We are really excited to have Flowserve Corporation with us, and we're particularly excited to have Scott Rowe. He's usually jetting around every year, you know, when we have this conference, so he's here with us today. He's the President and Chief Executive Officer of Flowserve. So I know Scott has some prepared remarks, so I'm gonna go over to him, and then we'll go right into Q&A. Great. Thank you, Andy, and it is a pleasure to be here for the first time in my nine years, but it's because of our earnings call timing. That was the issue. But, we wanna thank you and for Citi for hosting us. Of course. And thank everybody here in the room today for you know, coming to hear about the Flowserve story. So I've got a couple slides. I'll be quick, and then we can jump into Q&A. We've got our forward-looking statements here. I'll skip that. Just two things on this slide. One, we've made incredible margin progression over the last couple of years. I'll go back to 2023, and Andy, you know the story well. In 2023, we did a couple things that were incredibly formative. One was an organization design, which oriented us to business units that were global around product family. That was the catalyst that allowed us to do some really cool things, and so that was also the launch of our business system. We didn't talk about Flowserve business system externally in 2023, but that's really when we went live with it, and we saw a lot of incredible progress with the business system, and we'll talk through that in great detail. And then finally, the 80/20 program was formed in 2023, which we went live in 2024, which is also part of the business system. But 500 basis points of margin improvement over the last three years, culminating at the end of last year above what we put out was our 2027 target framework. So with that, we thought it was appropriate to put out new targets, which a lot of our analysts, including Andy, were asking for, and so we put out new long-range targets. We did this in our earnings call a week ago. And so our framework for our 2030 targets are organic sales growth of mid-single digits, and so we've got a reorientation toward growth in the 5-year period, capitalizing on some of the mega trends in the market. Continued margin expansion journey here, so roughly 100 basis points a year by 2030, getting us to an operating income of 20%, and then Adjusted EPS growth of double digits. So leveraging all facets of the balance sheet to allow us to really drive EPS growth into 2030. And so with that, I will... I'll turn it over to you, Andy. Very concise, Scott. So- I'll flip back to a slide that looks good here. All right. There we go. There you go. So I mean, you know, you became CEO in 2017, and you've been working on improved performance on, for Flowserve for a while, but it just seems like something clicked in 2025. Like, 300 basis points of adjusted margin improvement, your new guide, as you said, is 20% by 2030, and it contemplates 100 basis points a year, so that's pretty good, too. So, you know, what clicked in the performance in 2025? Why do you seem so confident now about continued improvement going forward? Yeah. You know, you say what clicked in 2025? It, it really is a longer journey than that, and it's about momentum, and, you know, Jim Collins uses the flywheel example, which I won't bore everyone with. But I would just say it's a lot of hard work and a lot of consistency with our messages, our business process, how we run the business, and it's really taking hold, and so it's a, it's a really beautiful thing to see internally. But I'll, I'll hit the two pillars that are driving margin expansion. So it's Operational Excellence and it's portfolio excellence, which is essentially 80/20. On the Operational Excellence, this has been a long journey. I mean, we started some of the tenets with Operational Excellence back in 2018 with Flowserve 2.0. A lot of that's now we're training, we've doubled down on that training, we've doubled down on how we run our facilities, and we're driving substantial productivity at all of our sites. And we're, we're avoiding what I would call disruptive-type events, where you're leaking margin or you're hurting our customers and things like that. And so a lot of the conversations we were having in the early days are now long gone, and so that momentum continues to build. We continue to have greater competency within the manufacturing operations, and then we continue to lean out our facilities. And so leaning out the facilities allows for further roofline consolidation, which we did in 2025 and 2024. And so it's just, it's really working, and we've got a lot of people moving in the right direction that are aligned with our approach and our strategy. Then on Portfolio Excellence, you know, the 80/20 program, so 2024 was the first full year that we did that. We had about half of our product business units in the 80/20 program. We spotlighted our... in the Q3 earnings call, our industrial pumps division, where we made a lot of progress, and we put some of those facts and figures out there. But that was our early one. That was our first one, and in 2025, we had all of our product business units in the 80/20 program, and so we're now fully in the methodology. We're moving forward with everybody. There's still opportunities because I'd say we're still relatively in the early innings. But in 2025, everybody understood the methodology. We're using the terminology. You could go in any facility in Flowserve around the world, and they're talking about the Quadrant Segments, our A Products, our Target Selling Accounts, and so we just have very strong alignment throughout the organization. And so, you know, I feel like while 2025 was certainly an inflection up, it's not an anomaly, and we've got the platform that allows us to continue to build and progress forward, giving us the confidence for our 2030 targets. It's helpful, Scott, and I—so I wanna double-click on a couple of those things. So I think you've said Commercial Excellence is still in the early going, so what are you doing on Commercial Excellence? You know, when I hear that, I feel like, you know, maybe reteaching sales force to do things. Like, you, you tell me sort of what you're doing. Oh, I mean, it, it's almost exactly that. Again, we're, we're picking up some of the tenets of Flowserve 2.0, applying it into the new framework of the business system and Commercial Excellence. But I'd say the foundation for all of the business system is training, and so we're starting Commercial Excellence with kind of a retraining of all of our sales force. Mm-hmm. We launched that midyear in 2025, and so we're kind of halfway done, maybe 40% done with that training, and so we still have some work to do. But that's all of our commercial teams trained in what we call practitioners of the, the, the Commercial Excellence framework. And then from there we start to build on account segmentation, target selling, you know, pursuit plans. How do we leverage CRM more effectively? How do we know when we're taking market share and share of customer wallets? And so it, it really is a lot of the basics, but I think the basics in our business is really what can drive outsized growth. And so we're, we're confident by really leaning in with the commercial team, investing in our organization. We've also changed our incentive plans. That's helpful as well, to get them focused on the areas, the products, and the customers that we wanna be focused on. We're confident that that's gonna lead to growth over the long term, and with 80/20, we're segmenting our products to our A products, and so we're really now focusing that growth- Mm-hmm ... on our A Products and with our best customers. Got it. And you did talk about footprint optimization. Like, I feel like, I mean, I've covered Flowserve for a long time. There's always, like, one factory a year, something like that, but it feels like maybe you're a little bit more optimistic because, as you know, when you came, there was a lot of sprawl at Flowserve. So, like, it feels like you've got it, you know, maybe the flywheel moving a little faster there? Maybe talk about what you're doing there that might be different than when you started on footprint optimization. Yeah, it's this one's been a long, long story. Yeah. Flowserve has a lot of manufacturing facilities. We'll, we'll start with that. It was a series of acquisitions 25 years ago, and consolidation was always there. There were some big announced programs that we don't need to talk about before my time, that some went well and some did not go so well. Since I've been there, we've identified further opportunities. Mm. Every year, we typically are doing one or two kind of facilities through the network, and I would say in the last two years, on the back of Operational Excellence, and some of this has to do with IT systems and data cleanliness, we've got a bigger prize here. And so- Mm. ... as we're leaning out our facilities with 80/20 and taking things out, as we're driving lean operations with the Operational excellence, we're freeing up capacity. Yeah. And so as we see this capacity allows us to do things differently with where we think our optimal footprint is. And so we have a multi-year plan, and I would say every year it might change a little bit because of, you know, geopolitics or where the tariff is, or, you know, we can't chase that. But, you know, we are. We do have a dynamic plan here, but we'll lock it in kind of 18 months out, and then we start to execute. And so last year, we did two very successful consolidations. This year we'll have at least two on the plan, and I think kind of every year you can see a similar type program for us. And, you know, at this point, even with our growth, we don't necessarily need to invest in a massive greenfield complex with span capacity. Mm. It's still about driving efficiencies and leveraging the scale that we have, and we're confident that we can grow and do that together. Excellent. And then just on 80/20 itself, a lot of times when I follow companies with 80/20, you kind of worry a little bit about growth because, you know, you're some people will say, firing customers, what have you. So maybe talk about the balance, 'cause, like, when I look at something like FCD, right? You, you've all of a sudden had quite good margin improvement, but the growth is still a little bit slower. So, you know, is it an inhibitor? How do you think about that, growth versus margin? Yeah. No, it's a, it's a really good question. You know, we're following... I'll start with, we're following the methodology fully. And, you know, there's, there's a lot of different people that will talk about the methodology and, and what should the result be. And in theory, the revenue should not get impacted substantially. Mm. What I would tell you is the opportunity set at Flowserve was incredibly rich, and it's relatively easy once you segment the data, to make decisions on the exit. And so where I'm going with this is, there's a little bit of timing. You can make decisions fast on product exits and turning things off. Turning things on and investing in that growth takes a little bit more time. Yeah. So we're definitely seeing a headwind. On our earnings call, the fourth quarter earnings call, Amy mentioned 100 basis points of headwind in the second half of the year last year, and that came through because of those exits. And then she referenced a, you know, similar kind of scenario for the first half of- Mm. ... of 2026. So that'll culminate in roughly revenue being flat to 2025 for the first half, and in the first quarter will roughly be flat to maybe slightly down. I would say most of that, if not all, is attributed to the 80/20 headwind, so another 100 basis points, essentially. So a great example here is, you know, we've talked about a modules offering within MOGAS. Mm. That got 80/20'd out very quickly in our integration, and that had a lot of revenue content in Q1 and Q2 last year, and so that, that's gone. With that said, though, now as we kind of continue to prune that portfolio, our efforts are going to the A products and our best customers. And so in Q3, we put a data point out there around industrial pumps and growing at over 20% with our target accounts. And so where we're focused, we're starting to see that growth. And so I believe over time, you start to see that outsized growth coming through, both on the back of 80/20 and Commercial Excellence, and this was what gave us confidence in our 2030 target of mid-single-digit growth. Yeah, that's helpful, Scott. And just on 2026, right? Like, to your point, you're going to have a second half acceleration in revenue. How much of that is just kind of, like, 80/20 evolving into less headwind versus something else in the markets or something? Yeah, I think... I mean, we gave the number. It's about 100 basis points of headwind on, you know, the first half of the year, and so, you know, call it half and half. And then I'd just say the other part of that is, you know, project timing of bookings and when they come through. That'll generate... You know, we believe that that's gonna help us or be a tailwind in the second half of the year. And then I'd say that, you know, what's steady is the growth rates within our aftermarket business. And so we're growing the aftermarket business at kind of mid- to high-single digits. We'll continue to grow that. Essentially, for those that are-- you know, we have a massive installed base of pumps and valves. We have two teams, pumps and valves, very, very focused on improving our capture rate, harvesting our installed base, and growing that aftermarket. They've done a really nice job over the last two years, and that will be a, a nice kind of steadiness towards our, our growth in 2026 and beyond. Don't worry, we'll get into aftermarket in just a little bit. All right, it's coming. It's coming. I did want to ask you about FCD, maybe somewhat similar to a question I asked you before, but, like, FCD was stubborn to improve, I'll call it. Yeah. Then in the last couple of quarters, it's really broken out. I think you already said, like, FCD was later into 80/20, so we get that. But again, what sort of happened to, like, have that eureka moment there? And then, you know, as you think about the 20% new target for 2030, do you think that both FCD and FPD have equal margin potential to get there? ... so we'll start with FPD, but I will answer your question. Yeah. Yeah, FPD's done a remarkable job, right? They, they fully have committed to the business system, both operational excellence, portfolio excellence. They were the first division/business unit to go on the 80/20 playbook. They've done everything that we've wanted and more, and so the, the org design, the 80/20, OpEx has all worked really well. FCD's been a little bit of a lagger. Some of that was deliberate, and so we pushed them kind of in the second phase of 80/20 versus the first phase. I'd say they're probably 12 months behind, but the playbook is exactly the same. If you went into an FCD site or a valve site versus a pump site, you wouldn't be able to tell the difference in terms of how we run the business, our shop floor daily management, how do we talk to 80/20, how do we talk strategy deployment? It's all the same. And so we're super confident that FCD continues to move on margins. You saw a substantial improvement in 2025, and so I just think that that's a, you know, we have the blueprint, we know what we need to do. We'll continue to see progress there. We did some pretty heavy lifting on the facility consolidation for FCD, and so you'll see that work through. MOGAS synergies came through exactly as we anticipated, maybe a little bit more, and so you'll see the synergy number continue to play out in 2026 and beyond. And then, quite frankly, you're picking up Trillium, which will have, you know, nice margins that help us there, and incremental cost synergies in that business. So we feel really good about the runway with FCD, but yes, it's about a 12-month delay to what we've seen with the pumps division. Got it. And then, Scott, maybe one more on margin. Pricing, especially on projects, you know, in the past, I used to think of projects as much lower margin. Seems like that's improved significantly over time. Is that true? And then can you talk about how investors should look at Flowserve's price versus cost in the current environment? And there's still inflation- Yeah. ... pretty choppy on the commodity side. Do we worry at all about tight electronic supply chains, things like that? Yeah. So I'll start price cost, I'll come back to project pricing. So, you know, 2025 was a dynamic year. Like, I mean, I would've never thought some of the things that we dealt with that we were working through. And I just wanna say thank you to our supply chain team and our commercial team for, you know, working in an incredibly dynamic environment, shifting supply around the world, and then having difficult discussions with our customers on pricing. With that said, we ended up in a really good place on price costs at the end of 2025, and so we've got better visibility and a better handle of our supply chain than ever before. We continue to make amazing progress there. One thing that I failed to say earlier, we've started to do some 80/20 principles with our suppliers, and that's helping further margin expansion, but it's also helping us, which is certainty. And, you know, sorry, I'm throwing out nuggets now, but you'll like this. So when we look back- I like nuggets. We look at our supplier count versus when I started versus today, we've reduced suppliers by 50%. That's a good number. Which is not surprising to you, but for some people, that's probably surprising. But we've done a really nice job continuing to rationalize and getting focused. And back to price cost is, if you're working with our best suppliers, if we're giving them a healthy amount of business, it's a lot easier to have these type of discussions with them in terms of balancing our load or shifting our load. And so I feel really good about our ability, our visibility with our suppliers, our understanding of cost, our ability to pivot around the world and continue to be in a favorable position on price cost. So now let's go to project pricing, and when I talk project pricing, it really is pumps projects. These are the big ones that historically have not had any margin or lower margins. Since we announced the business units and the focus on engineered pumps, we've been really careful about what we're calling selective bidding, and so we've chosen to do less. With that said, the margins is substantially different than what we've ever been since I've been at the company. And so, you know, we were talking about gross margins, Andy, I think, in maybe a 10% number- Yeah. ... and sometimes they were even lower- Yeah. ... before my time. But that's over now, right? I mean, I, I don't... You know, there's occasionally we would approve something that would be below a 20%, but that's really rare. Yeah. So we're now, our original equipment margins are in a healthy place. Now, we would like those to be higher than 30, but what? In this business, this is what drives our aftermarket. So there's a kind of a whole lifecycle-type look here. We look at the original equipment, we look at that customer and that site, and how confident are we in getting the parts and the service work, and we look at kind of a 5-7-year type return that generates above, you know, what we'd call, you know, accretive to Flowserve on a returns and a margin basis. And so we're incredibly deliberate, and so we call this Selective Bidding. We've reduced the number of opportunities in the funnel. We work with customers we know that we can get aftermarket, and then we're more focused on the front end and getting our cost right, and so making sure that we have a fit-for-purpose offering for our customers. But this has been a big win since 2023 and the formation of the Engineered Business Unit. The team's done a really good job, and we believe we can continue to grow and have healthy margins in this side of the business. Yeah, that's good to hear. I'm gonna open it up to the audience in a second. Let me ask you one more question, and I'll open it up. You mentioned aftermarket, so let's talk about it a little bit. I think you said the possibility for mid to high single-digit growth. I wanna understand that a little bit more. It seems like you have turned the corner to your installed base, and I think I remember... I've I've covered Flowserve for too long, but I think I remember you basically didn't have the data. Right. Now you kind of have the data. Like, is that—I assume that's one big difference. What are the other big differences over the last few years?... So you're able to capture your installed base more? Yeah. So I'll start with Flowserve has hundreds of years of putting pumps into the market. There are pumps out there that are close to 100 years old. I found one that was 70 years old here recently, which was amazing to me. But the fact is, we have a massive installed base. Our customers want to come to us for repair and service. One, we have to know where it is, so data cleanliness, understanding where our product is and how we can help our customer is important. The second biggest factor is speed, and so if we can quote within hours, if we can do our turnaround in days and not weeks and months, and we can be incredibly responsive, then we get that work. Our capture rate has moved up a couple hundred basis points over the last two years. We're confident that by continuing kind of our... We call it the Speed Wins campaign, that we're confident that with continued kind of quoting, a little bit of e-commerce, configure price quote tools that help us do this very quickly, that we can continue to grow this business. And so we, you know, we believe a kind of mid to high single digits is a good range for our aftermarket growth. And again, we've got the largest installed base in the world on both pumps and valves, and this allows us to do some things that are pretty exciting for our customers to support their operations. You know, I've been to a couple of your QRCs, your quick response centers. Have you improved them more lately? Like, you know, is that part of this too, is you got them better now? Yeah, for sure. Yeah, I mean, they run on our Operational Excellence playbook. It's different than our new manufacturing. It has the tenets of aftermarket and speed, but the consistency is the same thing. And so we have a shared version of Shop Floor Daily Management. They know who our best customers are, our strategic accounts, the target selling, and they're running on a very disciplined playbook, and so that improvement allows us to do things differently. It's improved our utilization of our service techs, it's allowed us to move margins up, and quite frankly, it's allowed us to quote and move with speed when we do service and repair work. Just one more on that. Is the QRC count staying stable? Is it growing, decreasing? Yeah, roughly stable. I mean, we're kind of in that 150-ish number. I'd say every year, we're adding 1 or 2, we're taking out 2 or 3. Got it. But I think we're in a good place right now. I don't think that changes dramatically, and so while we have the opportunity on the original equipment manufacturing to come down, this is an area where proximity to our customers- Yeah. ... is super important. And quite frankly, to stand up a QRC is a minimal investment. It's not capital intensive, and, you know, typically, you're running something new with, you know, a you know call it 10-15 type associates in that workforce. And so we'll... You know, when we can sign a long-term service agreement or we've won a big project and commit to that support, we're happy to stand up a quick response center. Got it. Any audience questions so far? Anything? I'll keep going for now, and we'll see. You have more. Yeah, I do. I'm sure. So I think, you know, you mentioned, I think you mentioned on the stage, the second half rebound in original equipment bookings in 2026. Seems like, I mean, you tell me, it seems like one of the big opportunities in terms of inflection is Middle East, but maybe you can talk about visibility into an OE inflection. Where is it coming from? Yeah. So, you know, we feel the end markets are reasonably constructive. I'd say, you know, geopolitics is a big issue, and for larger projects, our customers want stability. They wanna make sure they can get a financial return on their investment over many, many, many years. And so, you know, I'd say there's a little bit of a wild card there. With that said, we feel the end markets are constructive. I'll come back to power. I'll just say in our kind of most of the end markets, we're seeing growth. I was in the Middle East in late January, early February. We saw lots of customers, and, you know, we didn't have the biggest year last year on Middle East projects. We see a nice, healthy growth rate here, and so for us, we're involved in a lot of different programs and different customers in the region. Those programs are adding expansion, so they're adding a train or they're adding more capacity or they're doing something different to change the dynamics of that production unit. And so we're already in. We have equipment there. We're going to win the next phase. It's just a matter of timing. And so 2025 was a little bit of a pause because a lot of capital got deployed in 2023 and 2024. We see a lot of plans and activities for 2026, and so I'm—yeah, I wouldn't call this a record year in the Middle East. Mm-hmm. ... but certainly versus 2025, we see a healthy step change, and so we feel reasonably confident on that. Picking what quarter this will happen in- Yeah. ... is always a challenge. It's really difficult, as you know, Andy. And so I would just say right now, we believe it's more second half weighted. There could be projects in the second quarter, but, you know, I think second half weighted is probably an easy way to say it. Got it. And then I wanna talk about power and nuclear in a little bit, but, you know, maybe we'll weave it into this question, 'cause you're targeting, as you put on the slide, mid-single-digit organic revenue growth through 2030, but it does require, I think, a pickup in backlog burn from your- For sure. ... nuclear projects, as well as some general recovery, as you just talked about in markets. So, you know, when you look at what other markets besides, we know you're counting on nuclear to burn faster. Any other markets that need to sort of do better to get that mid-single-digit revenue growth? We'll come. I'm sure we'll come back to nuclear. Yeah. Let's park nuclear. Yeah. Traditional power is super exciting for us. So we're seeing traditional power grow, and so whether that's coal-fired power plants, natural gas, other forms of power, we have a lot of content in that. It's not as high as nuclear, but it's something that we have a massive installed base in. And so as our customer base looks at re-rating that power plant, you know, expanding the capacity of that plant, we're picking up work. And so we see healthy growth rate there. Those projects are a much shorter window than a nuclear project, you know, less than a year in terms of you know, our shipment deliveries. So that's a growth area that we're super excited about. General industries has performed incredibly well for us over the last year or so. We still see structural tailwinds in terms of growth within general industries. We're continuing to kind of evolve our portfolio into a more general industry type look and feel, and so we're excited about what that can do as well. And so I think those are our two areas that should provide nice, steady growth for us as we go forward... and I'd just put water in the general industries category. That's something that, you know, while it's not a huge lever for us, it's a meaningful part of our business, and it's something that we definitely see growth in. And it, it reminds me to ask you about your 3D strategy, right? Like, you know, I think power has kind of overshadowed 3D a little, you know, but it is kind of part of 3D, right? It's diversification. So maybe, where have you been successful in diversification, decarbonization, you, you know, where have you been successful? Yep. How has the program evolved? Yeah, so our 3D Strategy, for those that aren't aware, is diversify, decarbonize, and digitize. We've been running this strategy now since 2023. It's been... Well, 2022 really, and then 2023 externally. It's been helpful, right? It, it points us in the right direction for opportunities. It allows us to focus our organization. It's easy to talk to our customers because we're aligned with what they're trying to do. And so if we go back to some history data points here, Andy, what I got here, oil and gas was 40+% of our overall offering. Today, we're just over 30%. We call it energy now, we don't call it oil and gas, and we've migrated out of upstream oil and gas almost completely. Our energy business now is roughly, you know, call it 85%-90% is downstream and refining, and so that gives us a lot more stability in our ability to work through any type of cycle that's out there. And so I think that's tremendous progress. We have more work to do. Ideally, our energy exposure would be somewhere between 25% and 30%. Mm-hmm. We'll continue to acquire in diverse industries to round out our portfolio and become more balanced as we go forward. But that's been a big win, and so the teams are very focused. Our new product development efforts are, you know, anything on the business development and, you know, customer account generation has all been on the diversify side. On the decarbonization lane, you know, we picked up a lot of work as customers are really focused on their ESG programs and carbon emissions. We're still doing reasonably well there. The world has changed, though. Of course. ... and it's not what it used to be. And so while we had a big prize on hydrogen and some of the other concepts that were out there, that activity is just not there. But we are well-positioned to, you know, to do flow control in a decarbonization environment. We can debate where you put nuclear. If we put it in decarb, it looks great for us. Yeah. I would say outside of nuclear, we still feel carbon capture is something that people are very focused on, more in Europe than the U.S., but we're still winning work on the carbon capture-type opportunities. And then on digitization, you know, this hasn't gone as fast as I would like, but what I would say there is we do have the best technology in the world to monitor and predict on pumps and valves in the flow control space. And so our offering, RedRaven, is proven. We've got 2,500 customers or 2,500 installations out there that we're monitoring. We're able to predict. The more data that we have, the better we get, and so we're excited about what we have. We just need to unlock this into a step change in driving growth, and I'm happy to expand a little bit more on that if you want. But, but it is something in 2026 that we're now seeing as a profit center, which is something that I wasn't able to say in the years past. We'll continue to invest here, but we also believe there's a substantial growth in revenue that could, in theory, generate some very high margins on a more of a kind of a software and a subscription-type basis. Got it. So if energy becomes 25% of the business, does most of the business, you think, go to power? So power is 20 or something like that? Yeah, I think power, on the back of nuclear, starts to accelerate at a very meaningful rate, and then general industries is the other one. Got it. Okay. I wanna get back to digitization in a second, but let's talk nuclear for a second. So you've talked about $10 million of nuclear power bookings opportunity. You book $400 million of 4.7 bookings in nuclear in 2025. So how do you think about nuclear bookings ramp from here? I mean, you just bought or announced Trillium. I think that's gonna help you. You know, as I think about a ramp-up, would it be like a typical bell curve, or could your hot content be higher or lower for SMRs? Like, maybe more color and sort of how you- Sure. ... think this is gonna ramp up. Yeah. I'd say first, we're incredibly excited about nuclear, and I'll go back a little bit. Flowserve has equipment on 75% of all reactors in the world today. We don't do well on new China reactors. Those are typically Chinese OEMs. Outside of that, we do incredibly well. We're locked in with the biggest customers, so think EDF in Europe, Westinghouse in the U.S., all of the other ones, the CANDU reactor in Canada, GE Hitachi, we're heavily involved in. And so we've got strong customer relations, proven products, and then most importantly, the certifications, both with the government or the regional kind of associations that dictate the licensing, but also with the customers. And so we're in a very good position to basically be a part of this renaissance in nuclear power. Going into some of the specific numbers, we did $400 million last year. The majority of that was on the back of life extensions and, you know, basically power re-rates and basically extending the life of current nuclear assets. That work will continue to accelerate, and so we see that growth rate continuing both in Europe and in the U.S., and so we feel really, really good about our ability to support our existing customers and helping them with whatever their plans are with those existing sites. And so that's a lane that we feel very confident in the ability to grow. And, you know, the revenue conversion cycle there is a lot better than what I would call on a brand-new greenfield reactor. So if we go to Greenfield reactors, similar to the Middle East, it's very difficult to pick project timing on this. There has to be a lot of factors that get aligned with governments and customers, and an end user to ultimately pull the trigger on a new, new reactor. With that said, I fundamentally believe that this will happen, and I think there's going to be an inflection point, a substantial inflection point in growth. There's a lot of public figures out there. In our estimates that we built our $10 billion prize to in 10 years, we used just what we'd call kind of the middle-of-the-road public estimates on this. And so if we take that to 2026, it's difficult to say how many new reactors will go forward. We don't necessarily have the new reactor build-out in our plans. Mm-hmm. But it is upside to our plans. And so I think there's a scenario where the U.S. moves on a handful of reactors. There's a scenario where Europe progresses some thinking on new reactors as well, and so our bookings could go up nicely on the back of that. But again, it wasn't in kind of our guidance or in the way we were thinking about our commitments in 2026. And so, you know, let's see what happens. We're in meaningful discussions with all of the right players, and again, if a reactor moves forward, Flowserve will be involved there. And then the third leg of our nuclear strategy is SMR. And so we've been working with what I'll call a smaller set of SMR customers that we believe have the ability to commercialize their offering and are using the technology that would support more flow control content. We have very good relationships. In some cases, we have signed agreements. We have booked work, both pumps and valves, in terms of doing a lot of the prototyping and the testing on kind of serial number one units, and we're starting to move into what I think is, you know, what will be, you know, production or commercial SMRs. With that said, there has to be government alignment. Customers have to be, you know, buying the takeoff of the power, which I think will happen. I'm not worried about that. There's some big players out there, but there's just a lot of things that have to happen for that to take off. And so I'm optimistic that that ultimately happens. I just don't think it's a meaningful part of our 2026. But I believe beyond 2026, it's an absolutely unlock for some of the challenges in power around the world, quite frankly. So we are leaning in on these partnerships, and we're doing everything we can to secure our pumps and valves and the critical components of the SMR. And then I'll finish with Trillium because it's important. And so we announced the acquisition of Trillium's valve division, which is important. We're buying the valves. It's a carve-out of a company. But those valves increase our content on a new nuclear reactor by somewhere between 15%-20%. Hmm. And so what we put out in the third quarter was a new reactor is roughly $100 million of content. Now, with Trillium, we think it's 115-120 per reactor, and so we're excited about that. In the valve side, we've got the Main Steam Isolation Valve, which is essentially the critical safety valve. That's the one a lot of people talk about. It's what our customers are very focused on. We believe by leveraging that relationship and that expertise, we're gonna be able to pull in the Trillium products here. It gives us roughly 4 new product lines to put in front of our customers. They have existing business. They're locked in. They've got the certifications around the world, and so we're very excited about the growth potential within our ability to kind of package this nuclear offering as we go forward. I think you answered my next question about Trillium revenue synergies. Okay. So, but, like, on the cost side, I mean, you mentioned it's a cost carve-out, so not much in the way of traditional cost. Is that the right way to think about it? Yeah. It's under private equity. It's a carve-out, so there's no corporate cost. Yeah. There's none of that. With that said, though, there are cost synergies, and so we'll move quickly on supply chain. There may be a facility consolidation. There's some other stuff on some of the headcount on our side and their side. But I would say the focus is more around growth and really starting to think about our valves as a portfolio that we can put forward to our best nuclear customers. And then with that said, it's not just nuclear, and so, you know, their end markets today are roughly 70% power, 40%-30% nuclear versus traditional power, and so we believe we can grow in the traditional power as well with the Trillium offering. Got it. So ultimately, when I think about the $10 billion that you talked about, your share potentially of that could be very, very high and even higher with Trillium. Yeah, for sure. I mean, our share today is very high. There's a handful of peers that have the certifications to do the nuclear work, and we're in a great position, and by adding Trillium and the certifications in those products, it only increases. And, you know, again, it's a meaningful... We are $100 million of content, so to go up 15%-20% is something we're pretty excited about. So, we're starting to run out of time, so let me ask you a couple other quick ones. Like, you mentioned general industries a couple times and, you know, it's hard for us to know exactly what's in there, but it feels like it's a short cycle, shorter cycle for Flowserve. For sure, shorter cycle, configured product. Industrial business. Right. Seems like you've seen maybe some decent improvement there. Maybe talk about that, and could it have a continued decent runway for growth? Yeah, sure. And again, this is under diversify. We've deliberately oriented to general industries, and this is think like water, it's mining, other industrial applications, and really making sure that we have a more configured product that we can move quickly with at the right price to support our customers. And so we do well in this historically. We've just got to continue to focus and drive that up. But there's a lot of opportunities in North America. We're seeing opportunities in South America, a little bit in Europe as well, and so we can. We believe there's continued growth here, and we believe that we've got the technology and the know-how across any flow control application. So taking some of the existing designs and products and reorienting into attractive end markets is something that we know we can do. Got it. And then just on RedRaven, you mentioned it's profitable this year. You have, I think, an MOU with Honeywell. We do. Is that part of the reason why it could start to proliferate? Or, like, how do you think about that technology over the next two years, let's say? Yeah. So, this is our Internet of Things or IoT offering, where we have the sensors, we instrument, we collect data, we monitor, we predict unplanned downtime. And again, the tech- You don't sell a lot of software just by itself. No, we don't. We don't have that. This is only on the back of our Installed Base. Okay. With that said, like, we believe, and the Honeywell MOU validates, we believe we have the best technology in the world here. And so, you know, we're getting good validation. We've got 2,500 assets that are instrumented. We're collecting data. We've got monitoring centers. We're doing some really good things with our customers. We're using AI to help us with the data and making sure that we can continue to evolve the offering. The Honeywell partnership is important, as we were going to our end users one by one, saying, "Hey, we can instrument your pumps and valves." Our customers were saying, "That is amazing, and we wanna do this, but what we can't have is a different technology for pumps and valves and a different one for compressors and a different one for fans and blowers," and et cetera, et cetera. And so that's when we started to talk to asset performance management partners like Honeywell and saying, "Hey, we believe we've got the best technology within flow control. Can we put this on the back of your asset performance management and maybe do something together?" And so we've signed a partnership with Honeywell. We are talking to other asset performance management, and we believe that this could be the inflection for us. And so if you think Honeywell Forge comes in to a large site, so pick chemical plant, refinery, whatever, they're gonna manage that entire site. We'll pick up all flow control equipment, and so all pumps, whether they're Flowserve pumps or competitive pumps, all of the valves, and then providing a substantially enhanced service than what we could have done alone. And so we're very excited about this. We hope to press release something in the near future... Well, not the near future, but somewhere in 2026, that allows talks about what we're doing with our customers. And so the teams are working incredibly hard here. We haven't hit that inflection point yet, but this is one that, you know, if it goes forward, it, it could do some really good things for Flowserve. It gets us a lot closer to our customers, providing more on our capture rate and our aftermarket than ever before. But it is exciting. We just haven't had a breakthrough at this point yet. I only have 30 seconds, and I got 2 questions for you. Few more Trilliums out there? Like, feel good about capital deployment and weighted toward M&A, is that- Yeah, I think, I mean, we're in, you know, nine years I've been here we haven't had the cash flow generation in the balance sheet to do this like we have today. And so with the health of the business, the healthy margins, the cash, we've got a great problem, and that problem is: how do we deploy capital in an effective way to create value? And so we'll trade off programmatic M&A with share repurchase. We did both in 2025, and we're confident we can continue that in 2026. Our markets are still fragmented. We've talked about some of the things that we're interested in, and so we'll continue to lean in, both in the pumps and the valves, to continue to expand our offering. Awesome. And one quick one: What are the top two or three innovations and structural changes affecting your company over the next five years? Are there any emerging industry trends that are perhaps being overlooked? That could take 30 minutes to answer. I know. Quick answer. Let's go. Nuclear on the structural changes- Yeah. ... that's a big one. We didn't talk about AI, and this could go on forever. We are using AI to run our business better. There's, there's more there, and so we're excited about our kind of pilot and test cases that we've used. We've got general kind of persona amplification with, you know, the normal stuff, but really focusing AI to solve business process challenges is something that's working. Awesome. Thank you very much, Scott. Appreciate it, Andy. Thank you.