Good day, ladies and gentlemen, thank you for standing by. Welcome to the first quarter 2026 SPX Technologies earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question, you will need to press star one one on your telephone keypad. As a reminder, this conference call is being recorded. At this time, I would like to turn the conference over to Mr. Mark Carano. Sir, please begin. Thank you, operator, and good afternoon, everyone. Thanks for joining us. With me on the call today is Gene Lowe, our President and Chief Executive Officer. I'm also excited to be joined by our new Head of Investor Relations, Johann Rawlinson. He has joined us from The Hertz Corporation, where he served as Head of Investor Relations for the last five years. A press release containing our first quarter results was issued today after market close. You can find the release and our earnings slide presentation, as well as a link to a live webcast of this call in the investor relations section of our website at spx.com. I encourage you to review our disclosure and discussion of GAAP results in the press release and to follow along with the slide presentation during our prepared remarks. A replay of the webcast will be available on our website. As a reminder, portions of our presentation and comments are forward-looking and subject to Safe Harbor provisions. Please also note the risk factors in our most recent SEC filings. Our comments today will largely focus on adjusted financial results, and comparisons will be to the results of continuing operations only. You can find detailed reconciliations and historical adjusted figures from their respective GAAP measures in the appendix to today's presentation. Our adjusted earnings per share include intangible amortization expense, acquisition, and integration-related costs, non-service pension items, among other items. Finally, we look forward to meeting with investors at various events during the upcoming months. With that, I'll turn the call over to Gene. Thanks, Mark. Good afternoon, everyone, and thank you for joining us. On the call today, we'll provide you with an update on our consolidated and segment results for the first quarter of 2026, as well as an update on our full-year outlook. We had a strong start to the year with year-over-year growth and adjusted EBITDA of 23% and adjusted EPS of 22%. We continued to execute well, driving significant profit growth in both segments and making meaningful progress on several key initiatives. We are raising our full-year guidance range to reflect our strong performance in Q1 and outlook for the remainder of the year, partially offset by the impact of the recent changes to the Section 232 tariffs. We do not expect these tariffs to impact 2027 earnings. Looking ahead, we remain well-positioned to continue executing on our organic and inorganic value creation initiatives supported by our robust M&A pipeline. Turning to our high-level results for the quarter. We grew revenue by 17.4%, driven by the benefit of recent acquisitions and organic growth in both segments. Adjusted EBITDA increased 23% year-over-year, with 90 basis points of margin expansion. As always, I'd like to update you on our value creation initiatives. The capacity expansions across our HVAC facilities to meet the strong demand for our data center cooling and custom air handling solutions are progressing well. They remain on track with the timeline and capital requirements outlined last quarter. In Q1, we began producing highly engineered aluminum dampers in TAMCO's new Tennessee facility and expect production to steadily increase throughout the year. We also began production of the Marley OlympusMAX in our Olathe, Kansas facility in the first quarter. Additionally, the Madison, Alabama facility build-out is well underway. We still expect to have assembly capabilities for Marley OlympusMAX and custom air handling products in the second half of this year and initial production capabilities in the first half of 2027. Turning to Detection & Measurement. We continue to advance our new product initiatives across the segment. Our location and inspection platform recently launched a new Locate Performance Management software that meaningfully expands the real-time analysis of our customers' critical data that is seamlessly transferred from our Radiodetection precision locators in the field. We believe this solution significantly enhances how our customers locate underground utilities by increasing their efficiency, safety, accuracy, and overall data management capabilities. Now I'll turn the call back to Mark to review our financial results. Thanks, Gene. Our first quarter results were strong. Year-over-year, adjusted EPS grew by 22% to $1.69. For the quarter, total company revenue increased 17.4% year-over-year, primarily driven by the benefit of acquisitions and strong organic growth in HVAC. Consolidated segment income grew by $25 million, or 22% to $135 million, while consolidated segment margin increased 100 basis points. In our HVAC segment, revenue grew by 22% year-over-year, with 11.5% inorganic growth and a modest FX tailwind. On an organic basis, revenue increased 9.6% with solid growth in both cooling and heating. Segment income grew by $15 million, or 20%, primarily driven by higher volume, while segment margin decreased 40 basis points, largely due to startup costs associated with the capacity expansions. Segment backlog at quarter end was $755 million, up 38% organically year-over-year, primarily driven by data center demand. In our Detection and Measurement segment, revenue grew by 8.3% year-over-year. The one month of inorganic revenue from KTS contributed 3.9%, FX was a modest tailwind. On an organic basis, revenue increased 3%, primarily driven by higher volumes in our transportation platform. Segment income grew by $10 million, or 28%, Segment margin increased 410 basis points. Increases in segment income and margin were primarily driven by higher volume and a favorable mix, greater than typical high-margin software volume. Segment backlog at quarter end was $333 million, down modestly year-over-year. Turning now to our financial position at the end of the quarter. We ended Q1 with $158 million of cash on hand and total debt of $674 million. Our leverage ratio, as calculated under our bank credit agreement, was approximately 0.9 x quarter end, below our long-term target range of 1.5x-2.5 x, giving us significant capacity to pursue accretive growth opportunities. Q1 adjusted free cash flow was approximately $16 million. During the quarter, we received approximately $60 million in cash proceeds following the completion of the sale of Crawford United's Industrial and Transportation Products businesses. As a reminder, these businesses were reported in discontinued operations and not part of our original 2026 guidance. Net of these proceeds, the implied EBITDA multiple for the acquisitions of Air Enterprises and Rahn Industries, formerly the Air Handling segment of Crawford United, is approximately in line with our average acquisition multiple. Moving on to our full year 2026 guidance. We are increasing our adjusted EPS guidance by $0.15 to a midpoint of $7.95 to reflect our strong Q1 results, particularly in D&M, and additional data center-related volume anticipated to be delivered in the second half of this year. Our updated guidance reflects a $0.05-$0.10 impact from the recently announced changes to the Section 232 tariffs. This headwind is expected to predominantly affect HVAC in the second quarter. Excluding this tariff headwind in Q2, we expect first half adjusted EPS gating to be similar to the prior year. As always, you will find our updated 2026 guidance on this slide and modeling considerations in the appendix to our presentation. With that, I'll turn the call back over to Eugene for a review of our end markets and his closing comments. Thanks, Mark. Current market conditions support our 2026 outlook, which implies 21% adjusted EBITDA growth. Within our HVAC segment, our core end markets remain resilient, and we continue to see strong demand for our data center solutions. In Detection and Measurement, our run rate businesses continue to see solid demand supported by new product introductions. For our project-oriented businesses, the front log remains active. In summary, I'm pleased with the strong start to 2026. We are executing at a high level, and our key initiatives, including the capacity expansions and the integration of recent acquisitions, are on track. We are confident in our increased full-year guidance, which implies adjusted EBITDA growth of 21% at the midpoint, and we remain well positioned to navigate the changing tariff environment. Looking ahead, I'm excited about our future. With a proven strategy and a highly capable, experienced team, I see significant opportunities for SPX to continue growing and driving value for years to come. With that, I'll turn the call to Johann Rawlinson. Thanks, Gene. Operator, we will now go to questions. Ladies and gentlemen, if you have a question or comment at this time, please press star one one on your telephone keypad. If your question has been answered or you wish to remove yourself from the queue, simply press star one one again. Again, if you have a question or comment at this time, please press star one one on your telephone keypad. Please stand by while we compile the Q&A roster. Our first question or comment comes from the line of Andrew Obin from Bank of America. Mr. Obin, your line is open. Hi, yes. Good morning. Good morning. Good afternoon. I've been on the phone today. I'm sorry. This is like hour 11 of, like, conference calls. Yes, it is. Man. Can we just talk, you know, just on your HVAC business? Very strong growth, even with data centers. If you back data centers out, what end markets really stand out to you in terms of strength? Yeah, sure. I think, you know, I'd say, Andrew, you're right, the growth is strongest in data center. With the change in outlook this year, we moved our data center growth somewhere from the neighborhood of 50% to 70%. If you look at the rest of HVAC, we're mid-single digits, maybe a hair above that. Really what we're seeing, I'd say outside of data centers, healthcare and pharma remains very, very strong. We're seeing power be very strong, I think some of this is somewhat linked to data center. This would be both on new power and aftermarket. We're seeing some heavy industrial that also a lot of activity there. The aftermarket has been very strong for us. In general, we've seen a number of areas of strength across HVAC. I'd say the areas of softness, they really have not changed a lot quarter-to-quarter. I'd say commercial real estate still remains at a relatively low level, same with hotels. What I would say, if you kinda look at the more institutional market, universities, government, that's been very healthy over the past couple of years. I'd say that's relatively flattish this year from what we're seeing in the early part of the year. We've called out softness in battery and semiconductor, you know, which was very strong a couple of years ago. That has been lower recently. Having said that, we actually see some nice new opportunities coming, some bidding. That, that could be something that is coming back on the upswing. Overall, we're feeling very good about our markets, both within data center and outside of data center. Thank you. On Detection & Measurement, you highlighted strength in transportation. You know, I think military was an area of strength. There was some pull forward. How should we think about that? Any benefit from what's happening? I know you have a very different business, but any benefit from what's happening in Iran, on your business? Just in general, how did the government business do? Yeah. I think we touched the government in a lot of ways. Transportation, it tends to be more the U.S. municipal markets. I'd say the area of exposure, you know, that the Iran impact could affect would be more on the CommTech business. Yep. What I would say is we've had very strong demand there over the past couple of years, and we expect that to continue. You know, that, you know, CommTech, as a reminder, would be our legacy TCI ECS business. Does a lot of drone detection and so forth with the addition of KTS. You know, we see, we see continued growth there, but I wouldn't say we see any really step change in growth there because there's been a lot of activity over the past couple of years there. I'd say it's very active. We like our value proposition, but I don't think it's something that, at least at this point in time, materially changes our mid-single-digit anticipated growth rate for DNM. No. Thanks for the cover on CommTech. Thanks a lot. Thank you. Our next question or comment comes from the line of Joe O'Dea from Wells Fargo. Mr. O'Dea, your line is open. Hi, good afternoon. Thanks for taking my questions. Yeah. Thanks, Joe. Can we just talk about the Hi. The step-up in the HVAC orders in the quarter and just the timing of shipments around that, as well as when you talk about the front log, you know, as we see that backlog number step up to where it is, you're just trying to think about, you know, moving forward and expectation setting and the degree to which there was a sort of concentrated amount of activity or as you look forward, you see that strength persisting. Yeah. Yeah, Joe, I'll start off. I mean, I think with respect to the backlog, I think we, in our prepared remarks, you know, we talked about data centers, and there's real strength there in those markets, and we're seeing those orders come through. We also raised our guide for the year, you know, on the HVAC side. I think as you saw again in the slides on the prepared remarks, you know, largely driven by the data center market. You know, we're seeing, you know, opportunities, orders, bookings, going into backlog for 2026. As we look out into 2027, we're seeing opportunities there that'll be executed next year. You know, that market, I would say, is obviously very healthy. The momentum is strong there, it sets us up well, I think, for 2026. You know, we'll see as we look into 2027. Yeah. I think, you know, if you, if you kinda look at the data center market overall, we're just very pleased with what we're seeing. You know, the demand strength is very strong, and we would say accelerating. We're seeing this across our different product lines. We're seeing some of our key customers really looking to accelerate, and, you know, we're able to expand capacity in this year. That's how we've taken our growth rate from 50% to 70% in data centers this year. Beyond kinda to your question, what does this look like? We actually see some attractive runway looking ahead in 2027 and 2028. You know, we think we have a really good customer mix here. We have a number of hyperscalers and colos. We have a good global presence here. We're very balanced, and we have very good line of communication and good visibility with what the expectations of demand are, you know, from our data center customers. Overall, we're very pleased with what we're seeing in data center, and we think we're really getting some nice traction in that market, and we would expect that to continue. I appreciate the color there. On the, on the tariff and sort of cost inflation front, just in terms of your response to that and how much of that is a pricing response, how much of that is a cost mitigation response, and then in particular, where you're manufacturing outside of the U.S., you know, what you see as a, as a timeline to bring more of that into the U.S. to help on the mitigation side? A couple comments there, Joe. You know, with respect to, you know, sort of sizing that and, you know, we talked about, you know, $10 million of kind of gross cost, but that we can offset, we believe, 50% of that, primarily through price, but we've got other levers to pull with respect to that. That kind of gets you to a net impact. Probably 75%-80% of that is gonna fall within the 2nd quarter of this year. You know, why is that? It really relates to a couple of our businesses in Canada, the Ingenia business and the Sigma and Omega business that have backlog today that's already priced. As we go through the back half of the year, you know, we think the impact will be, you know, de minimis. In 2027, I think as we highlighted in our prepared remarks, we don't expect to see any impact from tariffs. We've got the levers in place to offset that. You know, with respect to your kind of second part of your question, you know, we're largely in country for country really. We manufacture, you know, in the region, you know, that we're selling in. You know, when you think about those Canadian businesses, for example, the TAMCO expansion that we've highlighted in Tennessee and then the Madison facility, a part of that is gonna be for the Ingenia product, the custom air handling. You know, we were doing that, A, because there's a lot of demand, obviously, you know, in the U.S. market for those products. Also it allows us to move that manufacturing into the U.S. and kinda create that in-country for country model. That's helpful. I appreciate it. Thank you. Our next question or comment comes from the line of Brad Hewitt from Wolfe Research. Mr. Hewitt, your line is now open. Hey, good afternoon. Thanks for taking my questions. Hey, how are you? You mentioned there were some startup costs and related inefficiencies with the HVAC capacity expansions. Curious if you'd be able to quantify how much of that HVAC margin miss versus your expectations was due to the capacity ramp. Have you seen anything so far that kind of changes your thinking about the near term timing of the ramp or the margin impact? Yeah, Brad, I'll start. I think, you know, if you're referring to Q1, a couple comments to make. You know, we had, I think in our last call highlighted the startup costs. I think if you did the math around what we said, it would kind of get you to $8 million-$9 million of startup costs, predominantly landing in the first half of the year, right? 2/3 of it, you know, will impact kind of Q1 and Q2. You'd see that impact and I can come back to what those costs were if that's helpful. What I would say is, you know, first of all, I mean, those startup costs were expected. I think as we thought about the margin performance in Q1, it was on track with where we expected it to be from our perspective. You know, if you peel out those startup costs and just look at the operating leverage and, you know, the accretion from the acquisitions, you'd see there's sort of roughly 40 basis points of margin lift, you know, absent the startup costs. Okay, great. Maybe switching over to the D&M side of things. Curious if we could kinda unpack some of the moving pieces there with the revenue outlook unchanged, but margins bumped up by 75 basis points for the year. Sounds like there may have been some pull forward on transportation, just any color on how that project timing shifted and kind of the resulting impact on the segment guide for the year would be helpful. Thank you. Yeah, sure. Hey, just back on your last question, just to be clear, I was talking about year-over-year when I made that last kind of comment around the bridge. When you think about where Q1 actual was and for 2026 versus Q1 2025. You know, with respect to the D&M, so it wasn't a project pull forward. What this was expanded scope on an existing project we have, you know, or that we're currently executing. It is in the transportation segment. It's one of our larger multi-year projects. Many of these projects, as you know, have a software scope to them. This one did, and the customer decided to expand the scope of that portion of the project. It wasn't something that was in our forecast or in our backlog. It sort of effectively by expanding the scope in a way it sort of dropped in, for lack of a better word. Those projects, I think as you know, the software components, they have high margins. We don't, we don't typically disclose what those are just for competitive reasons. When you think about the software revenue that we have, it has a very high variable margin associated with it. When you expand that scope, it really leverages through. That's really what, when you think about the full year guide and raising it by 75 basis points, it's really driven in large part by the benefit from this expanded scope and project. Great. Thanks, Mark. Got it. Thank you. Our next question or comment comes from the line of Jamie Cook from Truist Securities. Mrs. Cook, your line is now open. Hi, good morning. Sorry, good afternoon. I'm sorry. I've been on 11 calls like Andrew today. It is a busy day. Yeah, it has been a busy day. Just understanding, like, some of the margins impact, you know, in the quarter that you spoke to for the year related to just tariffs and capacity additions, I guess, Mark, what's your comfort level in the ability to put up normalized incremental margins as we, you know, exit 2026? Just concerned capacity could continue to weigh on margins. So I guess it's my first question. The second question, was there anything unusual as you think about, you know, the cadence of orders or sales throughout the quarter and as we, you know, we're into, I guess, April, just given some of the, you know, macro uncertainty that's out there? Thanks. Yeah, I'll start on margins. Listen, I'm very confident in our ability to kinda deliver, you know, our traditional kinda incremental margins that we see in the HVAC business, particularly, you know, through the back half of the year and as we get into next year. You know, when you sort of look at, you know, where we ended the year in 2025, and you look at our guide, right? And if you strip out the impact of these expansion costs that I was chatting about just on an earlier call, and, you know, a very modest impact from tariffs that we're gonna see in Q2, you pull that out, you're gonna see if you isolated the revenue, you'd see operating leverage of, let's call it 60 - 70 basis points. Then, you know, on top of that, you have the inorganic piece, which I think we've sized as, you know, 10 - 20 basis points. You know, we're seeing it right now when you, when you strip out those costs. I know it's harder for you guys to see all those components, but, I've got confidence in what we're doing now, and I'm not worried about it as we go into next year. On the end markets question, Jamie, I think we're actually feeling very good. We do have a small amount of sales into the Middle East. I think it's under less than 1%. We are seeing some impact there, which is to be expected, but not really material. I would say if you look outside of the Middle East, in general, across all of our businesses, we actually track our bookings very close in each business by end market. I would say we're feeling good about what we're seeing, and I would say we're a little bit ahead about where we thought we would be in bookings. Overall, we're feeling comfortable with what we're seeing on the end market demand side. Thank you. Thanks. Thank you. Our next question or comment comes from the line of Bryan Blair from Oppenheimer. Blair, your line is open. Thank you. Good afternoon, guys. Good afternoon. Good morning. I was curious, how did Radiodetection perform in Q1? How's your team thinking about Q2 and full year revenue performance? To what extent is the outlook influenced by the new technology and product rollout that you said? You can start on that one. Well, I'll do the full year, then you guys can get into Q. We're feeling very good about what we're seeing in Radiodetection. You know, as you know, they're the global leader in underground location equipment, very strong presence, Asia, Europe, U.S. You know, if you look at their revenue, it's been modestly flattish over the past couple of years. Part of that's a result of, you know, real slowness on the continent of Europe, U.K., some of the Asian countries. We actually see some very nice momentum there, both in just the end market demand, but also the innovation that we're bringing to market. You know, we did talk about, or I did mention in the prepared remarks about, you know, Locate Performance Management. This is an area we believe we have a very nice advantage to anyone in the market. This is an area that's really getting traction. We've also been a leader in bringing in mapping solutions as well as integration with utility ERP. We're doing a lot, and it's actually working. Radiodetection, and you might be asking this question 'cause we've always said this is the canary in the coal mine, Radiodetection is actually performing very well to date. One of the things, you know, Bryan Blair, we talk about, I talk to every GM on the day of these calls, and we like what we're seeing right now. Yeah, I think, Bryan, I mean, Gene touched on it, right? The order rates are, you know, healthy, particularly in the U.S. That market has performed well. I would say when I think about that business overall, it's kind of this year, you know, we're forecasting and I feel confident about kind of mid-single digit growth. We're seeing that in the first quarter, kind of low to mid-single digit growth, you know, in that business. Okay. That's great to hear. It's obviously very early days, but maybe offer a quick update on the integration of Air Enterprises, Rahn and Thermolec, and if there have been any surprises, positive or negatives to date. As always, it would be great to hear a little more color on your M&A pipeline and the prospects for capital deployments over the next few quarters. Thank you. Yeah, sure, Bryan. I think, I mean, the prime signers were very pleased with both of these acquisitions. You know, the Air Enterprises, Rahn one was a little more complicated. That was where we acquired Crawford United, the pink sheet public company. As we had announced, we successfully sold off the non-core piece within the quarter. So very quick and I really like Air Enterprises and Rahn. I think these really strengthen us. Air Enterprises, really good customer handling solution, very unique, very good leakage rates, so very pleased with that. Then Thermolec also, there's a such a good team. They have such a good market position. As a reminder, the logic for Thermolec is we believe we're a leader, the leader in electric duct heating in the Americas, but we're always tiny in Canada. We believe Thermolec is the leader in Canada. We see some really nice synergies where we can help leverage our channels to grow some of their products and technologies. Similarly, we actually think Thermolec has a very nice channel. We see some real nice synergy there. As a reminder, you know, after the sale, both of these are, I would say, at very attractive valuations. Both of these are right around our normal acquisition, you know, before synergy, which is 10.5x-11 x. We feel like we've gotten two really good businesses, and we're off to a very nice start there. If you look at the pipeline, you know, even after doing these two acquisitions, as Mark alluded to, we're about 0.9 x leverage, below our target leverage. We think we'd be down about where we were at the end of last year. We have a lot of capacity. The areas where we see the most opportunity haven't really changed in HVAC. I would say it still remains engineered air movement and electric heat. The one change I would say is we are seeing more Detection & Measurement opportunities, some intriguing opportunities both in transportation, CommTech and AtoN at the moment. What I would say is the pipeline is very robust. We feel like we have a very good opportunity in front of us, and you know, the flywheel is working. There's a lot of activity going on, and we feel good about both the recent acquisitions and then, you know, what we have in the pipeline right now. The other point that I would bring up is, as a reminder, we also did Sigma Omega and KTS last year, and we're also very pleased with these two. They fit really nice. KTS has really given more scale and some really nice technology to our CommTech business. Sigma Omega just fits in so well with our hydronics business. It's very complementary. Yes, I think on our inorganic strategy, I feel very good about what we're seeing in front of us, but also the companies that we brought into the family. I appreciate all the color. Thanks again. Thanks. Thank you. Our next question or comment comes from the line of Joe Giordano from TD Cowen. Mr. Giordano, your line is now open. Hey, guys. Thanks for taking my questions. Sure. Just to follow up on the CapEx deployment side, you know, what's the sense of like, can a discipline acquirer be successful in the market like this right now? I mean, it anything assets touching things that are really attractive right now are kind of like spiraling higher in terms of valuations paid, and there seems to be people willing to pay it. How do you think about your, you know, your discipline in a market that is seemingly lacking a lot of that? That's a great question. I think, you know, we have been. If you think about it, if you step back at 30,000 ft and talk about our M&A strategies, we've always said it always starts with strategy. Everything starts with how we get the full potential out of our businesses organically. New products, new channels, new geographies, lean digital AI. Then out of that process is really how we define our M&A strategy. As a consequence, as you know, approximately half of our M&A targets have been proprietary deals. These are deals where there's no banker involved, there's no one else involved, and we like that. You know, for those that do have a banker involved and are competitive processes, what I would say is you just have to be disciplined. I think there's some segments that are at valuations that we just will never play. You know, as we have talked about, our average valuation over our 18 acquisitions before synergies is in the neighborhood of 10.5 x- 11 x. If you actually take the synergies that we capture, you're probably talking another 1.5 x- 2 x. We're bringing these really strong businesses into our company, and we're getting them for effectively 9 x EBITDA. I think when you do see some craziness, and I would say there is some or, you know, some areas that you will not be likely to see us playing is. There's some areas of Detection & Measurement, larger businesses you could see going in the high teens or 20x EBITDA. We're not gonna play there. We're seeing some data center companies getting acquired for 20x, 25x, 30x EBITDA. We will never be there. That's just not our cup of tea. You know, at the end of the day, I think you focus on strategy, you stay very disciplined. What I would say is, with what we have in front of us, we have a tremendous amount of opportunities with what we know and what we're working on. I think, you know, we've been able to stay disciplined and still affect capital deployment and growth. Yeah, I think but today, I tell you, I would agree with you. There are some things you see out there and some of the valuations on there, they're rich. Yeah, I agree. Anything noteworthy that you're seeing in terms of inflation? We're seeing some of the readings tick higher here. Just curious how you're planning around that. Yeah, I think, you know, Joe, you know, you're probably referring to some of these costs, input costs like steel, aluminum and things of that nature. You know, those costs have moved up a little bit over time. I guess the bias is probably upwards. I think from our perspective, you know, the reality is that as a total cost of goods sold, you know, they represent kinda, you know, let's call it, you know, mid-single digits of exposure. But the reality is, just given the nature of our business, a lot of what we do is engineered to order or configured to order. Our ability to, you know, pass those incremental costs on price real-time effectively, that really puts us in a good spot and has allowed us to mitigate, you know, any of these inflationary pressures so far. I feel good about where we sit today. It's not something I'm clearly watching, but I'm not overly concerned about. Thank you. Thank you. Our next question or comment comes from the line of Amit Mehrotra from UBS. Your line is now open. Thanks. Good afternoon. Mark, maybe just give us a sense of how you're thinking about the second quarter, just so we can calibrate our expectations. I mean, there's some tariffs, there's new capacity, there's good growth in data centers. Any color on organic growth and margin by segment in the second quarter would just be helpful to calibrate our expectations. Yeah, it's a good question. I mean, I think, you know, just broadly, I would say, you know, those markets, you know, that we participate in, I mean, all of them kind of remain healthy, right? We're not seeing, you know, any challenges or, you know, I wouldn't say we're at the tipping point of anything that would change with respect to that. You know, and, you know, when I think about the second quarter, we kinda spoke to that a little bit in the prepared remarks. We kinda suggested the first half gating, you know, would be similar to the prior year. You know, when you, when you look at that, you know, absent, you know, absent the tariff impact, you really need to pull that out, to really kinda get a sense for what those numbers are. You know, I think broadly defined, we're, we feel good about as we look into the second quarter. I think the other thing I would add to that, listen, when you think about HVAC revenue, I would expect that to be up sequentially. With respect to D&M, I think obviously that business can be impacted by the timing of project revenue. That clearly, as we often talk about, we're pretty good about getting that in the year. Where it ultimately lands quarter to quarter can create some variability for us. We feel good about where we sit from that perspective. Just when you say sequentially up, are you talking about year-on-year growth is up from the 9.6 or just absolute revenue up sequentially in HVAC? Well, year-on-year, but. Yeah but also, yeah, absolute. Okay. Year-over-year growth. Got you. Yep, of course. Yeah. Okay. Just maybe a less tactical question, forgive me for that question, but maybe a more important question for the long term. You're obviously adding a lot of capacity. You raised the data center growth from 50% to 70%. You know, one, can you just update us now on where you think data centers are gonna be a percentage of your revenue? Probably low teens, I would imagine. When you ramp up this capacity, Tennessee, Mirabel, Madison, et cetera, you know, how much more revenue you think you can unlock? Because the question is, it feels like you're more capacity-constrained than customers seem like they'll take anything you can give them. I'm just curious about, you know, when this capacity comes online, how much more revenue you think you can unlock for that market. Yeah. You know, Amit, we talked a little bit about this at in our last call. Maybe a couple comments. First of all, when I think about the incremental data center growth that we're gonna see this year and that we've added into our guidance, you know, our Olathe facility, which is really, you know, the primary driver of that for 2026, that's just come online earlier than anticipated. We're seeing really nice performance on that, and it is allowing us to meet more of the demand that's out there. You know, as we look out, you know, over the next, you know, the next couple of years in support of all this capacity expansion, you know, I would say as we sit today, you know, our view hasn't really changed from that perspective. We highlighted that, you know, these capacity expansions would give us the ability to serve, you know, circa $550 million of revenue in the data center market. You know, these sites though, whether it's Olathe or the new facility in Huntsville, right? They're constructed in a way that gives us flexibility to, you know, ultimately, you know, drive the product line that's most available to us at that time. You know, I'd say our view hasn't changed on that. That capacity's really gonna ramp. I think Olathe should be, you know, at full capacity as we get into mid-2027. The Tennessee facility, which is the TAMCO business, we expect that to be at full capacity in 2027. You know, then, you know, the ramp on the Madison facility is not gonna be as linear as those two because we're gonna be doing assembly only at the back half of the year. We won't have full production capacity until the first half of 2027, then it will ramp from there. You know, our, our stated view and from last quarter and still holds that that would be at full capacity, running at full capacity in middle of 2028. Yeah, one comment, Mark, just to clarify for people on the call, that 550 was incremental off of a 200 base. Yeah. You know, if you kind of say at a, you know, what is the data center capacity, you know, after we get these up and rolling. Really our expansions in our existing facilities are largely in production right now. Those have gone very well. Our TAMCO expansion is they've already got 3 lines up. I believe they're adding the fourth line. They're already shipping. That's gone very well. You know, the Madison, Alabama facility is the longest lead time, but we will be producing product there in the back half of the year. We actually will see a nice ramp up there next year. Point being, you know, if you kind of say we're at $200 million last year, you know, say we're in the $350 million neighborhood for data centers this year, you know, you could say that we have about $400 million more capacity. We actually think there could be some more levers we could pull to potentially push more through that facility. Yeah, that's kind of where we sit today. Okay. That's very helpful. Thank you very much. Appreciate it. Thank you. Our next question or comment comes from the line of Jeff Van Sinderen from B. Riley Securities. Your line is now open. Hi, everyone. A little bit more on the data center area. Are you guys seeing any supply chain delays or any other color on supply chain around data center for you? You know, not for us. I think that, you know, there's several critical components that we have, and before we can take on, you know, more purchase orders, we go through a very rigorous process to ensure that we do have the supply chain. We've been very fortunate. I think with the rapid growth, we have had to expand. As a reminder, we are truly an engineered product, so we really everything is pretty unique to us. If you take our cooling towers, for example, we design and engineer our own fans. We have proprietary fans, proprietary gearboxes, proprietary motors, proprietary heat exchange. You know, we it's ensuring that we have a supply chain that we can make it or the raw material inputs, you know, we can manufacture that. Yeah, it has put a little pressure on us. We've had to expand some new suppliers, but we feel very good about where we are now, and we're actively working to ensure that we feel very comfortable as we look ahead to 2027 and 2028, where we would expect continued growth. Okay, great. Then I think you mentioned semiconductors, and, I'm just wondering what kind of work you're seeing to bid on there? Yeah. I think I know there's a couple of, there's some bidding going on now. I think there's one we believe we're very well positioned to be awarded on. Some of these are under confidentiality, I don't think we can speak to the names at this point in time. What, you know, what I would say is we are very strong, typically in semiconductor with a lot of the largest OEMs. Some of these have us specified in as the, you know, the choice for cooling towers. I think we have a very strong value proposition for that market. As that market starts to bubble up, we think we'd be very well positioned to capture more opportunity. It is nice to see some early bidding. I don't think we'll be back where we were a couple years ago, but we are getting some new opportunities which we think we'll be able to convert to revenue. Okay, great. Just one more to clarify. It sounds like with the Middle East, I realize only or less than 1% of your business is there, but it sounds like you don't anticipate any impact from higher oil prices and the macro around that on your business. Is that a fair assessment? I think, you know, I think Mark alluded to this. I think it's very true, something that is somewhat unique to us in being an engineered product company is, you know, we don't make, you know, a product and then ship that same product for the whole year. It's very rare. Like, every cooling tower, for example, is unique. We don't build a single one of those to inventory. When we do a proposal that we have real-time information on exactly what our costs are. It's very rare we have PPV either positively or negatively because we're very real time. I think you do have to manage inflation. You do need to be careful about that. I think we have pretty good systems and processes in place. The fact that the majority of our business is engineered or configured products also makes it such that you're pricing things in a much more real-time basis. Thanks for taking my questions. Thanks. Thank you. Our next question or comment comes from the line of Walter Liptak from Seaport Research. Mr. Liptak, your line is now open. Hi. Thanks. Yeah, I wanna stick with the data center questions. I don't mean to beat a dead horse on this. Last quarter, the numbers around data center were $200 million in 2025, going to $300 million. I wasn't sure I fully understood why you're taking that number now up to $350 million. Yeah. Well, I'd say the punchline is the demand is there. One of the things we've seen from a lot of our large customers is pushing for accelerated deliveries. You know, when we put our plan together, we had capacity expansion. We've pulled some different levers, some new lines, and we've found ways to expand our capacity to be able to meet demand. This is predominantly in our Olathe facility as well as our Springfield facility. Okay, great. Kind of a follow-on to that is the data center demand during the quarter, did your teams make progress with new hyperscalers, with new customers, or is it existing customers that are looking for more capacity and, you know, quicker lead times? Yes, yes, and yes. Right O ur existing large customers want more. You know, it's interesting, the increased CapEx that caused a big stir from the large hyperscalers. We are seeing that front and center. Having said that, you know, several of these are existing customers. There's also some new customers, large hyperscalers and colos that we've talked to. What I would say, while it's not just one or two customers, it's very broad-based. We're seeing a lot of activity, and it's both with, you know, everyone talks about the 4 - 5 hyperscalers, but it's also the chip manufacturers, it's also a lot of the colos. I think we're very well-positioned with our product line here. I think if you look at what we bring to the table, you know, if you look at our different product lines and cooling towers, I do believe we're the global leader in cooling towers for data centers. I think we have a leading position with our TAMCO business. Our actuated dampers and air movement technology there is a very strong position. Then a lot of the growth is really coming in the dry and adiabatic area. That's kind of a, you know, more of a nascent, newer area. We have, you know, we're talking to some customers, this is the first time they've bought this. They've, you know, that they're installing these. I just think we bring a lot to bear in this market because the requirements are so large, and that is where we really excel. We are superb at large, complicated cooling. I think where technology is evolving for these very large-scale data centers, you're seeing some that are a GW, some even larger, it fits well with what we are good at. Yeah, it's pretty broad-based, and we're very encouraged and very excited about the opportunity. You know, some of the things customers are looking for, a lot of these customers, they want custom engineering for their particular requirements. You know, could be size, could be thermal capacity, speed, they want modularity. And of course, they want efficiency, both on the power side and the water side. They're looking at solutions that can help their PUE or their WUE, you know, which they typically report at. I think that's kinda it, as I said, I think it's in line with what we're typically very strong at. Yeah, it's a very active and exciting market. It's moving very quickly. Okay, great to hear. Thank you. Thanks. Great. Thank you all for joining today's call. We look forward to updating you again next quarter. Operator, with that, we can end the call. Thank you. Thank you, sir. Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day. Speakers stand by.