Good day, and thank you for standing by. Welcome to the Kadant Acquisition of Dynamic Sealing Technologies Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Michael McKenney, Executive Vice President and Chief Financial Officer. Please go ahead. Thank you, Marvin. Good morning, everyone, and welcome to Kadant's Conference Call to discuss its acquisition of Dynamic Sealing Technologies. With me on the call today is Jeff Powell, our President and Chief Executive Officer. Before we begin, let me read our safe harbor statement. Various remarks that we may make today about Kadant's future plans and expectations, including the expected benefits of the acquisition of Dynamic Sealing Technologies, are forward-looking statements for purposes of safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those outlined at the beginning of our slide presentation and those discussed under the heading Risk Factors in our annual report on Form 10-K for the fiscal year ended December 30, 2023, and subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements we make during this webcast represent our views and estimates only as of today. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our views or estimates change. With that, I'll turn the call over to Jeff Powell, who will discuss the acquisition. Following our remarks, we will then have a Q&A session. Jeff? Thanks, Mike. Hello, everyone. Thank you for joining the call today. As you read in our press release issued yesterday, we've acquired Dynamic Sealing Technologies. Today, we will provide more information about the acquisition and give you an opportunity to ask questions about this newest addition to Kadant. As many of you know, there are specific attributes we look for in an acquisition. Those include a leading market position, a high revenue percentage in parts and consumables, strong financial performance, a product offering that is complementary to Kadant's portfolio, and a strong management team. I'm pleased to say that Dynamic Sealing Technologies has all of these attributes, and we are excited to welcome them to the Kadant family. I'd like to start by providing an overview of the company and the transaction. Dynamic Sealing Technologies, or DSTI for short, is a manufacturer of rotary unions and related flow control products used in a broad range of applications. We have known DSTI since the early days of their founding in 2002 and have a deep appreciation and respect for the company and the market position they have established over the past two decades. Like other Kadant businesses, they have a strong customer orientation, complemented by a high-performance culture that works to deliver the best solution possible. The company is based in Andover, Minnesota, and employs approximately 90 employees. The revenue for the trailing twelve months that ended March 31st, 2024, was $25 million, with around 75% of that being from parts and consumables. The purchase price was approximately $55 million. DSTI specializes in custom-engineered rotary unions and integration of value-added products used in a variety of fluid sealing applications across a broad range of industries. The company's standard rotary unions, referred to as multi-passage unions, are used to convey hydraulic and pneumatic fluids that provide power or allow media to flow into another device. Inside these highly engineered rotary sealing devices are various seals, bearings, and other components that ensure a reliable and high-performance union. The company's custom rotary unions include those designed for specific applications and are often integrated with other components, such as electrical slip rings and other value-added accessories to extend the product's capabilities. DSTI is well recognized for their ability to solve complex fluid sealing challenges, where operating temperatures, pressures, and media can be difficult to seal and reliability is critically important. As you can see in slide 6, the key industries served by DSTI span a broad spectrum, including defense, medical, and energy, among others. While many of these industry segments are familiar to Kadant, the addition of DSTI deepens our footprint in these segments and provides an additional platform for future growth. We believe this is particularly true in faster-growing segments such as semiconductor, medical, construction, heavy equipment, and food and beverage. The company's well-established position in custom and multi-passage unions, its high aftermarket parts business, and its highly complementary product offerings make DSTI an excellent fit with Kadant. The company's financial performance reflects its experienced management team's ability to execute well and provide an exceptional customer experience. As many of you know, our existing fluid handling product line includes rotary steam unions and precision rotary unions used to connect rotating devices to fixed piping. The offerings from DSTI fill a gap in our product portfolio and extend our total addressable market. If we were to dream of an ideal company to add to our flow control portfolio, DSTI would be the realization of that company: complementary markets, complementary products, strong customer orientation, and advanced technical solutions for critical applications. Consistent with our decentralized operating model and past practices, DSTI will continue to operate as a standalone business under Kadant. We believe there will be significant opportunities for collaboration across our flow control businesses in the Americas, as well as in Europe and Asia. Because of our global footprint, we also believe there will be opportunity to leverage our business infrastructure to benefit both the commercial and operational sides of the business. We are honored to have DSTI join the Kadant family and look forward to integrating DSTI into our flow control segment. With that, I'll turn the call over to Mike to discuss the key financial metrics. Thank you, Jeff. I'd like to provide some additional color on the financial metrics associated with this transaction. Jeff noted the purchase price was approximately $55 million, subject to customary adjustments. On a trailing twelve-month basis, as of March 31st, 2024, the business generated approximately $25 million in revenue and $6.8 million of adjusted EBITDA, which translates to an EBITDA multiple of 8.1x. DSTI's revenue is approximately 75% from parts and consumables, which should provide a strong recurring revenue stream. I'd also note that this transaction has very favorable tax attributes, which are not captured in the EBITDA multiple. We are able to treat this as an asset deal for tax purposes, which means we'll be able to take a tax deduction for the step-up in basis for the acquired assets, including goodwill and other intangible assets. The ability to deduct the amortization of goodwill and other intangible assets will provide a significant cash benefit of approximately $11.6 million over 15 years. This benefit is worth approximately 1 turn on the EBITDA multiple. When that is factored in the multiple is 7.1x. We value businesses on their after-tax cash flow. While EBITDA is a quick way to think about pre-tax cash flow, it doesn't capture the favorable tax attributes an asset deal generates. I'd also note that DSTI is an asset-light business with low CapEx requirements. We borrowed $55 million from our credit facility, and we expect our borrowing rate to be approximately 6.7%. While we are still working on the valuation of the intangibles that will be amortized for book purposes, based on our current estimates, intangible amortization expense, in combination with interest expense, will make this transaction slightly accretive in 2024 on an adjusted EPS basis when we exclude the non-recurring amortization of the inventory and backlog write-ups. I'm going to now turn the call over for our Q&A session to address any questions related to this transaction. Marvin? Thank you. At this time, we'll conduct a question-and-answer session. As a reminder, to ask a question, you'll need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Again, as a reminder, to ask a question, you'll need to press star one one on your telephone. Thank you. I'm showing no further questions at this time. I would now like to turn it back to Jeff Powell for closing remarks. Thank you, Marvin. As we conclude the call today, I want to note that DSTI is a company we admire, and we are pleased to welcome DSTI employees to Kadant. Thank you for joining us today, and we look forward to updating you in the future. Thank you for your participation in today's conference. This concludes the program. You may now disconnect.