inTEST Corporation is a leading global supplier of precision-engineered solutions for use in manufacturing processes and electronic and environmental testing in targeted global markets. Headquartered in Mount Laurel, New Jersey, we have manufacturing locations in the U.S., Canada, and the Netherlands, as well as sales and service operations in North America, Europe, and Asia. At inTEST, our vision is to be the supplier of choice of innovative test and process solutions around the globe. With our new management team in place, a robust strategic plan, and recent acquisitions, we are transforming the company into an accelerated growth, high-margin business that'll create long-term shareholder value. For decades, inTEST has been delivering highly engineered, innovative solutions and superior support for customers worldwide. By offering customers differentiated thermal, mechanical, imaging, and electronic solutions that others cannot, we have established leading positions in our key target markets and a proven track record for delivering strong financial results. inTEST competes in markets with strong secular drivers globally. Our unique technologies solve customers' most challenging problems in front and back-end semiconductor manufacturing, automotive, defense and aerospace, industrial, life sciences, and security. We have a broad and deep suite of products that include automated test equipment, physical management of semiconductors for testing applications, induction heating solutions, precision temperature control systems, medical cold chain technologies, as well as digital streaming and image capturing solutions. inTEST provides its offerings to blue-chip customers around the world in our targeted markets. We have strong, well-established relationships with our customers that look to us to innovate for them to enable their success. We believe that our financial strengths, combined with new leadership and five-point strategy, positions us well to deliver shareholder value by more than doubling revenues over the next five years while maintaining strong margins and cash flow. Good morning, and welcome to inTEST Corporation's first Investor and Analyst Day. We're happy to have both the folks in the room here with us, as well as those of you that are listening via the webcast. I'm Deborah Pawlowski, Investor Relations for inTEST. Let me start by talking to you about the safe harbor statement. As you are aware, we may make some forward-looking statements during this presentation as well as during the Q&A. These statements are covered by the Private Securities Litigation Reform Act of 1995. Yeah. I'm not touching anything, and the slides are flipping. They're flipping here, not both. I'm not even touching it. I know. I wanna get to there, and then that should do it, right? Sorry about that. You should be aware that we may make some forward-looking statements during the presentation as well as during the Q&A session. These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated here today. These risks and uncertainties and other factors are provided here as well as with other documents filed with Securities and Exchange Commission. This presentation can be found on our website or at sec.gov. We will also discuss some non-GAAP financial measures. In the end. Yeah. Sorry about the technical difficulties. There we go. Again, I apologize for the technical difficulties. We will also discuss some non-GAAP financial measures during our presentation today, if we can get it going. We believe these will be useful in evaluating our performance, and you should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliation of our non-GAAP measures with comparable GAAP measures in the slides that are hosted here on our website. I'll pause for a moment, and you can read this now. We have a very full day here for us. We've got the executive management team each presenting their results, successes for year one of our five-point strategy. We will hold our questions until the end of the presentation, but we've allowed ample time for lots of questions at the end. I should mention that if you're listening via the webcast, you can submit questions at any time during the presentation, and we'll get to those at the end as well. Here's the leadership team that are all here present in the room today. Most of you are familiar with Nick Grant, our President CEO, and Duncan Gilmour, our Chief Financial Officer. Also joining us are Rich Rogoff, who joined us just last year, yes, it was just last year, as our Vice President of Corporate Development. Megan Blount, who is with us here today, has been with the company all of five weeks now. She's our Vice President of Human Resources. We have our three division heads. We did announce this morning via press release that we have restructured the organization into three divisions. You'll learn more about that during the presentations. These are Scott Nolen, who is the President of Process Technologies, Joe McManus, who is the Division President of Electronic Test, and Gregory Martel, who is the Vice President GM of Environmental Technologies. We welcome you again here today, and now maybe we can get started without any problems. Let me turn it over to Nick. All right. Good morning, everyone, and thanks, Deb. Really appreciate your participation today. We're excited to share with you the journey that we embarked on here at inTEST. A little bit about my background. I joined the company eighteen months ago as the CEO and actually the first externally hired CEO into this business. With the intention of coming in and driving change into this organization. I've had a successful career leading multiple businesses, divisions, world areas for a number of large industrial conglomerates, including ABB, AMETEK, and Emerson throughout my career, and really excited to take what I've learned over the past 20-some-odd years in leadership roles there and apply it to inTEST. I'm even more excited to share with you the journey we're on here, and we've really made some great progress in year one, but we've got a long way to go. One of the first things I did, working with the management team here, was we got together and we said, "We need to find the purpose for inTEST. What, you know, what are we striving to become?" Collectively and rather quickly, we settled in on the innovative test and process solutions technology company and striving to become the supplier of choice out there, meaning that you're one of the market leaders and they're the ones they think of when they need your products and solutions. That's our goal, that's our objective. We said, how are we gonna get there? It's really about leveraging our expertise, our know-how, our industry knowledge. You're gonna hear a lot about that across our businesses. We've got hundreds of years of engineering know-how across our businesses. It's about applying that in a way that allows us to differentiate, to innovate, and solve these solutions, but not only on a small scale, but across a wide variety of the market. That's where we're going. Over the past 18 months, we made some tremendous progress. If anyone's been following inTEST for quite some time, I really believe things are changed. It's not the company you've come to know. We have a robust five-point strategy in place, which you're gonna hear a whole lot about today, as well as the company is diversified, serving the globe as well as a number of industries, targeted growth industries out there. We've got consistent communication, wide open communication up and down, open door policies now, and really everyone is aligned on what we're trying to achieve, so we've got an energized workforce. You know, we're shifting from this more conservative, sleepy, risk-averse type company to one more results-driven, aggressive entrepreneurial out there, and really pleased with the progress we made this past year. I was also coming into the company very happy to know that we aren't starting from scratch. You know, I looked at this and really assessed, you know, where I was gonna be coming in and trying to drive this transformation from. Really excited about the technologies we have. All three businesses, their approach is really highly engineered, customer-driven solutions and which they've built decades-long relationships with blue-chip customers that we can build off of. As I mentioned, we're diversified. The prior management team really has moved, I would say, over the past couple decades to try to diversify this business outside of just semi. We are serving a wide variety of industries today. We are a global company. We had about half of our sales go into Asia last year, about a third into the Americas, and the balance into Europe, Middle East, Africa. Really a great foundation or platform to really build our forward vision. That's all about creating long-term value for our shareholders and our employees. How do we do that? This is our recipe here. It again starts with that foundation I just described. We build off of that. We make sure we've got the right leadership in place. I've made some really good progress this past year, upgrading talent, bringing in some individuals that can execute our strategies, as well as getting the right individuals in the company in the right roles that they belong in, to help us deliver where we wanna go. We launched our five-point strategy, which I've been talking about on the earnings call since the beginning of last year, these earnings calls, and giving you a little more insight, but we're gonna go a lot deeper into it today. We've got a new focus on acquisitions. It was something the company used to do every four or five years. We're taking a very aggressive approach to filling our portfolio gaps, adding new technologies, and expanding into new markets. We've got the strong balance sheet to do that. I'm excited to announce, as Deb alluded to, we're reorganizing the company to really better position us for the growth ahead. I'm gonna talk more about that in just a minute. As we all know, it always comes down to people, and if you don't have the right people, an energized team, an aligned team, that is committed to where you wanna go, you won't get there. I gotta say, over this past eighteen months, I'm really pleased with the organization, the cultural change I've seen, and the support from the bottom up to the top across the organization. I think that really started to show in our results this past year. The commitment's there. If you look at nearly every measure or nearly all measures out there that 2021 indicates we're definitely moving in the right direction. We've got a long ways to go, but our recipe is working. We've made some good market share gains, some innovation, which you're gonna hear quite a bit about from our division leaders today about their activities in their businesses. We're also diversifying and getting into new markets to expand our served markets out there. We did have some overall tailwinds which allowed us to accelerate some of our activities into the first year. Really happy, and at the end of the year, we added three companies, and in the fourth quarter that now positions us well heading into 2022 and beyond. This new organization structure. As you guys have known, inTEST has reported into two segments, Thermal and EMS, for quite some time. You know, with the acquisitions we completed last year, with the direction we're going, the Thermal and EMS trying to manage the business in those two segments is not what we wanna do. It's not appropriate, and it's not gonna deliver the results. We're moving to a new organization structure with around three technology divisions. First being the Electronic Test Division, which is headed by Joe McManus, who's gonna speak shortly. This is where we'll house our semiconductor test equipment, our EMS products, as well as our new flying probe technology and in-circuit tester from Acculogic that we acquired. The second is the Environmental Technologies Division, which is headed by Greg Martel. This is where our thermal test and storage solutions will reside today, which includes the Z-Sciences acquisition that we folded into our iTS business last year. Last but not least is our Process Technologies division, which it will house our induction heating solutions as well as video imaging, video capture solutions we picked up with our Videology. Heading that will be Scott Nolen. You'll hear from all three of these guys today, but, you know, really believe technology-aligned divisions are where we wanna go. You know, there's a lot of benefits for doing that. I'm a strong believer that, having focus drives accountability and results. We have leaders now overseeing these businesses, you know, that can leverage their resources, can drive common processes, leverage systems, and really deliver the overall results we're trying to gain. More importantly, they can bundle solutions that'll give us broader solutions for customers there. They sort of bundle technologies like process induction heating and imaging, flying probes and interface testing. You know, we've got that now sharing of technology, promoting collaborations across these divisions, and really believe this is the right platform for us to go forward. If you look at it, we really do based on the revenues this past year have about a three-legged stool that we're building from here. It's you know, almost a third with these three divisions, and we'll look to scale them appropriately over time. One area that we made a lot of progress this past year was expanding our served markets, not only going about it organically by innovating new products to penetrate adjacent spaces, but also going after the new markets and getting a position in these markets with our acquisitions and new technologies. When I started with the company, our served market was roughly $600 million and, you know, we've over time positioned ourselves as the market leaders in these segments. However, you know, now with these acquisitions, with our new technology and expansions there, we're serving over $2 billion served market that we can grow in, which provides ample opportunity for each division to really accelerate growth out there. I'm so excited about our new playground. Not only the size of it, but the makeup of it. We are serving diverse markets, some great industries, and you know, a lot of people have come to think of inTEST as a semiconductor company, and that's where the heritage was, that's where it started. When I joined in 2020, it was about 50-50 semi and non-semi markets. Going forward, you know, because of our growth, our investments to diversify the company, you know, semi will remain a main focus area for us, and we'll continue to invest in semi. It's just that our other markets are anticipated to grow faster than semi. We believe, you know, being in the right application segments like electric vehicles, battery testing, in cannabis, in medical life sciences, medical cold chain technologies, you know, all that's gonna drive faster growth in our non-semi segments. How do we get to where we wanna go? It's really about having that roadmap, the execution plan, and that's our five-point strategy. This, you know, this strategy is all about the customer. It's about how do we better serve the customer? That's by driving more innovative and differentiated solutions that solves their challenges. It's about expanding our global presence to be present with the customer, be able to be on site to help them along the way. It's about having the right service and support out there aftermarket, which you know to make sure that we can drive repeat business with these customers and their complete customer satisfaction. Ultimately, though, it comes down to the talent and the culture. Do we have the right people in the right roles? Is the organization's culture one that the good people that come in wanna stay? That's something that we'll dive into a little bit more, but it's an area I've been focusing on. Last but not least is about strategic acquisitions and partnerships, and not only driving the organic piece through these other activities, and that it's about building out our portfolios, about entering new markets and partnering with companies that expand our solutions. Really pleased with the progress we made this past year on all of these strategies, and we're gonna dive into each one a little bit deeper. Starting with global and market expansion. This, as I indicated, is about serving the globe better. While we're a global company with half of our revenues in Asia, almost half in Asia, and about a quarter in Europe, we could do it much better. We've got gaps. We've got you know, logistic challenges in that. We've got to look at how do we position ourselves in our end markets appropriately? How do we ensure we've got the right coverage from a sales front-end perspective in the markets to capture the growth we wanna go? It's all about making these direct investments in the upfront front-end sales resources. It's about developing channel partners. It's executing global supply agreements with our key accounts. It's about making inTEST more known as their first thought out there, improving our branding in that. We've made some really good progress this first year on this particular part of our strategy. A number of key investments you'll hear from the division leaders relative to some key investments they made on the front end. They've expanded their channel partners across the globe where they had gaps. We're entering new markets with technology. You'll hear some more about that. All three have really driven OEM programs, as an area that not only our direct sales guys will be out there driving in that, but once we get embedded with these OEM and system integrators, we're able to leverage their sales force to pull our solutions along in theirs. Really strong progress this past year that'll pay off for years to come. As I mentioned, it's about improving our footprint out there, so we're closer to customers, which we did, and you'll hear more about from the division leaders. Next, innovation and differentiation. This one's near and dear to me, being a physicist by undergraduate here and, you know, really again, focusing on the customer, but it's about driving the you know, that solution that others can't out there and, you know, leveraging our industry know-how. So really pleased with the progress we're making in this area, areas we've invested in more engineering resources across the organization. We've launched a number of new products that really do address market needs. That's the opportunity here is you know these inTEST approach in the past highly valued customer solutions is again making it more applicable within the market. This is you know an area that we're putting a lot of focus on developing roadmaps that are market-driven and again more to come on that. You know again great progress in year one. Our EKOHEAT Compact EKOHEAT and workhead solutions we launched last year really did address one of the top pain points for customers out there. The team did a great job identifying you know what do customers really need and they wanted more floor space availability. Instead of having large equipment sitting out there they needed the smaller footprints. These new workheads are, you know, half the size, or less in some cases than our prior products. Great job by the induction heating team there. Our environmental tech solutions around the cannabis chillers. We've now got a platform of five different offerings for this market. Really gives us a stronger position, allows us to drive more standardization and rather than just picking off, you know, one customer at a time there. Our next gen EcoStream is really something you'll hear about that fills a gap in our portfolio, but also a market need out there. Thinking about our Electronic Test, the work we're driving to try to lead automation on the test floor with the manipulators, the automated manipulators that we've launched, as well as entering new markets with our high-powered interface solutions, which we call Lightning out there. Great work. You're gonna hear more about them, but excellent progress in year one on this part of our strategy. Next, service and support. I talked about this. It's about getting better coverage. It's about being with the customer through the life cycle. It's about helping them to keep their plants up and running, and good progress on this front. Although I would admit that COVID did have us kind of a slow start, if you will. We couldn't get out and do some of the on-site initiatives on the service side of things that we wanted to do, so focused more on developing these remote solutions and capabilities, which again will continue to build upon going forward. You'll hear about some master service agreements that we're driving with key accounts that have a large install base, and then, you know, embedding engineers on-site to better support them and keep them up and running. Just about expanding our service offerings that we have out there, which we really did a nice gain here with the acquisition of Acculogic last year, as a portion of their revenue is driven by test programming services that they offer to customers to help them develop their test programs, their solutions, and customized testing, if you will, and we provide that as a service out there. Really, like about 20% of their business when we acquired them. Excited where service is heading, although, as I said, not quite as much progress as I would like on this one due to the COVID pandemic. One that I've spent a lot of time this past year or since joining the company is really about getting that right culture and ensuring we have the right talent, the right people in the right seats on the bus. What we wanted to make it clear is change starts at the top, and we gotta drive it, and we have to have the right people driving it. We have to move from this sleepy conservative company to more of an results-driven, you know, holding people accountable, which we've been driving across that. One area that we've put a lot of emphasis on this past year was diversity. I'm really pleased with the progress we did this past year, and I'll touch on that in just a minute. You know, making sure we've got aligned incentives. This is where we wanna go, and make sure people are rewarded out there. We did a lot this past year. This is just some of them. You know, I implemented, actually in Q4 when I started, the first company-wide town hall meeting across all of inTEST, which hadn't been done in the past. We rolled out our strategy. We communicated that in our first town hall, first quarter town hall, and then each town hall we're updating our progress. Everyone knows where we're going, everyone's clear about this. We also did our first-ever employee engagement survey out there, where we got a little deeper insight. Are they truly committed to where we're going? You know, are they satisfied with the direction? Really pleased about the participation and the feedback we got out of that. We put a new performance management system in. This is about driving that accountability, driving rewards for meeting goals and objectives. On the diversity hiring, I mentioned we did good progress. Two-thirds of our hires that we did across the entire company last year were diverse candidates. Great progress there. Then thanks to our shareholders, we implemented an employee stock purchase plan. Everyone can benefit as the company drives success out there. Really pleased to have that in place. The last one I'll touch on is really the addition of senior talent, strong senior talent additions into the company. As you guys know, there's a number of new leaders into the business. I'm pleased to have Duncan join us mid last year. Joe McManus, who's heading up our Electronic Test, came at the beginning of last year. Rich Rogoff joined at the end of last year as our M&A leader and corporate development leader. Just most recently, Megan Blount has joined the company to head up our corporate development, our corporate HR activities. Excited about the new team in place, and really believe we've got some of the best talent out there and are ready, poised to execute going forward. Last but not least is the strategic acquisition and partnerships. This is something I have a passion for throughout my career, have been driving it at Emerson and AMETEK. Didn't get the opportunity at ABB to do much on the acquisition front, but, having done over a dozen deals, you know, the importance of adding technologies, penetrating new markets, you know, building out your portfolios is just crucial. Something the company did, I'd say, opportunistically in the past and has a very different approach going forward. As you can see, we were quite successful in our year one with the 3 deals we completed in the fourth quarter. You might ask, why in the fourth quarter? You know, we started working these opportunities well early in the year, even some at the start of 2020, at the end of 2020. You know, it just takes time. You gotta have a willing seller, you gotta have the right price. You know, I'm really pleased about all three of these deals that we got done, and like, really pleased with the valuations we got them at. The first one we completed was the Z-Sciences Corporation, which it was really about penetrating new markets but allowing us to leverage our ultra-cold technology, temperature technology, ultra-low temperature tech, minus 80 degrees C that we were doing on the test side, but we weren't playing over on the storage side. They opened that up for us and with that we were able to bring in some talent into the company that positions us well. Videology. That was about expanding our process technology solutions and opening up, you know, image capture, which is again an application that's growing so rapidly out there. I mean, everything is getting, you know, some camera, some image on it and that. But, you know, it also aligns with our existing portfolio, you know. What you'll hear from Joe about our Acculogic team with their systems that they use, their flying probes. They have cameras that they're trying to embed now with these Videology solutions. Great opportunity to drive more collaboration out there, but really opened up a billion-dollar served market opportunity, more than a billion. It's, you know, a large space that we can go after and we intend to go after. Then Acculogic was the one we completed at the end of the year, on the twenty-first of December. This was all about expanding our electronic test capabilities and moving beyond semi solutions and now into integrated circuits that are serving a wide variety of industries. You're gonna see more about that in just a minute with Joe's section here. Before I turn it over to Joe, let me just kind of summarize here where we are. We've got a strong foundation that we're building from. You know, we got highly valued solutions, a strong blue chip base of customers. The business is absolutely not broken. It generates strong margins and cash flow on that. With the transformational pillars we've put in place, the new leadership team, our five-point strategy, our recent acquisitions, you know, this new organization structure that really around technology divisions that drives our focus and growth going forward. We believe we can take this business to between $200 million and $250 million by 2025. That's our objective. We've got a clear plan behind that that we're executing on. As we drive this top-line growth, which you'll learn more about in Duncan's section here, our expectation is to maintain strong margins and cash flows throughout. Excited about the journey we're on. With that, I'll play a short video, and then we'll kind of giving you more perspective of our three divisions. Then Joe's gonna get up, followed by Greg, and then Scott on each of the divisions. Thank you. inTEST Corporation's history as a leader in test and process technologies is the result of a long track record of delivering innovative technology solutions to its global customers in the automotive, defense and aerospace, industrial, life sciences, front and back-end semiconductor manufacturing, and security industries. Backed by decades of engineering expertise and a culture of operational excellence, we solve difficult thermal, mechanical, and electronic challenges that others cannot. To provide focus, accelerate top-line revenue growth, and improve operational efficiencies, we recently reorganized our businesses to align with our capabilities in three areas: electronic test technologies, process technologies, and environmental technologies. Electronic test technologies products provide flying probe automated test equipment or ATE, as well as manipulators, docking stations, and test interfaces to enable automated test cells. Our solutions are used in the development, qualifying, and final testing of integrated circuits and wafers, battery testing for electric vehicles, as well as for circuit and functional testing. Our newest technologies that offer fully automated test solutions with differentiated flying probe technologies are among the most flexible available. Our expertise is in the combination of mechanical and electrical systems to enable high quality, reliable, and highly repeatable test operations. Our process technologies division enables speed, quality, consistency, and reliability in manufacturing processes. Current technologies include green energy-focused induction heating processes, as well as interface and data management with image processing technologies. Our depth of application knowledge and manufacturing expertise provide us the know-how to help our customers solve their most complex manufacturing problems. We can help improve production efficiencies, provide higher quality output, and reduce manufacturing costs. Environmental Technologies solves demanding thermal challenges with innovative engineering for thermal test, process cooling, biomedical cold storage, and transportation. We deliver temperature control systems that span medical refrigeration, cryogenics, conduction, and convection cooling, as well as liquid and gas cooling from -185 degrees to over 500 degrees Celsius. What differentiates us is our ability to accurately control the temperature or rate of change to ensure integrity, quality, and high reliability of our customers' products. We believe our focus on environmental, process, and electronic test technologies, combined with inTEST's five-point strategic plan, position us well to achieve our vision to be the supplier of choice for innovative test and process technology solutions around the world. Good morning. Thank you, Nick. Thank you all for being here to learn more about inTEST. I am Joe McManus, the President of inTEST Electronic Test Division. I joined the company just about 13 months ago after spending four years at CECO Environmental, leading their sales and marketing for their fluid handling division. Before that, I spent 20 years at a company called Akrion Systems that made capital equipment for the semiconductor industry. I'm really excited to be part of inTEST and working with so many of the customers that I got to work with throughout my career. I was fortunate to join inTEST soon after the launch of the strategic plan and to be involved with making the investments needed to get our growth into high gear. We had an incredible first year. I inherited an amazing team. We executed well on the five-point plan, and we delivered a year of amazing growth. At the end of 2021, we acquired the Acculogic business, which had a great group of people with a DNA that was similar to that of the EMS business. I'm honored to be leading a fantastic team whose knowledge and passion for the business has me very excited about what we can accomplish together. Electronic test was the largest division within inTEST last year, with 38% of the company's sales. 80% of our sales went to Asia. We have manufacturing in New Jersey, outside of Toronto in Canada, and in Germany. We have over 90 employees, approximately 30 of which are engineers. The number one reason customers work with us is our engineers. They are a huge part of the DNA that I mentioned earlier. Our engineers are known for being the ones you wanna work with to help you solve your toughest electronic test challenges. We have close ties to our customers through our sales, service, and application engineers, both direct and through our channel partners. Our strong responsiveness, knowledge, applications, and understanding of customers' challenges are critical, not only for ensuring that our customers are successful today, but that we are the ones they wanna work with and partner to meet their future needs. Historically, the division was 100% back-end semi. Since joining, we've grown that part of the business, but we've really broadened our reach beyond that with the Acculogic acquisition. We now have exposure to a large variety of diverse markets, including the rapidly growing EV battery market. This diversification of our revenue stream can be seen in 2022 we expect 30% of our business to come from new markets, and by 2025 it's gonna be 40%. During this period, we expect all markets to grow, but we expect outsized growth in the EV battery and the industrial markets. As I touched on earlier, our engineers are what sets us apart. We have the expertise that is unmatched amongst our competitors. Engineers at our customers seek out our engineers to work with on their most challenging issues. In many cases, they've been working together for decades. An engineer at one of our major European customers reached out to our director of engineering about a year and a half ago as they were putting in a new tester for RF and automotive products. They'd worked together many times in the past, and they were having issues. After a development process and a successful implementation at this customer, we approached two more customers. We were successful with them, and then we approached the OEM that was supplying the tester. Now our interface is the interface that the OEM goes to market with. That's how our engineers working with our customers get us to grow our market. The core of the business has historically been semiconductor tests. Our semiconductor solutions are enabling testers from companies such as Teradyne and National Instruments to work with probers from companies like TEL and Accretech, probe cards from FormFactor and Technoprobe, and handlers from Advantest and Cohu. We do this with manipulators that move the tester into place. In 2020, we launched the industry's first fully automated manipulator. This automation is helping to improve the safety and the efficiency of the test floor. Our sales with this product are growing year over year. We provide docking solutions that create the precise and repeatable mechanical connections between the tester and the peripheral equipment and the electrical interface between the tester and the device under test. Why is this important? Well, if you look at a device that's probably in your pocket or your hand or right in front of you, your phone, you're gonna see that there's dozens of different chips in there. They're made by different manufacturers with different processes. They have to be tested right to make sure it works when you pick up your phone. We've also been hearing a lot in the market about the revolutionary changes in power management. This is an area that we're very focused on with our interface products. For power management, for high power, high current applications like batteries. In this market, we are integrating our solutions with a major tester OEM, so that every time they sell one of their testers for this application, the customer will be purchasing an electronic test interface designed for high voltage connections. With the Acculogic acquisition, we acquired the SCORPION Flying Probe System, which is focused on the printed circuit board market. The SCORPION system, its flexibility is what sets it apart from the competition. The number of probes on the top and the bottom of the board, along with the variable angles that it moves at, provides it the best board coverage in the industry. Additionally, our systems do board programming and use a vision system for LED validation. These capabilities make the system great for both product development and high volume production. Systems can be integrated with factory automation systems like conveyors. We're also a leader in the adoption of the latest IPC communication, factory communication, and control standards. We're partnering with a Fortune 100 company in the defense industry in that effort. We expect this leadership position and the capability that comes with it to open up additional customers to us. Flying probe systems are used in the semiconductor industry to test load boards. Acculogic has had success with a limited number of customers in this market. Last month, we held a training session for our EMS sales team so that they can now work to identify opportunities for the SCORPION system within their customers' test facilities. It's this kind of synergy that's really helping to get the Acculogic business growing. We've been mentioning the EV battery market. Our Stingray automated battery tester has been used by technology leaders in the market since 2015. Our patented multi-point testing system provides the high throughput needed in the world's gigafactories. We're partnering with leading customers to expand beyond just interconnect verification. In one of the roadmap projects we're currently working on, we're working with the Videology team to integrate some of their camera solutions into our automated testing platform. Our success in this market has been limited by Acculogic's reach and their commitment. Most opportunities were kind of found by word of mouth, where engineers who left one company, went to another, they had liked working with our product, liked working with our engineers, and then they, you know, would reach out. We've left a lot on the table with that. inTEST has the reputation, the engineering, and the resources needed to really unlock the potential for this market with our solution. We've accomplished a lot in our first year. One of the most critical was the creation of a market-driven roadmap. We're expanding on the progress we've made in automating the test floor, which increases both throughput and reduces the cost of tests to our customers. With this investment, we are planning on growing new product sales by 20% per year. We also started a strategic account management program to make sure that we're maximizing our business with the market leaders and OEMs. With the Acculogic acquisition, we've diversified into multiple attractive markets, including the EV battery market. Electronic Test was also able to get an important source of recurring revenue with aftermarket and service that really was missing from our business. We've begun implementing the best practices from the EMS business, like a market-driven roadmap and strategic account management just in the first few months since the Acculogic acquisition. Expanding our addressable markets. As Nick talked about, that's a big focus for the company. We made great progress in our traditional market last year, increasing it by about 25%. We did this with new products and working with OEMs to increase what was available for us. It's kind of tricky with OEMs because sometimes they provide some of the things that we do, but if they're exclusively providing their own manipulators or docking solutions, we don't necessarily count that as part of our available market. However, if we get them to start providing it, then we say, "Okay, we've got more market available to us." There are cases where now they're using, you know, utilizing our equipment directly with theirs. A tester manufacturer that does very well in the RF market included over 60 of our interfaces with testers they sold last year. This has gotten us into a top five semi customer that we had no install base with. I was talking to a tester manufacturer at SEMICON in December who had just seen our intelligent test cell, which is our fully automated LS manipulator, along with our intelliDock at a customer. He asked, "How do we work together as our products really complement each other?" My first question to him was, "Why are you asking me this? You have your own manipulators." His response was, "We don't make manipulators like that. You know, yours are much better, much more sophisticated, much more robust." We're now working with them, trying to plan how we're going to approach customers together. As we've discussed through this presentation, the acquisition of the Acculogic flying probe system has opened up significant new market to us as well. We view it as approximately an additional $200 million in served market between the printed circuit board and the battery testing. I hope this has helped you understand what inTEST Electronic Test is and why we're so excited about the business. It starts with the great team and the solutions that our customers value so much. We accomplished a lot in our first year, tripling our served market, diversifying into new markets, like electric vehicle testing for electric vehicles and batteries, printed circuit boards, progressing on our goals to help customers lower the cost of tests with automation. Finally, expanding on what has made us successful, and that is partnering with market leaders to help solve their most challenging issues. Thank you for your time, and I'd like to introduce Greg Martel to talk about our Environmental Technologies division. There you go. Thanks, Joe. Yep. Good morning, everybody. I guess I'll say again thank you all for joining us today. My name's Greg Martel, and I'm the Vice President and General Manager of the Environmental Technologies division. I've actually been with inTEST for about 19 years now. I've served a variety of customer-facing and internal roles during that time, from sales to service and applications, some time in operations and also in business development. One of the things I'm really excited about is when Nick joined the organization. He really saw a lot of potential that I've kind of felt was always residing within inTEST, and I'm really energized to be, you know, part of the strategic vision, helping to craft that and to be taking actions to execute on the plan. Let me tell you a little bit about the Environmental Technologies division. For those of you that have been following inTEST for a long time, we are essentially what was inTEST Thermal Solutions with the acquisition of Z-Sciences last year rolled into it. We're roughly a third of the total inTEST business last year. Our manufacturing is done in Mansfield, Massachusetts, and we have sales and service offices just outside of Berlin, Germany, and also in Singapore. Our sales are relatively diversified. The Americas did make up our largest portion last year at about 45%. Really the backbone of our division is the strong multidisciplinary engineering team that we have. We do our own thermal designs, but we also do our own board layouts, we do our own firmware design, and that really allows us to maintain a lot of positive control of the products that we offer or the solutions that we offer. In addition, it gives us some ability to create differentiated controls that really add value for our customer base. As far as going to market, we are a combination of direct sales and application support with also a wide variety of channel partners throughout the globe. Everything that we do, we give a nod towards the environmental responsibility that is intrinsic to working with refrigeration technologies. We use natural refrigerants where it makes sense to do so that have a very low environmental impact. When we're not able to do that, we try to choose environmentally friendly synthetic refrigerants. Wherever physics allows us to do it, we try to maintain our refrigerant content below the European F-gas regulations. Not only does that create environmental benefit, but it also creates benefit to our customer base because they're able to avoid costly and time delays associated with the third-party certifications that are required for those that don't fall within those guidelines. We deliver some of the lowest current draw products in the market, and we do that with a variety of technologies, including some bypass technologies. We try to minimize the current draw on the components that we use wherever possible, and we also offer an array of cryogenic products as well. Those products avoid refrigeration circuits completely by using liquid nitrogen for heat transfer. Not only does that have no impact from the refrigeration basis, but it also again minimize the electricity requirement by avoiding high current draw components like mechanical refrigeration compressors. We are compliant with some of the European guidelines like RoHS and REACH, which essentially govern electronic hazards as well as chemicals. We are a fairly diversified business. Our core and our history is in semi, as many people have known already and as Nick has alluded to. Even back in 2020, we're a fairly diversified group. We intend to continue to grow across all segments, and I'll be taking actions to do that as we move towards 2025. We're gonna put a particular focus on the growth opportunities afforded to us in the life science markets, both with the freezers and the refrigerator technology that comes along with the Z-Sciences acquisition, but also with the ever-expanding opportunities that the cannabis market provides us. As this diversification continues, we expect semi to become roughly a third of our business by 2025, with life science, as I said, being the fastest growth potential, and we expect that to consume about 30% of our business in that time frame. I'd like to talk to you about a couple of the key markets that we serve now. The first and the backbone, again, being the semiconductor market. We are a market leader in the backend semi lab space. Our products are there to drive R&D, to drive life cycle testing, to drive failure analysis. They work in a variety of standards, including the standards the military expects, the standard the automotive industry expects, the standard the commercial sector expects. Essentially, what our goal is and what we are doing is helping our customers understand their designs better, allowing them to be robust and reliable for their customers. To put it in a little bit more common language, we all know that there's more electronics and more chips in cars than there ever have been before. Nobody would be very pleased if you turned your car on, and it only worked inside your 70-degree climate-controlled garage. It's got to work at 120 in Phoenix in July. It's got to work and turn on at minus 40 in Alaska in February. Our products help our customers make designs that work reliably in all the environments they need to operate in. Within the life science market, our focus is gonna be on driving high-value solutions and differentiated solutions. What we're trying to do here is look at areas where customers have unique requirements in the freezer market. This could be vaccine storage, for example. It could be human tissue storage, and try to give differentiated products that give customers the ability and the confidence in total sample security. Our freezer product line has completely redundant refrigeration systems, such that even if there is a failure, the freezer is able to maintain temperature for an extended period of time. The customer can make an intelligent decision. Do they wanna move their samples into another location? Are they able to repair the equipment on the fly? At the end of the day, it's all about total sample integrity and security. When you're storing human tissue samples that are literally unique, there is no recovery path if the product fails. Within the cannabis subset of this market, what we're trying to do is drive ultra-high capacity refrigeration systems that allow enhanced extraction processes for both THC and CBD products. We do this in some of the industry-leading smallest footprints, which minimize floor space requirements in production. We do it with ultra-high capacity, which allows them to do more extraction more quickly. Additionally, we have remote control temperature sensing technology that allows them to enhance and tighten their process control for better quality products. Within the defense and aerospace market, we really are targeting kind of customer-specific solutions for some of the most challenging thermal applications in the space. What we're trying to drive is about highly engineered solutions, maintaining temperature ranges, rapid temperature transitions that some of these tough applications require. We always wanna become a strong relationship builder. We wanna be driving the opportunity to be top of mind at our key customers. You know, great example that I like to talk about with this is, a number of years ago, we received an opportunity to deliver some systems that do air climate control. It was a customer that wanted to put a device in a box. They needed the air around that to be a very specific temperature and change at a very specific speed. It started out as a single order. Since that time, it's proliferated into over 80 systems in five of their factories in the United States. The project was so successful that they took on additional products to put into this line, that some of which required liquid cooling as well. They came back to us, and we developed some liquid chillers that subsidized that. We've delivered several dozen of those now. They now have come back to us for additional test cells that are purely dummy systems to populate the line when real thermal capability is not required. They're even approaching us for other products that have nothing to do with this production line at this point. You know, we've essentially become their go-to guys for thermal challenges. We wanna continue to develop that throughout the entire customer base that's available to us. Very pleased with the progress we've made in the last year. As far as the global and market expansion piece, we've added an Asia sales leader based in Asia to drive business there. We've also enhanced focus on our chiller line by putting a dedicated sales leader in place. We've expanded with additional channel partners, and the expansion that Nick referred to in developing more standard chillers allows us to drive more business focus there. Specifically, within the chillers, our focus really will be on continuing to find OEM applications and high-volume end user applications. That's really what moves the needle for that business. With regard to innovation and differentiation, we've released a new ECO ThermoStream that Nick mentioned. That really kind of fills a product gap for us, both in terms of temperature capability and also price point in the market space. We believe that that's gonna be a nice fit for some customers that don't need the full capability of our larger systems. We also launched several OEM thermal platforms that get used with curve trace analyzers. Those are used for high-power switching technologies, like the components that you might find in electric vehicles or in electric trains. Finally, as Nick again mentioned, we've talked about really kind of standardizing and expanding the chillers that we offer for the cannabis market platform. We'll continue to drive that as we move forward, but we offer some of the highest capacity chillers in the market space in some of the smallest footprints, which our customers are finding tremendous value in. The acquisition of Z-Sciences really further expands life sciences to us. When we looked at this, it was really a make versus buy decision for us. We acquired some technology, we acquired know-how, we acquired market access that would have taken us substantially longer to get to from an organic pathway. inTEST is able to provide some of the financial backing that they didn't necessarily have, some of the marketing acumen, and just some of the more mature, larger company processes to put in place to make sure that we're driving this in a disciplined way. This is a high growth potential market segment for us, and our focus is really gonna be on about a $200 million slice of what we consider a half a billion dollar pie in that segment. Finally, within service and support, we've added additional field service engineers within the U.S. We found a new refrigeration service channel partner in China, and we've launched some U.S. rental programs for the first time, as we move forward, and we started to really try to create focus on creating master service agreements for our key volume customers. As far as expanding addressable markets, the first piece of this came with the standardization of chillers. As we begin to have more standard product, it really opens up some of that chiller value pyramid for us and allows us to serve segments that we weren't able to previously. Obviously, the big jump comes with the acquisition of Z-Sciences, selling the ultra-low temperature freezers, selling the refrigerators, and even cold chain portable solutions, one of which is over there on the table. That system allows somebody to take a sample. You can run it from plugged into the wall. You can run it in your car on a DC outlet. It even has a battery backup where you can transport it with no external power source for up to an hour. That really opens up substantially more market for us. I guess the other comment I'd like to make is, while today we are predominantly a thermal solutions provider, as we move forward, we really wanna look to see what opportunities present themselves in the broader environmental technologies market, whether that's humidity control, whether it's climate control or altitude control rather, talking about vibration testing or salt spray and corrosion testing. These are all things that we wanna consider as we move further into a true environmental technologies company. What I'd like to leave you with today is that we're aggressively diversifying into the high-growth life sciences market space. The Z-Sciences acquisition is key to this. We'll also continue to drive it through the cannabis opportunities. That more than triples our SAM. Standardizing chiller products also expands our SAM by opening up sections of the chiller value pyramid that were previously unavailable to us. We have a wide range of thermal and controls technologies backed by strong IP and the strength of our engineering team that allows us to design systems, develop systems that are customer appropriate, that are market appropriate to get the job done the right way. Finally, we do all of this with a focus on environmental responsibility, making sure that we're a partner that people want to work with. Thank you very much, and I'd like to turn it over to Scott Nolen to talk a little bit about Process Technologies. All right. Thank you, Greg, and welcome and thank you for coming. My name is Scott Nolen. I joined inTEST 2.5 years ago to lead the induction heating business based in Rochester, New York. Previously I'd worked at energy equipment supply companies, very large companies, and had various growth roles in there. When I came to inTEST in 2019, I found a business with great people, great products, but really lacked an overall growth strategy, lacked an overall plan for where we were gonna take the business. I think you're seeing today we've turned that around, and I hope you'll see in the future presentations that we continue to do that. Process Technologies today is made up of two businesses. We have an induction heating business that we purchased about five years ago. This is a business that supplies induction heating solutions to customers to replace their existing heating processes or solve their existing heating needs. We have Videology, which we acquired just at the end of last year. Once again, similar to the Ambrell business, we supply solutions. We don't supply just products. We supply an actual solution that customers then can take our technology, apply it into their systems, and then come back for more and more as they have more and more issues coming forward. I can tell you that after working 30 years in the energy space, I really am very proud of working for a business that has such a great environmental story. Our induction heating systems, we only use electricity. We replace systems that use heating using hydrocarbons. Not only are systems electric only, but they are very high efficiency. Gas heating systems, gas ovens, they tend to be very low efficiency, 30, 40%. Induction heating systems, if they're done correctly, can be in the 80%-90% overall efficiency. Great environmental story for induction heating customers when they move away from their hydrocarbon heating sources. From a safety standpoint, induction heating offers great safety benefits. There's not a lot of waste heat. There's not a lot of unsafe areas that can cause burns and issues in the field. Then also with our camera systems, we offer safety systems, some of which I'll talk about in a second, that really provide safer transportation systems and a safer workplace. Additionally, our induction heating systems are used by OEMs to manufacture green energy technology. Solar panels, wind turbines, hydro turbine parts, we use induction heating consistently in those applications to make those components. Really the strength of our division is our diversity. We're not reliant on one market. When we had Ambrell, that was the case. Videology actually brings us even more diversity. We had a very minor play in security. Now with the camera systems, we have a big opportunity to grow into security. Really we see our diversity there being a strength to this business that we're not tied to one industry. Believe me, being an oil and gas guy, you live and die in the price of oil. Very good times right now for them, but I can tell you it can be bad times and different times. Now I'll take you through a few applications that we do in our business. This one is labeled EV Automotive, but it can be basically all ground-based transportation. 'Cause this is a car, you can see the numerous applications that we supply heating systems to the people that make those components or actually camera systems into those cars. Applies to trains, applies to semi-tractor trailer trucks across the board. One of the hot applications right now, of course, is the transformation to internal combustion engines to EV engine, to EV motors. Lot of new technology being developed right there every day. We just had a customer that came to us right before Christmas that makes batteries, and they're having a problem with their process of making the materials that are used in those batteries. They weren't getting good yield. They brought those pieces into our lab. That is a very critical part of our business in Rochester, N.Y. We used that lab to actually prove out the technology, and we then picked it up, took it out to their site, and right before Christmas, we showed that induction heating system could significantly improve the way they manufacture these batteries. As a result, we've received some very nice orders in the beginning of the year from this customer that we're fulfilling now in this first and second quarter. Aerospace is another such key segment for us, not growing quite as quickly right now, a little bit more flat, but we expect to grow in the future, but definitely has customers that have longer development cycle times because of the need to get that certification, to get that FAA approval, which is something that people that probably like me, we fly a lot, we're happy that they do that. Very important segment for us because demanding specifications, demanding approval cycles. We have a customer there that we're working with them on developing technology to build the carbon fiber struts that are used in these current generation of aircraft. Actually one of the units that we use today is right over here, which I'll demonstrate at the break for those of you in the room. Great technology there is really radically improving their overall speed that they can make these really next generation struts for these aircraft. Life sciences is another very demanding space. It's a space that really requires tight tolerance, tight specifications. Once again, as a consumer of this, unfortunately from time to time, you're happy that they do. It can be very low-tech applications for just material or just instrumentation, all the way up to very high resolution imaging or the borescopes that go into patients when they do surgery now as we move more and more into robotic surgery with an aging population, excuse me. We have one OEM there that they use our induction heating systems to go and develop catheters. They actually do multiple catheter tipping, which is a big consumable industry, and they use our induction heating to very accurately make these catheters to make sure that they're of high quality and used in patients correctly. The last segment I'll talk about is security. Like I mentioned, we really didn't have much of a play in this before we purchased Videology. With the purchase of Videology, this brings us a whole new opportunity, interest base, a lot of different expanding markets out there, whether it's from ATM security, road security, workplace security. It's really expanding day to day. We have one customer that actually came to us with a need for a specific camera to use in their traffic control devices. For like everybody that we sit at traffic lights and there's no traffic, nobody coming the other direction, like, why is this light not changing? These guys build camera systems that actually look at the intersections, not only look at what's there, but look at the type of person that's there. If it's a crosswalk, change the light cycles, change the timing, so that way increases the safety of crosswalks, increases the safety of the traffic intersection, and also cuts down on the idle time, so you're not just sitting there waiting when there's nobody in the other direction. Really, before we acquired Videology, we had a marketplace that was expanding, but it was really expanding as fast as almost we could take it. We have global sales and service capability with our induction heating business, but even more importantly, we have labs. We have labs that are directly installed in our facilities in the U.S., Europe, and we're building one in Mexico right now. Bringing customers into these labs, introducing them to these products, just like I can show you today, really introduces technology that a lot of people never realized existed. Even though it's been around a long time, they just never thought of it. Our market really, in many cases, grew as fast as we could introduce this technology to them. That's why it's been so critical for us to expand our labs out there in the globe, both directly and through our partners, and also make sure we introduce our technology. With the acquisition of Videology, we've entered into a much larger space, a space that's growing very rapidly right now. We're very excited to take this relatively small business today and expand it into this space. How have we done in year one? We've accomplished a lot. Still a ways to go. There's still a lot, but still a great accomplishment. We've expanded our market. We've added more sales headcount direct and indirect. We've expanded our lab footprint, which is really key to getting that customer in to get that customer experience where they understand our products and our technology. We've launched new products, as Nick mentioned. We had a number one customer feedback item. It was our workhead, which is that small component there you see next to EASYHEAT for those of you in the room. That's the piece that's mounted right next to the customer's part that they're heating. This being only 1 kilowatt, that gets much larger as you get into the bigger power ranges. They were too big in many cases for customers. We've now gone with new technology introduction in there and really radically decreased the size of that. We've met that customer need, and we've really checked that box. We've had a great acquisition with the purchase of Videology. Very excited about taking that business to the next level in the months and years to come. We've also expanded our service and support operation. Previously, we kinda did service as customers came to us. Now we're going to them. We have a very large fleet of induction heating systems out there at customer sites. We're actually bringing opportunities to do more proactive service with them, hold spares at their site, train them, get them up to speed. We're really aggressively going after the service annuity as well. In summary, you know, we have a very large, diverse market. We're not tied to one industry. That's exciting for me, coming from the energy space, that we don't have to worry about one dying and the other one and we're gonna go down with it. We can. There'll always be other ones that are growing at different rates. We supply high-value solutions. We don't supply just products. We supply solution and then the products that go behind that, and it keeps that relationship with the customers and does a lot of word-of-mouth selling. It's amazing how many times we have people come to us and say, "Hey, we talked to this guy. You solved their problems. Can you do the same for us?" Or even better, they come to us and say, "you can't solve this problem with us. It's impossible." A day later, they realize we can. It's quite impressive. We have a great product roadmap. We just had a few launches last year. We got some great stuff coming out this year. Very excited about it, both from our imaging business and our heating business. We're really designed to scale globally. We're a business that we have a footprint today that can scale even with our existing space. We can take this out to the next level into different organizations across the world if we have to, and we can really meet the customer's needs without too much more investment. That's my presentation. Thank you very much. Now I believe we have a 15-minute break. When we come back, Rich Rogoff will be giving us an update on our M&A activity. Thank you. Actually, for those of you in the room, I'll be happy to show you a demonstration of the EASYHEAT here and heat up something very quick. Oh, no. Okay. Good morning, and welcome back. Just wanna clarify for those of you in the room, please do stop by at the conclusion of the question and answers to our displays on the side of the room. We do have some pretty interesting products to demonstrate, so we'll be doing that. My name is Rich Rogoff. As mentioned, I joined the company in October of last year after supporting the group with M&A activities throughout 2021. I bring with me about 30 years or more of experience in the capital equipment industry for semiconductors and optics manufacturing areas through Onto Innovation and ASML, where I held leadership positions in all product life cycle and business life cycle areas, including sales, engineering, operations, and strategy. Really excited to be a part of the inTEST team, and Nick's laid out the vision here of the five-point strategy. It's an exciting time to be at the company and see the transformation and look forward to what the future holds. Today, I'm gonna talk to you a little bit about making M&A a core competency of the organization. As you heard, you know, that's one of our points on our five-point strategy, and we wanna make sure it's really a core competency of the company going forward. We started this last year by asking ourselves a question or two that most likely those of you in the room and on the webcast would ask as well as target customer or target companies would probably ask. Why inTEST? Why would we wanna be acquired by inTEST? Why would you guys go out and acquire somebody? The simple answer to that is, one, we've had a long history of the company. It's a pretty established company, as you've heard. We have a good financial portfolio and background, so we're stable. We can afford that investment. As well as we have a large stable of technologies. One, that we can offer to an acquisition target, and two, that the acquisition target could blend in with and enhance our product lines. These two or three things combined make us a good area. The second question was why now? Why not ten years ago? Well, I think Nick also answered that a little bit earlier with the change in leadership that he's brought to the company and the change of focus. Or the new leaders on board, we all come with varying degrees of experience and leadership throughout companies, growing high-tech companies, also experience in M&A, and we feel that best suits us for continuing this process and bringing it here to inTEST. With those two questions sort of answered, and we'll continue to adapt those answers, we move on to how are we actually gonna do that and make it a core competency of the company. We started by doing that by creating an ecosystem for M&A. More or less a three-pillared approach. Strategy being the first one. We wanna define the strategy, one that's adaptable as the company grows over time, but one that gives us a good foundation of a direction to head. We've done that. Over the course of the last eighteen months, we've defined that strategy, we refined it again, and we're now on path, and I'll come back to some of the ideas and goals behind that. The second piece was to add an M&A pipeline. We wanna ensure that we're getting good target companies and partnerships to come in to our portfolio so that we can review them. As many of you know, it takes a lot of companies to find the one that's the right fit, and we'll again describe some of those characteristics of right fit in a minute. Last but not least, and probably the most important part, is the execution phase. We wanna execute well when we do these acquisitions. We wanna have templates and processes in place that ensure that execution delivers on the value and the propositions that we've outlined. With that, we set some goals in mind. First of all, we wanna expand into markets that are fast-growing. We don't wanna pick something that's not gonna be fast-growing. We wanna offer broader product portfolios to our existing companies as well as acquire new companies through these acquisitions. We wanna drive further market diversification. You heard that from some of the division leaders, that they're in markets, but how do we expand that wallet share that we get in that current market as well as going into additional marketplaces? We wanna enhance our value propositions to the customer with new product lines. Of course, last but not least, we wanna make sure the financial profile of the company continues. We wanna continue to grow the company's cash positions, margins, et cetera, as Duncan will talk about later. With that, we set off to make a playbook which we've implemented over the course of the last six to nine months so that we ensure that the execution of any acquisition targets are done properly. We've implemented governance processes in place. We've put processes and tools in place that we can follow through the life cycle of an acquisition and, of course, manage our engagements. As an example, we've put in place due diligence and integration dashboards and the accompanying work plans that go along with them. The dashboards are able to be communicated both internally and externally being with the target company or partner, so that we can address challenges that come up as they always do in acquisitions. We wanna make sure we catch those challenges before they become issues. This communication tool allows us to communicate freely between the groups and address review cycles, you know, at a higher level even. We can anticipate where maybe challenges are gonna arise. We also developed a comprehensive plan for valuation. Any company that we look at, we wanna make sure that there's a good strategic fit with our organization as it is today and has achievable synergies that we can approach. Wanna make sure that they have a solid management team, that one that will stay on for at least a period of time after the acquisition, and we wanna make sure that it's a good cultural fit. I'll tell you right now, we're not looking for a fixer-upper. You know, we're looking for a diamond in the rough. Something that has a potential to be unlocked that hasn't been unlocked for various reasons of their current situation, whether it's funding, private ownership, access to markets, et cetera. Something that we can offer at inTEST that we can broaden that portfolio, polish it up, and see the results. Of course, we wanna make sure that, again, the financial performance of the acquisition target adds to inTEST. I'll highlight the one bullet, the second bullet on the bottom. Our goal is to make it accretive in the first year. We won't always achieve that, so don't hold me to it. Our goal is certainly in that case. If it's not accretive in the first year, there has to be even stronger strategic value, technology value, et cetera, behind that acquisition so that we plan that going into the process. Now that we have the M&A playbook in place, we have a strategy in place, we're continuing to build the ecosystem, we got off to a great start. You've heard about this from Nick and the division leaders. I won't spend a lot of time here. The three acquisitions that we closed at the end of last year, or more or less the fourth quarter of last year, and yes, we are crazy for doing three in one quarter. No. In all seriousness, I think Nick mentioned it. They happen when they happen. The good news here is we have three divisions. We have the process and the capability to handle three at one time. I won't tell you we're gonna go out and look for three to happen in synchronization again, but we do have that capability and the manpower to do that. All three are progressing very well through integration phase, with moving towards what I'll call a standard operating business within the organization. We'll look to continue that. I think, maybe Joe mentioned it earlier, you know, to give you an example, the Videology team and the Acculogic team are now actually working together on a product development. We purchased Acculogic at the end of last year, literally Christmas present, and it's two, three months later, and they're already working together. You can see the benefits already being realized. We congratulated ourselves for about ten seconds on the acquisitions, and then we moved on. The integration teams are working well. My focus has changed back a little bit right now to growing that pipeline. Around the end of last year, we had about 30 companies that we had been evaluating through various forms and filters and things like that. That evaluation occurs with myself and the business leaders and their teams. We try to get those through those first level of filters and discussions, and once it passes those first few levels, that's when we'll engage Nick and Duncan. We don't wanna put every company on their plate 'cause that's all they would do. They have more important things to do than that. Our focus is to try to whittle it down to the right companies we feel meeting those targets, then we'll engage the senior leadership in that perspective. You can see here we've focused on the graph between Electronic Test, Environmental Technologies and Process. We have companies in various forms and shapes throughout the process. Maybe one or two will end up as an acquisition, maybe none. At this point, we're not close to anything at that point, but we'll continue the evaluation process. The sources of pipeline for these targets is also important. We wanna make a name for ourselves. We use advisors to get those targets. We use bankers. We wanna expand that horizon. But more importantly as well, we're going back to our teams. As all three segment leaders mentioned, engineering is a core part of the company. Sitting with those team members and giving them the opportunity to tell us, "Hey, we miss this technology," or, "This would be a great addition," or, "have you looked at this company because they would be a great fit for the company?" We're also using that internal process to generate some ideas of companies to approach. Okay. We'll continue to do that. Our goal is to have a very strong pipeline to achieve our five-year target. What are we looking for? Well, it varies, of course, based on the business a little bit, the segment, or the division rather. You know, in Electronic Test, we would be interested in things that improve automation around testing capabilities, in-circuit tests, electronic functional testing, et cetera, whether it's for PCBs or batteries or other things that we haven't dreamt of yet. Environmental Technologies, I think, Greg had mentioned earlier, moving beyond temperature only into different areas like vibration and altitude and corrosion testing is of interest. From a Process Technologies perspective, enhancing our heating process and process controls around the heating process for induction heating and other things, and image capture and image processing are definitely areas that we would be focusing on. Markets, as you've heard from the three division leaders, we're in a lot of markets already. We will continue to focus on some of those fast-growing markets like automotive and life sciences, and of course, continue to strengthen our semiconductor position as we go forward. Other markets or other factions of those markets come up, we will still look at those as again needing to be a fast-growing environment. As an example, automotive was interesting. EV is really interesting for us as it's really fast-growing at this point. To this point, I've talked about almost changed slides on the computer, which would have been a no-no. We've talked pretty much about acquisitions, and I just wanted to point out here it's not all about acquisitions. We're very open to partnerships, JVs, et cetera, as they're appropriate. We have talked and engaged with talks with different people, you know, whether it's being an OEM partner or a partner to an OEM or, you know, a special private label type of project. These are things that we would be interested in. That would need, again, to pass muster from a financial perspective and evaluation sort of point of view, where it needs to be providing us access to a technology that maybe we don't have today or a market we don't have today, which would lead to revenue growth or more importantly, even try out of the company for a future acquisition potential. It gives us the broad depth to be able to look at those things and maybe minimize risk in some cases through that partnership. I'd just like to conclude with you today saying 2021 was off to a great start on that five-point target and the strategic growth inorganic piece, if you will. You know, we completed the acquisition of the three companies in the fourth quarter of last year. We've developed a disciplined approach to the M&A life cycle, one that's adaptable, so as we learn from each acquisition, we can apply going forward. We've got an ecosystem under development. I won't say it's there yet. There's still a lot of growth to go, and it will continue to evolve as the company evolves. Lastly, I think, you know, we maintained throughout this whole cycle a focus on enhancing the financial profile of the company. 2021 was a good start, and we look forward to the future, and I will now turn it over to Duncan Gilmour to give you a little bit more about our financial successes for the future. Thanks, Rich. How's everyone doing? Good. Thanks again to all of you know, who are here today for coming along. Also like to thank everyone who's joining us, you know, on the web. I really appreciate your interest, you know, in the company. Hopefully you're finding out a few new things, you know, about us. My name is Duncan Gilmour, CFO. I've been with inTEST for nine months. I joined in June of 2021. Previous to inTEST, I was at ABB for four years, where I actually worked with Nick for three of those years. Before that, I spent 13 years with Tyco in a variety of different financial roles, both corporate, you know, within corporate financial roles as well as within a number of operating businesses. Before that, I spent ten years in public accounting with PwC in the U.S. and in the U.K. I'm gonna start and just talk a little bit about our financial priorities, our overarching financial priorities. I mean, the main thing is how do we allocate our capital? How are we gonna spend our money? Our North Star there is, you know, always has to be, you know, are we executing towards our five-point strategy? You know, on the organic side, you know, we wanna drive our revenue growth, and we've already heard from many of the division leaders about some of the areas where we've been spending money. We've been investing in sales resources, direct sales resources, investing in new sales channels. We've also been spending money on product innovation. We have done and will continue to do that in order to grow market share and expand our serviceable addressable markets from an organic perspective. We also have inorganic strategies. You just heard from Rich talking a little bit about that. Clearly, we executed 3 acquisitions in 2021, and we continue to look at the pipelines. Inorganic growth is also an important piece of the overall growth story. In doing that, in doing these things, it's important that we maintain the strong margins that this business has always had. We wanna make sure we're maintaining strong margins, continuing to make sure we're delivering strong operational cash flow. Then as we grow, we can also, you know, scale our business. You know, operating leverage should help increase our profitability, you know, over time. In doing those things, then that ensures that we can manage our balance sheet, which means we'll have ongoing flexible access to capital, whether it be via debt or equity. In doing that, we can then quite honestly lather, rinse, repeat, and I keep going more capital to allocate, and so it goes on. Those, I'd say, are the overarching kind of principles that, you know, should always be grounding us. Our North Star, so to speak. Nick talked about a lot of these numbers, so I'll quickly kinda reiterate. 2021 revenue grew to $85 million, a 58% growth rate versus 2020. From a profitability standpoint, our adjusted EPS, which is adjusting for intangible amortization, increased from $0.03 to $0.81. Our orders exceeded $100 million, you know, in the year, which was a great benchmark to exceed. We completed 3 acquisitions. Our adjusted EBITDA margin, which we really look at as a liquidity metric, something that gives us a barometer of our ongoing operational cash flow, got up to just over 14%. We also made progress improving our capital structure by leveraging the balance sheet. You know, we actually borrowed money to finance the acquisition, something that the company had never done before. Given the favorable debt markets that existed in 2021, it seemed like that made a lot of sense. Talking about revenue in a little bit more detail, the division leaders have all given you know, some great insight into their kind of businesses. Shown here is a split of the $85 million of revenue versus in 2021 versus 2020. You can see by division, you can see that we saw growth across all of our divisions. There's semiconductor activity across all of our new operating divisions. Obviously, the tailwinds there were certainly helpful. We also saw from whether it be new products, introductions, some of the market initiatives that the teams have talked about, we also saw kinda growth outside of semi, you know, as well. It's certainly nice to see that growth across all of our new divisions and product platforms and product families. From profitability standpoint, you know, those increased revenues translated very nicely, you know, into the bottom line. Three key metrics I just wanna highlight here. Net income or GAAP net income, to be clear, you know, came in at 9% of revenues in 2021, you know, versus a negative 2% in the prior year. Adjusted EBITDA that I've talked about, 14% versus 2%, you know, in 2020. I've also shown on here division operating income, which is gonna be an important metric, you know, going forward and certainly something I kind of look at. You know, that is our net income, adding back tax, adding back intangible amortization, and also adding back our corporate G&A and restructuring costs. It really represents the operating income that's being delivered by our businesses, by our various divisions, and is 100% controllable, you know, by the leaders that you heard from here this morning. On the right-hand side there is just as a percentage of revenue, a high level P&L to give you a better flavor for that. There are also materials in the supplemental section that break out some of the expenses, just to give you a better perspective of how the expense is gonna break out. From a capital structure perspective, you know, we ended 2021 with a strong balance sheet, strong cash flow, you know, of close to $11 million of operating cash. We're not a super heavy capital-intensive business. Around $1 million of capital spend in 2021. As I said, we leveraged our balance sheet at very favorable rates to finance the acquisitions we made in 2021. We believe we continue to have the financial flexibility for future long-term growth. You know, we think that it's not unreasonable to look at our borrowing capacity as being, you know, around 2.5 times EBITDA is something that we feel would be a kinda reasonable level on an ongoing basis, and we're not at that level right now. In terms of outlook, we've talked a little bit about historicals. Let's talk about outlook. Shown here is the Q1 guidance that we issued during our earnings call earlier this month. Revenue of $23 million-$25 million. EPS in the ranges presented on the slide here. We also, for the first time, did present full year guidance. We presented some revenue ranges, operating expense ranges, all the different kind of primary elements of our P&L. We're now getting really forward-thinking, and we're talking about 2025 numbers, $200 million-$250 million revenue range, as Nick talked about earlier. How do we get there? Well, I think you heard from a number of the business leaders about the initiatives going on within the businesses. You heard from Joe about the opportunities within EV battery testing that Acculogic bring to the table. You also heard about some of the work going on in the existing legacy business around new products and driving kind of growth there, as well as partnering with OEMs. You heard from Greg about what's going on in life sciences, you know, not only with North Sciences, but also with the existing business and the opportunities we have there. Then, Scott, you know, talked about, you know, the imaging opportunities with the new acquisition, you know, as well as again, our EV opportunities with the, you know, existing induction heating product lines. All of those engines are gonna be driving our organic kinda growth over the course of the next five years. On top of that, you know, we do expect to continue our inorganic activities. All in all, we think that $200 million-$250 million, our range for 2025, that's what we're targeting. How does that translate into profits? We think about the key metrics I presented for 2021. In a rough kinda barometer there, as we're looking at $200 million-$250 million. If I look at the bottom end of that range, our divisional operating income at around $200 million, getting all of our portfolio businesses, including new acquisitions, to 20% represents $40 million of division operating income. I would expect that to translate into about 10% or so of overall GAAP net income, about $20 million or so, versus $7 million where we are today. Adjusted EBITDA, assuming around 15%, a 5% kinda spread seems to be, you know, where we're running there. $30 million or so of adjusted EBITDA. You know, as I said, a reasonable benchmark, I believe, for kind of an operational cash flow number. These are the kind of profitability numbers that I believe we're looking at, or are certainly very reasonable. On this slide here, I've just presented some data that shows enterprise value at the end of December versus twelve-month forward-looking revenue and EBITDA for inTEST in the red bar, and then a handful of peers that are detailed on the slide for semi and industrial. I'll let the charts on this one speak for itself. To wrap up, we believe we've got the strategy, financial flexibility to substantially increase value over the course of the next five years. We think we have operationally a strong foundation. We've got new leadership, new organizational structure behind that. A clear and robust five-point strategy. We have a compelling story around growth in ever-diversifying markets. From a financial standpoint, the business has always been solid, nice margins, nice cash flow, you know, proven track record. Revenue and earnings momentum in 2021, certainly very strong. You know, we plan to build off of that. We believe we have a strong balance sheet in order to finance future growth and financial flexibility with respect to driving that as well. With that, I'm gonna hand it back over to Nick, who's gonna take us home here, and then we'll be back up for Q&A. Thanks, Duncan. Yeah, a lot of information at you here. Before I bring the team back up and we'll open it up for Q&A, I wanted to just kinda recap, you know, high level, what you heard today. First and foremost is, you know, the journey's underway. You know, we're on a path to transforming this business, and we know how to get there. We got the roadmap and the recipe in place. We're building off of a strong foundation, which includes the diversified markets we're serving, blue-chip customers, innovative technologies, a global presence. You know, all this is a great foundation to build upon. Our elements around the transformation, building from the foundation, adding the right management team in place. Executing on our five-point strategy, you know, driving more aggressive focus on acquisitions to accelerate our growth into new markets and build out our portfolios. This new organization structure that I discussed relative to technology-aligned divisions so we can capture synergies and cost efficiencies across the businesses is positioning us well as we head forward here. Again, it comes down to an energized workforce and the people, and I'm really excited about our entire organization, the enthusiasm, the commitment, and believe we're well positioned to drive our plans. Our five-point strategy, while it's not revolutionary by any means, it's exactly what inTEST needs to take this business globally, expand, drive more innovation, enhance our customers' service and support initiatives to drive greater customer satisfaction and repeat business, ensuring we've got the best people to support them, and building out our organization through strategic partnerships is exactly what the recipe for success is for us. We're serving in the large markets, you know, $2 billion plus now with the acquisition, so we've got plenty of room to grow in our sandbox organically, and we'll continue to build around these divisions with the technologies and focuses that Rich highlighted that we're looking to expand, again, to widen our portfolios in these spaces. Plenty of room to grow, and we truly believe our targeted markets of electric vehicle, battery testing, cannabis, medical cold chain, these are all segments in these markets that are gonna drive accelerated growth for us. You know, these. We're not just a semi company. Again, we gotta break that mantra or perception that inTEST is semi. We are a diversified company. We'll continue to drive further diversification. We'll be able to weather the storms that happen out there, as we're better positioned in markets and with our sandbox providing plenty of room for growth. You know, we truly believe that we have the ability to achieve our $250 million bogey that we've laid out there for 2025. The teams are executing great progress in year one on all five strategies. Hopefully you got a sense of that today as we laid out some of the achievements. Again, those were just a few. A lot's happening at inTEST. It's not the same old inTEST. For us, it's about scaling. It's about scaling the businesses we have and then adding new businesses to fuel that scalability out there. As we scale, it'll drive the opportunity to deliver the profit to the bottom line that Duncan's laid out here. The transformation's underway and more to come obviously. I look forward to updating you guys on our progress on our earnings calls as we go forward here. At this point, let me just bring my executive team up to the stage, including Megan Blouch, who again has been here five weeks, so let's not throw too many hard questions at her. Yeah, we'll open it up for Q&A. Thank you. Going in order. We've got a response on the floor, all right. All right, which questions can we field? I'll start. Out of the revenue target of $200 million-$250 million, it looked like the acquired revenue was more than the organic growth. Can you break that down for us? Yeah. No, it's actually it's about an equal split. Duncan, you wanna- Yeah, yeah, I can. Do I need? Oh, mic's up. I don't need the mic. Yeah. There's about that $200 million or so, you know, if we take the bottom end of that range, around $200, we're talking around roughly about $50 million coming from future acquisitions, if you wanna look at it that way. And then in terms of the businesses we have on board, you know, right now, you know, we have a mid-teens% kinda growth rate going from 2021 of the $85 million up to the targets we've kind of outlined there. Does that help? Thank you. If I could ask a question, can I go down the line? Is that allowed? Yeah. Nick- Well, we gotta open it up for others as well. You can come back. I'll come back. I'll start with the first two. Nick, if I look at your your SAM, which has quadrupled, and your growth trajectory, one of the things that we notice is that you might become a smaller piece of the markets that you serve. You've got a big brand, you're very well-known, you're 15% of your SAM today, inTEST of the past. How does that change kind of your strategy and make sure your importance always, your customer always realizes how important you are to their solution? Yeah. No, excellent. You know, in our existing served markets, you know, we are not going backwards. Obviously, we continue to gain more share with the initiatives these gentlemen are describing. What we've done is really, with our acquisitions, opened up large playgrounds with companies that were managed, really it's lifestyle businesses got to a, you know, small part of these markets that are very scalable in our minds. That's where we approach these things. You know, what can we bring to the table? It's about grabbing market share in these spaces that are really underserved today. As well as in our core markets, using those technologies to continue to expand our market shares. My next one, and I'll leave it at that. Joe, your customers in semiconductor are numerous, and in EV, less so. How does that change your approach when you go to a more concentrated customer base to service? The second part of that is if you think of kind of the EV test stack, what portion of all test dollars that go into an EV do you guys represent today? I guess I'll answer the second part first. It's a pretty small portion of the overall testing in EV that we're involved with right now. We're just involved in one step at the moment, but we're working hard with a couple customers to add in additional steps over the coming months or years. I would actually say that, you know, from the customers we deal with in the semiconductor market, it's not a huge number of different customers. You know, it's less than 100, really, of potential target customers. I would say with the EV market, it's growing. There's people that are getting at it all the time. It feels pretty similar to us in terms of total number of customers. Great. One last one. Greg, your market in life science may be more fragmented. If you look at kind of a distribution model versus direct, is there anything noticeable changing in kind of the sales approach of your business? The second part of that is, as your customer base gets diversified very quickly, is there anything that you're tracking, usage or utilization of your systems out there? Is there any kind of razor blade type model that you're going after? I won't say that there's a specific model that we're going after. What we're really trying to focus on within the life science market is, where are the customers that will see high value from the differentiated products that we're manufacturing and offering? Quite specifically, you know, we wanna go after the volume opportunities as well, whether it's in biobanking space, whether it's in production cannabis space, if we move to another segment of the market, vaccine storage, for example. You touched on the direct versus distributor models. Those are gonna vary regionally, quite frankly, and in areas of greatest potential customer concentration. We'll certainly look to go direct in those 'cause financially it makes a lot of sense to do so. We're also gonna be actively building out the service network to make sure that we can support those globally as well. Just thinking about capacity as you march towards that $200-$250, how should we think about capacity expansion plans, and what's current capacity for what revenue you can take in today? Yeah. I would say you know all of our sites have capacity expansion opportunities today. No sites operating more than one shift on it, and we have additional space in certain facilities that we can expand into. As you guys know, we did some restructuring at the end of 2020, but we still have adequate space for capacity addition. Now you know where we'll see is really some investments to try to again position us closer to customers, better serve markets. There'll be some additional capacity build-out, we anticipate in our plan to, again, better position us for growth. Duncan, any comment on? I'll just say, you know, we don't anticipate having to buy a new factory in order to support that growth. You know, our existing infrastructure, for the most part, can cover it. There may be some expansion, you know, as Nick indicated, service sales, you know, small footprint type stuff in different markets. You know, we're not looking at, you know, building a 100,000 sq ft factory anywhere in order to kinda drive that. Thank you. Okay. I'll ask a question that's sort of continuation of my neighbor. Historically, inTEST has been in markets where you have very high market share, right? Whether it's the manipulators or the iTS space. With Ambrell, which was done prior to most of you guys being here, it was a big opportunity, a big TAM, but a lot of players in there, and you were one of 10 or 15 in that space. Then you did two acquisitions that have really tuck in and seems to fit very well with what you're doing, and then you do Videology. That seems to be very different. A massive opportunity, but spread across a whole number of different industries in which you guys are not really players. I'm trying to see how that came about, and it's kind of a little bit of a continuation of that, and how do you go to market? Videology can augment what you're doing at Ambrell, but the core business of Videology is kind of separate, it seems, from what the rest of the business does. How do you manage that? Yeah, no, great question. Again, as we lay down our division of technology platforms, knowing that really process technology is something we have a know-how and expertise, Ambrell was a great addition to bring that. In fact, ITS had been doing temperature testing in process applications for quite some time, so how do we build out around that? We started looking at a whole variety of technologies. You know, as Rich kinda says, we're looking for those diamonds in the rough out there, and we truly believe that's what we got with Videology. They're not a camera company that's a commodity. They're supplying image capture capabilities into OEM systems, very similar to our other businesses. The DNA fit extremely well with us, right? You'll never see one of their products in a cell phone or anything like that, right? The highest volume they make is 10,000 or so. 10,000, yeah. Yeah. I was gonna mention, we actually are finding that there is a lot of overlap in customers that we talk to. You know, customers that we supply induction heating systems to, or even other test equipment to, they need cameras. There is some overlap there. You know, really, I think the key thing is the diamond in the rough aspect. This is a business that was screaming for a lot of the great things that we've done at Ambrell. We'll be able to leverage that knowledge base, even though it's a different product, for sure, bring it into this business, and really build it up very quickly. Whereas if we try to do that with a business without that support, it would've been much more difficult. You said diamond in the rough, totally. The question is the fit, but you- Yeah. You seem to say that there is more fit than appears at first. Yeah. Exactly. Yeah. Hopefully, as mentioned a couple times about, you know, we do see those opportunities across the businesses from an imaging perspective. As we build out more automation in our semi solutions or electronic test solutions, you know, image capture is also a key part of that and process technologies, so. The front-end semi market seems to be fairly interesting at the moment. Companies addressing kind of the silicon carbide space tend to be growing fairly nicely. I know, I think, inTEST kinda wants to play into this area. Do you guys have any foray into this right now? Is there rooms for expansion into that? Yeah, we do with our Ambrell induction heating technology. That technology is used to draw the ingots. Scott can give you a lot more details for certain customers. In fact, one of our large order we got in Q4 was associated with that silicon carbide application, if you will. We are on the very front end of semi where you're drawing the ingots, you know, and as well as in back-end tests. The diversification we have in semi is, we believe, extremely positions us well. Scott, anything to- Yeah, that is the classic example of a long cycle development process. The customer that placed the large order with us last year, we've been working with them for four or five years on that technology, and it really came to fruition. We have a number of more of those in the hopper right now that we're working on getting that same type of order volume. It's really a great opportunity for us to get in with these customers, develop their technology, and then once they are ready to move, they move with us. Yeah. Exactly. But you're exactly right. Then I'd say that silicon carbide, GaN, it's all driving, you know, business in the other areas as we do power management testing and, you know, really the electronic test of temperature chambers, et cetera, that we do. You know, we are benefiting from that front-end investment area. Okay, we've got a question from the webcast. Looking at your M&A pipeline, what company sizes are you seeing in there, and how big of a transaction are you comfortable taking on? Let Rich answer the first part, and Duncan can answer the second. Yeah, absolutely. From the pipeline today, you know, as you see even from the three that we completed last year, there are varying sizes. I would say on the smaller end, somewhere in the $1-$3 million kind of range, which would be more of like a Z-Sciences type of tuck-in product acquisition to upwards of $30-$35 million kind of range, and somewhere in that we, I think, be very comfortable with looking again for that diamond in the rough that we can polish and see the growth. Maybe I'll turn it over you to Duncan to talk about the financial aspect of that. Yeah, yeah, sure. You know, those ranges make sense. I mean, obviously, you know, at the lower end of that range, we can probably move a lot quicker as of right now. You know, as we go up that range, then, you know, looking at additional sources of capital comes into play. Anything in that range is certainly something that's doable. You know, as you get above and beyond that, then, you know, it becomes a slightly different story. It doesn't mean that that's necessarily off the table for, you know, the right opportunity. I mean, any M&A activity is about, you know, is a good valuation, a good technology, a good fit, you know, does it make sense? We always have to assess that. We don't have a prescribed number that we're necessarily looking at. Yeah, I think that's a good point. We don't exclude something that's say $50 million or $100 million. We'll still do the evaluation and then we'll discuss it. Scott, one of the questions I have is it that when you look at heat and when you look at cameras, what is the obvious synergy that I might be missing in that? Is there anything on the product side? Is it sales side? It's more on the sales side. It's more on the structure of actually how we go to market. I don't see a whole lot of cameras on our induction heating system today, but what you do see is the same integrators that are doing heating solutions that buy from us today also do cameras for their mechanical handling lines, their systems. We're talking to the same people that we built relationships up through the years through Ambrell. Now we can introduce Videology, an opportunity that they never had before as a sole proprietorship business that, you know, limited scope. It really gives a bigger sales footprint, sales and production footprint out there that this smaller business didn't have. As I mentioned before, the other key thing that we've done has been able to take the knowledge base that we have in Ambrell, expand that into Videology, something that they were desperate for before we got there. Okay, another one from the webcast. Do you foresee potential impacts of de-globalization on the five-point strategy? Yeah. There is a lot of regionalization efforts going on, as we all know, across the globe, which we believe will absolutely benefit us, you know, with depending on where we're located, and if we get the right infrastructure in place in other regions, we can benefit from that as well. We don't see it as a threat, to be honest with you. We see it as an opportunity. Duncan, the numbers guy, I saved the hardest question for you. Without looking at numbers, do you have any idea on kind of the volatility within your sales on a year-by-year basis within the cycle backwards looking and where you think that's going with the diversification that, you now have? Sure. I mean, obviously, historically, when this business was very squarely in the back-end semi space, you know, the volatility fairly significant, you know, based upon, you know, that particular sector. You know, I think there are two things. Obviously, we're driving towards greater diversification, both within semi. By the way, we talk about front-end and back-end, as well as outside of semi. You know, so that in and of itself helps smooth that volatility. Also I think it's fair to say, I mean, the secular trends in semi is a very broad sector. It looks like they're gonna smooth out. You know, the long-term trends there are certainly positive. I mean, yes, there's still gonna be volatility. But I think as that sector continues to mature and is ever maturing, you know, that volatility will lessen over time. You know, the combination of that, you know, combined with the diversification into more front-end applications, the diversification, you know, outside of semi and the growth opportunities we're seeing there, I think that helps, you know, give us more predictability than we've had in the past. Does that help? Maybe just a question for Rich. I know you mentioned you're targeting accretive acquisitions. Obviously, gross margin is a component of that. How do you prioritize sort of the gross margin profile of target companies? Yeah. That's a good question. I think the major focus that we focus on less so on the gross margin and more on the strategic fit. The strategic fit and the technology components that it adds, we'll combine that together with the financial performance, of course. You know, also areas where we think we can add to the improvement of that gross margin. Again, polishing that diamond. With that strategic fit, because we are a technology company, you know, delivering the highly valued solutions, we're looking for companies that fit in that, you know, that are aligned, and typically their margins aren't too far deviant from where we are, you know, typically. If we're not going out and looking for a commodity, one that's gonna be very dilutive to us. It's again, that strategic fit aligns, you know, they won't have a big impact. I don't know, Duncan, anything to add? Yeah. No. I mean, I'd just say, you know, we've obviously talked about the fact that, you know, revenue growth is the number one, and we want to maintain, you know, profitability and cash flow. You know, I think, you know, the story here is a top-line growth story. You know, with that top-line growth comes operational leverage opportunities around leveraging corporate costs, leveraging operational SG&A within the businesses. Obviously, we'd look to continue to do that. You know, we're not looking to squeeze costs to drive your margin percentages. You know, we're relatively comfortable with that overall profitability of the business. You know, really that we want to maintain that. Grow that top line, then the profitability will, to some extent, take care of itself, you know, with that growth. That's a question for Scott. I want to take you back to Ambrell to a time where before you were there, right? There was the acquisition, the purchase price, I remember I think it was $40 million. There was an earn-out, was based on 8 times EBITDA beat out 5. It was earned. Literally, the quarter after that, the business went south and somehow didn't deliver to the puzzlement of a lot of people. Since then, it seems like you came in, and it seems like now we're on a new growth trajectory for that business, and you've announced some really amazing kind of relationships. Help us understand what happened and what was that dip, and how are you growing again? Is it new customers, new partnerships, new relationships? It's interesting. When I was at GE, they had a very simple rule. They would never do an earn-out, ever. I think this is a good example of why. They did the earn-out. None of the leadership is here that did any of this anymore. I don't like to speak ill of people's decisions at the time, but what happened, 20/20 hindsight, they did an earn-out. They left the leadership in place of the business that had a very large stake in the success of that earn-out. They squeezed the business down to, you know, as minimal as possible to maximize that earn-out, and they achieved it. Unfortunately, to the detriment of any future growth near term. When I arrived in the business, we were coming down. We had really damaged the sales force. We'd reduced our relationships with our distributors out there. We'd stopped our development pipeline. I was brought in to turn that around, and we've been successful at that. We've definitely been able to build our relationship with some key OEMs that you can always drive that base load of your business, although risky, because of course, if they stop you've come down, but that's why we've made sure that we have not let our foot off the gas. We've gotten some nice OEM orders recently. We continue to expand into new spaces, expand our sales footprint, and expand our products. You'll do earnouts going forward, I assume. Not if I have it. Differently. That is- Yeah. You're gonna dive in against a stupid earnout. Yeah. Yeah. You don't have the structure they had, stupid. It's gotta be the right earnout, right. You gotta be very, very careful on how you structure the earnout. There's no question about it. Prior management bragged about that, how good that earnout was. Yeah, they probably didn't say too much about it afterwards, did they? Yeah. No, but absolutely. You know, if the individual's staying on or has an impact to help drive take us to the next level, you know. It's gotta be structured properly. Structured revenue growth, EBITDA, all kinds of stuff. E-e-exactly. It doesn't just have to be. Yeah net income. Yeah. I'm more interested in if you're gonna, like you say, purchase a business where the leadership stays on, you gotta give them encouragement that grows the overall business of inTEST, not just that division, which is what they had done at that time. Yeah. Maybe for Nick and Duncan, not trying to put you guys on the spot, but if we look at that slide for Q1 and 2022 guidance, is that just a statement of fact, or should we assume you still feel comfortable with those ranges? Well, I haven't changed the numbers. I didn't come out and say those numbers have changed. Okay. I'll let that statement stand by itself. Right. Given that it was three weeks old, too, it was. It seems like your service offerings can increase nicely, especially with Acculogic, and there's some, like, nice low-hanging fruit there. With the slow uptake, is that largely just due to the pandemic, or is there maybe some, like, labor necessity needing to increase the labor pool to get on sites and whatnot? Yeah, no, absolutely, the pandemic was an inhibitor, slowed us down. The labor talent throughout 2021, you know, heavily in the first half, we struggled to get the talent we needed. It improved in the second half, and we're in a pretty good position here in 2021. It's now more, I'd say, supply chain is the bigger challenge than labor now. Yeah, no, definitely talent was part of the inhibitor as well as the COVID out there. I don't know if you guys have any other comments. Yeah, it was just really tough last year to get customers to let you on site to talk through different ways you can support them, and it was almost for most of the year, you were only going if it was an emergency. Yeah. I’ll even add that varied from region to region throughout the world as well. Travel in the U.S. was different than travel in Europe was different than travel in Asia, and we had to approach each specific scenario in a different way. Yeah. On the web. From the webcast, somebody's asking relative to a comment that you made, Joe. You mentioned an exciting opportunity where a tester OEM that has its own line of manipulators is looking to adopt some of your advanced technology. How big is this captive market, and what percent of that market is ripe for share gains or a move to outsourcing merchant suppliers like inTEST? A bunch of different parts there to that. It's a significant opportunity. You know, we don't necessarily expect them to go to our manipulator for everything. It's gonna be a gradual process, where we'll be ramping it up over time. At least that's the plan for it. That's you know, it will be. It'll grow over time. That's our expectation with it. It's not something that's gonna come in and fundamentally change the business, this year or next year from something like that. What was the other parts of it? Talk to the OEM relationships and what you're doing there. Okay. Yeah. We're working very closely with a number of OEMs in the test space. We've got a number of our global account managers focused on OEMs, trying to partner with them on specific projects so that we can get in different niches. I mentioned the power management. We've got different applications there that we're doing. We've got things that are going on with certain RF products. We're trying to be product specific, where we can add value to them and where we can provide something that's better than what they have today. The margins in that business would be similar? Lower gross below OpEx to support- Yeah. Repeat the question. Oh. The margin in the OEM business would be equal to corporate averages, or would it be a different mix as a similar pre-tax? I would say it would be, as far as corporate averages, yes, equal to that. You know, some of the margins on some of the products are pretty strong, so if we got a high volume OEM, wouldn't be quite as good, but overall, I think that we would work out pretty well. Can you talk a little bit about how you prioritize your OpEx spending as you move towards that $200 million sales goal? Yeah. I mean, I think as I, you know, tried to touch on a little bit. I mean, whenever we're investing dollars, whether it's OpEx, CapEx, we need to be thinking about, well, what are we getting for that? Is it aligned with our strategy? You know, if we're investing in additional selling resources, marketing resources, you know, what we're gonna get from that, what's the likely return? Constantly, you know, thinking about it that way. I mean, there are some additional elements as we scale that we have to think about, you know, supporting the overall business. But keeping that kind of modest, we do believe there's good operating leverage opportunity over the, you know, over the piece with respect to leveraging our existing kind of cost base. We really should be keeping, you know, as the North Star, as I kinda said, you know, let's focus on the five-point strategy, which is primarily focused on driving that top line. You know, are we growing market share? You know, are we increasing serviceable addressable market? You know, so whether it be spend towards innovation or around, you know, the sales and marketing side, I mean, that's what we constantly need to think about. If people are wanting to add headcount or wanting to do that's always the question that we need to be asking ourselves and are asking ourselves. Question over here. Thank you. Another question for Scott. You have quite a few competitors. It seems like you develop solutions for specific customers, and you work hard at it. How sticky is the customer? I mean, once you have a customer, are they then doing an RFP and trying to say, "Okay, now we know how to do it, and we'll tell people how to do it," and they try to bid you out? It goes both ways, right? If your customers are sticky, your competitors' customers are sticky. How does that market, you know, what's the dynamics of the market from a stickiness and a growth perspective? The answer very simply is it's very sticky. Very sticky. The secret to the induction heating business is our labs and our ability to be able to show that solution to customers. In many cases, customers have told us, "This is going to pay for itself in weeks." Would you go to somebody else that maybe knows how to do it and try to tell them how we did it and find out, you know, five weeks later that, "Oh, this is all screwed up," and come back to Ambrell? No. Once we prove out that technology in our lab, we get sales. They don't spend a whole lot of time going out there. Now, granted, yes, if you have a OEM that's gonna purchase a large volume, they're going to look around. We can be very competitive, and we bring a great history of products, availability, mean time between failure that really is second to none, we believe, in the marketplace. The stickiness is absolutely there. The great thing is, once we solve one problem for us, they realize, "Oh my gosh, I have 10 other applications that I could bring to them as well." They do. Your lab is in Rochester? I have multiple labs. I have a lab in Rochester. I have a lab in Europe, in the Netherlands, and I have a partner lab in Italy that we're supporting directly, a partner lab in Mexico that we're supporting directly. I have other distributors across Asia and in Eastern Europe that we have labs located that we have done a lot of training with those partners. If they ever get into a difficult situation, they'll either bring us in directly or virtually these days. Those labs are really the key to the solution. Another one from our webcast audience. What valuations are you seeing in the acquisition pipeline? Yeah. Rich, you wanna Yeah. The valuations are varying depending on where the companies are coming from. Usually if the process is coming from an investment banker kind of strategy, it's a little bit on the higher side, say in the mid-12-15 range, something like that. Sometimes even if it's a private company or acquisition in that range, it's usually in the single digits in that space. We try to look at those valuations and address them accordingly and of course look to the lower ones if we can. Yeah. When you came aboard, you used the phrase, "low-hanging fruit for organic revenue growth." Let's change that. If this were a baseball game, which inning would each division be in for organic revenue growth in? Yeah. This year right now? Excellent question because it and the board and I use this analogy as well. You know, overall, we feel like we're probably in the you know, bottom of the second, top of the third inning from that perspective. You heard a lot. We made tremendous progress this past year, but you know, we've got pretty big ambitions. I just don't think we've seen it in the numbers yet. We grew 58% last year. That's the cycle. No. Some of it was the cycle. Some of it was our innovation, our investments to get better coverage out there, the markets we're going after and penetrating into. It was absolutely not just market tailwind. We're in the, like I said, overall in the early innings of this. We believe the investments we made are gonna continue to drive that, and that's why we're very comfortable in our targets that we've laid out there. A follow-up. Without any future acquisitions, which division has the most revenue in 2025? Ooh. Without future acquisitions, I don't know. Duncan, what's your- Can't say. Yeah. Yeah. It's a beat down. Well, these guys. It's a ball. Should we go out in the hallway and wrestle, guys? Yeah, exactly. Yeah. No. You know, because each of them are a third, you know, of us roughly today, we've got pretty solid growth across all three out there. So it's not gonna be like- You know, one's just tremendously taking all the growth and the other two are just, you know, relatively flat. All three are aggressively growing in their markets. I would say, you know, even though the small Z-Sciences was a, you know, a product line acquisition, it opens up tremendous growth opportunity for iTS. The Videology we've talked about, the Acculogic, again, more lifestyle businesses that you know just under-penetrated. We see all three growing. In fact, I would say there's not one that stands out better than the others. Yeah. To use another sporting analogy, I mean, it's a good horse race between all three, to be honest with you. You know, let's keep an eye on that. It's a good question, though. Win, place, and show. Win, place I was thinking the steel cage match. Steel cage. Yeah. Keep me honest. I'm dating myself. Another one online. Yep, another one from the webcast. You spoke about how the organization structure is evolving at the business. Can you discuss how incentives are changing at the divisional and board level? Is there, for example, an incentive payment tied to the long-term revenue goal of $250 million? I'll talk about the company. The board's incentives are decided by the comp committee out there on that. From the company perspective, we absolutely have aligned our incentives relative to, you know, bonuses and stock around our objectives that we're growing the company to the leaders, and we've gone deeper into the organization to the next layers to incentivize and provide that. We use a mixture of, you know, annual target setting as well as three-year performance objectives laid out there in our stock awards in that. Yes, we are aligning. It's all about pay for performance, that mentality we're driving. Following up on kind of the volatility in fixed income control as you grow inorganically. If you think of kind of the average cycle going from 100% down to 40% peak quarter to trough quarter, and you roll that forward to your 250 number. The question is, inTEST has clearly been profitable on a cross-cycle basis historically. Can you actually think in this next cycle you'll attain profitability in your trough quarter? I mean, I believe those historic cycles somewhat overlap a little bit. I mean, I think this front-end semi, back-end semi dynamic is actually a very important one because we do see those moving in a slightly different fashion. You know, back end moderating a little bit, which we've kind of talked about coming off the historic highs of last year, but we're still seeing, you know, high record kinda numbers there. As that starts to moderate, we're seeing the opportunities in front end, you know, looking strong. As that cycle continues, we expect to see, you know, again, a similar flip-flop. You know, we're certainly, as we project out, you know, 12, 24 months, we're looking at that dynamic. Obviously, as that dynamic evolves, and if it's not evolving that way, then we need to, you know, adjust as appropriate. The growth in the other sectors that we see is coming on board, you know, helps kinda reduce that. You know, we're looking a little bit further out, looking at it on that kind of basis and really seeing, as I answered, you know, previously, that volatility, you know, stabilizes somewhat versus what we've seen before, where the exposure purely on back-end semi led to the dynamic that you're talking about. I would say on that, you know, with that lessening or dampening of the volatility or what have you, the company has demonstrated it's been able to deliver profitability for years through the cycles on that. That only positions us better going forward. All right. Again, from the webcast, can you talk about the impact of rising interest rates? Sounds like a Duncan question. Sure. I mean, last year, obviously, interest rates, very favorable environment. As you've seen, as I talked about, we did go out, you know, borrowed money on the back of that. You know, I think we borrowed $20 million. We effectively fixed the interest rate of $12 million of that. You know, the $8 million is kind of floating. I mean, we will deal with the market environment at the time with respect to interest rates. We have flexibility around raising capital, as I talked about, in terms of debt versus equity. I mean, there's different mechanisms. You know, we'll have to assess at particular point in time what makes sense. I mean, if interest rates are crazy and doesn't make sense to enter into more debt, then, you know, we'll look into different avenues. I mean, it depends. I mean, we have to look at the market conditions, you know, that prevail at the time. Any more questions? I don't need that. I think I'm okay still with this. No, then that'll conclude our investor day today. Again, first ever for the company. Hopefully, you really get a sense that things are different here at inTEST. I'm excited about what the future holds, excited about the team we've got in place, and yeah, look forward to updating you in the quarters and years ahead. Thank you all. For those that are in the room here present, we have the demos, which we will now be able to show you in that, and then lunch immediately following. Thank you again. Yeah.