Greetings and welcome to the IDEX Corporation Acquisition of Mott Corporation Conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce Wendy Palacios, Vice President, FP&A, and Investor Relations. Thank you. You may begin. Good morning, everyone. This is Wendy Palacios, Vice President of FP&A Investor Relations for IDEX Corporation. Thank you for joining us at short notice. This morning, we issued a press release announcing that IDEX has entered into a definitive agreement to acquire Mott, which will be the only topic of our call this morning. The press release, along with the presentation slides to be used during today's call, can be accessed on our company website at www.idxcorp.com. With me today are Eric Ashleman, our Chief Executive Officer and President, and Abhi Khandelwal, our Senior Vice President and Chief Financial Officer. Following our prepared remarks, we will open up the call for a brief Q&A related to the information covered on the call. Please note that we are in the quiet period ahead of second-quarter earnings, which will be announced on Thurs day, August 1st. Our remarks and presentation today will not cover topics related to the quarter. We ask that you keep your questions to the acquisition of Mott, as we will not address any questions related to IDEX performance. A replay will be available approximately 3 hours after this call concludes. You can access it by dialing toll-free number 877-660-6853 or +1-201-612-7415 for international callers, and entering the access ID number 137-47873, or visiting our investor website at investors.idexcorp.com. Before we begin, a brief reminder. This call contains certain forward-looking statements that are subject to the safe harbor language in the press release and the IDEX 8-K filed with the Securities and Exchange Commission this morning, which you should read in conjunction with the information provided on this call. Please review the cautionary statements on the slide two for more details. In addition, included in this presentation are certain non-GAAP financial measures designed to supplement the financial information provided in accordance with generally accepted accounting principles, as management believes these measures are useful to investors. Please see slide two and today's filing for more information. With that, I'll turn the call over to our CEO and President, Eric Ashleman, who will start on slide three. Thank you, Wendy, and good morning, everyone. Abhi and I are very excited to walk you through our acquisition of Mott. We talk a lot about the filter set for our well-positioned, differentiated, high-quality businesses at IDEX. In short, Mott checks all those boxes. They do that with a unique culture and owner's mindset that is an outstanding complement to the way our people at IDEX think about our own purpose, values, and mission. Mott supports its customers with highly engineered, mission-critical, configurable solutions within high-quality select application verticals. Their technology is differentiated and defensible, and they do not operate in commoditized spaces. Their solutions drive max value and criticality from a very low position on the overall customer bill of materials. They do all of that with enterprise scale that advantages them further. In short, they operate like a mini IDEX. You've seen our strong inorganic focus play out with our acquisitions of The Muon Group, Iridian Spectral Technologies, and STC Material Solutions. These three companies now will be able to work with Mott and our broader optical technologies businesses to maximize value in two important dimensions. First, from a technology standpoint, all of these companies leverage deep applied material science knowledge with differentiated processing capabilities to push the frontier of innovation. As today's transformative markets become even more demanding, our teams are able to collaborate across technologies to extend the boundary of technical possibilities. Second, we can apply these capabilities via complementary commercial access points in important and fast-growing markets, including semiconductor wafer fab equipment, energy transition, medical technologies, space and defense, and water purification. We've cultivated a relationship with Mott over many years as a collaborator on innovative possibilities in fluid management technology. Our teams have a tremendous amount of respect for what they've built. As we turn to the next slide, slide four, I'd like to share an overview of Mott's core capabilities. As a leader of critical flow control and precision microporous filtration solutions, Mott provides mission-critical products and solutions for the most advanced applications. Within semiconductor wafer fabrication, Mott has innovated to meet the challenge of ultra-high purity requirements as processes approach sub-nanometer scale, developing micro and nanoporous sintered metal filters. For energy transition, Mott offers essential material and filtration solutions across a broad spectrum of energy types, from filtration technology for hydrocarbon-based energy to high-value chemicals to customized ultra-thin titanium-based porous transport layers for use in electrolyzers for green hydrogen production. Mott's integrated filtration solutions are also used in water purification applications to recover clean water and organic fertilizer from digested waste streams. Mott also offers a range of filtration and thermal management components and solutions for space and defense applications supporting vehicle space launch, directed energy defense systems, and satellite communications. On the next slide, slide five, I'd like to walk through a few examples of their co-development with some of the world's most admired companies. Mott has decades of expertise in developing customized components from state-of-the-art transition metal flow control and low-vapor pressure filtration technologies critical in next-generation AI and quantum computing chips to advanced porous transport layers used in the production of green hydrogen, reducing stack costs and improving overall scalability. They developed 3D-printed thrust management solutions for space propulsion. They engineered and deployed a unique membrane filtration solution, which converts 1 million gallons per day of agriculture detachment to over 400,000 gallons per day of clean water. There are many more equally impressive examples of innovation across Mott's served markets, and I look forward to highlighting them for you as they grow within IDEX in the years ahead. With that, I'll turn it over to Abhi to share some Mott company highlights along with the deal's financial metrics and transaction timeline. Thanks, Eric. Good morning, and thank you for joining today's call. I'm on slide six. Over the past 65 years, Mott has become a leading provider of critical flow control and precision microporous filtration solutions. Mott has impressive scale, which demonstrates high growth rates in advantage markets that are complementary to our IDEX growth strategies. They are highly differentiated with IDEX-like gross margins. We'll talk later about our plans to leverage our operating model to help the business quickly reach levels of EBITDA margin entitlements that are more typical of IDEX. That's an exciting valuation point to support the transaction. Moving on to the next slide, I will walk through the transaction highlights. I'm on slide seven. This transaction is attractive in terms of both valuation and anticipated financial benefit. The cash consideration is $1 billion. When adjusted for the present value of expected tax benefits of approximately $100 million, the net transaction value is approximately $900 million, representing an approximate 19x purchase multiple for forecasted full year 2024 EBITDA and a mid-teens multiple for 2025 forecasted EBITDA. This transaction at closing will put our net leverage at 1.8x versus a current 0.7x. We plan to fund this transaction with cash in hand, borrowing from IDEX's current credit facility and potential debt issuance. We have a track record of generating strong free cash flow, and we plan to use that to pay down debt. With anticipated revenue and EBITDA growth, we expect the transaction to be accretive to adjusted earnings per share in fiscal year 2026 and to achieve double-digit returns in year five post-close. We expect to realize meaningful commercial and new product development synergies between IDEX businesses and Mott, given our shared strategic interest towards faster-growing markets and complementary expertise in applied material science technologies. Additionally, we will drive significant leverage and margin expansion using the IDEX operating model. We expect the transaction to close by the end of the third quarter of 2024, subject to regulatory approvals and customary closing conditions. Slide eight. As Eric mentioned earlier, we're building a strong footprint in key spaces and believe there is significant growth potential in targeted M&A that enables expanded participation in select transformational industries with resilient growth. Mott's technologies and processes are complementary to our existing businesses that focus on applied material science technologies. Their technical expertise and customization capabilities will add to our ability to solve critical challenges, addressing customer needs for extremely precise solutions in fluidic applications, including the opportunity to offer tailored cross-functional solutions. This transaction is highly strategic, and we expect the addition of Mott to yield considerable near-term and long-term benefits for our customers and shareholders, meaningfully impacting our potential intermediate and long-term growth trajectory. As we implement the IDEX operating model, we expect to see meaningful EBITDA expansion through the proven application of 80/20. I'll turn it back to Eric to dive a little deeper into the specific levers of value creation. Thanks, Abhi. I'm on slide nine. IDEX has thoughtfully and deliberately built a portfolio of businesses specializing in applied material science technologies. We now have an impressive collection of capabilities bolstered by long customer relationships with global OEMs and technical brands that allow us to grow together within a scaled resource base. Make no mistake, these businesses still operate within our time-tested decentralized operating environment, allowing our leaders to think like entrepreneurial owners with local decision rights. Now we can bolster our growth work with segmented and focused collaboration across borders to innovate proprietary solutions that leverage our unique collection of high-quality assets. This capability is an important piece of how we use 80/20 to drive growth at IDEX. It's how we stay nimble and agile as we grow and scale. Turning to slide 10. Now, think about those capabilities and technologies as they go to work in focused, fast-growing application areas. Mott's strategic view of growth in the decades ahead is very similar to ours. That's why we can jointly get to work quickly out of the gate as we innovate together. We see even broader collaborative potential across IDEX within our energy, life science, and pharma markets. As always, we'll work together to strive to quickly assess the 80's opportunities and be very careful of any diluted 20's, which could reduce our impact. Moving on to slide 11. I'm happy to share that I've spent a lot of time getting to know Mott and its leadership team. I found that IDEX and Mott share core values that are deeply rooted in solving critical challenges for our customers, delivering exceptional customer service, building leading teams, and nurturing the incredible technical abilities of our people. This natural cultural fit will be enhanced by the enterprise-wide application of the IDEX operating model and the deployment of our 80/20 tools designed to drive growth and operational excellence as we identify and activate commercial and operational synergies. We use our 80/20 philosophy for profitable growth to align on the things that truly matter, creating value for our customers and shareholders by reducing complexity and shifting our time, effort, and resources away from lower-value activities to focus on the industries and actions that have the highest value. We see Mott as a particularly exciting opportunity to apply our 80/20 discipline to prioritize and accelerate the highest potential value creation opportunities, further enabled by IDEX's scale, investment capability, and existing customer relationships. As we start to wrap up on slide 12, I'd like to summarize and reiterate the meaningful contributions of this acquisition. We anticipate this transaction will unlock new organic growth opportunities in large, dynamic industries and deliver material financial benefits. The combination of IDEX's technical and commercial excellence and Mott's innovation, technology, and R&D expertise is expected to produce meaningful technical and commercial synergies starting year one after deal close. In addition, this transaction is anticipated to have considerable financial contributions through EPS accretion in the near term, strong EBITDA margin expansion, and returns in line with our disciplined capital deployment approach. Based on our experience in successfully integrating other companies, we believe we will realize these benefits through the application of IDEX's operating model and 80/20 philosophy with simplification as a guiding principle. Finally, I'm on slide 13. We're building a company to thrive and win in an environment where power meets speed and agility at the intersection of technology and culture. Following closing, the outstanding people at Mott are going to help us shape our company to thrive in the exciting years ahead. We're thrilled to welcome all 500 of them to IDEX officially at closing, and I look forward to updating you on our progress as we all deliver trusted solutions that improve lives. Thank you. With that, I'll turn it back to the operator for a brief question and answer period. Thank you. We'll now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Thank you. Our first question is from Mike Halloran with Baird. Please proceed with your question. Hey, good morning, everyone. Hey, Mike. Good morning. Morning. All right. This is going to be a simple question to lead off. I think I understand the end markets and the applications better than exactly how Mott works in the context of those. Could you just simplify it and help me understand what Mott actually does in some of these processes? Yep. I mean, at their core, think about it as really small subscale filtration. Fluidic filtration, fluidic handling, and filtration is kind of the core here. At least in my own head, often you'll think of kind of paper media because that's what we use at home. Think of sintered metal fibers for them. In many cases, you could kind of pick the part up, hold it, feel substantial in your hand, but if you looked really, really close, you'd be able to see that there's actually levels of porosity there at a really, really small scale that enables that filtration to happen. Then it's just a series of degrees of kind of where they take that up the food chain. It's often delivered in component form. That's probably the majority of the solutions, very similar to the way we do business at IDEX. But there is a piece of it that kind of takes it up into more complex system architecture because, frankly, you need that to help realize it. The water purification business is an example of that, where the controls and the way that those systems work together is actually a hugely advantaged lever point. All right. That's perfect. That helped a lot. And then slide nine, I think I know you and I have talked over time about expanding the size of these pods and really getting some more leverage. It feels like this Optics, etc., portfolio that you're building is enabling that. Maybe just some thoughts on what some of those commercial opportunities might look like, how these all tie together, and what this might look like two, three, four years down the line as you commercialize these things a little bit more jointly. Yep. I mean, they're really, really specialized. This terminology here of applied material science, I mean, a simple way to describe that is the businesses that we have listed here, both Mott and our own in this area, they all kind of start with material science and a very specific understanding of how that works at its core. Then you combine it with differentiated processing, and you ultimately end up with a part that actually has a pretty simple bill of material of its own, but it delivers a ton of criticality. And so what you see here is the markets that we've talked about here are kind of those markets that are requiring these technologies most often. And I think for us, the initial excitement is, as a standalone business, each one of these, that's going to be generally how we wake up every day and go to work. I mean, there's a number of solutions that come into the mix, and we've listed them here. The potential over time is pretty similar to what we saw in our life science franchises over, frankly, the decade that we were building those. They kind of started life this way too, where it was fluidic handling and movement within, in that particular case, one specific market. But over time, frankly, as those solutions transformed and evolved, you began to see that the requirements started to pass the natural boundaries. And then we started to honestly work the technologies together. And this suite of technologies here offers that same potential over the long run. Solutions we're talking about, I mean, we listed a bunch, but if I was to pick a few in the semicon area, which we talk a lot about at IDEX, both companies now are right at the point of wafer manufacturing. So think lithography. Mott is kind of indexed on that side of it. We have that as well. And then in our optics business, we have metrology solutions, which are sitting right next to that. So making and validating the most advanced chips on the planet with various pieces of componentry and technologies kind of in this mix gives you a sense of kind of how this plays out. Similar examples in terms of we've listed kind of the space world here, and you can think of that as high speed or laser tuning. So we've got some commonalities there. As always, nothing kind of sits right on top of us. That's true here as well. But these are very complementary technologies in very similar spaces. And that keen understanding of, like, what is the problem here? What are we trying to solve? That is resonant in all of these businesses now. And so it's kind of work in that mix. There's some things that are near term that, frankly, we're both jointly involved in that we would probably put our teams together on right out of the gate. There's some things that are more exploratory, but we've got a whole technical roadmap here that we're really excited about. That's great. And one more, if I may. You look at the forward commentary you made here in the context of the implied multiple and 25. When you think about the current underlying trends within the core business, is the lower relative multiple paid here for next year related to growth expectations or some of the internal improvement things that you think you can do to the portfolio, some combination? Just want to understand what business trends look like and how you're thinking about it moving forward. Yeah. I think it's a combination of the natural growth trajectory of the business on their side. Some of the early work that we will be doing on value creation, much of which we outlined here, a lot of it in the area of 80/20 and margin lift. And then I think a third component, there's about half of the business here is a little bit more longer term in nature, more backlog assured, with a little bit more visibility than you would see at kind of the book turn natural orientation of IDEX. Not too different from what we have in pockets of HST, but that's a piece here that informs it as well. Yeah. And Mike, just to add to it, it's a 50/50 split. So longer term commitment business with a lot of visibility and backlog is about half of the business, and the other half, as Eric mentioned, is book-and-bill. So we have pretty strong visibility looking into 2025. Great. Really appreciate it, everyone. Thank you. Thank you, Mike. Thank you. Our next question is from Deane Dray with RBC Capital Markets. Please proceed with your question. Thank you. Good morning, everyone. Hey, Dean. Hi, Dean. Hey. I'm looking at slide 10, and it's pretty impressive here how many of the strategic boxes Mott checks off for you guys. And so it raises the question, do you think of Mott as five platforms the way you're showing on slide 10? And a related question is, how many P&Ls are there that comprise and compose Mott today? Yeah. So even though it's certainly impressive scale relative to kind of the typical IDEX business, I actually wouldn't think about it as separate and distinct platforms within a company. It's pretty familiar in terms of the way that it would work at IDEX. That shared notion of a kind of reasonable medium-sized business of problem solvers and the teams that are there working together, sometimes across these boundaries, I mean, you don't want to lose that. What I would say, though, is from an IDEX context, and I think this is something that we would help them with relative to your question around P&L, segmentation and peeling things apart and creating lenses and ways that you can kind of understand performance in markets and how technologies are working relative to each other. That's an important part of our playbook. Resource allocation and thinking of kind of energy-based full attention spans as opposed to fractional when that's appropriate, that's part of our playbook. So I think it's probably less of a platform setup that might imply a sort of overly rigid organizational construct and one that's a little bit more fluid, but it gives you that ability to see things for what they are and really dynamically move resources around the chessboard. I think they're doing that quite naturally now, but we actually have a method that we use to make that easier for everyone to understand. That's helpful. And growth has come up here, but it's not laid out in the slides. Can you talk about what the growth history has been, top line, earnings? And there was a reference to the natural growth trajectory. Just what do you expect that to be? Yeah, Deane, this is Abhi. I'd say if you look at just historical trends and what we believe this business is capable of delivering, I think it's a high single-digit grower over a longer haul, over a cycle. And then on the. Got it. Just last. Sorry. Go ahead. ahead. Yeah. No, go ahead. How about on earnings growth? So if you look at the profile that we've laid out, there are low 20% EBITDA as we take a look for and think about the business moving forward, we expect this business to be 400-600 basis points better by the time we exit 2026. There are two key components to it from an 80/20 standpoint. One is all around, as we grow the business, our ability to apply 80/20 and keep the cost structure flat will naturally lever up really well and drive margin expansion. Coupled with applying 80/20 on the factory floor around production, around flow, which should drive natural productivity, that will also increase EBITDA margins over the longer haul. Great. Just one last quick factoid, if you have it. What% of revenues is Mott's sole source on? Yeah. I wouldn't have it specifically here, so I wouldn't want to speculate here. But I mean, it's very specific, unique technology that is familiar to us, but I'll leave it there. That's something we can come back to. Thank you. Thank you. Our next question is from Vlad Bystricky with Citigroup. Please proceed with your question. Good morning, guys. Thanks, everyone, for taking my call and congratulations on the deal here. I guess just one thing that stands out here is seeing that 46% of revenues associated with energy transition seems like a relatively high proportion of the business, given it's still pretty early stages in energy transition overall. So can you just talk about how that portion of the business has evolved over the past few years and the types of customers or solutions that Mott is selling into? Do we need to think about particular energy transition end markets or technologies? And then also how you're thinking about that portion of the business if we see a change in administrations in D.C. Yep. Well, look, it's a really great question, and I'm very impressed by the thoughtful way that they're thinking about this space. So first of all, from a coverage perspective, I mean, they're covered on kind of mature hydrocarbon-based solutions all the way to the stuff that's on the cutting edge of clean energy and the revolution that's there. So they did not sit on kind of some of that mature base and just sort of twiddle their thumbs here. They've been actively working. And even on the mature piece, I mean, they're hyper-focused on delivering efficiency. And when I mentioned kind of spec chemicals, that's a piece of maturation of this space too, is that some of those producers are looking to move a bit more up market and thinking about asset leverage over time in a space that is transitioning. So at every spot on the compass, what's kind of guiding their business and their solution sets and their view of growth is sort of thinking of each actor and how, in fact, they're thinking about transition. I mean, they're absolutely all over that. Now, from a sales perspective, I mean, it's slanted a bit more to the mature base because that's obviously been in place longer, but they have a significant presence on the green hydrogen producing side on those porous transport layers that I talked about. Really, really exciting, very cutting edge, very different kind of technology. So the hydrocarbon piece is a little bit more typical filtration. It presents itself in more complex solutions. You come over on the more nascent piece, and it's actually a relatively simple solution that's very elegant in terms of how it's bringing technology into the mix. And so, look, as you project forward, and this is one of the best things I like about, frankly, our businesses in this one, is because we're kind of there at this level of ultimately delivering value in terms of a component form, that you've got tunability. So even within the spectrum of what we're calling energy transition, their ability to kind of put the accelerator down on one or either of those boundaries, depending on how this is playing out, they've got great coverage to do that. And again, it's not a large monolithic company. A company like us with 80/20 would show them how to do that even faster and make it really resonate in the business. So this is a suite of solutions covering a broad spectrum of the industry, but every single one of them, the question being asked is, where is it likely to go? How is it likely to evolve? And how can we help them get there? Okay. That's helpful. I I appreciate that. And then I guess just maybe stepping back from Mott, I believe, if I'm not mistaken, I believe this is IDEX's largest acquisition to date. You mentioned leverage going up to about 1.8 at close. So can you just talk about how you're thinking about the potential for incremental M&A in the coming year? And then also what's the decision factors around you mentioned potential to issue incremental debt? Yeah, Vlad, this is Abhi. I can take that question. So the leverage ratio you're referring to is net leverage ratio going from currently we're at 0.7 to about 1.8 as we close this deal. If you think about our gross leverage, we're going from 1.5 turns to 2.2. That said, look, we have a strong balance sheet. We expect to generate strong cash flow given our history, and we'll continue to pay down debt. I think as you think about the future, the one thing I'd mention is, of course, with this acquisition, it's going to require a significant amount of management bandwidth in the short term as we go out and deliver on the value creation that Eric and I are talking about here. So that's going to be the near-term focus. That said, our M&A team, our corp dev team is continuously working the funnel and building relationships and cultivating relationships that fit the strategic pillars of where we want to grow. So that's how we're thinking about it. We do have more room in terms of our leverage ratio, but that said, in the short term, our focus is going to be to go drive the value creation that we're talking about. Great. Thanks, Abhi. I'll get back to you. Yep. Thanks, Vlad. Thank you. Our next question is from Andrew Buscaglia with BNP Paribas. Please proceed with your question. Hey, good morning, guys. All right. I just wanted to check on sort of the competitive landscape for these markets. These are some of these I'm not quite familiar with. But are you competing with other small private companies? Are you competing with portions of larger, maybe publicly traded companies? I mean, it's very typical of what you would see across IDEX. Once you get down to the specific solution set, the names become less and less familiar and more specialized around kind of the work that's being done here. So not dramatically different from what you'd see in a very typical IDEX competitive set. Okay. And then just in terms of the route to market, I imagine similar to IDEX is that you guys are selling direct, very customized solutions, or is the business leverage a distribution channel? I mean, there's some distribution in it, but it's very similar to what we would see in HST. That is more of a direct business-to-business relationship, lots more iterative back and forth in terms of technology and the iterations that happen there, and sort of minimal distributor coverage around the edges, almost identical to most of our HST franchises. Okay. That's helpful. Thank you. Thanks. Thank you. Our next question is from Nathan Jones with Stifel. Please proceed with your question. Good morning, everyone. Hey, Nathan. Morning, Nathan. Good morning. Understanding this is not a typical filtration business. A lot of filtration businesses tend to have a lot of recurring revenue, consumable revenue. Can you talk about how Mott skews that way, kind of what the life cycle of these products are, and if you get a life-to-life replacement stream? We'll flesh that out a little bit more as we go, but you're absolutely right. There is a little higher consumable stream here than you would see with a lot of our typical components that we have just because of the nature of the way the work is going. And at some point, you've got to upgrade back to new. So that's going to vary depending on the solution. A component level will be a little different than you might see on a full system solution. But I think you're right to assume that there is that consumable stream. It's not too dissimilar from what you'd see in a lot of filtration businesses. I have a bit more of a philosophical question on the way you manage some of these businesses. IDEX has always been a very decentralized business structure, but you are putting together a bunch of businesses here that are complementary, and you're calling out the ability to leverage some of these things. At what point does it make sense to manage these a bit more centrally or to combine some of the management of the businesses to really facilitate more of that collaboration and innovation? Yeah. So we're absolutely pressing on that point, but I would tell you that we start with the sense, and this is why I made the comment, that we largely enjoy our decentralized structure, and each one of these franchises kind of wakes up in the morning and thinks of their situation that way. In terms of the collaboration that we do work across boundaries, that's where I think initially you want to treat that as the abstraction. You want to make that formal. You actually want to use 80/20 as a lever. And so the segmentation and the identification of resources and who has that job separate and distinct from others is super important because otherwise what we want to be careful of is that you sort of over-assume that integration means everything, and you find things suddenly decisions get slowed down, and people just are not acting as entrepreneurially as they used to before. So think of it as an evolution over time. And again, the reason I reference our life science business is that evolution played out in exactly the same way. I think here it would play out a little quicker because we're at a different level of scale and expertise in our own business. But for me, the ultimate call is it's in the hands of the customer and the markets. They called it for us in life science. They may call it in a few places here when we reach a certain level of criticality and interdependence, but we want that to happen naturally over time. And we want to be very, very formal and careful when we ask people to kind of stray out of lines because, as you know, complexity is something that it's a natural enemy for our company. We want things to be simple, well-understood. People understand what they're doing and understand the mission set. So when Abhi spoke a little bit about the work that we're excited to do and some of the bandwidth that we're going to consume as we do it, you can think of that as we're actively writing the source code around how this is being done for businesses like this now that we've assembled it. Really, really exciting stuff. We'll come back on this point each time we're talking, and we'll continue to show you how this is starting to move forward for IDEX because it is absolutely a lever to put some power into the system. Great. Thanks for taking my questions. Thanks, Nathan. Thank you. Our next question is from Joe Giordano with TD Cowen. Please proceed with your question. Hey, good morning, guys. Hi, Joe. Just want to clarify. You talked about you see it as a high single-digit grower over the long term. Is that consistent with historical growth rates, or does that anticipate some sort of kind of step change or kind of acceleration here? Joe, it is consistent with historical growth rates. Okay. And then is there any customer concentration here? And just curious as where the relationship and where the decision is made. For something, for example, like on a green energy or new energy solution, is it the components? Are you selling into a subsystem supplier? Are they making the decision? Or is it ultimately the final energy company that's deciding whether it's your component or a competitor's? Just maybe you could talk us through those relationships and if there's any real large ones. Sure. Kind of two aspects there. I mean, you can kind of see on the breakdown of end markets here. I mean, they've got a wide variety here across the spectrum. And so the customer concentration aspect is pretty low. That's actually reinforced as well by, again, pretty typical to IDEX. We're often selling to somebody who sells to somebody who sells to the final solution provider. It's kind of a sea of often not well-known names. I mean, there are exceptions. There's exceptions at IDEX too today. But as a general rule, very, very similar to what we would see in typical IDEX with a little bit more direct relationship, a little bit more identifiable customer sets because of the direct nature of the way we do business. Some of these spaces, just because they're in earlier days, they tend to have over time fewer participants with some folks that are out leading the way there that are, again, more on the radar than you would see in classic FMT. Thank you. Thank you. There are no further questions at this time. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.