Good afternoon. We're going to keep things going with SPX Technologies. I'm Joe O'Dea. I lead the multis effort here at Wells. Very pleased to have CEO Gene Lowe with us, as well as CFO Mark Carano. Thank you, gentlemen, very much for being with us this afternoon. We're going to start things with a few slides. Gene, I'll turn it over to you, and then after that, we'll go into Q&A. Sounds good. Thank you, Joe. Just a brief update. I have about six or seven slides just to give you a good feel for who we are and how we think about where we play. Just some context for where we are. About $2.6 billion this year. About $613 million EBITDA. This is our latest guidance. About closing on 24% EBITDA margin. These colors came across a little funny here. A few things that are very important when you look at us. What really defines our company is we play in engineered niches with leading positions that are tech-enabled, that have moats and are sustainable. Meaning there's a lot of opportunity in the out decades ahead. If you look at us, we're about 2/3, [a little more than] 2/3 HVAC, 1/3 Detection & Measurement. We're predominantly North American based, really U.S. and Canada, with some smaller amount in Mexico. This is a visual so you can see where our products play. If you start in the HVAC, this is a hospital, this could be a data center, this could be an office building. Cooling towers, we literally invented the cooling tower. That's our largest business. We've had that business for more than 100 years. Boilers, electric heat, custom air handling, duct heating. Very good portfolio of what I would characterize as engineered niches. On the left side, you really see a wide variety of products, really broken into four platforms that we manage. We have technologies that go underground. This would be robots that manage water and wastewater infrastructure, manage natural gas. Location equipment, that's if you've ever had your front yard scanned looking for electrical lines or cable lines, things like that. We're the global leader in that market. We do above ground with AtoN, our aids to navigation and our Comtech businesses. We have a transportation business. This is really precision equipment. If you look at this business 15 years ago, it was largely just precision equipment. If you look at it today, there's a lot of software embedded in our products. As a matter of fact, all of our four platforms in that have a material amount of software, which we think gives us a nice advantage when we compete in these markets. Here's a look at where we play, the end markets that we touch. This is 2025 revenue, you've seen some change here. We jokingly say, this says data centers about 9% of our revenue. We've seen some very rapid growth there. This year will be north of, we've said teens, low teens, low to mid-teens. You can see where else we play, healthcare, pharma, institutional, commercial, industrial power. This is really on the HVAC side. Over here is Detection & Measurement. On the Detection & Measurement side, we have a lot of sales to government or government-controlled entities, or are mandated by the government. It's a very steady business with very steady demand. If you look at our business, I'm not sure what's happened here, Johan. We're not seeing some great. You can see the revenue. About $1.8 billion and about $750 million margins. This is segment income margins around 24.5% and about pushing 26% segment income. What I'd say is interesting about our company is we have a very strong amount of replacement sales. That gives us some nice steady demand year-over-year, is that replacement revenue. Our market position, we are the leaders in the markets we serve for the vast majority of our revenue. About 90% of our revenue, we're number one or number two. If you look at it, this is our portfolio of brands. Marley. If you're in the cooling tower business, Marley's a very well-regarded brand. We literally invented the cooling tower. You look at Cincinnati Fan or TAMCO or Schonstedt. In many cases, our trade brands are much better known than we are as SPX. We are becoming a little bit more well-known, but in the markets we serve, it's really our trade brands is where the value is. Here's some of our results. We've grown our EBITDA from a little over $200 million - $600 million over the past couple of years. You can see the impact on EPS. We feel like we have a model that's working. Really over the past couple of years, we've been executing that same model. If you look at this slide comes from our investor day, which was two and a half years ago, about two years ago. We said we were going to double EBITDA within the medium term, which we said four or five years. We're actually right very close to doubling it within three years, and we feel very good of the momentum we have and the fact that there's a lot more growth and a lot more opportunity ahead to continue on this path. What we have here are, these are the levers that we pull to drive our value creation framework. I'm going to talk about that in just a second, but it's really these six levers which we think accelerates and provides that improvement for us. This is the last slide I'll talk about now. This is really what we call our strategy in a box. Again, it starts with what defines all of our businesses. It's right here. Engineered niches, leading positions. Tech-enabled mode, sustainable. Really this is how we drive value. This value is driven not only within our existing businesses, but our acquired businesses. M&A is a very important part of our value creation framework. We've done approximately 18 bolt-ons over the past five years, about $2.5 billion. The average multiple we've paid for these businesses is 11 times. That's before synergy, approximately six times after synergies. These are really good businesses with some strong engineered leadership positions that we have been able to oftentimes double or triple in the size of their revenue. You can see here some of our levers that we pull. Digital AI. We do Lean across our entire company. Talent development is important, particularly as we're growing so fast. Talked about strategic M&A, we also spend a lot of time in product management and commercial excellence. Those are levers that are absolutely critical to us. The punchline is we target greater than 15% growth every year. If you take out the two COVID years, we've cleared greater than 20% earnings growth every year since the time of our spend. We feel like our model's working. We feel like we're in the early innings. Joe, I think we can get started. All right. Terrific. Well, thank you for the overview and the intro. Why don't we start on portfolio and M&A, just on the heels of some of your comments there. Kind of two-part question. One, just in terms of the portfolio you have, are there gaps that you see within it? The other part is what you see as the synergy value, because we can look at D&M and HVAC and see some very different businesses, but what you think some of the common denominators are there. No, it's a great question. I think if you look at the portfolio, the way we think about it is we have two segments and then we have six platforms underneath. We view things when we kind of look at what the full potential of our business is really at the platform level. For each of our businesses, we start with a strategy. Here's where we are today, the point of departure, where can we be in five years? That's looking at new products, that's looking at Lean, entering new channels, that's entering new geographies. With that, we look at, "Hey, what are the products," to your point, "that we're missing?" Or, "How could we serve customers better if we had this piece of software?" Or there's this customer segment we're not serving, or this market that we're not serving. That really defines how we develop our M&A strategy. It's really our strategic way that we want to strengthen our competitive position, also add more value to customers. As a result of that, we typically have approximately 300 - 350 targets that come out of our strategic planning process that we are really customers or companies that we are talking to in various levels of talking to. Some, it's just an occasional chit-chat once a year. Some we're talking in more details. A lot of these are family-owned businesses that may decide they don't want to sell now, in a couple of years they may want to sell. A lot of times it's something, it could be a health issue or the daughter or the son doesn't want to manage the business, things like that. The reason I bring that up as important is we get a lot of proprietary deals because of that. Approximately half of all of the deals that we have done have been proprietary. When I look at it, if you look across all of SPX on the HVAC side, I would say there's an incredible amount of growth opportunities on engineered air movement. I think we can take that business to greater than $1 billion with organic and inorganic growth. Then I would say in the electric heat area, the electric heat business, that's a very fragmented market where we believe we're a very natural consolidator. On the Detection & Measurement, we have four platforms, and I would say in all four platforms, we have some very attractive bolt-on opportunities as well. To the second question of where is the synergy, I would say the way that we operate our business system up here, you kind of think of those business system levers. Some people will look at our business and say, "HVAC and Detection & Measurement are very different." I would say that's very true. I think if you look at a lot of industrial tech compounders, the segments that they have can oftentimes look very different. One of the things that's a little bit interesting about our business is we spun 10 years ago. If you look at our HVAC and our Detection & Measurement businesses, they have both grown exactly at 5.5% organic, and they've both grown exactly at 5.5% inorganic. They've both had an 11% CAGR since the time of our spin, and very similar margin structures. Where we get value across the overall enterprise, I would say, is how we operate the business or our business system. We do Lean everywhere. We basically have approximately 20 Lean professionals deployed across all of our large operation centers. We have another 70 - 80 where Lean is a portion of their job. Very often that's an engineering manager in a manufacturing facility that might spend 40% of their time on Kaizens and so forth. Lean, very embedded across our organization. How we do supply chain, very centralized and embedded across our organization. For example, it would not be logical for us to have 12 AWS accounts. We want one. We'll get better pricing, better service, better tools, things like that. It's something that you see across all of our businesses. Supply chain, I would say talent is an area, the way that we develop talent. This is really, really important for us because we've been growing very rapidly. As you grow, as you add businesses, as you add new products, you need to have engineering managers who can step up, commercial leaders who can step up, general managers who can step up. If you don't, you're going to fall down. I think talent development has been incredibly powerful for us. The last one that I'll call out, there's a lot of elements to our business system, is we are in engineered products. The most important part of our business is what we call product management. Our products are always changing. If you take a cooling tower, we will have a three to five year roadmap of all the new features and benefits that we're adding to it. What are we doing on efficiency? What are we doing on sound? What are we doing on floor space? What are we doing on water usage? What are we doing on serviceability? Things like that. In our business, you have to be very good at product management to win. You have to understand voice of the customer, and you have to understand how you are vis-a-vis your competitors. I'd say that our product management has really improved over the past decade, and I think we're in a good situation there. Hopefully that gives you a little bit of feel. On the HVAC side, it's much more obvious the channel you're calling on. The same engineers, the same mechanical contractors. You're absolutely right. In Detection & Measurement, there are different platforms with different end markets here. That's great detail. I appreciate that. Just one thing you commented on, the engineered air movement, that can be over a $1 billion platform. Where you are today, the timeline to get to that, how much of that's kind of inorganic versus organic? That's been a really good business for us. If you look at what is engineered air movement today. I'll start with, we've always been in air movement, if you think about it. What's a cooling tower? Like, a cooling tower is air movement and heat exchange. We've been engineering our own fans, we've been engineering our own gearboxes, our own cooling tower motors, there's a whole segment right next to us that we were not participating in, engineered blowers, for example. Cincinnati Fan is a very good example where we have almost the exact same technology and the exact same channel. We're able to bring them in, we believe add them to a number of new reps, really help them grow. Also, we have the shared technology. We're very good at CFD analysis. We're very good at how to design fans and deal with back pressure and things like that. Cincinnati Fan was our first move. TAMCO, Ingénia, and most recently, Air Enterprises and Rahn Industries. These businesses today, Mark, I think, are pushing $400 million-ish. Just about. Yep. At above segment margins. We're seeing very strong growth there. We believe there is some advantaged value propositions in these product categories. I'd say in particular, our Ingénia business. Our TAMCO has a very strong position, and we think we can accelerate the growth. I would say we expect some very nice organic growth, where we're helping them take share. For example, TAMCO, when we acquired them, in the first two years, we have tripled their revenue. We have helped them get into different areas of data center. We've helped them expand their rep product line. Ingénia, we have doubled Ingénia since the time we acquired them. We'd like to double them again. This is real. Doubling a business is a lot of growth, and we think we can help these grow very nicely organically. I also think there's some very nice inorganic opportunities as well. Yeah. Getting to $1 billion would be more than doubling, but I think that's very achievable. This is a very good segment that's very aligned with our capability set, and we actually think there's a lot of fragmentation here where we could be a natural consolidator. I think we're going to touch on it in a minute because data center will be an important part of that. Before we go there, just want to touch on margins because you've also had significant margin expansion, I think since 2019 or so, up maybe 1,000 basis points. How do you think about where you are today and given those margin levels, what kind of the opportunity is moving forward on expansion? Yeah, sure. Mark, you want to take that one? Yeah. I'll start. I think it's helpful just, we did have a tremendous level of margin kind of reset. We've often said we structurally reset the margin profile of our HVAC business. We did that, about 2/3 of that we've said was very intentional. We really focused on the business over that time period. You didn't see it as COVID was kind of masking some of the activities we had underway. Investing in the platform, bringing CI to bear, which is really a very critical component. We deploy that across all of our businesses. Really on the HVAC side, it was very material, and really about 2/3 of that margin reset to where we are today, mid-20s, came from things that we did internally to really drive incremental throughput, reduce cost, reduce labor content, to drive the margin profile up. The other, the balance, about a third of it came from the acquisitions. All the acquisitions that we've made on the HVAC side have been margin accretive. As we have added to the business portfolio, we have changed the margin profile of HVAC along the way. That's an important, I think, background to think about. If you sit and look at where we are today, Gene mentioned our investor day two and a half years ago. As part of that, we laid out margin targets for each of the segments, one of which was HVAC, and we said, "Hey, we think that margin range is 21%-25%." We're clearly running at the top of that margin range today. Do I think there's opportunity to continue to grow margins beyond where we are? Absolutely. I think you'll see that incrementally happen over the coming few years as we continue to grow the top line of the business, continue to deploy CI. You think about this data center opportunity and the operating leverage that we're going to see across all of that growth. I think while we've made tremendous progress on our margin journey, there is still room to go here across HVAC. I know folks are focused on 2026, and margins look a little flat this year relative to last year. That is really a function of the investments that we've been making on the plant expansion front, really to set the business up for this tremendous opportunity on data center for growth. As you look through the back half of this year and you look into next year, you're going to start to really see that operating leverage. Our guide would imply 25%+ margins as we exit the end of the year, and I would anticipate you see those continually to incrementally increase as these new facilities come online. D&M. On the D&M front, again, we had set up at that investor day, we said 22%-24%, just to level set folks. That business is approaching 26% today. Really great work by the team there. A number of years ago, we took those businesses and organized them in a segment. We have a very strong leader on top of that with the mandate to really drive not only top-line growth but synergies across all of those businesses. Gene sort of referenced some of the CI we brought to bear around that platform. There's a lot of leverage or synergy across all of those platforms. While they're in different markets with different products, they use very similar engineering talent. They all have software as a component to the hardware sale. There's opportunity to further leverage and scale the software platform that we have there. You think about the IoT, you made that reference, right? That's just a perfect example of something where we're really leveraging the cost base across all of those. It's been an intentional effort there and I think when I look at where we are today, and we often get asked the question as well, do you think you've reset that margin profile? Is this temporary that you're at this level above 24%? I think we've structurally reset the margin profile of that segment above our original targets. In both those businesses, those are areas where I think we're going to look at and address as we get to the back half of this year and into next year. Yeah. We need to have another investor day to kind of give our new margin targets and lay that out because we obviously have- Yeah. ... pushed them up. Yep. Shifting to data centers, just to start, talk about how you've served that market historically, and then based on some of the technology changes, how you're serving it moving forward. Yeah. We've been serving data centers a really long time. I think that we have a lot of these customers that we've been with for years and years. I'd say what has happened, probably the biggest change is, if you look at a lot of our equipment, it's used on bigger stuff. Any large application, it could be a hospital, a building like this, it could be an airport. Typically, anything will go towards cooling towers, which is kind of where we are. Typically, small applications would be more air-cooled chillers. You've seen a lot of data centers that have historically been more air-cooled chillers, which basically means we can't really participate that much. There's not much opportunity for us. With the increase in kilowatts, in the racks, the heat load coming in the AI chips, we have seen a very significant shift, I'd say the puck's moving towards us, where we work very closely with a number of hyperscalers and what we're seeing is a significant opportunity on the cooling side. That's about 3/4 of our content that goes into data centers is on the cooling side. That could be a cooling tower, an adiabatic tower, or a dry tower. Those latter two would be what we call our Marley OlympusMAX product categories. About a quarter of our business is TAMCO, which is our actuated air movement, really for moving the air around. For reference, this business has grown pretty rapidly. It was about $150 million in 2024, about $200 million in 2025. We had said $300 million for guidance this year. We just raised that $50 million in our last quarter. Frankly, we're pushing for more. We have a very high level of demand from our customers, and the opportunity set that we see over the next years is very high. I think that if you look at this market, it's a very technical market, very engineering intensive. I think what they desire is very well suited with what we can bring to the party. We have very close relationships. I'd say in the past month, we've had several hyperscalers with at least 5-1 2 engineers at our facilities, and there's just a lot of good things going on. We feel really good about where we are in the ramp-up, and we actually see a lot of opportunity ahead over the next couple of years. We had talked about some of the plant expansions where we've added about $550 million more of capacity for data centers, which would've taken us from $200 million to about $750 million. Mark and I have been alluding that we actually are doing really well on productivity and finding some more opportunities for growth. We actually think there's more opportunity within our existing machine or existing footprint. We're going to get into that more in the Q2- Yeah. ... earnings call. Net-net, we view it as a very attractive opportunity. We believe we're very well-positioned there. On the dry cooling side, adiabatic, when you talk about Marley OlympusMAX and think about the capacity expansion, is that kind of entirely in the dry cooling space, just because of where you see the market going and the demand? Yeah, I'd say the capacity expansion, the bulk of it was for the Marley OlympusMAX product categories, the adiabatic and the dry. We are seeing more demand on the dry side. There was about $150 million of capacity expansion for our custom air handling. That would be our Ingénia product category, and then we most recently acquired Air Enterprises in Q1. We see opportunities to continue to grow those business. Those are predominantly in the more drug manufacturing, pharma, healthcare, hospitals, areas with high requirements. We do very well in the customer handling there. Have you talked at all about the timeline to get to that $750 million? Both the restrictions or limits based on the phasing of the capacity adds, clearly that's going well, but then what you hear from customers when the demands g ets to that level. Yeah. We haven't given specific guidance for 2027 or 2028. What I would say is, we see very significant growth ahead. I think we're going to try to, obviously want to come out with guidance, any comments, Mark, here on how we're going to frame this up? Yeah, you sort of alluded to the fact, first of all, the bias is above $750 million. We feel good about how what we've done so far has progressed, frankly, the Madison facility, which is the very large facility, which has a big chunk of the data center work, that's going to be coming online here next month. We'll begin production there. We have good line of sight now, I think, to how these things are progressing and our expectations around them. They are going to come on in sequences here. We've talked about the $750 million. The Kansas City or Olathe facility we often talk about, that is up and running now. It is ramping towards full capability or capacity. The Nashville facility, this is really on the TAMCO side, that is operational today. We're adding incremental lines throughout the year. That will be at what we call full production capacity in, let's call it mid-2027. The Madison facility, assembly only for the six months of the balance of this year. We will have production capacity beginning in 2027, that plant will ramp over kind of an 18-month-plus period. We'd expect to be at full production capacity there in the middle to the back half of 2028. We haven't articulated exactly what 2027 and 2028 are going to look like. I think our sense is just given, we've got a great team focused on both of these, really all three of these initiatives. They have gone better than we originally thought. If we continue on that path, I think the ramp will obviously deliver more across the footprint and hopefully sooner. When you see a move from $300 million to $350 million, just explain a little bit the concentration of your customer base. Are you working with a select few? It's one that can drive that kind of move, or are you working with a large group? That's a great question. If you look at data centers, there obviously is some structural customer concentration. We've all seen, if you read "The Wall Street Journal," how the large hyperscalers account for a lion's share of the spend, a very significant share, $700 billion you saw in "The Wall Street Journal." What I would say is our air movement product category kind of goes everywhere and several large customers specify it, so it's mandated, but that's very peanut butter-ish across a lot of different applications and solutions. I would say on the hyperscaler side, we always like to say we're more than one, but less than five. We do have multiple hyperscalers tha t we serve. They tend to be tough customers, very engineering intensive, but very good customers. I think if you earn their trust and they respect your engineering, I think you can have a very good relationship with them. Now, you have to deliver the appropriate quality and the appropriate timeline, right, to meet their requirements. They're very, very good customers for us. Yeah, I would say there's the hyperscalers, but there's also a whole another set of customers out there. All of the colos, a wide variety of these guys, these edge guys. Most of our products, the colos, a lot of the bigger colos, they are building campuses that look a lot like the hyperscalers. You're talking about a gigawatt. We'll see 2 GW campuses. You're seeing these really, really massive data centers being put into place. There is a broad customer set, but there is structurally some customer concentration here. The broad market kind of color commentary, there's sometimes concerns that there's a crowding out effect, that data centers are attracting so much attention, it pulls away the ability to do much in other markets. Just in terms of HVAC, X data center, a little bit around the growth that you're seeing there. That's a great question, and it's something organizationally you have to be very careful of. If you have a business that's growing 75% a year or something like that, you don't want it to be the sexy business that everyone wants to go work for. If you look at our HVAC businesses, you put data center to the side, our guide has about 5.5% organic in the everything else category. We're seeing some really nice traction. Some areas of strength that we're seeing, in particular health, pharma, drug, lot of activity there, very well suited for our value proposition with high requirements. We're seeing the broad industrial ticking up, which has been more flattish over the past couple of years. I would say power. Obviously, data centers have driven a higher demand of power, which has been relatively flat for a number of decades. I'd say institutional is still doing pretty well. That would be things like universities, government. I'd say the areas that are still kind of slow, commercial office building. We have a very nice replacement revenue there, but there's not a ton of new office buildings going in. We're not seeing a ton of new hotels going in. One of the things we like, if you look across HVAC and say cooling towers, everything needs cooling towers. The end markets are everywhere, and there's always some markets that are moving up and growing, and then some that have less growth in them. A lot of what you try to do is mobilize and go after where those growth areas are. Obviously, data center is the big kahuna right now, but we're actually seeing very nice growth in all of our other businesses. I think you bring up a really important point. It's something we have to be very cognizant of because you don't want to fumble the football- Yep. ... on your core business. Last one for you. Capital deployment, obviously a very successful track record on M&A. Just overall, balance sheet is in great shape, what your appetite is for M&A, your confidence that you could get something else done this year. I'm sure that the pipeline is good, but we're also in a market where multiples are high, and you guys have shown discipline over time. I'd say our confidence is very high. Yeah. Our pipeline, one of the reasons we raised equity last year is we saw a number of relationships that we've been developing over time start to come to fruition. Our pipeline is very good, I would say. We've done two transactions in Q1, about $400 million. I would expect us to keep going. Any comments on. Listen, I think from a balance sheet perspective, right, we're at 0.9, just under one times. To your point, we've got plenty of liquidity and capacity. The opportunity set is really good out there. We're excited about what we're seeing. That said, as we have been in the past, we're going to be disciplined and very thoughtful in how we approach acquisitions. They've got to fit strategically. They've got to be at the right valuation. They got to drive synergies for us across the platform, otherwise they won't make sense. Yep. Terrific. Thank you very much. Really appreciate you being here. Thank you, Joe.