Good morning, and welcome to Dover's conference call. Speaking today are Richard J. Tobin, President and Chief Executive Officer, Brad Cerepak, SVP and Chief Financial Officer, Kevin Long, President of OPW Global, and Andrey Galiuk, Vice President of Corporate Development and Investor Relations. After the speakers' remarks, there will be a brief question-and-answer period. If you would like to ask a question during this time, press star then the number one on your telephone keypad. If you would like to withdraw your question, please press the pound key on your telephone keypad. As a reminder, ladies and gentlemen, this conference call is being recorded, and your participation implies consent to a recording of this call. If you do not agree with these terms, please disconnect at this time. Thank you. I would now like to turn the call over to Mr. Andrey Galiuk. Please go ahead, sir. Thank you, Gigi. Good morning, everyone, and thank you for joining our call. This call will be available on our website for playback, and the audio portion will be archived for three months. Dover provides non-GAAP information and reconciliations between GAAP and adjusted measures are included in the presentation materials or earnings releases and investor supplements for the applicable time periods, which are available on our website. Our comments today will include forward-looking statements that are subject to uncertainties and risks. We caution everyone to be guided in their analysis of Dover by referring to our Form 10-K and our most recent Form 10-Q for a list of factors that could cause our results to differ from those anticipated in any forward-looking statement. We undertake no obligation to publicly update or revise any forward-looking statements except as required by law. With that, I will turn this call over to Rich. Thanks, Andrey, and good morning, everyone, and thanks for joining us on this brief call. I'll begin by providing a summary view of the acquisitions we just announced and what they mean to the Fueling Solutions segment and Dover portfolio, and then Kevin will give you more details about the businesses and how they fit within OPW and Fueling Solutions. Let's begin with the summary on page three. First, we are excited to announce two acquisitions for total cash consideration of $926 million, with one of the transactions providing tax benefits valued at approximately $35 million. We have been purposely evolving our fueling portfolio towards less reliance on capital spending and traditional fuels, and we are making another meaningful step in that direction today. These acquisitions enhance our position as a leader in clean fuels, where we already participate with the compressed natural gas fueling solutions, as well as LNG and hydrogen fueling solutions supplied by the recently acquired LIQAL. These acquisitions also establish a position for us in an attractive and well-fitting cryogenic industrial gas adjacency. We are acquiring highly attractive businesses that delivered double-digit growth in the past three years. The critical nature of the products, their technological differentiation and intellectual property positions drive attractive margins, which will be accretive to both Dover and our Fueling Solutions segment. We expect to capture material synergy opportunity that will further expand margins, which, coupled with rational acquisition price, is expected to deliver attractive return on invested capital in line with our targets. OPW, the operating company that will operate these acquired businesses, experienced in acquisition integrations, and we have full confidence in Kevin and his team's capability to drive value with the support from our corporate centers of excellence. We see a very robust growth opportunity, growth and profitability in our Fueling Solutions segment, which we detailed during Investor Day last year. We expect the segment to post low single-digit organic growth in 2022 despite a roll-off of EMV demand in North America. Recent acquisitions are expected to improve organic growth profile and result in an all-in revenue growth of approximately 18%-22% next year. We will continue driving meaningful margin improvements on volume leverage, product mix, and synergy capture from recent acquisitions. Our purposeful capital allocation strategy is delivering results. We expect to complete nine transactions in 2021, valued in aggregate at over $1 billion, which is the most active year on an M&A front since 2016. These two recent deals are preliminary expected to drive 30-35 cents of adjusted EPS accretion in 2022, but we'll refine these estimates during the annual results announcement based on the timing of the synergies and integration costs as we begin integrating the acquired businesses. We recently completed the divestiture of Unified Brands and also exited a minority stake retained as part of a past divestiture. We will use these proceeds, cash on hand, and approximately $150 million of commercial paper to fund these acquisitions, resulting in our balance sheet has substantial remaining firepower, and our acquisition pipeline remains robust after the completion of these two deals. Slide four provides a bigger picture of our inorganic priorities and activities that you've seen before. We have been busy and deliberate in our inorganic endeavors during the past three years. The left hand of the slide shows our specific priorities for inorganic capital deployment, which we articulated in 2019 as part of our portfolio strategy update during the Capital Markets Day. M&A will remain an integral part of our strategy. Moving to slide five, our inorganic and partnering activities in the Fueling Solutions segment have been focused on building our digital business, expanding participation in attractive and logical adjacencies in building out the clean fuels offering, where we have a strong right to play and a path to grow with our customers as the world decarbonizes. The acquisitions of Acme and RegO, which we announced yesterday, represent the next meaningful step in the evolution of the Fueling Solutions portfolio. On slide six, we quantify what all this activity means to the portfolio and how we expect to drive growth and profitability from here. Chart on the left shows the diverse sources of revenue in this segment and their evolution from 2018 to 2021 pro forma for the recently completed and announced acquisitions. In 2018, fueling dispensers and underground equipment is the most capital-levered product offerings accounted for the majority of the segment sales, which will now be under 40% with dispensers accounting for less than 30% of revenue. Outside of the capital equipment lines, we have been focusing on growing the aftermarket and digital businesses, which are less levered to capital expenditures and offer more repeatable and stable long-term stream of revenues. In terms of adjacencies, we were an early mover in the car wash space, where we are now top three North American supplier with the broadest multi-category product offering catering to this growing industry. These two acquisitions, coupled with the previous addition of LIQAL and our organic developments in the clean energy space, drive clean energy revenue with a pro forma 16% share of segment sales together with the cryogenic gases adjacency. Overall, growth rates in these lines of business provide a path to long-term mid-single-digit organic growth that we target for this segment. Additionally, we expect continued margin improvement in the segment driven by favorable mix from growth and higher margin products, our ongoing initiatives, as well as synergy potential on recent acquisitions. Finally, I'll wrap up my portion on slide seven with the summary of our outlook in the Fueling Solutions segment. We remain very confident about the long-term growth outlook. Near term, we still expect to grow organically next year, and acquisitions will further augment the top-line strength. This segment has delivered solid 500 basis point margin expansion over the past three years. Last year, we outlined initiatives expected to deliver an additional 300 basis points of margin enhancement. Recent acquisitions add additional opportunities for margin expansion from synergy capture, which we'll pursue rigorously. We expect steady margin improvement in the segment in the coming years. Lastly, portfolio enhancement in Fueling Solutions will remain a priority. We have significant installed base of retail fueling equipment which will provide us decades of consumable revenue and regulatory driven upgrade potential. In addition to this, there are multiple opportunities across vectors and adjacencies we already identified, and the recent acquisitions open the aperture in clean energy and cryogenic gas adjacencies. We remain very positive about the outlook for this business, and we look forward to updating you about our progress. Let's pass it on to Kevin, the guy that's gonna get all this done, he can talk about the businesses that we acquired. All right. Thanks, Rich. Let's turn to slide eight to discuss our two latest acquisitions. Both Acme and RegO are well-established providers of highly engineered mission-critical components and services that facilitate the production, storage, and distribution of cryogenic gases in liquefied form under ultrahigh pressure and ultra-low temperature. These demanding applications drive exceptionally high performance, safety, and compliance requirements and create natural moats given their established track record. Acme, which is based in Allentown, Pennsylvania, is expected to generate about $70 million in revenue this year. Its key products include vacuum-jacketed piping, valves, and manifolds. The business maintains entrenched direct relationships with all major industrial gas producers, storage and transport equipment OEMs, as well as end customers of industrial gases with exposure to some very attractive high-growth end markets that enable the company to drive double-digit organic growth over the past seven years. RegO, which is based in Elon, North Carolina, is the de facto industry standard for valves and safety devices for storage and transport of propane in North America, also with sizable and growing offering of components for industrial cryogenic gases and liquefied natural gas fueling applications. RegO is expected to generate over $200 million of revenue this year. RegO sells through a combination of distribution as well as direct to OEMs and end users, and RegO's core business has a long-term track record of growing above GDP with very limited cyclicality, and its cryogenic gas and LNG fueling businesses provide attractive forward growth exposures. The product offering and customer relations of both businesses are highly complementary, and we're excited about the growth prospects and efficiency opportunities that we can drive in the future. Moving to slide nine, I'll expand on the strategic and financial attractiveness of the acquisitions. First, both businesses serve blue-chip customer base across diverse end markets with clear growth drivers and low cyclicality. As is true for OPW and many of the Dover businesses, requirements for product safety and compliance are extremely high and often regulatory driven, creating favorable product loyalty dynamics. From a business model perspective, both businesses fit well with OPW and the broader Dover. They both supply small critical components into larger systems, often co-developed with original equipment manufacturers and employ multiple routes to market that include distribution and end market, as well as sizable aftermarket and replacement demand. Both are well-established leaders in their niches and provide recognized technological edge and long-term track record for delivering growth in excess of GDP. The deals are financially attractive, and our returns are driven by high confidence growth and synergy capture outlook. Slide 10 highlights some of the attractive end market exposure for clean energy. Over $200 million in sales will be generated from clean energy applications such as liquefied petroleum gas, liquefied natural gas, compressed natural gas, and the hydrogen economy, which cater to a variety of residential, industrial, and transportation end uses. Another $100 million in sales is driven by a diverse set of cryogenic gas applications from gas production to end uses like food and beverage production, space launch, cryopreservation and life sciences, electronics production, and high-power computing. All of these end markets have well understood and time-proven growth exposures. On slide 11, we'll provide more detail on the clean energy applications that we're scaling up through these acquisitions. LPG is RegO's core business and has delivered steady, low cyclicality growth in excess of GDP over the long term with robust future growth outlooks. In residential applications, which drive about 60% of RegO's propane business today, propane is a well-established source of clean energy in colder and rural geographies benefiting from a shift away from heating oil due to environmental sustainability and cost considerations. Additionally, the residential business is benefiting from tailwinds in secondary applications such as standby generators, pool heating, and off-the-grid homes. Propane is widely used as a fuel in a variety of industrial processes from material handling, transport, and transport. Industrial, agricultural storage, and transport applications drive about 40% of RegO's propane business today. Notably, the recently adopted Infrastructure Investment and Jobs Act earmarks grants for the development of propane infrastructure among other clean fuels. RegO is the clear leader in North America propane market with a large and growing installed base driving strong replacement demand, a robust proprietary technology offering, as well as entrenched OEM relationships and unparalleled and exclusive distribution network. LNG is a high-growth, budding industry that's served by both RegO and Acme. The primary focus is on components used in LNG-powered truck tanks and fueling sites, where recently acquired LIQAL is also a leading player in Europe. The primary driver here is the adoption of LNG as a fuel for long-haul trucking, which is currently the only viable low-carbon fuel available to OEMs and fleets to drive compliance with tightening emission standards. In addition to the variety of government and other incentives, the increased cost of traditional diesel trucks due to increased emission requirements are making LNG an economically attractive investment for fleets. LNG-powered trucks are seeing continued adoption in China and rapid growth in Europe, where many prominent OEMs have adopted near-term and long-term goals for LNG as a percentage of new truck sales. The market for relevant components is projected to grow substantially on new truck builds, with LNG fleets expected to multiply in size in the medium term, as well as the build-out of refueling infrastructure across the EU. RegO has relationships with all key truck OEMs and suppliers of fueling trucks and enjoys near exclusive positions in relevant product offerings across multiple truck platforms. We expect this business to grow substantially on market growth, continued innovation, and product introductions, and increased participation in the fueling site infrastructure build-out, where our LIQAL business is one of the leading players. Last but not least, the hydrogen economy, served by primarily by Acme, is a rapidly evolving space. Hydrogen has been a buzzword for decades. However, the state of emerging technology as well as lack of resolve for energy transition has held back meaningful investment. That's changing. The industry is still far away from large-scale adoption of hydrogen, but it's already a viable source of fuel in select applications, and over the last year has seen significant step-up in investments in this space. Legacy hydrogen uses have been primarily in fertilizer manufacturing and petroleum refining, with new applications focused on mobility that drive most of the growth. As an example, one of Acme's largest customers is a well-known supplier of hydrogen-powered material handling equipment that's being rapidly adopted by Marquee retail and e-commerce places and warehousing operations with significant runway for growth in that niche alone. Additional near-term uses are maritime shipping, rail transport, heavy-duty trucking, and machinery, all applications where electric battery technology is unlikely to ever be viable, and hydrogen offers a path to zero emissions fuel. Current estimates of total investment in new hydrogen infrastructure over the next decade are around $500 billion. There are many near-term announcements with a steady stream of announcements from industrial gas majors and other players about their near-term capital commitments to hydrogen. Hydrogen today is Acme's largest end market, and its products are predominantly used in liquid hydrogen storage and transportation applications. Hydrogen is the most challenging of the six common industrial gases to handle due to smallest molecule size, lowest temperature, and significant safety hazards in the event of leaks. Acme's proven and proprietary valve offering for this demanding application is a strong platform for continued expansion and growing in this niche. All in all, OPW and the broader Fueling Solution Segments are very excited about the prospects for our clean energy business and what we can do to build and expand on this product offering in the future. With that, let's move to a brief Q&A if there's any questions. Gigi, you can open the Q&A. I'm texting her here additionally. Technical difficulties? It seems like we may have lost an operator. Gigi? Just bear with us for a few seconds as we are trying to troubleshoot technical difficulties here. Thank you. Ladies and gentlemen, at this time to ask a question, please press star and then one. Once again, ladies and gentlemen, please press star and then one. Your first question comes from Andy Kaplowitz from Citigroup. Your line is open. Hey, good morning, guys. Congratulations. Thanks, Andy. Rich, given these recent acquisitions, just how much closer would you say DFS is to that mid-single-digit longer-term growth target you gave us last November? I know that, you know, at that Investor Day, you talked about low single-digit growth in core equipment, and you get the mid-single-digit growth through adjacencies and new markets. These acquisitions seem like, you know, pretty big move to get you there. What more do you need to do, or are you already there as you go into 2023 and beyond in terms of organic growth? Andy, I think all in, it's 18%-22% for next year inclusive of the acquisition. I think we're there. I think that doesn't mean that we're not gonna continue to work on the product mix. I think that we've made meaningful progress in a short period of time. If you look at the slide that shows the makeup of the revenues, I think that there's additional opportunity to continue to work on that. Maybe for Kevin, you mentioned hydrogen is ACME's largest end market. Could you give us some more color into, you know, storage, transportation markets for ACME and maybe the potential TAM for ACME itself, you know, market share positioning for ACME in that market? The application, again, driven in by a number of things in partnerships with industrial gas majors and some of the OEMs. It's that infrastructure build out as people continue to explore and invest in that hydrogen space. You know, everyone's trying to get their hands around what that TAM is with the growth rates that we're seeing right now in the different applications, and we'll dig into that more as we get into it. We can provide a number estimate of that, maybe in the forward period of time. Appreciate it, guys. Thanks. Thank you. Our next question comes from Julian Mitchell from Barclays. Your line is open. Hi, good morning. Thanks for the detail on these. Maybe just wanted to try and understand, you know, one of the appeals of flow control in general is, you know, the very high degree of sort of fragmentation. But then it's also viewed as appealing when companies have a large presence in a given niche. Just trying to understand kind of where these two acquisitions fit along that spectrum in terms of, you know, how strong each of them are versus their respective peer sets in their sort of flow control niche industries. Okay. Look, between the two, RegO is the larger, more established player that, interestingly, was moving into cryogenic applications themselves. Acme is really almost a pure play on hydrogen and cryogenic. The attractiveness of which is kind of like a higher growth adjacency. Going back to Andy's question before, you know, we can talk about the amount of capital that's being talked about going that way. It remains to be seen, but clearly, we are convinced that there's gonna be a significant amount of capital going into that space over time, which, by the way, we don't just participate in through Fueling Solutions. We also participate in it through our compression components businesses as our customers are working to convert their equipment to transport hydrogen as opposed to natural gas. One is a large, meaningful supplier into a marketplace with long-established relationships, very good distribution and a massive installed base. The other one is in an emerging market that we've got confidence that is gonna provide a high growth opportunity for us. That's helpful. Thank you. Then, just my second question around slide, seven, you talked sort of in the center of the slide about the 200 basis points margin opportunity in DFS. Maybe just help clarify, you know, over what time period you think we see that. In the longer term, what's with the current portfolio inclusive of these deals, what the sort of typical operating leverage should be at DFS? Well, here we go into the spreadsheets again. I think that the 200 basis point runway is the roll forward from the presentation that we made last year. Clearly, we're struggling a little, like most of our companies, a little bit with some headwinds on the logistics side and the product availability. If we see through that, the on the run was gonna deliver an additional 200 basis points. This only makes that target more attainable because of the fact that, as we mentioned in the release, both of these businesses are accretive to the segment. How that fits into the greater consolidated, I don't know, Julian, I'd have to go and rerun the estimates and everything else. The bottom line, it's you know why we put it in the press release, it's accretive to the segment, it's accretive to Dover. To the extent that we believe that these have good growth aspects, the incremental margin should be at the upper end of the range for the consolidated entity. That's very helpful. Thanks for the spreadsheet clarification. Thank you. You're welcome. Thank you. Our next question comes from Steve Tusa from JP Morgan. Your line is open. Hey, good morning, guys. Steve, morning. I'm gonna stay in the spreadsheets. Sorry about that. You know when you give numbers, you know we're gonna go through them. We try to fill them out for you, but apparently it's never enough. Go ahead. Never enough. The EBITDA accretive, I mean, are you talking like mid-20s EBITDA margins? Like, how far off are you guys? Are these things relative to where you are today? They are not far from there. They'd get there with the full synergy extraction. Right. The 7% you said of revenues and synergies, that's margin you're talking about? Yep. Wow. How do you get that much? I mean, what are Just so our new colleagues don't get nervous at the acquired companies, a significant portion of that is backward synergies. It's all part and parcel to what we have an operating playbook in terms of back-office services, some engineering offshoring. I mean, we've got a variety of things that we can deliver to these businesses that, allows them to spend a disproportionate amount of the management time on customer-facing activities and research and development. Kind of the non-customer-facing activities is where the synergy extraction is gonna come from. Right. 'Cause you're already, Dover is already at kind of like a 20% margin. I mean, if this is accretive, then, I mean, you should be north of 25% when all is said and done on these acquisitions. I surely hope so. That's the intent. All right. One more for you. Why is this multiple so low? Like, how did you manage to kind of, you know, for a business that looks pretty attractive and growing fast and at a decent EBITDA margin, I mean, why are you getting such a good deal here? I would say that Kevin probably made a compelling argument that it was a good home for both of these businesses. Got it. All right. So you gave him a big hug and a kiss type of thing? That's right. That's That's right. A little bit of that goes a long way these days. All right, guys. Thanks a lot. Appreciate it. Thanks. Thank you. Our next question comes from Mig Dobre from Baird. Your line is open. Thanks. Happy holidays, guys. Hey, Mig. I guess I wanted to ask a question on the LNG portion of the business. You talked about the opportunity in trucking, and we can appreciate that. I'm also wondering about LNG by rail, right? There's been a ruling last year, and it looks like this market has taken off. Can you talk a little bit about what the exposure of RegO would be for that vertical and kind of how you were seeing that portion of the business kind of build out into 2022, 2023 and beyond? You know, I think I'm glad you asked that, Mig, because what I don't think is very well understood is that we have a material presence in the rail market and had it through many years as an OPW. You know, Kevin, you can basically talk about it, like, to a certain extent. We view that as an opportunity when we look at the fit of these businesses across. It's not just in some of the things that we talked about with the end markets on LNG and trucking in Europe, but there's certainly a number of opportunities with LIQAL that we had mentioned, but our Midland business on the rail side, as well as some other things on the cargo side. We're really excited about the fit across, and that being one of the opportunities that we are excited about and we're gonna continue to drive to really make these acquisitions a success for Dover. If you think about your product portfolio, thinking more from the standpoint of the OEMs or the gas companies, I'm trying to understand how important of a supplier you are becoming to them, and are there any other potential gaps that you could be sort of filling as you look at the next two to three years through M&A? Yeah. That's another part that I think we highlighted here a little bit, but that's another aspect where this opens up a significant envelope for us to look at other opportunities within our inorganic investment for the business. I think you hit it right on where there's other things that we'll be looking at to build out the portfolio. You know, specifically, there's gonna be some things that we have in our funnel that, you know, we're taking a hard look at. We've got a lot of work ahead of us with these two, but we're gonna get right on to further building out our capabilities in these areas because we do see them in very attractive spaces, and we're excited about it. I mean, the bottom line is one of the benefits of the acquisitions is that we get a very talented management team that's had exposure to these marketplaces. Our expectation is a lot of the ideas that we're going to get in terms of reverse synergy capture on the revenue line, which by the way, we have not modeled in anything that we've said about EPS accretion, about kind of revenue synergies. These are kind of standalone and kind of cost synergies. We look forward to the dialogue once these teams get together. I think that the amount of opportunity that we're gonna find combining the traditional OPW business with these two is gonna be very interesting. Okay. Last one, if I may. You addressed the cyclicality a little bit earlier in your prepared remarks, but I'm sort of curious here. Is there a way to frame the replacement cycle for some of these components? I mean, how long do they typically last? I mean, what sort of, if you would, replacement annuity are you kind of baking into your forecast as you're kind of looking beyond just sort of OEM large projects, that sort of a thing? Thanks. That's more of a RegO question than an Acme question, just because of where they are on their lifespan. I think rather than dig into that, Nick, I mean, you could schedule a follow-up call with Andre, and then we can kind of take you through what the estimates are. Appreciate it. Thanks. Thank you. Our next question comes from Nigel Coe from Wolfe Research. Your line is open. Thanks. Good morning. Congratulations on the deals. Just on the cost synergies, coming back to that, the seven points, would that be, you know, net of any investment spending that you're sort of planning for these businesses? Maybe just touch on what kind of investment spending do you think you can do to make these even better businesses? I don't know yet, quite frankly. I think that what we've identified is generally what we identify with key component companies that sell a significant portion of revenue through distribution. I think that we've got an operating playbook that allows us to come up with some good estimates. What we need to invest to get those synergies, I think it's marginal at best. I think that we've built the platforms to get that done. I don't know, and I don't think Kevin could opine on it. I don't think that we've got a clear understanding about organic capital that we'll deploy here. My instinct says it's probably gonna take us six to eight months to get a good understanding about what we'll do there, but to the extent that the prospects for future growth are what we believe that they are, then we'd be deploying capital, but I don't think it's gonna be disproportionately a percent of revenue then, which is common at Dover. Yeah. Okay. That's clear. Then on the revenue growth, you called out RegO as the middle of the grower longer term and Acme as high single digits. But obviously that compares to very solid double digits for the last three years. I guess a backdrop of pretty crummy end markets or just in industrial growth in general. I'm just curious, you know, as we look at the accretion math for the next three to four years, would you expect growth to remain for these two assets in a double-digit zone, or do you think it's gonna be more in line with that long-term number? I think that we're comfortable with the long-term number. If anything, I think they're maybe a little bit understated, but it's hard to say at this point. I mean, clearly the amount of capital that's going into cryogenic gases and CO2, I mean, the timing of that and at what point do we participate in that, I think is somewhat in flux. I think that what we put in the slides is the fair estimate over the medium term. Got it. Okay, thanks, Rich. Thank you. Our next question comes from Andrew Obin from Bank of America. Your line is open. Yes, sorry, this is David Ridley-Lane for Andrew Obin. Wondering sort of, you know, is there. There are big industrial gas companies, you know that there's diversity in markets on the industrial gas side, but wondering, you know, is there a level of kind of revenue concentration into those big industrial gas companies? No. Given the size and scope of the industrial gas, the variety of projects that we use and overall, the degree that we have from a customer base, that's not a significant concern for us. Understood. On the 700 basis points synergy target, you know it's incredibly early. Just wondering if you could sort of give a timeframe or thoughts on the pacing. Thank you. I think that we knew that one was coming. We knew it. In the prepared remarks, we'd say when we gave our full year results, we'll be able to refine the timing of reaching those targets, which is the reason that there's a range in terms of the EPS accretion for 2022. Understood. Thank you. You're welcome. Thank you. Our last question comes from Deane Dray from RBC Capital Markets. Your line is open. Thank you. Good morning, everyone. Hello, Deane. Hi, Deane. Hey, quick question for Brad. Just can you walk us through the tax benefit, the $35 billion? Is that an NOL? You know, what's the timing of the realization? Will it be like just in time, is it over multiple years, and does that impact the 2022 rate at all? Yeah, no. It's over multiple years. In fact, that's a discounted present value of that stream that we get through the structuring of the deal, which gives us an asset step up. It's pretty straightforward, Deane. It's not NOLs. Great. Thank you. Happy holidays. Thanks. Thank you. Thank you. Okay. Thank you, everybody. Gigi, you can close out the call. Thank you. That concludes our question and answer period and Dover's Clean Energy Acquisitions conference call. You may now disconnect your line at this time and have a wonderful day.