the same ramp-up of a new technology from our end customers. They are moving from PMR to what we call HAMR, so it is heat-assisted magnetic recording. The storage densities of these drives is significantly higher than the previous generation, and these are really what is enabling hard drives to stay really competitive versus some of the competing technologies. We've recently looked at how we see the growth of this business going over the next decade, and it's pretty exciting. It's a high-margin business. We are in a very favorable position from a market share standpoint, and part of that is because we've continued to invest in technology. I think a lot of people thought that market was static, but it's really changed quite a bit in the last 5 years, and we've had the technology to solve the problems that our customers have brought to us, and that's allowed us to continue to take share and increase the value of our products. If you think about the filters we sell today compared to the previous generation, the value per drive is about 2X, and compared to what the prior generation before that was, you're talking about 8 to 10 times. The value's going up, the volumes are going up, and the technology requirements have increased. As far as the Mobile Solutions business, you touch a lot of different end markets on the on and off-highway businesses, primarily on the off-highway side. Could you give our audience just an update on what you're seeing up to the last quarter within some of your core OE end markets there? Yeah. As I mentioned earlier, that business is around 80% recurring revenue, and that has been strong for the last 2 to 3 years. A lot of utilization, a lot of people rebuilding their inventory. Really what we're seeing now is mainly pull-through demand. People have their inventories more or less where they need them, and it continues to be strong on the replacement parts side. The production side, which is the 20%, as Brian mentioned, we're selling into ag, construction, mining, and commercial vehicles, and I would say it's mixed. Mining and construction, we're sort of mid-cycle. Construction's seeing a boost. A lot of that's data center and sort of infrastructure-related. Ag and truck still are what I would call trough levels. The exception is with the regulation changes in the U.S., the truck market has improved. As we've gotten into the second half of this calendar year, build rates have increased, but probably not to the level we would have seen in past up cycles. First fit still seems to be, there's more room to run on the upside. Replacement part pull-through is really strong. On the aftermarket side, the 80% part of the business, one of the things that has always attracted me to Donaldson is your ability to capture there. How do you compete against private label or other competition from getting their fair share of the aftermarket? Yeah, I think it's if you think about the aftermarket, we have two channels. We sell through our OE partners channel, and we sell through an independent channel. Make no mistake, our reputation as an OEM supplier, even though we don't go around advertising that commercially, makes a big difference in the aftermarket, because they know that our engineers were involved in designing the systems that went on their vehicle, and they trust that our products are going to do the job necessary. If you think about the applications that we cover, there are thousands of application. We're talking multiple thousands of part numbers. So the way we compete in the aftermarket is having full coverage. You can buy pretty much all your filters from a known reputable OE brand, and we have great distribution all around the world. So availability, brand, quality are all critical, and that allows us to maintain a premium price, and also take market share, which we've been doing for quite a while now, actually. From a competitive landscape perspective, there's a large on-road publicly traded company now that is looking to try to become Donaldson-like as far as it relates to moving into industrial and off-highway businesses. Is that impacting your go-to-market strategy at all? What does that look like for you? Yeah. We won't name them, but no, it is not impacting us at all. They're a reputable company. They do a great job in their space. I don't believe it has any impact on our strategy at all over the coming decade. But again, they're a good company, and they'll continue to be good at what they're doing, and we'll see. It's a lot of work to try to create a Donaldson in short order. We did it over 100 years. It takes time, and it's not necessarily easy to move into new markets with new products, either organically or inorganically. It's a process, and our diversity is one of the strengths of our company. Another strength is profitability. So when we think about your profit margins at record levels, what takes them from where they are now to potentially another 100 basis points, 200 basis points higher? How much has to be volume? How much has to be mix? How much has to be Life Sciences recovery? Right. Yeah, if you think about our operating profit, we guide it to 16.9%. We've been on record saying that we have views of operating margins that start with twos, not ones. I firmly believe that is well within our reach. It's a mix. This year, a lot of it is really around productivity and efficiency in our industrial business. Execution there has not been to our standard, so righting the ship in industrial is the first immediate boost. Then if you think about long term, it's a combination of expense leverage. As we grow, we have a lot of our businesses are very scalable. So as we grow, we don't need to reinvest to the same level. It's also mix. We will continue to mix the business up. We talked about industrial. Today, the replacement part rate in industrial is 50%. We would look for that to grow somewhere near 70% over the next 10 years. Clearly, the replacement part side is much more profitable, and a lot of it is going to be also productivity initiatives inside the company to continue to try to make us more efficient. It is not really one particular area. It is really a mixed mode of initiatives that we believe get us to those numbers. Oil has traditionally been a major cost pressure on resins and other aspects of filter media. What are you seeing as far as your ability to absorb those costs, pass them along, and then what happens if we get some sort of resolution in the Middle East that satisfies the energy markets? Yeah, so we have been pretty clear with our customers. We are going to pass the inflation along. We work really, really tirelessly to try to offset as much of that as we can through productivity. Our procurement team last year really did a great job of doing cost reduction work, finding alternative suppliers, helping redesign, change materials. So we have significantly impacted a lot of that inflation just by work that we can do. Then from there, it is really a pass-through to our customers. Thus far, we have not seen any demand erosion from that. I would expect, based on the pricing that we have done mid-year, and based on the order patterns, that should continue. I do not know if this thing has legs where it can continue on for year after year at these paces, but we would experience if we get back to normal levels of inflation, that is all built into our pricing model. So we would expect to be able to offset that either through productivity or price pass-throughs. I guess the other side of the energy price impact hits you on the customer side on the aftermarket. Are you seeing any sort of elongation of replacement demand for filters, maybe just because diesel is where it is and your customers are pushing out replacement there? I would say the biggest area of impact has been in the Middle East, where we have seen people, especially in certain markets, skip service cycles. They are skipping them because they are not running their assets nearly as much, or they are not running them at all. Our exposure in the Middle East is not huge, but the acuteness of that demand impact has been interesting. We have not seen that carry out to the rest of the world at this point. If you look right now across all of our end markets, and we have three reporting segments, we have about 20 reporting units. Almost every one of them have strong order intake and backlog. I do not know that I have ever seen it in my 24 years where we have all of our markets sort of move in one direction. It is kind of also one of the strengths of the businesses that you never see them all going down in one direction. Exactly. Let's talk about, your leverage right now is 1.25 times maybe, but that's as high as it's kind of ever been. Do you ever see, let's say another Facet were to come along in a relatively short course, what are your thoughts on leverage now? Yeah. We've modeled our balance sheet and how much leverage we can handle. We certainly would take on more leverage for the right deal. It has to be strategic, and it has to meet our return criteria. We won't reach, but if the right deal comes along, we certainly can leverage up our balance sheet. We would want to stay below 2 long term, and we've traditionally stayed well below that, but I'm comfortable taking it up for the right deal. Does Facet potentially open more doors for you in aerospace and defense than would otherwise have been there? It does. When we looked at Facet, it's not significant, like it doesn't open up a $10 billion market that we didn't have access to, other than their main market where they're already a leader in. But they do refinery all the way to the wing filtration, and we have other products that can sell into that channel. We also have customer access in Power Gen that they have products that can sell into. We do see some revenue synergies between the two businesses. I would say those are good opportunities, but growing the core Facet business in the market they're in is probably a more meaningful return for us. I guess the last one or two, just in your traditional Industrial Filtration Solutions business, what is the visibility like for larger projects on maybe the OE side now? Gas turbines, for example, as an area that has kind of had a little more cyclicality than others in there. Yeah. If you look at our aerospace and defense and our Power Gen business, they are booked out for a long period of time. In some cases, on Power Gen, we are talking about capacity slots in 2 or 3 years, and the people are trying to secure. Aerospace and defense is not quite as long, but we generally have pretty good visibility, sometimes going out on the OE side a year. Then you move over to the manufacturing side, and it is a much shorter cycle business, so think months, sometimes weeks versus years. But right now, our hard backlog, when we look across all those businesses, is pretty secure for the next, I would say, 4 to 6 months. In the cases I mentioned, the next 12 or 18 months. Well, Rich, we are bumping up on time. I really appreciate you being here. You certainly have done a great job in your first time filling, not filling in. It is your seat now, and so looking forward to having you for the next decade plus here. Thanks, Brian. Thank you very much. Appreciate it. Thanks.