Good afternoon, everyone. I'm Jacopo with Three Part Advisors. Next up, we have Twin Disc, trading as TWIN on the Nasdaq Exchange. I would now like to introduce Jeff Knutson, Chief Financial Officer. Hey, everybody. Yeah, so I'm Jeff Knutson. We're Twin Disc, traded on Nasdaq. A company that is a little bit complicated to understand for what everybody would agree is a pretty small public company, so I'll try to hit the highlights, obviously ask questions. We're in a lot of markets, we're in a lot of regions, we're around the world. Highlights as we get into it for us right now, defense, global defense, and the wave of business we see coming at us. But we're land-based, we're marine-based in a lot of markets around the world. So, in terms of highlights, power transmission technology is where we excel. We've been doing it for, again, 105-ish years. Started as a clutch manufacturer for tractors in Wisconsin and got into the marine business. We did the transmission on the landing craft for D-Day. That brought us into marine and brought us into Europe in a big way, with those vessels surviving the war and becoming commercial vessels around Europe, and therefore brought us and our product around the world. Right now, healthy backlog, record backlog, huge pipeline, in particular in defense. Almost all of our markets are doing as well as they ever have, and we'll get into some of those. We continue to drive and see progress on improving our margin performance. We've done some really nice acquisitions over the last few years, and we'll touch on that a little bit. And financially, we've been generating good cash, supporting the business, throwing off good free cash flow, and the balance sheet has been sort of retooled at this point. Again, always conservative, but we've done a few acquisitions. We brought that down, ready to now again invest in certainly the growth in front of us and, hopefully, in the not-too-distant future, another acquisition. So in terms of our markets, where we play around the world, marine propulsion is now 60% of our business. The acquisitions that we've done in the last five or six years have been somewhat specific to marine propulsion. It's, again, supported by our worldwide distribution network, so a lot of markets. It's commercial, it's tugboats, it's fishing boats, it's mega yachts, it's patrol craft, it's ferries. It's everything. The way we describe it, just about any vessel that is too big to go on a trailer and pulled behind a truck, but too small to go across an ocean. Anything in between there is likely within our range. On the land-based transmission side, we really have three products. We do the frac transmission for fracking. That has historically been the most interesting thing we've done. In these conferences, it's the question that we always got, "What are you hearing in frac?" What we're hearing today in frac is steady as she goes, essentially, not nearly as cyclical as it has been historically. We do the transmission for ARFF vehicles. That's airport rescue and firefighting. So when you see, hopefully never, a plane coming down that maybe has problems with its landing gear or whatever, the runway will be lined with ARFF vehicles. We do the transmissions for those, and we also do a military transmission. Then industrial, we do sort of the nuts and bolts of the global economy, irrigation, agriculture, road construction, recycling, wood chippers. Your Vermeer wood chipper in your neighborhood that's picking up after a storm all the trees that fell down, we do components on those. We're quite global for, again, a $380 million public company. We're headquartered in Milwaukee, Wisconsin, manufacturing in Racine, also in Texas, also in Vancouver. We have manufacturing in Finland, Belgium, the Netherlands, Italy, Switzerland. Distribution offices in Singapore, New Zealand, Australia, a couple of locations in Australia, a sales office in China. So, quite global, and today most of our business is actually coming out of Europe. I mentioned the acquisitions that we've done. Here's the three recent acquisitions, Veth, Katsa, and Kobelt. Veth we acquired just before COVID, which was not ideal timing. It resulted in a bit of a pause in their ability to grow. You can see here we paid about $60 million. When we acquired them, they were about $55 million in revenue. They're up almost 100%. They're up about 80-plus percent from there, with still accelerating growth. They do an azimuth thruster. So it's a pod underneath the boat that articulates, and it's become a very popular means of propulsion for things like mega yachts, for riverboat cruises, the Viking cruises up and down European rivers. We do a lot of that. Katsa was a company we bought just a couple of years ago in Finland. They do both industrial and marine gearboxes, transmission components similar to what Twin Disc has done historically. The big story for them, and I'll have an image, is they have exposure to the Finnish military market, which has now become the European military market, as Europe and the NATO countries in Europe are spending more and more on their military assets. They don't have the companies that produce those assets any longer. They haven't had to produce them for many years. Finland, thanks to their neighbor, Russia, has always built military transmissions. They're always conscious of having to defend themselves. A case in point, I just saw a picture of the new facility we're putting up in Finland this morning, and in one of the pictures, they pointed out the air raid shelter that they've put into their facility. So that's a way of life for them. They're always prepared to defend themselves. They do world-class military vehicles, and now they're in demand across Europe. Great story, great timing for us. Kobelt we bought shortly after that. It's a Vancouver industrial product company. They bring brakes to us, industrial brakes. A company that we've been interested in for a long time. We are fortunate to take that opportunity right after the Katsa deal, and we are really confident that will provide a great growth engine for us. I kind of probably have addressed a lot of this stuff already. This vessel is actually a solar riverboat cruise vessel. We have got orders for four of those. One of the things that we are seeing more and more of is our markets, in particular the marine market, really exploring, pushing alternative fuels, solar, full electric, hybrid electric. We have done full electric ferries in Sydney. We did the Maid of the Mist. I do not know if anybody has been to Niagara Falls. The Maid of the Mist is the vessel that does the tour through the falls. That is a full electric vessel. It is charged by the falls, and the battery is charged by the falls, so it is a very green application. What we have found is there are not many companies that are willing to spend the kind of intellectual horsepower it takes to get those things right for one or two vessels here or there. It is kind of in our sweet spot. Those projects are meaningful to us. They can be millions of dollars, and it adds to our ability to grow that part of the business, which, in particular marine, is only going to accelerate. On the land-based side, like I said, this is an ARFF vehicle. Demand for ARFF vehicles is kind of at an all-time high. New airports, in particular, in Europe and the Middle East, very strong demand, very strong backlog on that particular product. This is a picture of one of the Patria vehicles produced in Finland. Again, that for us is a very big part of our growth story is the global military demand. Other areas of industrial, you can see them listed there, as I said. Everything that makes the economy go. I hate to say it, but natural disasters are sometimes good news for us. Recycling is a huge part. A hurricane requires a big recycling, wood chipping, rock crushing, all that stuff is a big part of our business. But like I said before, defense is, in terms of our history, this is kind of a, outside of World War II where we did the transmission for the landing craft, this is kind of a once in a generation or every other generation kind of event, the kind of spending that we are seeing in defense. The numbers you see here for us are really just kind of the tip of the iceberg. Defense as a percent of our backlog is around 17%. You can call that between $30 million and $40 million-ish of what is in backlog today. It is up over 50%. The pipeline that our customers have sort of told us is coming is in that $30 million to $50 million range of projects they know about. What we think and what we believe and what our customers believe is it extends way beyond that. The U.S. military, the U.S. Navy in particular, is going to be spending billions of dollars to renew the naval fleet, which has not been invested in in many, many years. The U.S. military has really only invested in sort of desert warfare assets for the last several years and have found ourselves way behind China, in particular, in the naval vessel count. That is good news for us, right? A big part of that growth will be unmanned vessels. And those vessels being built in the U.S. in our horsepower range. We are the only North American manufacturer and only U.S. manufacturer of transmissions in that horsepower range. All of that spending is opportunity for us. And while it is real today, and it is in our backlog, and we are starting to deliver those transmissions, we are right at the very beginning of that. We reported a record fourth quarter, a record quarter of revenue, a record year of revenue. And for us, the biggest story in our growth is this defense growth opportunity, and it was a very small part of that story in fiscal 2026. It becomes a bigger part of the story in fiscal 2027 and beyond. I mentioned this before. We have put a lot of energy into the hybrid and electric powertrains, mainly marine, but we have done a full electric crane for Manitowoc. We have done some other hybrid electric industrial products. But the marine market is where it has probably got the most traction. There are a lot of marinas around the world, in Europe in particular, where you have to be full electric when you are in the marina. They do not want diesel fumes in Venice, for instance. It is becoming more and more of a requirement as opposed to a nice option. And what it does for us is it brings a lot more content. Instead of just providing the transmission and the controls, we are providing everything essentially behind the motor. All the controls, all the inverters, all the batteries, we do not produce all that. We package all that, but it is more content for us. And the opportunities are broad. We have done tugboats. We have done, I do not know if anybody knows Hinckley. Hinckley Yachts is a boat manufacturer. They do a Picnic Boat. We have done a full electric Picnic Boat for Hinckley Yachts. Like I said, we did the full electric Maid of the Mist. Sydney Ferries in Australia has done full electric ferries. A lot of opportunity. And for us, it is sort of our sweet spot because a five-tugboat order is meaningful to us. And it is worth it for us to put the horsepower into the design, the sourcing, all it takes to deliver a robust, quality answer to what is going to be a heavily used vessel in these applications. To a lot of bigger companies, it is not. They are looking for thousands of units. For us, a dozen units would be a lot. We have become sort of the de facto go-to expert on these hybrid electric projects in our market. It is a good position to be in. Touch on the financials a little bit. Like I said, we did record revenue this year, $381 million, a record fourth quarter. EBIT of about $30 million. That is up almost 50% year over year. $9.2 million free cash flow in the year, $17 million in Q4. We struggled at the start of the year, really accelerated as we ended the year, so we feel good about that momentum. Backlog at $178 million. What we report is a six-month backlog, so there are reasons for that which are maybe boring, but that is what we report. You can look at that as annualized. That is $360 million of business in the backlog. That would mean basically we have got everything in backlog today to do what we need to do to match this year's revenue. We feel really good about our growth opportunity. The orders continue to come in for defense, for all the things that we do on the commercial marine, on the pleasure craft marine. Oil and gas has been a nice positive trend in particular as we ended the year. As we ended the year, it was about 10% of our business, so call it $11 million. For the previous eight or nine quarters, it had been in the 5%-7% of our revenue, so more like $4 million to $7 million. We feel good about the trajectory of oil and gas, which is a real positive for us. It is a high-margin area for us, and what we are seeing is good traction on e-frac and good traction on natural gas engines and our transmission behind those. We did increase the quarterly cash dividend to $0.05 per share, a 25% increase. Really as an indication, I think the board felt strongly that it is a signal on our confidence in the future, our confidence that we are financially as strong as we have ever been with as good of an outlook as we have ever had. So wanted to give that sort of indication to the market. Graphically, you can see everything going up. That is exciting. I think I would point out the $1.86 of earnings per share has something to do with the fact that we reversed a full valuation allowance. That is a tax thing, which I can answer questions on separately if anybody is interested. But certainly EPS for the year, even absent that, was very strong, and you can see revenue and gross profit improving, net debt coming down, leverage ratio well within control. We do have, and I don't think it is in the deck, we do have as of June 30th a new credit agreement with both BMO and JPMorgan. We have got about $60 million of available capacity on that agreement that will allow us to fund whatever is needed to deliver the growth that we are seeing in the markets. As we look at where we want to be, where are we going, and it is becoming not so much long-term anymore. We set 2030 targets of $500 million of revenue, 30% gross margin, and converting EBITDA into free cash flow at 60%. I think we are well on the way, certainly to the $500 million of revenue. I think we have a clear line of sight on what it is going to take to get gross margins from where they are today, which is really in the 27%-28% range, to 30%. Free cash flow is going to be, I think, a couple of years of investing for growth. So, new facility going up, potential facility expansion, new machine tools. But once we get through that, I think we will be well on our way to that 60%. Hybrid electric, like I said, it is niche, marine and land-based, but it will become a more and more important part and more and more profitable part of our business. We will continue to look for acquisitions very similar to the acquisitions that we have done. So, companies that do, hopefully privately held, family-owned companies that have a high-quality product that is regional, that fits within our knowledge base of the product, the application, the customers, that we can plug into our global sales and support network and take them globally. It's what has allowed Veth, which was a Dutch company, really selling and competing very well in their home region but struggled to move outside of that just because of their reach. We've been able to take them. They have applications all around the world, and really, we feel like what was a $50 million company that quickly became a $100 million company could very, as quickly become a $200 million company if we give it that room to grow. We'll continue to look at our footprint, and like I said, we have a lot of square footage around the world, looking at making sure that we're utilizing all of that efficiently, and reviewing our legacy facilities. M&A continues to be a priority, and I think we feel like we've developed some good momentum, a good muscle around what fits with us, what kind of valuation we're looking for, what kind of seller we deal well with. We typically don't do great with PE. They have different priorities. We deal very well with family-owned businesses who are looking to see and feel comfortable around the legacy of their business as they move on. So, yeah, I think there are a lot of opportunities there as well. In terms of capital allocation, it's the things I mentioned. Organic growth, so we'll be continuing to invest in our footprint in Finland, potential expansion in Texas as we see volumes growing. In particular in the military business, we'll continue to search out acquisitions, and we feel like our balance sheet is ready to take on another good, meaningful $40 million to $60 million acquisition. Along with that, continue to review our dividend, which obviously we just did, and potential share repurchases as we consider the use of the capital. Yeah, just summarizing, we had, I think, one of our best years ever in 2026. Record revenue, strong profitability, cash flow generation, record backlog, and exiting the year with a great outlook and a lot of momentum in really nearly all of our markets. I'll just share quickly here, and then we'll open it up. Some of our applications in the various markets that we're in, just so you get a kind of a visual. In the marine and propulsion space, which again is about 60% of our business, these are some of the things we do. Mega yacht, tugboat, patrol boats, river cruise vessels. The bottom right is a ferry. The one that seems secretive with the QR code, we're not allowed to show it, which maybe makes it more interesting. You can look at it. If you look up Saronic, their website shows the Marauder. It's an unmanned vessel. I think it's a 60 or 80-foot vessel. Saronic is the company that produced the boat that rescued the helicopter pilot in the Strait of Hormuz a few months ago now. The vessel that pulled up alongside an Iranian vessel and blew it up. So Saronic is one of the many unmanned vessel companies that have contracts with the U.S. Navy, that they're delivering today. They just launched the Marauder. A year ago at this conference, as I was telling Bill and others, I was showing a picture, sort of a rendering of what that vessel might look like. They went from a rendering a year ago to a functional, highly complex autonomous vessel in the water as of, I think sometime in mid-May. They're capable. They've got a lot of funding, and there's a lot of business to be done in the unmanned vessel space. We feel really good about our chances to do it with Saronic and others, as again, the only American transmission manufacturer in that space. These are some examples of land-based, again, so you can get a visual. Top is in our vehicle, middle is a frac rig, so that's a frac rig in China. The bottom is the tow truck for tanks that we do. Various industrial applications with the, again, things that you would recognize driving around on highways, rock crushers, shredders, et cetera. So that's about it in terms of the presentation. Any questions about the business or anything? Bill. Jeff, you mentioned that you are not currently in the vessels that are ocean-going. Do you see that as an opportunity? It's a different kind of world there. I would say it's an opportunity, but it's not one that we see chasing in the near term. It's just really a different kind of market, a different kind of world. It would be tough to break into that. Presumably the Saronic vessels, those are ocean-going. Yeah They're not oil tankers. Right. Exactly. Whatever unmanned vessel the U.S. Navy would have available, it would never be too big. It could be too small. Again, Saronic started with jet ski sized unmanned vessels and then went to ski boat sized vessels. Those are too small for us, but the sweet spot for them is in that sort of 60 to 80, up to 150 feet, I think is where they expect to sell a lot of vessels. Do you do all the pods on Hinckley or is it just one that I don't know? No. They did one electric Picnic Boat, and that was full electric. That's the only thing we've done with Hinckley. Yes, we don't do everything that Hinckley does. Yep. But it's only for electric. Yep. Within the land-based, who would your competitors be? Who are you going up against? Yeah. It depends on the product. We have most of the non-Oshkosh business, right? We do not sell to Oshkosh at all, and everybody including me, I guess, and I have been around 20 years, and we are both Wisconsin companies, and we do not really sell anything to Oshkosh. We sell to Rosenbauer and NAFFCO. Those are our two customers. I think we do 80% or 90%. I think maybe they get something from Allison, but not much. On the frac side, competition is primarily Allison and Caterpillar, and we compete very well, in particular in North America. Caterpillar has a very good transmission and they offer the full package, so engine, transmission, and financing. That is something we cannot offer, right? Allison has the biggest installed base, but had, I would say, a shrinking market share as they have not really focused on that off-highway part of their business. It has allowed us to grow. We have taken some share from Allison, but I would say Caterpillar has done more, right? Our share is probably around 30%, I think, of that market, where we do well. Our product is probably the most expensive, the most robust and reliable, and the easiest to work on, to rebuild, and that becomes really important to the owner-operators when you get to a rebuild cycle. We typically do not lose customers, but most of our customers are on the medium to small side in the oil patch. We also have a very big presence in China. We were one of, I think, the first frac transmission supplier to really open up some capacity for China. They came when we were in a middle of what used to be a boom in the boom-bust years of fracking, and we carved out some capacity to allow us to establish a really good presence in China, and it really has paid off. Even during the COVID years, they kept taking a very consistent number of transmissions every month, whereas a lot of the business around the world went to zero. Yeah. On the tank retriever, that is really just us. It is a legacy transmission. Two more questions. Relative to your comments about China with the recent geopolitical issues, have they continued on the cadence that they had been on? Yeah. And then secondarily, I believe in either prior filings or press releases, you all have referenced an intention to bring your backlog down. Would you talk about how you're thinking about backlog and Yeah that front? Sure. First question on China. Yes. China has been an amazingly, let's say, predictable customer in that they'll move volumes up or down 20% or 25%, but it's a pretty consistent drumbeat. I think it has to do with, from their mindset, it has nothing to do with the price of oil. It has to do with their intention to improve their energy independence. So they have a program to improve their capacity there, and it has its ebbs and flows within a certain range, but it's been very consistent. Yes, when we talk about reducing backlog, we're talking about we want to reduce our past due backlog, right? So we've got revenue that should've been delivered. We've got customers that are disappointed. Because as we've ramped up the growth that we have, we have some pockets of supply chain or machining capacity, or things that have prevented us from being as on time with our deliveries as we'd like. So that's become a big focus, especially through fiscal 2026. We had some really good success in Q4 in particular. We reduced past due backlog by, I want to say, $8 million or $9 million. So as we were wrapping up the quarter, we were getting prepared to explain why a decrease in backlog was actually a good thing, because it meant that we've flushed through a lot of this past due backlog that we've really been focused on, and now we've got happy customers. Despite doing that, and despite delivering a record quarter, we remain at a record level of backlog. On the face of it, reducing backlog isn't really our intention. It's satisfying customers is our intention. And I think we've turned the corner there as well. And hopefully, as this volume continues to ramp up, we maintain that discipline and focus on delivery. Yeah. Anybody else? Nobody? All right. Let's see if there's any other. These are all just numbers. That's boring. I could show you the Saronic vessel if. Have you guys all looked it up already? Saronic? Yeah. Yeah. That's pretty cool, right? You've seen it? Yeah. All right. Well, thanks everybody. Appreciate it.