All right. Good afternoon. Thank you for joining us for the SPX Technologies presentation. I'm Ross Sparenblek, the research analyst here at William Blair that covers SPX. Before we begin, I'm required to inform you that for a full list of research disclosures and potential conflicts of interest, you can visit our website at williamblair.com. With us today from SPX, we have CEO Gene Lowe and CFO Mark Carano. As a brief background, SPX operates a leading portfolio of industrial applications across HVAC and Detection and Measurement, with a strong track record of accretive M&A and accelerating demand within the data center and defense markets, amongst others. With that, let me turn it over to Gene for some opening remarks before a little Q&A. Thank you. All right, let's get started. I'll give a little overview of SPX and who we are, and then we'll dive into Q&A. We can't hear you. Okay. Can you guys hear me now? Check the microphone. Mic. It's your phone. Can you guys hear me now? Yes. All right. There we go. Perfect. [audio distortion] Over here? Okay. [audio distortion] I can't stop walking. I can't stand in one place. Here's a quick view of who we are. Roughly about $2.61 billion. This is this year's target. $613 million EBITDA, 23.5% margin. Really what defines us as a company, we really have two segments, HVAC and Detection and Measurement, are these five areas. We play in engineered niches with leading positions that are tech-enabled, with strong moats that are sustainable for the future. We're predominantly HVAC. It's about 70% of our business this year, about 29% D&M. We're very Americas-based, predominantly U.S., but we have a very nice Canada position. We've augmented that with a few acquisitions over the past couple of years that have been very successful for us. To give you a little bit of feel, we like to use what we call a Fisher-Price chart. We kind of rolled this out in an investor day a couple of years ago. I'll start over on the right. This is a hospital. This could be a commercial office building. This could be a data center. This could be a stadium. You'll find our equipment almost everywhere. This is engineered equipment. This is typically not a standard piece of equipment. It's custom engineered or custom configured to your application. You'll see our cooling towers, our boilers, our electric heat, our custom air handlers, our air exhaust, our dampers, our duct heat. You can see it's a very strong business for us. We see some great growth opportunities here. Data centers is a big opportunity. I can talk about that in as much detail as you'd like, very good platform for us. On the other side, we have Detection and Measurement. Detection and Measurement is precision equipment that's typically paired with software. Software has really grown in importance over the past couple of years and has been a very meaningful part of this business and a very meaningful part of our value proposition. We typically are in outdoor applications, and you'll find us almost all across a typical city. We have the robots that monitor underground water and wastewater infrastructure, the robots that can maintain natural gas underground. If you've ever had your yard scanned by location equipment, that's probably our equipment. We're the global leader in the U.S., Europe, and Asia for that equipment. If you look at our AtoN business, this would be lighting software and communications for obstruction lighting, for marine lighting, for a variety of different areas. A very good business for us with some very nice growth platforms. I'll get into a little more detail of these businesses as we go forward. This is just a snapshot. Sometimes people want to understand what are your end markets and where do you play. The left side is really our HVAC business. One of the things you see is a lot of our equipment is used in almost everything. Cooling towers are our biggest business. We literally invented the cooling tower more than 100 years ago. You can see all the different areas, healthcare, pharma, data centers. Data centers has grown very rapidly. This is last year. We just announced in our last earnings call, that's close to 13% this year with the growth we're seeing in data centers. Institutional, commercial, power, and industrial. Resi's relatively small. This is predominantly hydronics and predominantly replacement. This would be like the boiler business. If you have a boiler in your house, which is very common in New York or Boston or cold areas, a Weil-McLain boiler would be our boiler. This is about 80%, 90% replacement demand. On smart infrastructure, this is really Detection and Measurement. A lot of this is mandated, a lot of this is regulated, and a lot of this is directly or indirectly government-procured business. Overall, very good set of end markets that power us. You can see here the subcategories. In HVAC, if you look at it, we're about $1.8 billion, $1.9 billion this year. Cooling towers, engineered air movement, electric heat, and hydronics. Those are our big four product categories. On detection, it is really location, Aids to Navigation, CommTech, and transportation. A little bit higher margin profile in Detection and Measurement. We are looking about 25.75% this year, about 24.5% if you look at HVAC. A couple points that are very important when you look at us and why I like what we can bring to the table. We have a lot of replacement sales. About two-thirds of our company every year is just replacing our cooling towers, our radio detection, our existing infrastructure that is in the field. If you look at our market positions, we have very strong market positions. About 90% of our revenue, we are the market leader or the number two market leader in the markets that we serve. One of the questions we get asked a lot is, "Oh, you're in HVAC. Do you compete with Trane and Carrier and JCI?" We really don't. We provide complementary products. As a matter of fact, we very often partner with the chiller guys in going to market and working with data center customers, et cetera, in various different applications. Very strong market positions. With that, we have a very strong set of trade brands. Marley is, I would argue, the premium cooling tower brand in the world. Cincinnati Fan, TAMCO, WA, Weil-McLain, these are some of our trade brands. Typically, our trade brands are more well-known than SPX. SPX, we're starting to get known a little bit, but typically we're known more by our trade brands. This is some of our results. You can see we've grown from about $200 million to about $613 million. We really like our growth algorithm. I'll show you how we're doing this, and you can see how that has flown through to EPS. The big investor day we had was in the beginning of 2024, and that's where we laid out a plan where we wanted to double our EBITDA from 310 to 620. We set out a target of, we called it medium term, four to five years. We're on track to almost achieve that this year, which would be three years. We've had very nice success. How do we double our EBITDA? We've done a tremendous amount on digital and AI. We've been doing digital for a decade. It's embedded all across our organization, everywhere in how we touch our customers, how our configurators work with our customers, how we provide automated engineering drawings. A lot of ways in how we operate. CI, Lean is critical to us. We have Lean across our entire organization. We have approximately 20 full-time Lean employees and perhaps 50 to 60 part-time Lean people who a portion of their job is Kaizens and Lean, typically in our manufacturing facilities. Talent is critical, how we recruit, retain, and develop talent. We've been on a very high growth path, you have to have talent to scale and to grow and to expand. Really the other side is the growth side. New product development. I can talk about our OlympusMAX. That's our new data center product, which I would argue is the most exciting and will be our most successful product in the history of our company, as well as commercial excellence. Strategic M&A, I'm going to talk about in a little more detail. I have a couple slides that'll give you a little bit of a feel of how we do M&A and how we incorporate that into our model. This, again, is really our one-page strategy in a box. Again, I talked about some of our foundations, engineered niches, leading positions, tech-enabled. This is how we drive value, both with our existing businesses, but also with our acquired businesses. A lot of times, we see a lot of opportunity when we find a very good technology. We can bring it in, and we can extract a lot of value in terms of how they go to market, how they do Lean, how they manage their supply chain, et cetera. Really, we say we want at least 15% earnings growth every year. As you can see from the prior slides, we've been much higher than that previously. This kind of gives you a little bit of a feel of our growth algorithm. I'll double-click down in a little bit of each of our segments here. This is our HVAC segment, which we really think about in terms of cooling and heating. Cooling is our larger platform. This is about 55% replacement revenue. This actually has been higher, typically two-thirds replacement revenue, but as we have grown with data center, almost all of data center is brand new. We have tremendous growth with new data center customers. We will get that replacement revenue, but that will come over time. We literally have thousands of units out at data centers across the world. You can see our geography. We're actually very strong in North America. We're relatively modest in Europe, but actually have a strong position in Asia for cooling towers. If you look at it, we see medium-term organic targets of 5%-6%. That would be in a normal world, but with data center, that's obviously going to be higher. Our organic growth for this year, Mark, is much higher than that, double it. Yeah. Significantly higher than that. We can get into that. We see sustained above normal organic growth with how we're winning with data centers and in the healthcare area. Detection and Measurement, really, location and inspection is our largest platform there. The other three is about two-thirds. Mostly replacement revenue. This is a more global business. You can see about two-thirds in the Americas, about 28% in Europe and Africa, and about 8% in Asia. Really good business. Nice growth algorithm here, and we actually see some very nice opportunities. I think we can significantly grow this business. Some very nice businesses here. You can't really see this. There's a line up there. Our target net debt is 1.5 to 2.5 times. When we came out 10 years ago, for those of you who are new to the story, SPX used to be combined. In 2015, we split into SPX FLOW and then SPX Corporation, which became us, SPX Technologies. You can see how we've managed our balance sheet over the years. Really, our target's 1.5 to 2.5 times, which you can see here in this bottom line is how much capital we've deployed over the years and invested in growth. As it pertains to capital deployment, the majority of our capital deployment is really focused on growth. We don't do any dividends, and we've done one set of share buybacks when we had a dislocation in our stocks. Over the past 10 years, I believe it's around $30 million of share buybacks. If you look at M&A, what defines our M&A? We've deployed about $2.5 billion. We've acquired some really, really good businesses, around $930 million, about 20% EBITDA. Relatively modest deal size, around $140 million on average. The majority of the opportunities we have are in that $50 million-$500 million range. That's really our sweet spot for acquisitions. In terms of multiple, our blended average is approximately 11 times, and that's before synergies. If you look at it after synergies, it's approximately nine times. This is really important because this is really strategic acquisitions that strengthen our competitive position, have oftentimes been accretive on margins, and oftentimes have been accretive on growth rates. We've been able to capture these at a net cost of approximately nine times EBITDA. This has been a very value-creating lever that we've been pulling over the past seven, eight years, and we see a lot more opportunities to continue to build our platforms, our six platforms, as we go forward. Obviously, as you grow, your surface area of what an adjacency is grows. Our opportunity pipeline is quite large. One of the things we talk about is strategy. The way we do strategy at SPX is we look at the full potential of each of our businesses. We look at where we are today and what we can become in five years, looking at NPI, channel management, looking at Lean, looking at new geographies. We say, "How can we strengthen our business via M&A? What product categories don't we have? What software don't we have? What customer segments don't we serve?" From that, we have developed our list of targets for M&A. We have a list of more than 300 targets that we actively manage. If you look at our acquisitions, half of them, or a little more than half, have been proprietary acquisitions. This is where this came out of our strategy process. We went to the company, and we negotiated a one-on-one transaction, and so we really like that, having proprietary transactions. Now, you can't always get that, and a lot of time, family-owned businesses, they don't want to sell instantaneously. A lot of these relationships have been developed over years, two years, five years, eight years. It's a really important part of our value creation model is we maintain this relationship of acquisition candidates, very strategic, and it's really been a model that's paid some real dividends for us. Couple examples here. Engineered Air Movement is a fantastic platform for us. Our first acquisition was Cincinnati Fan, and for those of you who are new to the story, cooling towers is really air movement and heat exchange. We know air movement very well. We design all our own fans. We engineer all our own fans. Fans are something we're very good at. We weren't doing anything on the engineered blower side of the equation, even though it went through the same channel and it had the same technology. By bringing Cincinnati Fan on, we've actually got into a very attractive adjacency, leveraging our very similar technologies, going through a channel that's very similar that our Marley channel serves today. We've since added TAMCO, a very good acquisition, very good data center exposure. We've helped them win more data center customers, and that business has more than tripled in two years since we've acquired it. It's really been a good technology that we've accelerated their growth. Ingénia, this might be one of our most exciting acquisitions we've ever done. They have a tremendous value proposition. We've doubled the business within two years. I think they have the best custom air handling solution on the market today, and I actually think we can double it again over the next couple of years. We're very excited about finding these technologies and helping accelerate their growth. The last one, the most recent one we just acquired was Air Enterprises, which is a great custom air handling, as well as Rahn, which is a coil company. Which coils is becoming a very important part of what we provide to our customers today. Another example, electric heat. Electric heat, we started with Marley Engineered Products. This is around $100, $110 million business. Very good business. Very good spec position. We acquired ASPEQ. ASPEQ, very good electric heat company, leader in duct heat, actually invented duct heat. The original patents for what a duct heater is came from Indeeco, owned by ASPEQ. Most recently, Thermolec. While Marley and ASPEQ are extremely strong in the U.S., we had a very small position in Canada. Less than 1% of our revenue is in Canada. Thermolec is really the leader in Canada, a very strong market position, we're very excited to get them. We see some very nice synergies where we can bring our products into Thermolec, into Canada, under the Thermolec brand. Thermolec also has a wide set of products that we think we can bring into the U.S. under our brands. We see some very nice revenue synergies here as well. Lastly here, this is in our CommTech business. TCI was our original business here. This is really spectrum monitoring, CommTech, most commonly used for drone detection. A very good business. We've rapidly grown this. We've approximately doubled this over the past couple of years. ECS is a small acquisition in the U.K. that had some very nice technology, very nice complementary technology. Most recently, we have KTS, which is digital interoperability. We think we have a very strong platform, and we see continued growth here that is going to give us a very nice future as we look ahead. The punchline is, we think we have a very good portfolio of growth businesses. We think our business system works. Our strategy is exactly the same as it was a couple of years ago. We've been applying the same model, and we actually see a lot more opportunity ahead. We generate a ton of cash. We typically generate between 95% and 100% of net income, so we have a very high cash conversion in our business. Yeah, that's a little bit about us. Why don't we jump on along, and Ross would be glad to answer any questions you might have. Yeah, no, thank you for that, Gene Lowe. Maybe just starting on the hot topic on the capacity for data centers. $200 million last year, and now we're speaking to $750 million coming online over the next year. I think a new part of the narrative is that you might actually need to flex that because demand's so immense. Maybe just any updates on customer conversations and what you're hearing. Yeah, sure. I think if you look at data centers, it's becoming an increasingly important part of our business. We've been with a number of these customers for years. We've known them for a long time. There's been a rapid ramp-up in demand. For context, in 2014, we had approximately $150 million of data center revenue, approximately $200 million last year. We had guided to $300 million this year. Our demand is extremely high. We just raised our guide to $350 million, and frankly, we're continuing to push for more opportunity to get more product out the door this year. Ross alluded to we're opening two new facilities, one outside of Nashville, one in Alabama. One is already operational and operating very well. The other one is going to be operating, really, starting assembly the back half of this year. Our capacity for data centers was $200, or we said is approximately $750 million. That's really the $200 million we had last year and then an additional $550 million with our investments in both the new facilities and our existing facilities. We're actually seeing some tremendous progress on our throughput and what we're able to achieve with both our cooling and our OlympusMAX product category. One of the things in Q2, we're going to update, we believe that's going to be higher. We'll give a little more detail in Q2, the demand that we're seeing in data centers is very strong. Frankly, we feel very excited and we believe we're well-positioned to go capture a good part of that. Where are the bottlenecks right now? Is it EAM? Is it the Everest water cooling, OlympusMAX? Yeah, I think all of them are going well. I think all of them are kind of full in terms of demand. We're expanding TAMCO with another facility. Basically, we had 150,000 sq ft facility in Canada. We've created another one in Tennessee. We've ramped up three lines. The fourth line will be up basically this month. We will have doubled that capacity here within one year. If you look at the Marley cooling towers, we've seen tremendous growth in that product line as well. We've added more capacity there, but we are completely capacity constrained there, which is why we're adding more lines, as pulling other levers there for more throughput. Then on the OlympusMAX, as a reminder, the OlympusMAX is a new product category for us. This is our dry and adiabatic product. We're very excited about this product. We launched this product last year. We said we would target $50 million of bookings last year, which would convert to $50 million of revenue this year. We've exceeded both targets, and frankly, we see a tremendous amount of growth in that product category. Right now, that's going through our existing operations, but our new facility in Alabama will predominantly be focusing on the OlympusMAX as we go forward. Okay. Does that indicate or imply any deferral or delay on the pharmaceutical side for that CapEx build-out since. We feel very good about what we're seeing on the healthcare. To your point, yeah, a lot of times we have a lot of questions on data center. We had a lot of meetings today. I guess data center is a very hot topic. We have a lot of excitement in our other businesses, our pharma, health, drug delivery. We're seeing very nice growth, very nice win rates. If you look at our Alabama facility, half that facility is for customer handling, which is predominantly going into health applications. They have a lot of the big blue chips for drug manufacturers and so forth. We're seeing very nice growth. One of the things that's interesting is people talk about our growth rates, and data center is important, but even if you strip out data center, look at all the rest of HVAC, that business is growing at about 5.5%. Healthy growth in really all of our core markets and in our HVAC business. We're very pleased with what we're seeing in our end market demand. All right. Capacity starts to come online in the next four quarters or so. Initially dilutive volumes will help somewhat quickly, and it sounds like the demand's there. Thinking through what you guys have done with the HVAC margins and driving productivity initiatives, executed very well the last couple of years, what does that imply for opening up additional capacity for the data centers of that 750? Is there any kind of heuristic we can? In capacity, I see more capacity, and I actually think we're pulling some levers. We'll give more specific color in Q2. You want to talk margins for how this is flowing through, Mark? On the margin front, we've talked a little bit opening these two plants, there's some start-up costs associated with that. We've sort of highlighted around $9 million of start-up costs. We're really focused on the first half of this year. Some of these are one-time in nature. Some of them are costs that will be there going forward, but they'll be absorbed as we begin to ramp up these new plants really up to their full capacity here over the next year or two. I would expect margins to improve from what you saw in the first half of the year to the second half of the year. If you look at the guidance, it would imply something north of 25%. As the plants come online, there will be operating leverage as we go into 2027 and beyond, as the incremental volume comes through those plants. All right. Just really quick, on the defense side, it seems like your bullishness has really accelerated in the last six months or so. KTS feels like it's really outperforming. How do you think about capital allocation there from R&D perspective, M&A, or just driving adoption for KTS globally? We feel very good. As a reminder on the CommTech business, that used to be our TCI business that does a lot of spectrum monitoring, but also drone detection. Been very strong. A very good business. Used really in theaters around the world, including some of the most active theaters right now. KTS has been a very strong acquisition. We like it. The core business has grown substantially over the past couple of years. It's approximately doubled. With the addition of KTS, we see further synergies where we can market together. We've actually already created our first joint product together. If I look at what we call the defense technology business, that's about 10% of our company, and we see sustained growth there, and that is a place that we would continue to allocate capital for, again, for engineered specialty technologies, where we see a lot of synergies across our platform. We would expect that to be growing above our segment average, and we see some really nice opportunities there that we're working on. Awesome. All right. Gene, Mark, thank you again for joining us, and the breakout room is Adler beginning at 3:20 P.M. Thank you. All right, great. Thanks.