All right, so, we're now on the session here with SPX Corp. I wanted to thank you guys for joining us here. We have Gene Lowe, who is the CEO of the company, and Mark Carano, who's the CFO, and then we have Mr. Paul Clegg here, who's the Vice President of Investor Relations. We have a presentation, and then we'll take some Q&A afterwards. Just wait for the mic on the Q&A section, just so that everyone can hear the questions. With that, Gene, I'll leave it to you. Good morning. All right, let's get started today. I'll give you a little bit of an overview of SPX Technologies, who we are and where we're going. To start with who we are, we're about a $2 billion company located in Charlotte, North Carolina. Two segments, HVAC, and Detection and Measurement. Around 4,000 people, and you can see the composition of our revenue. We're predominantly North American-based. About 80% of our revenue is in North America. This is a graphic that we just recently introduced at our Investor Day in March, which really tries to give a feel for who we are and where we play. And if you look at it, I'll start on the right side of the graph, our HVAC business. We play a lot in HVAC, and so this is an example of a hospital. In a hospital, for example, you might find our cooling towers, our boilers, our electric heat, our custom air handlers, a whole set of products, and you can imagine there's a lot of synergy when we sell into the same engineering base, the same contractor base, the same service base. So we really like our HVAC segment. It's our biggest segment, and we see a lot of synergy and growth opportunities available to us there. While this is a hospital, I'm gonna go to the next page, give you a lot more feel about where specifically we play in HVAC, what end markets are most relevant to us. On the left side, you'll see Detection and Measurement, and this is where we have a lot of high tech equipment, oftentimes with software. Virtually all of our platforms, our product comes with software. Our largest platform, we're gonna go into a little bit more detail, is Location and Inspection. You can see underground robotics for water and wastewater, underground robotics for gas. Also, aboveground monitoring, our CommTech equipment, and a variety of very good products here. But this gives you a little bit of feel for who we are and where we're positioned in the marketplace today. If you look at it in a little bit more detail about what specific end markets we're playing in, this graph gives a good feel for where we are and frankly, what's been driving a lot of our growth. We've been getting a lot of questions where we've been growing very nicely over the past couple years. What's been driving that? I'll start here with one of the important points about our company is we're predominantly replacement revenue, so approximately 60% of our revenue in HVAC and 70% of our revenue in Detection and Measurement is replacement. That's a really nice base to have. It's very steady, very repeatable, recurring, provides a lot of ballast in uncertain economic times. And then if you look at where our revenue is more specifically, I'll spend a little bit of time on HVAC. One of the things, we're the global leader in cooling towers. We invented the cooling tower. A very common misperception is that we sit on commercial office buildings, and while that's definitely true, you'll see us all over towers in New York City. We believe we're the global leader in cooling towers. We're a lot more than office and retail. You can see here that that's approximately 5% of our business. Really, where you find a cooling tower is any application that's large. Some of the areas that have driven a lot of growth for us over the past couple of years has been data centers. We've been in data centers a very long time, but we've grown with our customers as they have grown, and that's gone from being a low single-digit percentage of our revenue to 7% of our revenue this year, and we would anticipate that to be larger in 2025 and 2026. Lab and healthcare has been another very exciting growth market for us. This would be hospitals, this would be pharmaceutical, this would be drug manufacture, where they have high requirements. A very good market for us, where we've experienced good growth, and we actually see some very attractive growth as we look ahead to 2025 and 2026. Institutional, this is another area that's held strong. This would be areas like universities or schools or government buildings. There's been a lot of capital being deployed in those markets, and it's a very healthy market for us. Lastly, we have a very big industrial chunk in there. That encompasses a lot of different markets, but we have a lot of industrial tech. You'll see us participate in semiconductor, EV, battery plants, reshoring. A lot of things have been, I would say, demand drivers for us in the industrial market. And then you can see a small amount of resi. That's really in our our hydronics business, really our boiler business. And then I'll get into a little bit more on the Detection and Measurement side. One of the themes you'll see in Detection and Measurement is a lot of our products are mandated, that you have to use our products. For example, our Aids to Navigation, if you have a high wind turbine or a high radio tower, you have to have lighting on it, and you have to have this being monitored on a 24/7 basis. The reason is they don't want planes to go into those, and so we have a very strong position in a lot of these end markets. I'll go a little bit more detail as we go through the presentation. So what defines us? You can see here the products on the left of the core product areas in HVAC and Detection and Measurement. As I mentioned, the bulk of our business is from replacement sales. That's approximately 2/3 of our revenue stream is replacing existing business, existing infrastructure. The other thing I would say is that we're in engineered niches, where we are typically the leader in that market, and approximately 90% of our revenue, we're number one or number two in our end market. So very strong, competitive positions, very strong install base, which leads again to the top, which is really the replacement sales. You can see a range of the brands in the end markets that we serve. We have some brands that are very well known: Marley Cooling Towers, Radiodetection scanners, CUES robotics. Some of these brands in the markets that they serve are the big gorillas in those markets, the very strong, leaders in those markets. For example, Marley Cooling Towers invented the cooling tower a hundred years ago. We literally every cooling tower in the world really derived from our initial invention, and if you look at the inventions that we have created over the past hundred years, it's, there's a lot of very good innovation in that end market. So here's a little bit more detail. About $2 billion top line, about $420 million of EBITDA this year. About 21% EBITDA percentage, EPS about $5.50, a little more. But what this also shows is what defines us. So what holds our business together? What are the defining features of our business? One, we participate in engineered niches with leading positions that are tech-enabled, that have nice moats around them, and have a good future, a good sustainable story. I'm gonna talk about that a little later. One of the, I would say, most underappreciated components of our story is that we have a very good green story. We think we perform well. If you look out 10 years, 20 years, 30 years, and the demand for our products that we anticipate seeing in the future, it's an attractive opportunity for us. You can see our growth. This is our growth in EBITDA and our growth in EPS over the past couple of years. I would mention that we did sell our last bit of our power business in 2021, so we did have some capital, which we redeployed into growing our HVAC and Detection and Measurement business. So that does explain some of the growth that we saw over this time period. So where we are today, we actually had our first investor day in five years in March, and if you want more data, we have a lot of details in there about how and where we're gonna grow into the future. But we see a nice opportunity to continue doubling our EBITDA. Really, our initiatives, you can see our six initiatives below. These are the ways that we drive value within our businesses, but also within our acquired businesses, and I think this is the toolkit, this is our business system that enables us to drive more performance out of our businesses, whether that's increased top line or increased margin on the bottom line. I'm gonna talk about a little bit about that in a minute here. And then really, this is the one-page strategy slide that we show to investors or employees, the board. If you're really trying to understand who we are and what we stand for, this is the one page. On the left, you can see the elements that define all of our businesses, engineered niches, leading products, tech-enabled, and then how we add value. Lean is a very big portion of how we add value. Digital is in all of our products. We are very, very focused on digital, on both Detection and Measurement, where most of our products go out with software attached to it. On the HVAC side, where it's much more on the technical configuration, software up front. You can see how we're also focused on growth, and we've had very nice organic growth over the past couple of years. We've had some very successful product launches. We're in an engineered products business, so the heart and soul of our business is product management. If you're not constantly innovating and coming up with new features, benefits, and products, you're gonna struggle. It's a big area of focus for us, and that's just driven a lot of our success over the past couple of years. So just a brief overview of our segments. So I'll start with the HVAC segment. You can see we've grown this from around $915 million to about coming up on $1.4 billion. And margins, you can see where they sit today. On the right, you talk about what is our growth rate for this business. We would say mid-single digit, 5%-6%, and 21%-25% over our planning horizon. This is predominantly a North American-focused business. You can see on the left in the blue bar what percentage is in North America. Our Marley business is more global. We do have a very nice position in Asia and a smaller position in Europe out of our Marley Cooling Towers business. Moving on to our Detection and Measurement business, very good business as well. Four platforms in here. Our largest platform is Location and Inspection. This is really maintaining your underground assets, whether it's water, wastewater, gas, things like that. This business has grown very rapidly over the past couple of years, but you can see overall, this is a more global business. You can see on the right, the percentages approximately 31% in Europe, and a reasonable amount in Asia. This is, again, a mid-single-digit growth business organically. I'd say 4%-6%, target margins in the 22%-24% range. In terms of balance sheet, we're very prudent with regards to our balance sheet, and you can see since the spin where we became a separate standalone company, that was, it's gonna be nine years ago this month, we became a separate standalone company. You can see we've always been very careful about our balance sheet. You saw a big decline in terms of our net leverage, and that was really with the sale of the transformers business. And we deployed that capital in really further building our HVAC and Detection and Measurement. For those of you who are not aware or have not followed us for a while, when we spun, we were $1 billion of power and $700 million of Detection and Measurement in HVAC. We've completely repositioned our portfolio, where that $1 billion of power we've exited, and that $700 million of what we believe are very good businesses, HVAC and Detection and Measurement, we've grown to $2 billion. So we've almost tripled that business, and that's really what our focus is for our growth going forward. M&A has been a key driver for us. You can see here we've deployed about $1.6 billion over the past four and a half years. We actually believe there's a lot of opportunities to continue building our platform, and we actually think this is a really important part of our value creation framework. So we've grown quite a bit. We actually think there's a lot of runway ahead. We believe we're in the very early innings here. I'll go through just a couple quick case studies of how we've grown and how we believe one plus one can equal three in a lot of our platforms. First one I'll start with is Engineered Air Movement. Cincinnati Fan, TAMCO, and Ingenia. This is a really great business for us, so if you think about our Marley cooling tower business, it's a very consolidated market with two primary competitors that are both private. Engineered Air Movement is air movement almost exactly like we do in cooling towers without the heat exchange. It goes through our exact same channel, so we saw great commercial leverage and great technical leverage, and since we've bought these businesses in, we've helped accelerate their growth. This Engineered Air Movement has gone from zero to approximately $250 million of revenue at above segment margin, above average segment margins. Very good business for us. We see a lot of runway for continued growth here. We think this can be a multiple of the size it is today. Electric heat, again, another really good business area for us. We've been in this business for a really long time with Marley Engineered Products. With the acquisition of Aspeq, we've doubled our position, and we've entered also in the industrial side, so we've expanded our TAM. We actually think there's a lot of growth to continue in electric heat. This is a fragmented market. We believe we're the natural consolidator here. Location and Inspection, again, another good area of building a platform. This platform was originally $90 million a couple of years ago. We have since tripled it in size, and we've really gained nice scale with the end customers here. Oftentimes, you'll see people in a truck carrying all of these products at the same time. So we have a lot of commercial leverage. We also have a lot of technical leverage, particularly on the CUES robotics and the ULC Robotics, which use very similar technologies in how they maintain the underground infrastructure. So again, an end market that has very attractive growth prospects that we are very well positioned with, with leadership positions in these end markets. And lastly, aids to navigation. Similarly, here, we started with Flash Technology. Flash Technology is the leader in obstruction lighting in the U.S. market. Very strong market position. We've expanded this globally, where we believe we are now the leading provider in obstruction lighting globally, but also marine lighting globally. We see a lot of synergy on the software and on the monitoring and the communications protocols, where we're bringing in a back end, where we can really scale and find some nice leverage. So a very strong market position. And again, this has gone from approximately $40 million-$50 million a year to about $175 million, a platform that we think is very exciting, that also offers some nice growth ahead. Sustainability, I won't spend too much time here, but what I would say is, almost all of our products help make the world more sustainable. Cooling towers are the most efficient way to do HVAC equipment. When you put a cooling tower up versus an air cooler, you reduce electricity usage, you reduce carbon emissions. You look at what Radiodetection is doing, what our CUES robotics is doing, it's reducing leaks, it's reducing harm, it's improving safety. So we have a very good sustainability story. We have significantly reduced our emissions. We have goals, and we've made very nice progress on that. So I'd say this is probably one of the areas that is least understood about our company. It's an area you're gonna see us continue talking about here. So the punchline is, overall, we feel really good about our businesses. Our strategy we've been executing over the past four years, if you look at what we've outlined at our Investor Day in March, there's really not a lot of change. We believe we're in the early innings of our business model, and we think there's a lot of runway to go. So, you know, with that, I think, Chirag, we jump over to Q&A or however you'd like to handle it. Thanks, guys. I think last time we talked, you guys had just acquired Ingenia, and you were pretty excited about the opportunity there. I think it was in half a dozen states or something at the time, and there was, like, a pull-through element. I remember you telling me your reps were kind of begging you to offer it more states. Can you guys talk about how that's been running since then? And I think you guys also had some target out there, like a $100 million run rate revenue by year-end, like where you guys relative to that? Yeah, no, your memory's spot on. I think we feel very good about Ingenia. We believe they have the best solution in the market. They have incredible technology up on the front end. They can do things that no competitor can match with regards to how fast they can configure a unique solution to the engineers that they're typically working with. They also have the most advanced robotics on the back end, so they can actually do the same amount of revenue with about, we estimate, 40% of the people that our competitors can. Their reputation in the market is stellar. It is really. I think they have a better solution in the market, and you're exactly right. So if you think of our cooling tower business, we're everywhere. You know, you take North America. There's a Marley rep in every region, and this is something that many of them will have on their line card, a complementary product. Right now, the challenge we have with Ingenia is there's so much demand for their products. It's making sure we can scale up supply. So there is a program that we're implementing. We've already got a lot of growth this year from the prior year. We anticipate nice growth next year and even into 2025. So yeah, I think overall, we're very excited about that acquisition. We think that can be a lot larger, and it's one where there's tremendous synergies with us, both on the back end but also on the front end. I mean, are you seeing the pull-through that you guys... I think you said that was one of the key elements of it, is that not only what they're offering, but you'll be able to pull through more of your own tech in those sales, and is that kind of working out as you guys thought? Oh, yeah. Yeah, that's a great point. You know, one of the things, if you look at the slide, the cartoon slide that shows where all of our products are, now, those products don't typically get procured together, right? So you don't buy the cooling tower necessarily at the same time as the air handling unit. Having said that, you get a lot of synergy in the sense where, for example, on the custom air handling unit, they're the first product that's typically specified. So when they get pulled into an opportunity, all of our other product categories now have access to that engineer, to that mechanical contractor, to that project. And the way that you typically compete in engineered products, like all of our products are, is you try to become the basis of design from the engineer. And so if you become the basis of design, when the product gets procured by the mechanical contractor, you're in a very strong position. So yeah, we have seen some really nice areas where that has opened some doors and solidified some opportunities for us. I think Ingenia is, in particular, very strong in almost everything to do with healthcare, life sciences, drug manufacture, and that has opened a lot of doors. Similarly, going the other way, like I said, we have a Marley rep network that many of them are very excited and wanting to carry Ingenia. And so as we're able to scale capacity, we think that's gonna be a really nice synergy going forward for us. On that capacity point, can you talk a little bit about the... What's the cost? When do we start seeing the actual expectation of growth in that coming from? Mark or Paul? Yeah, on the, Chirag, you're talking about in the Ingenia? In Ingenia. Yeah. So I mean, we're currently, as Gene kind of mentioned, right? We expect that business to, you know, exit at a $100 million run rate by the end of this year. And, you know, the capital program underway to add that incremental throughput capacity is underway right now. So, you know, that will provide us and set us up to kind of drive that growth over the next couple of years. As we look forward, you know, I mean, that business only operates within kind of seven states in the United States. So the opportunity to further expand that platform over time, if we choose to do that, but I mean, given the demand opportunity we see there, you know, that looks like, you know, something that we'll certainly look at very closely. Could you give us a sense of the visibility you have on the non-replacement side of your business, and whether it's through backlog or order activity from new projects, just give us a sense of what that looks like? Yeah, so and HVAC or detection or both? Sure, both. Okay. So, well, why don't I start, and then you guys- can get into some of the more specifics. On the HVAC side, there's, I would say some areas where we have very good visibility, so the data center area, we work directly with the OEMs, and if anything, they're nervous. They wanna make sure we can scale up and meet their demands, because they wanna make sure they have the supply chain, and they have very important deadlines to meet and so forth. So I would say areas like data centers, semiconductors, EV, battery plants, some of those larger opportunities, we have very good visibility, and we have a good amount of backlog. Paul and Mark can get into where we are today, where we think we're gonna end the year. Similarly, I would say on our Ingenia, which we've been talking about, that's our longest lead time, and so you'll have the the most backlog and the most visibility there. The areas where you probably have less visibility on the HVAC side would be on the heating side. That tends to be quicker turn. I think you will see some on the commercial boiler side, where you might see six months out, nine months out, but that side of the business is, there tends to be more run rate, and hydronics is more of a replacement business anyway, right? If you go to the Detection and Measurement side, the way we think about that business is about 1/3 of that business is projects, and about 2/3 of that business is run rate. What we have said and what we are seeing is the project portion of that business is very healthy. We are very pleased with what we've seen for this year, but also what we see coming into 2025 and 2026. We're gonna be in a very strong backlog position for the project business of Detection and Measurement, and then the other business, the run rate, is more run rate, so you do have less visibility on that side. So Paul or Mark, would you like to add anything? Yeah, I mean, I think with respect to backlog, I mean, we'd expect backlog in the HVAC business and the D&M segment, both of those to be up by the end of the year relative to where they are today, and, you know, at book-to-bill of one or maybe greater in the D&M side of the business. So, you know, opportunity set is healthy there. We feel good about it. Could you just give a couple examples on what a project looks like on the measurement or detection side, and like what you're seeing, the type of projects you're talking about for 2025 and 2026? Sure. You wanna go ahead or you want me- Yeah, go ahead. Yeah, let me. I mean, here's an example of one in our transportation segment, and this is one platform that's actually benefiting from the infrastructure money that has been allocated. I think many companies have, you know, been looking to benefit from that. It's probably been slower to leak out into the market broadly across, you know, corporate activity, but we are seeing that in our transportation business. You know, and this is funding, you know, either upgrades to or new equipment in bus systems across the U.S., so farebox systems that are being put in place, along with the technology that supports that on the back end, a digital component to it. So many of those projects were actually there. They were on the shelf, in a lot of cases, just the funding wasn't readily available. Now it is, so we're seeing the benefit of that. So think of a city bus and the fare collection system that you'd see up there, you know, at the front end of a bus. You know, a network of those being put in across an entire fleet in a city. There was a question over here. Hi. With regard to the cooling tower business, can you talk about, like, where you fit in with other OEMs, you know, in like with, for instance, a data center on which side of that, and do you work with all OEMs? How does that work, and how far back do you integrate to have your own solution where you're competing with maybe your customers? That's a great question, and it's probably our most common question. Probably a great question to end with here, looking at the time. But the way we think about it, there's a question of air-cooled, liquid-cooled, or immersion-cooled. Where we play is typically outside the data center. So whatever the cooling mechanism you use, you've got to get that fluid outside and cool it off, and so that's where we play. We have the same two competitors. We compete there. We believe we're the largest cooling tower provider in that market. There's really three predominant solutions there. There's cooling towers, dry cooling, or adiabatic, and we believe we're the very strong leader in the cooling tower market. So whether it's liquid, whether it's air, you still have to get it out, and you need to reject the heat, and that's where we play, and our competitor set is very similar. So the growth in demand, the growth in heat load is a net benefit for us. AI chips are much hotter, so you're gonna need more cooling towers and more air coolers. So net-net, we irregardless of which cooling type happens under the roof, we think it's a great opportunity for us as we look forward. You mentioned air handlers earlier. Do you also have an air handler business? Yeah, we do. Ingenia, the company we talked about, is custom air handling. It's a very strong value prop, very custom solution business. Yeah, we do play in that market. We see a lot of growth in that market. Okay, and then the adiabatic, you have any- Any other cooling technologies besides cooling towers? Yeah, so adiabatic is an area that we've just launched a product called the Olympus V. We've actually started selling this, and this is a somewhat nascent market that we actually see a lot of growth in. Yeah, competing with our two predominant competitors that we compete with cooling towers. So yeah, we've already launched our first products in that market. We have a product roadmap. We're gonna be launching some very exciting products by the end of the year or Q1 of 2025. So yeah, that's a new market for us that we're pretty excited about, that we think we can win in. Is that in the Marley, under the Marley banner? That would be under the Marley banner. It could also be under the Recold banner in certain fluid cooler applications.