Welcome to the Perimeter Solutions conference call and webcast. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star one on your telephone keypad. If anyone should require operator assistance, please press star zero. As a reminder, this conference is being recorded. It's now my pleasure to turn the floor over to Seth Barker, Head of Investor Relations. Seth, please go ahead. Good morning, everyone, and welcome to Perimeter Solutions conference call to discuss our acquisition of Medical Manufacturing Technologies LLC, also known as MMT. Before we begin, I'd like to remind you that today's remarks may include forward-looking statements. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For a discussion of these risks, please review the cautionary language in our press release as well as our filings with the SEC. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. The company would also like to advise you that during the call, we will be referring to non-GAAP financial measures, including Adjusted EBITDA. The reconciliation of and other information regarding these items can be found in our press release and investor presentation, both of which will be available on our website. Today's call is being recorded. A replay of this call will be available on the investor relations section of Perimeter Solutions' website. At this time, I would like to turn the call over to Perimeter Solutions' Chief Executive Officer, Haitham Khouri. Thank you, Seth. Good morning. We appreciate everyone's time on shorter notice this morning to discuss our agreement to acquire MMT. I'll start with key transaction points on slide three. We're acquiring MMT for $685 million in cash, including certain tax benefits. MMT is a leading provider of precision machinery and associated aftermarket consumables, parts, and services used in the manufacturing of minimally invasive medical devices, including advanced catheters and guidewires. Nearly all MMT's revenue is from proprietary products, and approximately half of MMT's revenue is generated from the aftermarket. MMT is expected to generate approximately $140 million of revenue and $50 million of EBITDA on a full-year basis in 2025. We expect to fund the transaction with $500 million of new secured debt financing and approximately $185 million of cash on hand. The transaction is expected to close in the first quarter of 2026, subject to regulatory approval. I'll use most of my time this morning to discuss MMT's fit with Perimeter's three key operational pillars, summarized on slide four. Our first pillar is business quality. Our goal is to build Perimeter into an owner of exceptionally high-quality industrial businesses with specific target economic characteristics. MMT checks this box. First, MMT is a leader in a highly specialized industry where quality and reliability are paramount to customer success. Second, the business has a track record of high single-digit to low double-digit organic growth, driven by increasing adoption of minimally invasive procedures, increasing device complexity, and a trend towards machinery outsourcing. Third, MMT has a large and growing installed base, which must be serviced with aftermarket consumables, spare parts, and services that are almost always proprietary. Fourth, MMT has a long, successful track record of tuck-in M&A, which we expect to continue. These characteristics have driven MMT's strong margins and returns on tangible capital. Our second pillar is the rigorous application of our Value Driver operating strategy. This strategy is built on constantly providing our customers with increased value and, in doing so, earning the right to drive profitable growth with our customers. These results are evident at our existing Fire Safety and Specialty Products businesses, where we've invested heavily to maximize the value we provide customers and earn the right to drive profitable new business, productivity improvements, and value-based pricing. MMT is an excellent fit with our strategy. The company's machinery, parts, consumables, and services are critical to zero-defect customer workflows and compliance with stringent regulatory standards. Despite their critical and highly engineered nature, MMT's average consumables price is approximately $70, and its average spare part price, excuse me, is approximately $160, modest relative to their value. We expect to accelerate investment into MMT, deliver excellent service to our customers, and earn the right to share in the resulting value creation. Our third operational pillar is our decentralized operating structure. MMT will operate as a standalone business within our decentralized structure, where managers have operating autonomy to run their businesses, accountability to deliver results, and incentives to think and act like owners because they are compensated like owners. Moving to slide five, our approach to MMT will mirror our approach at Perimeter, where we applied our Value Driver-based operating strategy to a high-quality business in a decentralized structure. As illustrated on the left-hand side of the slide, this drove significant Adjusted EBITDA and cash flow growth at Perimeter between the end of 2021 and the LTM period. MMT represents a very similar opportunity. First, an exceptionally high-quality business with clear industry leadership, strong organic growth, and an attractive starting margin profile. Second, an excellent fit for our Value Driver-based operating model with highly engineered proprietary products that are critical to customer success but represent a de minimis portion of customer costs. And third, a natural fit into our decentralized operating model built around autonomy, accountability, and alignment. As such, we're confident that the outcome at MMT will mirror that at Perimeter and result in meaningful equity value creation for our shareholders. With that, I'll turn the call over to Kyle. Thanks, Haitham. I'll start with an overview of MMT before we move into transaction details. MMT is an end-to-end manufacturing solution partner to the world's leading medical device OEMs. The company supports the manufacturing of lifesaving interventional devices such as catheters, guidewires, and stents. MMT serves its customers through the entire device lifecycle, from conceptualization to commercial ramp and through high-volume production. In the design and development phase, MMT application engineers partner with customer engineers to iterate on medical device designs, support the manufacturing of prototypes, and ensure upfront validation and regulatory compliance. The engineered machinery MMT develops and the manufacturing process they help design are then often specified into the regulatory filings with the FDA. MMT then assists its customers with the commercial production ramp by supplying highly engineered manufacturing machinery with rigorous quality control to ensure regulatory compliance and scale production. In the high-volume production phase, MMT serves this engineered machinery installed base with consumables, parts, and services. The company's customer base includes the largest blue-chip medical device manufacturing OEMs, with whom MMT enjoys long-tenured, deep, and broad relationships. For the company's top 10 customers, MMT enjoys a 15-year average relationship tenure, sells multiple solution types into each customer, and sells to an average of 15 sites per customer. Turning to the next slide, approximately 50% of MMT's revenue is generated by OEM engineered machinery, and approximately 50% is generated from the aftermarket. On the machinery side, MMT's highly engineered systems typically have useful lives of 10 to 15 years, and the installed base has grown to roughly 12,000 units across MMT's product lines. On the aftermarket side, MMT's proprietary aftermarket components are specified in the OEM machinery's manuals, which in turn form an important element of the customer's quality management systems. The company's consumables typically average around $70, and their parts around $160. The aftermarket opportunity tied to an initial equipment sale provides a long tail of parts and consumables revenue. Turning to the installed base, which grows from OEM sales of new machines that in turn serves as the basis of aftermarket sales. Since 2016, MMT's installed base has grown at a roughly 5% CAGR, which we believe is a reasonable approximation for volume growth. As Haitham noted earlier, this organic growth has been driven by increasing adoption of minimally invasive procedures, increasing device complexity, and a trend towards machinery outsourcing. We believe these trends are likely to continue going forward. Turning to the transaction economics on slide nine, the purchase price for MMT is $685 million in cash. MMT is expected to generate approximately $50 million of Adjusted EBITDA, which implies a purchase price multiple of approximately 14 times Adjusted EBITDA. We believe this is an attractive entry point relative to the growth we expect going forward. We plan to fund the transaction with $500 million of new secured debt and $185 million of cash on hand. On a pro forma basis at closing, we expect total debt will be roughly $1.2 billion, and net debt will be just over $1 billion. We expect pro forma leverage of approximately 2.7 times net debt to combined Adjusted EBITDA, which we believe will be well supported by the cash generation capability of our combined business. We note that the transaction is being financed without the issuance of equity, and that we expect to retain ample liquidity and balance sheet flexibility following closing. Overall, the company's financial posture remains strong post-acquisition. We are excited about this transaction and its potential to provide a new asset on which we can drive value creation through our Operational Value Drivers. We expect it will be meaningfully value-creating for Perimeter shareholders and will further strengthen our long-term strategic positioning. And most importantly, the entire Perimeter team looks forward to welcoming MMT's teammates to Perimeter and working with them to invest in and support their customers' missions. With that, I'll turn it over to the operator for Q&A. Thank you. And now we'll be conducting a question-and-answer session. If you'd like to be placed in the question queue, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star one. One moment, please, while we pull for questions. Our first question today is coming from Josh Spector from UBS. Your line is now live. Good morning. It's Chris Perrella on for Josh. A couple of questions on the deal. As I think about both parts of MMT, the equipment and the aftermarket, is there an appreciable difference in the growth outlook for that and also the margin profile? Hey, good morning, Chris. It's Haitham. Growth outlook-wise, they're quite similar because one drives the other. Engineered machinery sales, which is the OEM portion of the business, grows your installed base, and on a volumetric basis, your aftermarket sales grow with growth in your installed base primarily. On a margin basis, generally speaking, with this type of business, folks are earning higher margins in the aftermarket than the OE side. That's consistent here, although not dramatically or appreciable. Okay. And then a question on the capital intensity of the business. I know you guys are relatively capital-light. Does this transaction fit into that, or is there some spend that needs to happen on the MMT side once you get it within the portfolio? Hey, Chris, it's Kyle. Thanks for the question. I think you actually framed this correctly, that we are relatively low capital intensity, and we believe that MMT largely fits that model as well. This is going to be a few million dollars of CapEx against the $50 million of EBITDA, and we don't see any need to put a large step up of CapEx initially into the business. All right. And then one final question just on the FDA specifications. Is all the material, including the aftermarket, specced in? And how big of a moat does that drive around the business? And also, is there any cross-selling opportunity with the printed circuit board business you guys had acquired earlier or building up? We're substantially all of the aftermarket component business, both consumables and the spares, are specced in to the machinery, and that ultimately all does tie back to regulatory specification driven by the FDA. On the second part of your question, no. MMT is completely distinct from IMS and will certainly remain that way in our decentralized model. All right. Thank you. Appreciate the time this morning. Yeah, you bet. Thank you. As a reminder, that's star one to be placed in the question queue. Our next question is coming from Dan Kutz from Morgan Stanley. Your line is now live. Hey, thanks. Good morning and congratulations on the deal. Thanks, Dan. So just kind of looking at the slide with the installed base, it looks like a pretty kind of steady growth market, but I'm just wondering if there's any kind of OEM cyclicality where maybe the customers are building and then kind of the market's absorbing that capacity, or their customers are absorbing that capacity. It was really, if we're thinking about the growth driver of the installed base, will that pretty closely track, I guess, the number of procedures that are happening? Yeah, just wondering if you can help us a little bit more think about some of the macro drivers for the longer-term growth outlook. Thanks. Hey, Dan, it's Kyle. I think you've identified exactly the right drivers here. When you think about the ultimate end market for this business, it is the procedures that's going out there. And those are relatively steady over time. Awesome. And then it's kind of my understanding that the components and the equipment that you're selling to your customers, that MMT covers a lot of what's needed for the customers to ultimately manufacture their products. But it's also my understanding that maybe it's not the fully comprehensive suite of everything they would need. So I guess the question is around any appetite to potentially look for opportunities to acquire some of the parts or components or machinery that could broaden the suite of products that MMT offers. I think I've seen that there was another competitor that they'd acquired somewhat recently. So yeah, it's really a question around, similar to the IMS business, any appetite to potentially broaden the product suite at MMT and kind of drive towards a more full suite portfolio offering. Thanks. Yeah, hey, Dan. The short answer is yes. The team at MMT has done a very nice job over the past years with tuck-in M&A, broadening their suite of products, delivering customers with a more comprehensive offering, which is quite valuable to customers, and we absolutely would love for them to keep doing that going forward, and we feel pretty good that they're going to be successful at it. Awesome. And then maybe just one last quick one on kind of the transaction economics. Anything you'd share around the calculus around the cash versus debt mix? I know you guys have a heavy cash balance on the balance sheet, but it's also a big component of the deal. So yeah, just anything you'd share around the cash versus debt mix. And then also, the company was arguably pretty under-levered before. Leverage looks a little bit healthier now. How do you think about where the capital structure and where the balance sheet is as it pertains to incremental M&A? Sorry to ask you about the potential for the next deal, the deal you just announced, the big deal. But yeah, just any thoughts you'd share there? Yeah, Dan, it's Kyle. On the mix of cash and debt, we were really managing to what we thought was an appropriate cash balance that would give us all the flexibility we needed going forward. So that was a pretty simple calculus for us. On the leverage front, this does bring us to a point where we feel like we're more in the appropriately leveraged camp at this point. We were pretty clear, I think, that one times net leverage was lower than we wanted to be. At this leverage area, we're in a very comfortable spot where we feel good about it while maintaining flexibility if something comes up that looks just really good. I'll actually take that out into two pieces. We have add-on acquisition opportunities, particularly in the IMS business that we talk about frequently, and that will continue at pace. If we think about the platform piece, we have some work to do here on MMT, which we're super excited about, and so that'll probably be our focus, but we'll always look at anything that comes our way opportunistically. Awesome. All really helpful. Thanks a lot. I'll turn it back. Thank you. As a reminder, that's star one to be placed in the question queue. Our next question is a follow-up from Josh Spector from UBS. Your line is now live. Hi guys. It's Chris again. Just a quick one. With the number of tuck-ins MMT is done, how tightly integrated from your perspective is that? And is there plenty of wood to chop there in terms of fully integrating those tuck-ins? Yeah. Hey, Chris. The team at MMT has done a very nice job, I would say, appropriately integrating the acquisitions while not losing, I call it, the entrepreneurial spirit at each that allows them to serve the customer best. And therefore, we'll go in and we'll look at it, but our bias is to not do a whole lot incremental because, again, these guys have done a very nice job. Okay. Wonderful. Thank you. Thank you. We reached the end of our question and answer session. I'd like to turn the floor back over to Haitham for any further closing comments. Just thank you to everybody for joining us on relatively short notice. Thank you as always to our investors for the support, and thank you and welcome to the MMT team. Thank you. That does conclude today's teleconference webcast. You may just connect your line at this time and have a wonderful day. We thank you for your participation today.