All right, we'll go ahead and get started with our next presentation. I'm really happy and excited to have The Manitowoc Company here, trades on the NYSE: MTW. This is a client of Three-Part Advisors, and I actually work on this account with Aaron and his team. It's been really a great transformation story, really kind of shifting the revenue mix into a business that's higher margin, higher returns, more recurring, and less cyclical. Then we actually just saw what was a great print in this last quarter was, with a really nice increase in the order rates, which is hopefully indicating a recover from what's been what I feel like may be the longest downturn cycle, down cycle rather, in the crane industry history. With that, I'll turn it over to Aaron. The timing is right. Thank you, Dave. Good morning, everyone. I'm Aaron Ravenscroft. I'm the CEO of Manitowoc. With me is Brian Regan, our CFO, and Ion Warner, who runs our investor relations. Moving to slide two. Slide three. Just to kick us off here to get level set. I mean, Manitowoc has been around for well over 100 years, but we've really been transforming the business over the last six years. I joined the business in 2016 when we spun off our food services business, and then I took over as CEO in 2000 amidst COVID. That's really, we spent the first three or four years reducing our costs. We took $150 million out of the business and really changing relative to not just the spin off the business, but also get ourselves at a much more sustainable standpoint, get to a spot where we could do some acquisitions. In 2000, when I took over, and this is really when we started our aftermarket strategy and shift the business. We know at some point we'll have a cycle, and we'll see a lot of volume increases. When that comes, I don't know. Ten years ago, I would've tried to guess, but at this point, I've given up on trying to guess that. But we're controlling what we can control, and my tagline to everyone is, we spent 100 years focused on the most volatile, cyclical, lowest margin portion of the crane industry, and the aftermarket, the lifting solutions element of our business is really, we're the nice stable piece of the businesses. And that's really been the emphasis of our business, what I'm going to take you through today. Slide four here is just a summary of our business. So well over $2 billion in revenue. We've got a very global footprint, nine manufacturing locations. As I'll go through the slides, we've increased our locations significantly over the last five years with not only acquisitions, but through organic growth. Very focused on growing our field service network as well as our aftermarket sales folks. So I would say historically, we sold big toys for big boys, million-dollar machines. We were whale hunters. We loved to go chase the big order. Whereas today, we're really shifting to be focused on the jewelry of the business and chasing those onesie, twosie type orders, supporting our customers, and quite frankly, serving our customers. So, I would've told you five years ago, the majority of my time was spent with the owners of many of these businesses of our customers. Where today, I'm happy to say that we're spending a lot more time with the folks who actually run the service centers. If you can imagine someone who's running a service center, not only are they responsible for some very expensive kit, they're trying to drive their utilization, but folks who run cranes is a tough business. So they're a cast of characters, and we've got to find ways to help those service managers really drive their business and take things off their hands and make their lives easier. I view that as just as similar as when I was a supervisor on a shop floor working with Fastenal. So there's a lot of activities that are out there that can be done to make your lives easier so you can focus on the real core of your business, and that's how I see Manitowoc as we move forward. As you can see, we've sold over 100,000 machines in the last 20 years that are out in the field, so lots of opportunity for us. I think that's probably the blessing of the big boom in 2008 and 2009, was all of the machines that went out into the field. And as we'll go through in a couple slides, there's an opportunity for a refresh, but until that comes, we see that as an opportunity to continuously grow, not just our parts, but also our service. So slide five is just The Manitowoc Way. This has been a big part of how we've driven the culture since I joined the company in 2016. Very focused on the implementation of the Toyota Production System, a real culture of continuous improvement. And to me, this example really signifies everything that we're about at Manitowoc. So we recently had a Kaizen at our Wilhelmshaven facility. So firstly, the picture of the crane in the back is an 8-axle crane that will sell for several million dollars. We started to engineer that a couple years ago. It's got hundreds of thousands of engineering hours behind it. It'll lift 700 tons, and it drives down the road. There's a lot of rigging associated with it and safety. Number one at Manitowoc is how do we improve our safety? Initially, we designed this Kaizen to improve how we actually do the lifts on the jibs and the mega wings at our actual locations where we're going to be testing the machine because we're in a business where any accident could be a fatality given the nature of the size of weights and the heights that we deal with. We were going to run a Kaizen to make sure that we really knew how to deal with this piece of equipment at our own location, and then that quickly evolved into how do we do it more productively. We ended up inviting customers to work with us as well as some suppliers. We had this real cross-functional team of doing a Kaizen to say, okay, when we start to sell the eight-axle crane, how do we tell folks to actually rig up the piece of equipment to do it, number one, in a safe way, but then number two, in a productive way. We had a big group of people giving us insights on, hey, when this unit's out in the field, because time is money. When you're rigging, no one's paying you to rig up the machine, but it could take an eight-hour shift. At the conclusion of it, I think we had well over 100 action items, and we had several new products we designed. We actually have come out with a kit that we'll sell. We've never sold a kit before to actually rig our own equipment. If you think about just like lifting the counterweights off, we've just left that to folks who've been in the crane business for 100 years. We never actually engineered how we do those lifts. A lot more emphasis on safety around the world, and we're trying to take advantage of that and do it upfront and create some aftermarket products at the same time. Big thank you to the customers that attended this Kaizen Event. Slide 6 is what we call the crane cycle. This is our sales. I think it's directionally correct relative to what you've seen and how the business has cycled through the last 20-some years. The first thing I'd say, it's not inflation adjusted, so when you look at our more recent revenue, what looks like growth, I mean, a good bit of that is the tariffs and the inflation we've had. It's been about 10 years where the market has been pretty depressed. If you look at the rental fleets around the world, they're typically in that sort of 15-year average age fleet, which means you've got a lot of machines that are 25 and 30 years old. The maintenance would be eating you alive. We see this as a huge opportunity at some point where they're going to refresh the fleet. When that comes, you never can tell. Definitely our orders have been great the last three quarters and feel really good about where the business is going with just the nature of construction around the world these days. In the meantime, we're very focused on how do we break that cycle. For us to break the cycle, number one, it's how do we grow our aftermarket, which we'll go through some slides. We're well over $700 million in aftermarket. When we started, I think we were $375 million six years ago. That'll flatten out the curve for us and be much more predictable for us. The other element of this is us buying our dealers. A lot of folks don't realize that just the nature of the crane business and the build schedules, we actually will create these booms and busts as folks try to get on our build schedules. A good example is if you look back to 2009, we had $1 billion of cancellations in the first quarter as entirely driven by dealer cancellations. This is a situation where when lead times start to get long, dealers are chasing to get on the build schedule, and you're taking orders that are a few years out. Today, Manitowoc, we typically try to keep that within a 12-month window. It protects us against inflation and some of the other tariffs that we've seen in the last few years. The other element of that is trying to avoid these massive booms and busts, because typically what happens is when the market gets really hot, which you would have seen in sort of 2006 and 2007, dealers again, are sort of a run on a bank to get on the build schedule to make sure they're able to get units. Then all of a sudden they wake up one day and their balance sheets are full, and they turn the faucet off and you see the drop. That's why the crane business can just change so dramatically. For us, internally, we're very focused on let's make sure we're managing our build schedules appropriately. Let's not get things too far ahead of us. I'd say we're in that scenario right now today with the boom in data centers. There's strong demand for large crawler cranes. We're actually sold out for 2027, but we have not opened our build schedules for 2028. Again, we're trying to keep that window as tight to actual production times and costs of when we're bringing inventory as possible. For us, that makes it a lot easier for us to manage the business, quite frankly, too, so we're not chasing booms and busts. This is the bane of my existence. How do we break the cycle? I think we've already made some good gains in just five years. Focusing on the aftermarket, I think we officially launched CRANES+50 maybe in 2021 or 2022 in terms of the name. Internally, we've been talking about how do we grow our aftermarket? We did two big acquisitions in 2021 of two of our dealers in the U.S. As I say, when we started this program, our aftermarket was around $375 million. At the time, I think we set a target of about $750 million, and then we adjusted it up to $1 billion. From my point of view, we need to get to a position where our aftermarket is half of our total sales. I think that's very doable from what we've seen in our current businesses, and we look at other dealers that someday we'd like to acquire over time. What's driving that business? Well, let's see here. Why don't we go to the next slide here? This is a breakdown. We get a lot of questions. We use the term non-new machine sales. Internally, it works well. Externally, it's not as great. I mean, typically this is just our aftermarket, but this gives you some idea of the buckets that we have. Obviously, we were always pretty heavy into the parts sales, but we didn't get a whole lot of service. That has been a huge part of what we're trying to do is grow our service network. That's really the glue that keeps it all together. If you're on the crane doing the service work, you're going to get all the parts, and you're going to get a lot of ancillary parts. A lot of times, the other thing that you see with our cranes is we buy a lot of equipment that goes on our cranes, whether it's the drivetrain, or the engines, or the tires. If we're not Johnny on the spot, chances are folks are going to go get those support pieces somewhere else, especially in places like Europe. Being on top of the machine and really tracking the machine makes a lot more stickiness in terms of our aftermarket. The other big changes I'd say since that period of time is around used. Why don't I start with rental? We do a little bit of rental. This somewhat is the manufacturing site for our used sales. It's a combination of things when I think of my used. One is we typically like to keep our rental fleet young, sort of two or three years old. We do a lot of RPOs that I'll get into, which are more like leasing for two years before someone buys the crane, and then we turn around and sell it, and that becomes a used sale. That's one element of what's driven our used. Then the other is we've become more aggressive around trade-ins, particularly in Europe. We'll trade in some cranes, all-terrain cranes in Europe, and then we'll actually bring them to South America and the U.S. That's how we've been competing with the Chinese, for instance, in Latin America, is by getting used machines that are a couple of years old out of places like Germany on a trade-in on a new, and then taking it down to South America, where we'll enjoy clipping all the coupons off of our very big bond. In terms of rental, and I've got another slide, a lot of folks ask us about the financial side of it. From a revenue standpoint, it's never going to be massive. I mean, you're talking about a 2% monthly rental rate on a multimillion-dollar machine. From a revenue growth, we don't see the opportunity, but really because of the depreciation, amortization, you see a nice contribution to EBIT. Then, of course, when we sell those machines, the returns are good. In terms of us becoming a real total lifting solutions company, there is really four big buckets that we are working on. One is to increase our footprint. We need more locations around the world. We need to get closer to our customers. We need a home for our field service techs and a place that we can rebuild if we need to rebuild. Secondly, we need to constantly grow our aftermarket team. There is a lot of elements that go into this, but first is how do we get more field service technicians, and then second is how do we get more aftermarket salespeople? I think when I joined Manitowoc in 2016, I think maybe we had three aftermarket salespeople. We call them PSSRs, Parts and Service Sales Representatives. These are really folks, I would say historically, were more field service sort of oriented and trying to support the customer with technical issues. Now we are really trying to gear those folks up to be more proactive and to engage with some of the products and retrofits that I will show you in the coming slide. Of course, we also need to increase our used sales team to support what we are doing on the rentals and the trade-ins. From an aftermarket portfolio, now that we are more engaged with folks that are actually doing the day-to-day lifting, we see more and more opportunities, and I have got some slides that I will walk you through. On the last slide there is just leveraging technology. We started a few years back with telematics. Just like your Apple phone gets updates and you do not really know it, we can do the same with cranes. In the old days, you had to literally take a physical laptop and plug it into the crane. You would see field service folks would have 20 of these laptops because you had a laptop for every machine. You would have them in their vans. Then evolved to thumbnails, and today we are really working hard that if you get into a Wi-Fi zone, that you can download your new software. Most vehicles are the same way. You pull into your house, and it gives you the option to accept the new updated software. Very similar in terms of the way it works for cranes. The other side of this is, I will talk about ServiceMax in a bit, but it is just how do we track cranes from when they are born to when they die? Believe it or not, we sold 100,000 cranes all over the world, but the only way we would really know where they were is if someone was keeping an Excel sheet. We do not really know what the maintenance is and what our level of support has been on the machine. This is really the key of introducing ServiceMax for our team. Starting with our footprint. When we go back to 2001, we added several locations with the acquisitions. As our balance sheet has been tight the last few years, we have been very focused on organic growth. You can see we added locations in the Americas in Denver, Aiken, South Carolina, Kansas City. Nashville was an upgrade. Baton Rouge is a great market for us. I think we had a shared place with H&E. We had two bays. Now we have a new location with six bays. This is how we're really driving our field service and aftermarket, is just literally giving our team more capabilities to support our customers. More recently, we added a location in Peru and in Chile, and we currently have one that will be open next month in Monterrey, Mexico. So lots of opportunities for us there. In terms of Europe, we've added locations, Madrid, Paris, Barnsley, U.K., and Warsaw, Poland, and we've got a few underway in Portugal and France at the moment. Then lastly, in terms of what we've done down in Sydney, Australia, we've always had a location there. We just are in the process of adding a location in Brisbane to support all the work that'll happen around the Olympics. Then Melbourne is a great market where we've never really participated. Even though we haven't been in acquisition mode, we have been taking over more and more territory. In some instances, it's where we've not had any representation. In other instances, it's where we've had poor representation and we've canceled some dealers and just decided to go direct. In every instance, I'd say we're typically break even on a new location in the first year, but it really takes two or five years to get the location going the way you'd like it to go, to really generating decent numbers. So, in terms of increasing our team, again, we saw a big jump between 2020 and 2021 driven by the acquisitions. But you can see we've added over 200 field service techs in the last five years organically. Again, this is at every location, challenging folks that I think forever, even today, I still go to locations and I'll ask folks, "Well, how many field service techs do you have?" And they'll say, "10." I'll say, "Okay, when are you going to have it doubled?" Because in the old days, it was just easy for us because it's like, oh, I can't go find a field service tech that's MacGyver, and so we didn't fill the position. Now we've been very aggressive in terms of the layers of folks that we're recruiting. So we'll take folks in from high school or vo-tech schools. We'll train them literally from scratch. We'll also take folks that are sort of medium level, maybe they're experts on diesel mechanics or electricians. Then, of course, if we can snag a few old school crane guys, that's fantastic, but they're hard to come by these days. So, we're very focused on our training efforts. I would say that when we were just a manufacturer, we weren't so great at training because we didn't realize just how challenging it was. It could take you three years to get someone through all the training, and that was a really good, qualified person. So, we've got some quick start programs. This is also a big element of when we talk about some of the other products that we'll service. It's good for us to be able to-- Sometimes we'll rebuild or fix an AWP or a fire truck or a vacuum truck. Those are great projects for us because it allows us to take our folks that are more, I would say, apprentice level and get them hours on machines doing some basic work and get them skilled up. Here you see we've got a mobile training center that we showed off at CONEXPO. It's been traveling around the world because historically, you had to go to the factories to get all the training. Now we're trying to get out into the field and get closer to where not only our field service techs are, but also supports our dealers' field service techs. Many of our customers have large populations of field service techs. The more knowledgeable they are about our machines, the far better off we are considering how complicated they are with the systems they've got. Talk a little bit about our aftermarket portfolio. A lot of times everyone thinks about just the parts that are on the machines. If you look here at the top left-hand corner, just for the crowd on the internet, we're on slide 12. This is a project that we just released last week. This is a retrofit. Basically, it's replacing old school screens with a more modern screen. Many of those old screens, they've sort of dimmed down or you can't actually really see. We're launching. To me, that's a perfect example where we've taken PSSRs and say, "Hey, now you have a reason to go call everybody. We know everybody who owns most of these RTs. Let's call them up and chase them down and get in front of some crane operators. We'll run some trials. We'll go to the union locations where they're actually training operators and probably make some donations." Again, that's a simple upgrade for us, but it gives us an opportunity to go out and really press the flesh and show our value to our customers. Some other good examples here, like wire rope and rigging. There would be no wire rope or rigging if it wasn't for the folks that invented cranes 100 years ago. We put them all on, inspect them on our machines, but historically, we've not really supported in the aftermarket. It's one of the only wearables. When it comes to rigging, typically, again, we're the ones that are designing the lifts on how to take, say, a counterweight off of our crane. We see these as all good opportunities for us to support our customers. Anchorage beams. With every tower crane that is erected, that is braced against a large building, which would be pretty much any facility. If you go to the Middle East, you see these everywhere. They either go up through the elevator shaft or they're braced against the side of a building. We started making our own modular anchorage beams, to help. In the old days, we would just sell to a crane rental house and say, "Good luck." You're basically going to go lift. You might call our lift solutions teams, and they would help with some engineering, but we didn't really give them the products to support them with this sort of work. Two of my favorites are the tower crane urinal and the hydraulic pinning. We've been making tower cranes for 75 years. We would sell you the crane, and if you are lucky, we would give you a bucket, or we would give you a bottle to go upstairs 30 meters, where you are going to sit all day long. Now that we are actually in the business of putting people in cranes, we found some solutions to the urinal issue. This is one that turns urine into mist. So at least the guys can go to the bathroom. We are working on one for the ladies. It sounds ridiculous, but it actually changes the life of the poor person that is sitting in that cab all day long. The one on the bottom is for pinning. Our masts are pinned together, which means that you will have a field service tech erecting a crane. He will be 30 meters in the air, tied off, swinging a sledgehammer to insert these pins into the mast. Not exactly the guy you want to pick on at the bar tonight. That is definitely the person you want to walk away from. We have launched some hydraulic pinning systems to make it easier and safer for them. We have also designed internally our own manual slide system that is just way safer and easier. Because even when we are attacking all of our own safety challenges, we have got a lot of folks that are having ergonomic issues from swinging a sledgehammer their whole life. Some nice solutions that the team has put together. Finally, here on the right-hand side, we have a distribution agreement with Hiab. These are knuckle boom cranes. It is a great synergy with our boom truck business. These are, again, a little bit easier machines than, let us say, an all-terrain crane, so it helps us develop our field service techs and many of the same customers, whether it is utilities or tree handling and those sorts of things. Really a good fit for us. I would say we are just starting to gain momentum. Maybe we have had that contract for six months. I had a review with the team yesterday, and quotes are coming in now, millions per month. I think that is a good sign. Another company we work closely with is Xtreme. They make heavy duty telehandlers. We got into this business because any time you are in a crane operator field, you have got these heavy duty telehandlers just move counterweight. So they go really well with our cranes, and it has been a natural sale for us. On the bottom are batteries. With our tower cranes, it is hard to hook up to the grid. A lot of time you have generators, and that is pretty expensive. Of course, if you are in Europe and you are looking at diesel fuel of $12 a gallon, you are looking for all alternatives. You have the same issue in places like South Korea. I think we have got a trial in Australia. We have sold a few of them. Again, in the old days, we would have never considered that product, and today we are selling it on a pretty regular basis. Again, making it easier for someone to tie into the grid. Again, in the old days, it would have been just give us your address of the project. We will ship you your crane, and it is your job to figure out how you hook up to the grid. The grid has become really, really problematic. If you want to hook up to the grid in France, in Paris, it's going to take you six to 12 months. I don't think anyone's going to accept that. The batteries are a nice, cheap solution that is really value added for folks and saves. Then lastly, in technologies, as I sort of alluded to on ServiceMax, we used to track our machines by Excel at best. With ServiceMax, basically they were bought by PTC. PTC is someone that we've used as a supplier for years on our engineering. All of the CAD systems, it's really under PTC. We really like this solution because number one, when they bought ServiceMax, they were going to be able to tie in the aftermarket with the new engineering drawings. That's always a challenge for manufacturing businesses. How do you take a traditional drawing and actually get it over to a bill of material where someone can do something with it in the field? We thought that was fantastic. Then the other element of this is just the AI aspects of it. If you think about it, we'll sell, I don't know, 300 plus all-terrain cranes this year across seven different models. I bet we'll sell, I don't know, 50 GMK5250s. So, it's a five-axle, 250-ton crane. Of those 50, though, they'll probably be shipped to 30 different countries speaking 20 different languages. So, a lot of times we have folks who are fixing these machines, but we don't know the best way to fix them because they've done it in French or German or Spanish or Portuguese or Australian. The beauty of this system is once we've started to implement the modules of it, down the road, you'll be able to, because of AI, be able to go basically, "Oh, okay, how'd you fix the boom on a GMK5250?" And it'll go in and take all the information out. In whatever language it is and repeat back to basically how you've tapped into the agent. So, we see huge opportunity here, but of course, it's going to take us years of using it and inputting it. In the meantime, we've started to move all of our service documents and any information we have into another AI agent that will help our field service folks. So, we're very focused on how do we get our less skilled field service folks at the highest levels as fast as possible. If nothing else, at least they'll be able to tap in to much better information than they would be today. Then on the right, this is a picture of our remote-control unit for tower cranes in China. This is something that we've been working on quietly. So, we have a Product Verification Center there, or a test site that's a couple of miles down the road. You can actually sit on that crane that's inside of the factory or this simulator. It's not a simulator, but it looks like you're at the arcades or something. But you can sit there and actually run the crane that's three miles away. We see that as an opportunity for tower cranes down the line, and we've just continued to play with the technology and understand what are the pros and the cons and those sorts of things, because theoretically, you could run multiple tower cranes with one operator from a location like this. This is something that we think customers are going to want, but it's just going to take us some time to get there. Returning, now that we've talked about aftermarket, talking about the core business itself, we see a lot of tailwinds as we look forward, just in terms of the infrastructure spending that's out there. We see a lot of activity at the moment around data centers and semiconductors, some of the things we talked about on our last earnings call. We built a data center in Abu Dhabi. I would say that's been sort of stalled out with the situation with Iran. I would expect that to come back when that comes online. But we've been building data centers all over the world. That's been good for the crane business. Sometimes it's crawler cranes, sometimes it's tower cranes, depending on where they do the construction or how they do it in the world. The other thing is semiconductors have been huge for us. Korea is a very large market for our tower cranes. We've been very active. If you haven't read the news on what SK hynix and Samsung are doing, they're making huge investments for the next 30 years. In addition to building the semiconductor plants, they'll have to build, really, communities around those factories. At the big Samsung Fab 5 project right now, at the peak, there'll be 75,000 employees on that site alone doing all the construction at its peak. That's an insane number of people. I was there a couple of months ago. I think there were 60 or 70 cranes already in the air, and Brian and I will go in a couple of months, and I wouldn't be surprised if there's 100 cranes just on that one project. A lot of activity. Airports have been good for us. There's some big airport projects in UAE that we're currently working on. Stadiums have been good for us. I think the areas that really have surprised me have been really mining and oil. In the old days when I was in the mining industry, if you ever heard of copper over $4, you were going to see lots of greenfields and brownfields. There has been some political issues in South America that have slowed that down, but with the latest elections, we see that ramping up. We've already seen some beginning orders, I would say, in that space. Mining is really good for us. Even if we're competing with the Chinese in South America, typically at large mining projects, they want Western machines, so that's a good opportunity for us. Of course, oil and gas, again, normally when oil is at $80 or $100, a lot of crane activity. We haven't seen anything really come from oil, and we expect some really good action in oil once the Strait of Hormuz situation is settled. Saudi Aramco, for one, has got a lot of work that they need to be done, even irrelevant of the war situation. The last one I would just touch on, power transmission, that continues to go. There's years and years of work around the U.S. to improve the grid. Nuclear, we've started to see some projects in Europe really come online. We're on the Hinkley site in the U.K. There's a couple more nuclear projects coming down the pike in the U.K. as well as France. We really are starting to see some nice support behind the business, and that's the real key. We've always said, everyone asks me, "What are the economic indicators that we track?" Quite frankly, I don't really track any of them other than residential construction in Europe for the permitting, because there's never a direct correlation. Our customers buy off confidence. We got fleets that are as old as they are. They need long projects where they're seeing good utilization. That's the beauty of some of these data center and semiconductor projects, where large crane rental houses are now on projects where they're not chasing maybe two projects a day. They've got one project where the cranes are going to sit for the next, I've heard projects as long as 10 years being discussed. That is the type of activity that gives great utilization and confidence where folks are ready to refresh their fleets. But when you're quoting day by day by day and you're hand-to-mouth, it's pretty tough to make multimillion-dollar decisions. But we're starting to see that break free, and I'm very optimistic about where things will go. Turning to capital allocation, we did the two acquisitions back in 2021. We have added to our rental fleet through CapEx, and I've got a slide next here. We've got about $60 million there, and then we do have a share repurchase program. For us, it's always this fine balance between where our leverage is. We were up over three last year, and we're now down below three. Probably through the cycle, we need to be below two, but we really want to strengthen our balance sheet and be ready to do deals. We see share repurchases as more opportunistic. I wish our leverage was lower. 12 months ago, when the stock was much lower, we would've been more active, but we really wanted to get our balance sheet back in a good spot. In terms of rental fleet, I should stick this slide in here. A lot of folks ask us what is the returns on that? It is accretive to our ROIC. We see this as a big driver for our return on invested capital long term. A lot of times what we're doing would be RPOs. Typically, that would go two years where we rent the crane. I'd call it financing, for lack of a better word, and then they buy the unit once they've depreciated and got the value down. Those instances is good. We also like to keep young fleets. There's a lot of bigger projects like you'll see in Europe, we'll rent some cranes on a bigger project. Maybe it's there for six or 12 months, and when it comes off the project, we either put it on our rental fleet or resell it. But in every one of these instances, Brian and I are tracking all the assets, and we always see the best returns, quite frankly, out of these used machines that we sell just because we're operating at our cost. And then, of course, you get a couple of years of depreciation. So, there is the cash outflow in the beginning years, but good returns as time goes by. And lastly, just to talk about our acquisitions that we did. We spent $180 million for those deals. At the time, we told you that we had about $30 million in EBITDA. I think our last 12 months is a little bit over $45 million in EBITDA, so the returns are fantastic. Again, how do we drive our ROIC? We see this as a huge opportunity for us. We also see this as an opportunity for synergies. Now that we have about 40% or 45% of the U.S., any future dealer that we would likely buy, we probably would not need all of their rental fleet or all of their inventory. So, we're now starting to really gain scale. To put it another way, if you added up all of the inventory that sits at all of our dealers in the United States, it's a lot more than what you would need if you had just sort of one entity managing all that. Because you've got all these different buyers trying to manage your build schedule. So, we see that as a good opportunity. But yeah, in all these instances, the acquisitions have been very good for us. And then the last couple slides here, just what we've put in the deck the last couple of years of how we're going to drive the business. When you think about the revenue side of it, non-new machine sales has been very important for us to drive sales. Of course, we'd like to get some acquisition growth here, but we do think that when you have some cyclical recovery and some secular growth, we'll get some natural volume from the market since we've been down for so long. In terms of the EBITDA, quite frankly, it's a big change in shift in mix. We're generating 35% gross margins from those non-new machine sales, so that mix change has been great for us. You really can't see it in our P&L the last couple of years because of the inflation and the tariffs. So, we're finally starting to see some recovery there. We see that as a good opportunity. Of course, there's a lot of machines that we make in the United States where we're competing against folks that are shipping in from whether it be Japan or Germany. We think there's going to be some margin expansion there. And of course, any volume that we would get. Most of our locations we're running at one shift, so we see a lot of opportunity to drive more hours through our locations. Given our fixed costs, that would be good leverage for us. So, with all that put together, our goal is a 12% EBITDA. And then essentially, ROIC, if you drive the EBITDA, would follow. As I said, there's some different opportunities we see around working capital management, particularly through the acquisitions. I think this year we're in a good spot in terms of where we're driving our inventory for working capital. But if we do all the things in the prior slides, this should follow. Just to sort of bring us home here, just talk about, I no longer see Manitowoc as a crane company. We are really a lift solutions business. We will always make cranes, but when you start to think about being able to generate over half of our revenue from aftermarket, we are much more focused in the lift solution space and how we help our customers, rather than just selling new cranes to owners. We have grown our non-new machine sales since 2020 by 84%. We have done that through all those four elements that I walked you through earlier. We have got 47 branches and 50 is just around the corner. Same thing with our field service folks. We are constantly really layering in the resources that we need to continue to drive our aftermarket. At the moment, our backlog is well over $1 billion. If you look at our orders for the last three quarters have been very strong. It is really tough to sit here and make a comment in terms of the third quarter because August is always so slow for us with all the European shutdowns. But generally speaking, sentiment has been as high as I have seen it since I have been with the company in the last 10 and a half years. Then in terms of our balance sheet, again, we are back to where we would like to be. We have got our leverage where it will be, and that will continue to improve as we close the year, and we get more quarters with higher EBITDA. It will put us in a spot to where we can start to have a little more fun with acquisitions and trying to upgrade our balance sheet more. With that, I will open up to any questions you might have. The question is around Europe. Are you specifically talking about towers or mobiles or just in general? In general. Yeah. For the folks online, the question is around what do we see really around Europe? So, within the tower crane business, you think about we had had a normal cycle down, and we have seen, I think, seven quarters of relative growth. We did not have the year-over-year growth this last quarter, but that was, I think, very specific to some issues. But we see the market continuing to strengthen. At this point, I would not say that it is robust. It is more of a recovery because of easy comps, which I am okay with that because you do not want to just have a massive boom overnight either. There are still huge housing shortages that need to be dealt with. We have got an election coming up in France. That always has some effect on the way people behave. But we see it as continuing to move in the right direction. Mobile cranes has been a little bit flatter, I would say, and it historically has been flattish. I would say the biggest change for mobile cranes really sits in Germany the last couple of years, where it has been down, which is really unusual. Usually, Germany is always a steady Eddie market for us. Now we are really waiting for the prime minister's economic plans to really kick in. They have done the right things. We hear a lot of positive comments from our team in Germany relative to what they're trying to do around economics. But again, I think I was in the Netherlands where you're paying over $12 a gallon of gas, so that's a pretty tough comp for everyone to deal with. But I think we really need to get beyond the situation in the Middle East, get some recovery there. Europe will come. I think the real good news is the fact that Spain's been doing very well. You've got housing shortages in Spain that no one ever dreamed would ever happen again. You've got some of the smaller markets in the south that have been doing well. If you can get Germany going again, I think that'll lift all boats. But from my point of view, it's in a slow recovery mode. Yeah, John. Yeah. The question is just around the hybridization of battery, using batteries to drive mobile cranes. I would say we're fast followers. It's a very complicated situation. The only place you really, we had a hybrid crane a couple of years ago. Our first one, I guess, now was four years ago at Bauma. Everyone was super excited about it, and then you said, "Okay, well, what are you willing to pay?" "Well, the same price." "Well, it's not the same price." So, you went through that period of time when folks had to realize, what's it really going to cost? There are definitely markets like in Scandinavia, the Benelux, mining industry in Australia, that they really want it and are willing to pay for it, and there's some incentives for them to do when they execute projects. We've had a great project where we've been going head-to-head with all the competitors, at one of the largest crane rental houses out of the Netherlands. We feel really good about our position. We've got the one machine that will give you a full day's worth of work, but we've been taking it slow because we really want to make sure that we're on the right path and we're not just throwing a lot of money at nice ideas. I think that they will give us opportunities in some of those specific markets, but we're still a long way. The dilemma you really have is just how do you move the thing around? You've got axle loadings. If you look at the tower cranes, like the all-terrain cranes, they're so designed specifically to cover off bridges and figure out how you either, dolly the boom to get across the bridge. Now, all of a sudden, you start throwing batteries on there and they weigh so much, you change all of the engineering. So, we're taking it slowly to make sure it's the right place to be. Same thing. We had a hybrid crawler crane. Same thing. We had crane days. Everyone loved it. Everyone said, "Oh, this is going to be great next to hospitals because it's so quiet." Then when you start talking about the price, then all of a sudden, mum's the word. That's just the reality of the situation. One more question. Yeah. The question is no coverage in the Northeast or the West Coast of the United States. All those empty spaces would be, we have dealers. Yeah. Okay, well, thank you very much. We appreciate your time today. Thank you.