Well, excited to introduce, Distribution Solutions Group. This company is a best in class specialty distribution company providing high touch value added distribution solutions to the maintenance repair operating OEM and industrial technologies market. DSG is dedicated to being a one stop solutions provider and helping customers lower their cost of operations by increasing productivity, efficiency, and with the right products, expert technical support, and fast, reliable delivery. Excited to introduce Ron Knutson, CFO, and we have Brett Scarborough as well. Thank you. Thanks. Thanks, Mauro, and, good morning, everybody. So, as Mauro mentioned, Brett Scarborough is with me today. He's our VP of strategy and and helps on the IR side. He spends most of his time with Luther King Capital and we'll talk about their investment in in DSG as well. But wanna make sure that that everybody's aware that Brett is here and he's gonna help through the presentation a little bit. So just an overall, know, kind of high level view of DSG. As Mauro mentioned, we are a high touch, high value add service distributor. We operate really three verticals. You'll see some flyby stats here. We're about $2,000,000,000 in revenue, about a $175,000,000 in free cash flow. Our earnings, our adjusted EBITDA runs in 9% to 10% range. I'll talk a little bit about where the most recent quarter has been. And as I mentioned, we operate in three verticals, one being Lawson Products, which is the MRO space, class c fasteners, consumable items through about 80,000 customers. Jexpro Services is a OEM focused distributor, also providing some high value service, high value touch, really servicing about 2,000 customers. I'll dig a little bit deeper on this later. And then Test Equity Group, which makes up about 40% of our overall DSG's revenue, really services the industrial technology space through test and measurement equipment and also through electronic production supplies. So really why invest in DSG? As I mentioned, we're we're really a specialty distributor. What that means to us is that we are are high touch. We provide a lot of services to our end customers. We are not a straight distributor. You'll see that in some of our product margins. We manage a complexity of products for our end customers with the ability to source those products globally and provide those products on a just in time basis to our end customers. We are servicing over 200,000 customers, and we work with over 10,000 suppliers. So we have a very diverse end market that we service. And some of our really, one of our top skill sets to our customers is being able to provide through that network of suppliers solutions through either the OEM side or electronic production side or in the MRO space. And a lot of those sales are much more technical than what you would think. So really the technical sales individuals that we have feet on the ground that support our customers. I would say a broad exposure across the industrial and electronic production environment. Again, really high diversification. I have a slide a little bit later that'll show end market breakdown. And then also we operate in a very fragmented market. So a lot of M and A activity, we've completed nine transactions since we put DSG together about three and a half years ago. We've deployed about $550,000,000 of capital. And I'll talk through what our leverage looks like here in a couple of minutes. And then also, you know, a point that's not on here is I would say best in class alignment with our with our shareholders, the management teams, and with LKCM. So just as a FYI, LKCM, Brian King, our CEO, non compensated director and chairman, and there's no fees paid to LKCM even though their team supports DSG through quite a few individuals within their team. Why do we like specialty distributors? As I mentioned, really we are not a straight distributor. Although we love our product, we provide quite a bit of end services to our end customers, and that can go as far as outsourcing and providing, finding the manufacturers. For example, on the JexPro services side, about 70% of their products that we provide to our customer base are engineered spec to the customers' end customers' needs. And so we go out, we find the manufacturer based upon those specifications, we provide all the delivery, all the VMI to our end customers. That way they can keep the production cycle going. We have great insight into that production cycle, and we make sure that that product is there on an as needed basis. You know, and that that's a huge service to our to our end customers. Many of our customers will come to us and effectively outsource that. So it may be, you know, or it is less expensive items where they're they're less concerned about the expense of those items going into the overall production cycle and they want somebody to handle those high quantity type of products, as they would rather prefer to spend more time on the expensive individual items going into the production cycle. As I mentioned, really I would say we really have a competitive moat given a lot of those services to our customers. We'll walk through that a little bit more when we talk about the individual verticals. But we are extensive service orientated, extensive product knowledge. You would think selling safety product is not that technical of a sale, but we have the technical individuals on staff. They can walk into any individual environment and point out what would be OSHA's top 10 issues if they walked in. So our technical sales individuals provide not only that additional labor support, but they also provide a ton of product knowledge. I would say we're resilient through a lot of different business cycles. I think if you look back at the overall performance of the three individual verticals, you'll see that. And given the diversification that we have within our customer base, we feel really good about our ability find our way through different cycles within different end models. And a point that's not on here is we're an asset light model, so only about 1% of our overall revenues is CapEx. So from a free cash flow generation perspective, as you look back and you saw this on the previous slide, you know, we run at about 9.5%. I've touched on a lot of this already, but I think maybe this slide helps understand a little bit around some of the services that I keep referencing. Vendor managed inventory, Lawson, for example, we have about a thousand sales reps on the street out going to our customers locations. Lawson, for example, we put real estate bins and cabinets within our customers, on our customers floors. Sales reps may show up there for forty five minutes a week. They do everything from putting product away that was shipped there from the last time they ordered to actually ordering on behalf of the customer, and then straightening up the bins and making sure that our end customer has the product that they're looking for. We have customized supply chain solutions. We have the ability to work directly with all of our end customers. If they need support from a VMI perspective, we can do that through vending machines. If they need support from a kitting process or from light, know, job shop type of products that are going into their environment, we have the ability to provide that. We also provide kitting, packaging, labeling, and fabrication and repairs. So again, I can't emphasize enough around everything that we build around the product side from a service perspective, puts us in a really great place with our end customers so that they're not coming to us just for the product side, they're coming to us for a lot of those services that we're offering. Within DSG, we talk about the power of three. This really just gives kind of a high level overview of where we can be successful within any given plant or manufacturing facility. Almost every location that you would walk into probably has some type of MRO support needs. Even in the basement of this hotel, there's probably bins and cabinets that the individuals utilize with various products that we could potentially support to basically fix anything that is broken. On the electronics assembly supply, really this is more our electronic production supplies within the test equity group. And then the Jexpro services side providing products that companies process. So again, we feel like we've got three really strong verticals that complement each other nicely. I would say that we have had and we do have experience cross selling into some of our existing customers, but the end buyer can be very different when we think about the verticals. So one of the things that we've done is we've been, I would describe it as protective around the commercial side of the organization. What we've not tried to do is blend all of this into one sales team for example. There's a specific skill set that the Lawson team has on selling MRO on break fix type of items, which is much more consumable MRO product versus say a JexPro services sales rep, for example, that is selling much more higher quantity that are utilized right in the production environment. So we've taken advantage of a lot of the areas since bringing the three companies together around a lot of the cost. You know, if you think about insurance or freight contracts, those types of areas, we've driven a lot of synergies out of that, but we've been very, as I said, protective around the commercial side of the organization. And we have very different buyers from similar types of customers. I haven't touched on this, but we are extremely sticky with our customers. We have about 92% revenue retention. When you look at Jexpro services, it's higher than that. And Lawson Products has great stickiness with their customers, especially on the strategic accounts. Putting that real estate within our customer's location really helps that. And the ability for our sales team to show up on a weekly basis provides that weekly touch point with our end customers. Mentioned this previously, we have significant end market diversification, over 200,000 customers and we work with about 10,000 suppliers. No one customer makes up more than 3% of our sales and our largest vendor is less than 5%. So we've got a great diversification both on the customer and on the supplier side. On the return side, we look at where the company was operating, if you look at it kind of pre DSG in terms of bringing the three companies together, our EBITDA margins were less than 8%. In fact, in the year prior to bringing bringing DSG to get the three companies together under under the DSG umbrella, our EBITDA was about $90,000,000 and our sales were less than a billion. And as we sit today, our run rate is about $2,000,000,000 in sales and about a 195,000,000 in in trailing 12 EBITDA. So within a matter of about three years, a little over three years, we've effectively doubled the company, and that's been a combination of both organic growth and and inorganic growth, and I'll touch on that here in a minute. Again, this will give you just a little bit of maybe a better overview in terms of the diversification that you can see. Again, I won't jump into this. I've already spoken to this, but really no end market makes up a significant piece of our overall sales. So let me just touch really quickly on how I would kind of describe why why we feel DSG is in a is in a great in a great position. And I really always kind of point to point to three areas. There's four on here. The first is is onshoring. Right? We are I think we're placed in a really good position as as manufacturing or near shoring as manufacturing is coming back to The States. You know, whether or not it's supporting the technology build out, whether or not it's supporting just straight manufacturing, or we know everything, a lot of things break and need to be fixed, that places Lawson Products in a really good position. The other piece that I would point to is what I always call is just the challenges that our overall environment has on labor. And as I mentioned, within the Lawson side and within Jexpro Services and within the Test Equity Group, you know, we are a technical skilled sales force that we can provide and we can supplement the challenges that our customers are having on finding good talent and finding good labor. And so our ability to effectively have them outsource a lot of what they would have to do otherwise internally provides us a a great mechanism to go to our customers. They're willing to pay for it from a overall margin standpoint and from a pricing standpoint. And in many cases, you know, finding that labor is as important as finding the necessary product as well. And and I'm not sure that there's probably a a, you know, a point where we will not have a labor shortage. So we think that, you know, I would say that's probably the the secondary that places DSG in a really good position for growth. And then lastly is is really everything from a technology standpoint. As I mentioned, the Test Equity Group makes up about 40% of DSG's revenues today. We have the ability to provide the production environment or the items utilized in the production environment, as well as the test and measurement equipment that supports everything being produced from an electronic from a technology standpoint. So everything from a IoT perspective, you know, places the test equity group in a in a really good position. So I think those three kinda underlying kinda macroeconomic bigger picture type of items really point to to DSG being in a in a really great position to take advantage of of those three. So let me just spend a couple of minutes on each of the individual companies, and then I'll I'll we'll go through the financials really quick and then open up for q and a. So Lawson Products, MRO focused, a 73 year old organization, about a thousand sales reps, you know, 70,000 plus customers. We did make a a pretty large acquisition about a year or so ago acquiring Source Atlantic up in the Eastern Part Of Canada. So that's taken the the Lawson vertical up to about 703,000,000 from an overall sales perspective. Again, within Lawson, we love our product. About 40% of our product is highly engineered private label products. So typically when you think about private label, the good, better, best hierarchy, our products are manufactured to outperform even the national branded product. And and we're able to achieve a premium on that given their overall performance. Lawson is he's seen some nice growth. We continue to invest in our sales team. We're up to about 925 sales reps as we sit here today. But under Cesar's leadership, Cesar was named CEO of that organization of of Lawson about three years ago, really spending a lot of time around new sales rep productivity, helping our sales reps become more productive, making more investments to build out the structure and the backbone around Lawson to help our sales team be more productive and effectively earn more commissions. On the Jexpro services side, OEM focus. So I mentioned earlier about 70 of the products, they're providing class c products as well into the manufacturing environment. But think of those as being much more engineered to a specific need within the production environment. You know, they service about 2,000 customers. So a lot larger customers, typically under contracts, really high revenue stickiness here in this business. They're operating in the in the low double digit from an EBITDA perspective, you know, kinda in that 13 to 14% range, best in class. What I what I think about in terms of what they provide to the customer, the Class C parts may make up five or 6% of an overall production environment or or through the production line, but it could be 60 or 70% of the individual pieces that go into the production. So our customers come to us and basically say, look, we don't wanna deal with the the logistics of of all these individual pieces, and we want you to do that for on our behalf. And so we'll take those manufactured spec specs, we'll go out, we'll find the manufacturer effectively on a just in time basis so that that product arrives right right in time for the you know, to support the production environment. So we've got great insight, great customer relationships, and as I mentioned, really high revenue retention. And they service six very discrete end markets. And then on the test equity group, again, this makes up about 40% of our overall revenues. When we break this down, about 20% of those revenues is in the test and measurement equipment. So those are primarily oscilloscopes, items that would test wattage, voltage, noise interference, a really sophisticated equipment that tests everything that comes out of the electronic production area. The other 80% of their business is more kind of classic items that would support the electronic productions. So think of solder, tapes, adhesive, specialty tools, and so forth that that supports that environment. We did make a large acquisition about two years ago. Hisco, Houston Industrial Supply Company, we have fully integrated that organization into the Test Equity Group, which that was about a $400,000,000 revenue company, effectively doubled the size of of this vertical for us a couple years ago. From a free cash flow perspective, this certainly gets a lot of attention within DSG. We are, as I mentioned, a light CapEx, about 1% of our revenues. Our working capital runs at about 25% of our overall revenues. And we have really created nice cash flow over the last twelve months. In fact, earlier this year, we've been out purchasing shares in the open market and some other transactions. We've acquired about $20,000,000 of of share buybacks in the first six months of the year. So putting that cash back to work for our shareholders is extremely important for us. And as you'll see in the next slide, when we well, you've seen our next couple of slides. When we look at our overall leverage profile, we today sit at about three and a half times. We brought the three verticals together. We were about three and a half times. And so and in the meantime, we've made acquisitions of of about $550,000,000. So we've been able to redeploy that that free cash flow both through both for share buybacks, but also to support the overall m and a process. And then really quickly on the M and A strategy, as I mentioned, we've made nine acquisitions over the last three and a half years. You know, ability to make acquisitions, you know, it's we've proven our our success rate on these. All nine of the transactions that we've done so far have been have been on the private side. We've not utilized none of them have been through a banking process. We have great we have a dedicated m and a team that's out looking for opportunities. We have support a lot of support coming from the LKCM team that knows distribution extremely well. And in fact, they many times have insight into companies that are becoming available before we see those. And then certainly the local management teams, the CEOs and the management teams of the three verticals, we're always out combing for opportunities as well. So just really quick on the most recent financial results, you'll see here for the second quarter, our total revenues were up over 14% versus a year ago. About three about 3.3% of that was organic growth, primarily driven by the by the JexPro services team. They've seen some really nice, end market recovery. And that team also is continuing to make investments into their organization to drive top line growth, and we're to see some early benefits of that. You'll also see a nice uplift in our overall EBITDA dollars from q one into q two of about $6,000,000, all of that being organic since there were really no acquisitions that that took place in the in the second quarter. And overall, operated at about 9.7% of sales. On the m and a side, and we've seen this, we've talked about this publicly, the Source Atlantic acquisition that we made last year has compressed our overall EBITDA margins by about 60 bps for the last couple of quarters, and that that doesn't concern us. I mean, really what we're looking for through the acquisition process is really good assets. We are not looking to to buy turnaround situations. We look at, you know, certainly the the hard assets, the working capital, and the fixed assets that we achieve, you know, versus the purchase price. And clearly wanna have a path really well defined to make those acquisitions accretive to our overall DSG margins, you know, getting that north of 10%. Otherwise, we won't move forward with the acquisition. But in the shorter term, again, we're not concerned about seeing a little bit of compression there if it's a value add to the entire DSG portfolio. And then I hit on a couple of these items. You know, just from an overall capital allocation perspective, we are reinvesting back in the company for organic growth. We're doing that certainly, as I just mentioned, on the Jexpr services side. We're certainly doing that on the Lawson side to drive sales rep productivity. And our overall leverage again sits at sits at about three and a half. And again, we've repurchased about $20,000,000 of shares so far this year and have, have further capability to do more of that, certainly in the future. Just from an overall, leadership perspective, mentioned earlier that that we, are very protective over the commercial side of the business within the three verticals. We have a separate management team, separate CEO, CFOs, and management teams for each of the three verticals. So Cesar Lanuza, Bob Connors, and Barry Litwin are the CEOs of the three verticals. And then we are heavily supported by the the LKCM Headwater team as well. There's probably, you know, eight to 10 individuals within the Headwater team that are are providing, you know, level of support into DSG, and that can range anywhere from, you know, Brett being here from a from an IR perspective or, you know, identifying m and a activities or looking at capital allocation strategies as well. So with that, we've got about seven minutes left. I'll just open it up for questions and take anything that's on your mind. Thanks, Ron. Ron, talk a little bit more about your margin journey. It seems like you were at eight. You're now pushing 10. And I know you've talked about 13% in your Investor Day. Seems like that's a major value driver. It is. Yeah. So about two years ago, we did have investor day and in that on that day, we laid out some overall targets, not I wouldn't say formal guidance, but at least targets provided a road map as to where we were headed, you know, from a DSG perspective. And within within those targets, we've internally and and publicly have said, look, we we wanna get, you know, the organization about 13 and a half percent. And as I mentioned, you know, putting aside the compression from source, you know, we're kinda in that, you know, low 10 right now. And also grow revenues from where we're sitting today about 2,000,000,000 up to about 3.3 and $450,000,000 of of EBITDA. You know, one of the questions we we get asked is where you know, within the three verticals, where do we think that, you know, this best opportunity is to to drive that overall margin? You know, I didn't talk specifically about this, but the Test Equity Group today is operating at about 7% and they make up about 40% of our revenue. So we did bring in Barry Litwin about six weeks ago, new CEO into that organization, great background within the industrial space. You know, for us to get to the 13 and a half, I always say that one of the fastest ways to is to get test equity north of 10% because that gives us almost 150 bips, you know, on top of where we are today. The other operating leverage that we see is within the Lawson model. You know, we can typically create about 40% operating leverage on our sales growth there. So Lawson I've been with Lawson for about fifteen years, and we've gone from 0% EBITDA. Now we're operating in the 12 to 13% range. Immediate, you know, kinda shorter term, you know, goals is to get that in the mid teens and then certainly surpass that longer term. So so we feel like we've got a road map there. It's not a matter of if. I think it's a matter of when and how fast how fast we can get there. Thank you. Yeah. Yes. Yeah. I would so on the so part of it is really the labor and the service side of it, I would say. Typically, you would start with, like if I even look at the gross margins by vertical, Lawson is the highest because a lot of that VMI service gets rolled right into the pricing to our customers. And so that model works really well when our commission structure and so forth is pretty variable. We start with a pretty high product margin because our customers want to pay for that service. Just the overall kind of that break fix is the way I describe it. You know, typically, would see higher margins within within that area versus a a normalized kind of production environment. Typically, when you're providing into OEMs, you know, you've got to be tighter on price because you're you're working with larger customers and you're also working with more sophisticated buyers. And a lot of those, you know, contracts, you know, may go out for bid and so forth. So you've gotta be pretty pretty competitive in that. I would say, you know, on the test equity side, they've seen if I if I look at the all three of the verticals, like, they've seen the most headwind over the last couple of years. In fact, I think all three has probably seen some headwind. I think ISM has been only positive in three months out of the last thirty two or something like that. So we've been operating in a sub 50 environment. And we've been able to grow revenues really increase our overall margin profile as well. But TestEquity is, I mean, they've had margins in excess of 10% in the past. When we made the Hisco acquisition a couple of years ago, that was an ESOP, and their margins were sub 10, kind of mid single digits. So we folded in a mid single digit company into a kind of legacy test equity, which has seen some headwinds from an end market perspective. Just wondering to get a better understanding of the test business, who are the key vendors there if you're sort of at liberty to talk about that? And is there any particular concentration? Yeah, so I break that down into, as I mentioned really, I would say that the test and measurement side of the business is very vendor specific. Keysight and Tektronix are two of our largest vendors there. We've got great relationships with both of those vendors. And the reason that it is is because that's such a technical piece of equipment that typically your customers are very brand loyal. So when they train their team on a particular supplier there or typical vendor, they want to stick with that vendor so they don't typically have multiple types of solutions within within that individual customer. And then on electronic production supplies, no real vendor concentration I would say there. I mean, all the way, three m for example is a large vendor of ours, But other national branded. And then, yeah, so I mean really no real concentration there. And I would say you know, more specific on the test and measurement side than on the on the on the electronic production supply side.