Greetings, and thank you for joining Terex's call about its planned acquisition of the Environmental Solutions Group from Dover Corporation. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jon Paterson, Vice President and Treasurer. Good morning and thank you for joining us on short notice to discuss Terex's planned acquisition of the Environmental Solutions Group from Dover Corporation. A copy of the press release and presentation slides are posted on our investor relations website at investors.terex.com. In addition, the replay and slide presentation will be available on our website. We are joined by Simon Meester, President and Chief Executive Officer, and Julie Beck, Senior Vice President and Chief Financial Officer. Their prepared remarks will be followed by Q&A. Please turn to slide 2 of the presentation, which reflects our Safe Harbor Statement. Today's conference call contains forward-looking statements, which are subject to risks that could cause actual results to be materially different from those expressed or implied. These risks are described in greater detail in the presentation and in our reports filed with the SEC. In addition, we will be discussing non-GAAP financial information we believe is useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures can be found in the conference call materials. Please turn to slide three, and I'll turn it over to Simon Meester. Thank you, Jon. Good morning, everyone, and thank you for joining our call on what is an exciting day for Terex and our stakeholders. This morning, we announced that Terex has entered into a definitive agreement to acquire Environmental Solutions Group, or ESG, from Dover Corporation. It represents a significant milestone in our company's multi-year transformation and will amplify our ability to capitalize on the growth opportunities that lie ahead. ESG is a leader in the waste collection and recycling industry, designing best-in-class refuse collection vehicles and waste compaction equipment, as well as related aftermarket equipment and digital solutions. ESG has a 100-plus year history and has a stellar portfolio of industry-leading product brands, widely respected for their quality, durability, reliability, and unmatched service. I couldn't be more excited to welcome ESG to the Terex family. ESG also boasts a robust financial profile, an efficient operating model, and a decade-long track record of strong, consistent organic growth. Their equipment, aftermarket, and digital solutions provide predictable and recurring revenue streams supported by an attractive margin profile with low capital intensity. Importantly, Terex and ESG also have highly aligned values and a shared commitment to best-in-class service, innovation, and safety for every community we serve. I want to congratulate the entire ESG team on the excellent business it has built. ESG brings a deeply experienced bench of senior executives with broad industrial engineering and supply chain expertise, led by its President, Kieran Hegarty. Please turn to slide four. This transaction is compelling for several reasons. First, with ESG joining our portfolio, we're adding meaningful scale and significantly reducing Terex cyclicality. ESG has demonstrated a sustained track record of resilient, high single-digit organic growth through the cycle. Second, the transaction adds a financially accretive business. ESG's EBITDA margin, including run-rate synergies, is expected to add 130 basis points of margin accretion. Terex will have approximately $1 billion in pro forma EBITDA. Third, we're delivering value creation by capturing tangible cost and revenue synergies. Terex expects approximately $25 million of identified synergies to be achieved by the end of 2026, largely driven by operational efficiencies and commercial opportunities. Fourth, we're adding the market leader in the growing waste collection and recycle industry. Waste is an attractive market, and it's projected to grow for years to come. Fifth, we're expanding our addressable market in North America. Our North America revenue exposure will increase to 65%, and our total Terex addressable market opportunity expands to $40 billion. And lastly, we are reducing Terex capital intensity. ESG's efficient operating model with low net working capital will drive a meaningful improvement in free cash flow accretion for Terex. Altogether, we believe ESG is a very strong fit. Please turn to slide five. ESG has demonstrated a track record of consistent, resilient growth, delivering a +7% organic revenue CAGR over the last 10 years. ESG has made some very successful acquisitions in the past 10 years, including 3rd Eye and Soft-Pak, key elements of its digital platform, and Boivin, enhancing its electrically powered refuse collection vehicle bodies. I would now like to turn the call over to Julie to discuss details of the transaction. Thank you, Simon. Please turn to slide six. We are acquiring ESG from Dover Corporation in a $2 billion all-cash transaction. When adjusted for the present value of expected tax benefits of approximately $275 million, the purchase price is $1.725 billion. This represents approximately 8.4x 2024 estimated EBITDA, including expected run rate synergies. We expect annual run rate synergies of approximately $25 million to be achieved by the end of 2026. These synergies are largely driven by operational efficiencies as well as commercial synergies. Given Terex and ESG's complementary product offerings and solutions, we expect to realize additional upside through digital offerings and cross-selling opportunities to existing and new customers. We have fully committed financing and expect to fund the transaction with cash on hand and a combination of Term Loan B and senior unsecured notes. We expect to maintain our strong balance sheet with a 2024 net leverage ratio of 2.2x net debt to EBITDA, under Terex's 2.5x through the cycle net debt to EBITDA target. We expect net leverage to be below 2x by the end of 2025, with consistent deleveraging thereafter from an enhanced free cash flow profile. Ultimately, this deal offers significant financial advantages to Terex and its shareholders. By integrating a resilient and recurring revenue stream, we are reinforcing our market presence in a sector with a robust growth outlook. This acquisition not only enhances our scale, but also diversifies our revenue streams and end market mix, positioning us for sustained long-term success. We also expect this transaction to expand our EBITDA margins, reduce our capital intensity, and be free cash flow accretive. We expect adjusted EPS to be double-digit percentage accretive in 2025 and to increase meaningfully thereafter. The transaction is expected to close in the second half of 2024, subject to regulatory approvals and customary closing conditions. Given ESG's proven track record of sustained growth and resilience through the cycle, we are confident that this transaction will enhance Terex's financial profile and create long-term value for our shareholders. One quick note before I pass it back to Simon. The purpose of this call this morning is to discuss our agreement to acquire ESG. We look forward to discussing our second quarter performance on our earnings call on July 31st. I'll now turn it back to Simon. All right. Thanks, Julie. Pete, please turn to slide seven. Post-transaction, we will be creating three market-leading business segments with a $40 billion total addressable market. This includes a $4 billion parts and services addressable market. Our Materials Processing segment will stay as is. Aerials will be its own reporting segment, and our newly created third segment called Environmental Solutions will encompass ESG and our Utilities business. This new segment, which serves a $6 billion addressable equipment market, will be a clear customer-focused segment, supporting our goal to increase synergies across all of Terex. As of March 31st, 2024, the new segment would have generated pro forma last 12 months' revenues of $1.4 billion and had a 15.8% EBITDA margin. Our Environmental Solutions segment will be number one in waste collection vehicles, stationary compaction equipment in the U.S., and number two in insulated utility vehicles in the U.S. Please turn to slide eight. The combined business will be approximately $6.2 billion in pro forma sales and $960 million in pro forma EBITDA, inclusive of approximately $25 million of expected synergies. Terex and ESG's complementary portfolios will enhance diversification and reduce cyclicality. In addition, we will increase our exposure to the North American market and have approximately 24% of revenue tied to our newly created high-growth Environmental Solutions segment. We will also be increasing our exposure to the resilient and growing waste and recycling end market, which will now be 25% of our end market mix. Please turn to slide nine. I'd like to focus on waste and recycling and what really excites us about our increased focus on this growing end market. As we all know, waste is an essential service, and the demand for waste collection equipment and associated services has been consistently trending upward, with projected market growth at a 5+ CAGR over the next 10 years. We have strong conviction in the future of this market, especially as waste collection is the gateway to recycling, which in itself we consider to be a fast-growing market where we can leverage legacy businesses like Terex Recycling Systems, our sorting robots business, and mobile waste shredders and material handlers. It will also give us an opportunity to further leverage emerging technologies in our portfolio, like digital electrification and robotics. Please turn to slide 10. We are excited about the future of Terex plus ESG, and we believe the two are a perfect fit. It literally checks all the boxes. With that, we'll open the call for your questions. Operator? Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. We ask that you please limit yourself to one question and one follow-up. Your first question comes from the line of Stanley Elliott from Stifel. Your line is open. Hey, good morning, everyone. Congratulations on the news. Sounds like a great fit. Thank you. Simon, can you talk about kind of the electrification within the Heil portfolio and kind of the rest of the ESG business and how you see that progressing? When does that become a real meaningful part of the overall on that truck side and the collection side? Yeah, certainly. You know, You know, chassis are electrifying. I think that's well known. At what pace is to be determined. The markets seem to be moving more first to hybrid solutions than full electrical solutions at the moment. But then that's the chassis side, but you also have the body side. And with Boivin, ESG has a very competitive and differentiated solution in terms of just an electrified body, which basically eliminates pretty much all the hydraulics and really manages contamination. So, we believe that ESG is very nicely positioned for whatever pace the electrification might happen and whether it will be chassis first or whether it will be bodies first or both. They've got a nice kind of software portfolio with 3rd Eye and some other things in there. How quickly can you all kind of take the technologies from them and incorporate into Genie and other products or vice versa? I'm just curious kind of what the ramp might end up looking like for some of the software synergies within that. Yeah, great question. Obviously, we're very excited about what ESG has built from a digital solution standpoint and not just on how it works, but it also actually delivers tangible benefit to their customers. And we believe, maybe not so much in Genie right away, but we definitely believe that there are cross-selling opportunities in utilities. Obviously, you need to be careful when you work on live wires with whatever you have in the platform, but we do believe there is a technical roadmap there where we can start leveraging some of that work that ESG has done in our utilities business. And that might not be too far out. So, very excited about that piece of the business as well. Perfect. Congrats again and chat with you next week. Thanks. Thank you. Your next question comes from the line of Jamie Cook from Truist Securities. Your line is open. Hi, good morning and congratulations. I guess just two questions. Can you just unpack for me what the growth profile has been of the digital solutions business and where you think that business can be over longer term and the profitability relative to the overall mix? And then I guess just my second question, yeah, Julie, just comfort level with leverage just given the macro environment. Thank you. Yeah, thanks, Jamie. Good morning. Yeah, definitely digital has grown quite nicely. We're not attaching a specific number to it. Obviously, we need to be all aware that it's very much still a Dover business until we close. But definitely a fast-growing segment. And I forgot your second part, your second question, Jamie, on the digital revenue growth. No, I was just trying to understand. Sorry, trying to understand the margin profile of the business relative to the overall mix. Thank you. Yeah, thank you. Yeah, on the margins, definitely industry standard and definitely accretive to ESG overall. Jamie, on your leverage question, I feel confident that we're financing the transaction in a prudent manner. Our balance sheet is strong and pro forma for the transaction. We expect a net leverage ratio of 2.2x at the end of 2024, below our stated target of 2.5x through the cycle. We expect our leverage to be below 2x by the end of 2025, and we'll have consistent deleveraging going forward from an enhanced free cash flow profile. Thank you. Your next question comes from the line of Steve Volkmann from Jefferies. Your line is open. Great. Good morning, everybody. Thanks. Julie, just a couple of modeling questions. How should we think about this tax benefit, the $275, and how that sort of plays out over the next few years as we model tax rate? Yes. So, when you think about the tax rate, we're evaluating the benefit at $275 million. And so, what happens is that that will be a reduction in cash taxes going forward over time, over the next 10 years or so. Okay. So, no change in book tax. Correct. Okay. Great. And then maybe just back to the electrical question. I can imagine that there might be a real ramp-up in R&D spending as we sort of transition to electric or other drivetrains. Is that something we should consider? I would say not a significant change. It's basically more a change in R&D than a ramp-up in R&D, I would say. Okay. Thank you. Your next question comes from the line of David Raso from Evercore ISI. Your line is open. Hi. Thank you very much. Julie, did you say EPS accretion double-digit? Just so I understand what that means. I mean, you're run rating around $7 of earnings. You expect the accretion of EPS next year to be above $0.70. Could you just define that? I have a follow-up on that. Yes. That's correct, David. That's correct. Those numbers are correct. On an Adjusted EPS basis, we would expect the double-digit accretion. The funding rate for this, I know it's a blend of debt and cash on hand. What kind of funding rate, and do you feel you'll get the tax synergies quickly enough that we should be doing that rate on $1.725 billion, or better to do it on the $2 billion? What's the blended rate and what's the base? So, what we will be doing is a combination of cash on hand, Term Loan B, and unsecured notes. That will be the combination. We'll be looking to finance this over the coming months, and interest rates will be determined at the time that we go to market. Okay. But I mean, to get that kind of run rate, it just feels like it has to be around a blended 6% or something like that. Not just on the debt, but the utilization of the cash as well. I'm just trying to get the numbers. And then real quick on the TAM. What caught my eye was the change in the TAM. You went up $6 billion from $34 billion- $40 billion. Nothing changed on the existing businesses. But of that $6 billion increase, you increased your parts and service opportunity by $1.5 billion. So, essentially, 25% of the TAM increase was aftermarket, and the business you acquired was only doing 18% aftermarket. So, I'm just curious, when you looked at the business, what has you excited about the parts and service opportunity above and beyond what they were capturing? I'm just curious how you assuming you didn't have to jump to parts and service, which obviously posits the margin profile. So, I'm just trying to capture it. Yeah. So, there's a little bit of apples and oranges here because in the case of ESG, there's also the Curotto-Can acquisition that runs through some of those numbers. So, maybe what we do is just we circle back with you, David, on this one because there's a little bit of detailed modeling behind it. There's components. There's the aftermarket parts. There's remanufacturing. There's digital. There's all of these different things that make that up too as well, David. All right. Perfect. And the closing time, you just said roughly, I think, second half. Any help if you were in our shoes trying to think, should this be by the end of the third quarter or? Q4. Q4. Q4. Okay. Thank you so much. Thanks, David. Your next question comes from the line of Nicole DeBlase from Deutsche Bank. Your line is open. Yeah. Thanks, guys, and good morning. Congratulations. Thanks, Nicole. Maybe just on the synergies, any more color on the timing of that $25 million, like what would come through in year one? And then it sounds like there are some revenue synergies embedded in that $25 million number. Can you just give a split between cost and revenue synergies? Yeah. So, thanks for the question, Nicole. We expect annual synergies of approximately $25 million, and we're expected to achieve that by the end of 2026. And those synergies are largely driven by procurement, supply chain efficiencies, and some commercial initiatives as well. Okay. Got it. And then I guess you guys said, I think, you're expecting kind of a 5% growth rate over the next 10 years, but I think you also cited a 7% CAGR over the last 10 years. So, what's causing that step down? Is it something with where we are in the cycle of investment for refuse vehicles, or maybe is there just some conservatism embedded in that multi-year outlook? Thank you. Yeah. So, collection vehicles, 5%, but collection vehicles and total solution, 7%. Then when you get into recycling, then it's actually in the double digits. So, it depends on which subset of the market of waste and recycling you look at. Got it. Thanks, Simon. I'll pass it on. Your next question comes from the line of Jerry Revich from Goldman Sachs. Your line is open. Yes, hi. Good morning, everyone, and congratulations. Simon, I wonder if you wouldn't mind just talking about the digital growth outlook from here in terms of where your offering fits into the digital plans that the major haulers have. Is there a revenue concentration towards regional versus waste haulers, and how does the tie-in to your digital approach map to what the majors are doing in terms of their own route management systems, etc.? Yeah. I would just say we're just still very much at the beginning of kind of the digital value add here. Obviously, ESG has some very tangible solutions that bring very tangible returns for their customers, but there are more use cases out there that we're working on, that ESG is working on with their large customers. So, there's still definitely upside in applying more digital solutions. Think about additional safety features. Think about additional reducing liabilities, service confirmations, contaminations in the waste stream. There's just a lot what you can do with digital. And then if you combine it with one of our businesses, for example, our ZenRobotics business, our sorting robot's business, where we are using AI to sort waste streams, you can start picturing all sorts of synergies that we have in terms of digital use cases. Yeah. Interesting. And then can you talk about the sales process to the extent you can comment? Pretty interesting free cash flow multiple for a well-regarded business. I'm wondering if you could just step us through the process to the extent you're able and willing on this call. We won't comment on the specifics of the deal process, but we can share that we're pleased with the outcome. The purchase price represents approximately 8.4x the 2024 EBITDA, including expected tax benefits and run-rate synergies. So, we're just really excited about the financial benefits that ESG brings to Terex. We've identified their synergies, as we talked about, financially accretive. ESG, even the margin profile, including the synergies, we're expected to add 130 basis points of margin accretion. So, we're just really excited with the business. They have a sustained track record of resilient, high single-digit organic growth through the cycle, and as well as best-in-class margins and free cash flow conversion. It also reduces our capital intensity going forward with some strong capital working capital and free cash flow generation. So, we're just very pleased. Agreed. Congratulations. Thanks. Thank you. Your next question comes from the line of Tami Zakaria from JPMorgan. Your line is open. Hi. Good morning. Congrats on the proposed deal. Sounds like an exciting opportunity both near and long- term. So, I have a couple of questions. The first question is, I think ESG, like many others, faced a chassis shortage post-COVID that drove up the backlog. So, can you comment on the state of the backlog now versus history? I'm trying to understand if the backlog can continue to add to growth as we look into 2025, or the ongoing backlog burn could create a tough comp beyond this year. So, any color would be helpful. Yeah. Thanks for the question. On backlog, obviously, it's still a business that reports into Dover, so we don't want to get ahead of ourselves here, but we do want to mention that there is robust backlog coverage for the remainder of 2024 going into 2025. And so, but yeah, you're right. The industry has been constrained. It's very similar to what we've been sharing with you on the utility side. And slowly but surely, that is starting to unconstraint itself. But other than that, there's not much more we can share on backlog at this point. Got it. Okay. That's helpful. One more question on the cycle. Where do you think we are in the refuse collection vehicle cycle and market cycle in general? I hear the argument that it's expected to be less cyclical, but from your perspective, how would you define where we are in that cycle? Yeah. So, first of all, I would say we don't think it's cyclical. So, there is no point in the cycle. From what we're seeing for the next couple of years, it's a pretty consistent continuation of growth, both in collection vehicles and in digital use cases. And then especially when you then start to cross over in recycling, I would say we're at the beginning of a long-term cycle there in terms of the application of technology and recycling. So, yeah, if I would have to answer, then I would say we're at the beginning. Great. Perfect. Thank you so much. Your next question comes from the line of Steve Barger from KeyBanc. Your line is open. Thanks for the question. I just wanted to push on that cyclicality a little bit. It's a 7% CAGR over 10 years, but the range is -8%-23%. So, it does seem like there's some cyclicality. The last two years averaged 18% against easy comps, but why were those years so far above trend? Just if you look at the trends that you're talking about and you look at Terex and you compare Terex and you add Heil, obviously, this gives us a more consistent revenue stream over time. You see some nice growth in both the equipment side as well as the digital side over the last couple of years. Of course, that business was impacted by supply chain constraints as well. Okay. Are the dealers independent and exclusive, and are they the only channel for the parts and service and non-equipment sales, or do you have some direct customers? Yeah. The dealers are exclusive, and it's actually one of the many things that we like about the ESG business, is the strength of the dealer network. And we believe that that is definitely part of the competitive advantage that ESG has in the market. Got it. And just one more quick one. What is the age of the installed base? And just trying to understand how much of equipment sales come from increased price on replacement equipment versus fleet expansion on average. Yeah. I don't think we have that number here right readily available. We can circle back with you on that. Yep. Okay. Thanks. Your next question comes from the line of Tim Thein from Raymond James. Your line is open. Hi. Good morning. Thank you. The first question is on the composition of the EBITDA in 2024 and in terms of the split between equipment, parts, and digital, and not asking for those precise numbers. But the spirit of the question relates to just the chassis tightness that we've had. Has that contributed to maybe an outsized growth in parts and digital relative to what equipment may look like more in kind of a steady-state run rate? Yeah. So, thanks for the question. I mean, Tim, the business has had growth both on the equipment side as well as the service side. So, we would see both sides growing, and we would see demand from when we're pleased with the aftermarket parts growth as well. At this point, again, they're owned by Dover right now, so we can't disclose more than that at this point in time. Okay. All right, Julie. And then maybe just you hit on the cost synergies earlier, but the procurement one seems, I would think, to be kind of an outsized opportunity just given, I would suspect, a fair element of overlap from a chassis supplier, just given what you are buying through utilities. Is there any more detail you can give on that in terms of, again, just kind of better leverage from a procurement side on the whole goods? Yeah. I mean, think steel, think hydraulics. There's definitely immediate opportunities there in terms of strategic sourcing. There's just a lot of similarities. Think utilities business and whatever goes in the bill of material or utility truck is very, very similar to ESG. So, definitely synergies on the sourcing side. I'm equally excited about the opportunities on the commercial side. We mentioned digital. We talked about the dealers, but Terex Recycling Systems and robotics, those are all kind of products that we can add to the ESG portfolio, and that will just give us a tremendous opportunity. So, on the synergy side, we're quite excited about the line of sight that we're having there. Got it. Thank you. Your next question comes from the line of Kyle Menges from Citigroup. Your line is open. Thank you. Just looking at the slide deck, it looks like the ESG outlook for this year implies 15%+ revenue growth compared to 13% last year and then 23% the year before. Could you just help us understand what's driving this re-acceleration and growth for ESG this year? Well, thanks for the question. I think that we, like I mentioned, we've seen growth in both the original equipment side and the vehicle side as well as the digital side and aftermarket and parts. So, all of that has grown. They've had some supply chain constraints as well, so that has allowed increase as well. But just drawing for performance and execution by the team. Yeah. I would just want to add, this is a very strong-performing business, strong-performing team, a very tangible value proposition. They're firing on all cylinders. Obviously, one of the many reasons why we're very excited to welcome them to the Terex family. Thanks. And then I know there's some recycling and environmental elements within MP. I'm curious why not roll those into this new Environmental Solutions segment and if that's something that you guys thought about and maybe why you held off doing that. Thank you. Yeah. Definitely something. We want to get through close first, but definitely something that we will be looking at. There are immediate commercial synergies, as I mentioned, with Terex Recycling Systems, but also with our sorting robots, with our Ecotec waste shredders, although that's more of a mobile solution, and our Ecotec material handlers. So, plenty to look at there. Now, typically, the waste and recycling that MP focuses on is more C&D, is more construction and demolition. We're now creating a group that is more focused on solid waste. There's definitely crossover of technologies that you can use in construction and demolition waste that you can use in solid waste. So, that's something that we'll continue to fine-tune as we go through integration. Got it. Thank you. Your next question comes from the line of Mircea Dobre from Baird. Your line is open. Hey. Thank you. Good morning. Just to maybe follow up on that last question, I too thought it was kind of interesting that you paired ESG with utilities. I guess I can understand the fact that you're buying chassis in both these verticals. Beyond that, what's the logic from having these two together? As you look at the margin of ESG relative to the margin that you have in utilities, what would you say at this point is maybe the biggest differential that makes ESG so much more profitable? Yeah. I'll let Julie reply to the margin question. On your first question, businesses have very strong similarities, similar operating models, similar support structures. We see synergies in operations, supply chain, but also on the commercial side with utilities, including the digital use cases that I talked about earlier. They're both virtually non-cyclical businesses serving resilient end markets. They're both serving environmental-focused end markets. Think electrification, think recycling. And they're both serving large public-owned customers, municipalities, integrators, and they're both North America-focused. So, we believe there's a lot there in common between the two. Do you want to take the margin question? Yeah. So, we believe that there's a lot of good things that have happened that we can learn from in terms of the new business. There's throughput, productivity. There's scale advantages in complying with Terex Utilities. And then recall that Terex Utilities' margin and LTM basis was impacted dramatically in the third quarter of last year with a supplier quality issue that caused some issues in productivity and reduced margins in the third quarter of last year. And that's reflected in the LTM. So, we think that putting these two businesses together is going to be a really great thing. And we think that our utilities business will benefit as well from the combination of all the different things that ESG does well. Okay. My follow-up is a question on the customer side for ESG. Can you comment at all as to what the mix looks like in terms of customer size and in terms of go-to-market? What do you sell direct versus dealers? And if most of the business is done through dealers, what sort of due diligence have you done in terms of where do dealers stand as far as stocking levels relative to what would be normal? Thank you. Yeah. The business model is there is a direct sales, and there is a sales through dealers. It's a very similar mix as our utilities business. The dealers are a partner in pretty much all transactions, certainly from the support standpoint. I forgot the second half of the question. What was it? Then, roughly, how much goes into the dealer supply chain. We would say that somewhere the revenue mix. It's a little bit early for us to talk about revenue mix at this point in stage with Dover, but we'll be happy to supply more information later. Yeah. Inventory levels, there is not that much inventory in this industry. There's a lot built to order. Inventory is not a real criteria here in terms of throughput. Your next question comes from the line of Angel Castillo from Morgan Stanley. Your line is open. Hi. Good morning, and thanks for taking my question. And congrats on the deal. Just curious if we could get a little bit more color just on the equipment side of the business. I think you broke out. It's kind of 72% or so of sales. Curious how much of that is kind of vehicles versus compactors and balers. And if you could talk about kind of the margins, kind of structure among those and the differences. Yeah. I mean, Angel, I would just say that like most businesses, the aftermarket, the parts, service, digital is higher margins than the original equipment and the vehicles would be. And that we sell all different kinds of you see the products and all the different types of vehicles that we sell, whether it's a side loader, front-end, back loader. We sell all of those and the waste compaction as well. But at this point in time, the revenue mix is we're not going to share all the specific details at this point in time. Got it. No worries. Thank you. And maybe just switching to capital allocation. So, despite this large scale, you're still going to be below your target of kind of $2.5 billion, and you talked about getting below 2 turns by next year or end of next year. Can you talk about how you're going to view capital allocation beyond that? It doesn't seem like you really need to do a ton of kind of delivering beyond that. So, should we expect additional bolt-ons as potentials kind of in the meantime, or are you thinking about kind of buybacks, dividend, any other kind of thought process around capital allocation would be helpful? Thanks for the question, Angel. We remain committed to our capital allocation strategy, and there's really no change in our priorities. We're going to continue to invest in our core business, and we firmly believe that we're in an excellent position to continue and advance our strategic growth initiative, while maintaining our long-term leverage targets. We'll also remain committed to returning capital to our shareholders through consistent dividend and share repurchases. So, remember that we've increased our dividend 31% since 2023. We've delivered significant capital via share buybacks. We've had a 38% reduction in shares outstanding, and we've invested over $1.6 billion in share repurchases from 2023 through the first quarter of 2025. We're focused on accelerating our growth element of our strategy over the coming years, and we're pleased to have the strong balance sheet and cash flow generation that can support that growth rate. This acquisition was in alignment with our strategic approach to M&A, and we're going to continue to grow our pipeline, identify opportunities that are financially attractive, and we'll continue to broaden our market reach and strengthen our portfolio. As always, though, we're going to be a good steward of capital and always evaluate our optimal uses of capital, whether it's focused on organic or inorganic growth. Very pleased. Just to clarify, it doesn't sound like you're kind of pausing until you're kind of integrating this. You're continuing to move on this. So, if there's opportunities in your pipeline, you'd be willing to execute on that in 2024, 2025? When it's the right thing for the shareholder. Yes. Absolutely. Yes. Great. Thank you. Your next follow-up question comes from a line of Steve Volkman from Jefferies. Your line is open. Sorry, guys. Just a quick one. Does Heil do any custom chassis? Is that something that they bring or maybe something that you might have to develop? We'll have to get back to you on that one. Okay. Quick one then. Thanks. All right. This concludes our question and answer session. I will now turn the call back over to Simon Meester for some final closing remarks. All right. Well, thanks, everyone, for joining our call today and for your interest in Terex. I hope you appreciate we are very, very excited about ESG joining the Terex family. From here on, please contact Julie Beck or Jon Paterson for any follow-up questions you may have. And with that, I would ask the operator, please disconnect the call. This concludes today's conference call. Thank you for your participation. You may now disconnect.