All right. Hey, just a couple of things, housekeeping items, before Allison gets up here and kicks us off. First, very unlikely, but if we do have a safety event, exits both ends. Restroom, if you need to use the restroom during the presentation, just follow the path that you came in. It's back in the lobby. Third, please no photos or recordings. Don't make us kick you out. There's a lot of proprietary stuff in here. It's a very competitive industry. Who knows where these pictures and videos will end up. Just please refrain from any of that. I know it's hard. Last, while this will probably be a great disappointment to many of you people, we're here for Investor Day and to discuss the company and the medium-term financial targets. We're not going to talk about the quarter. I know it's going to be hard. Don't ask any questions about the quarter. Don't ask any questions about price cost, because what we're going to tell you is we're going to refer you back to the comments we made at the earnings call. Questions? All right. Allison Justice, who you guys all know, she'll come up and kick us off. All right. Good morning, everyone. Thank you for coming. We're very excited to share the Engineering and Technology Center with you today. I'm Allison Justice, the Director of Investor Relations. For those of you I don't know, I am tasked with reading the forward-looking statement, so bear with me. Today, we will discuss forward-looking statements. Actual results may differ materially from those forward-looking statements because of various factors, including those discussed in our presentation and the risk factors identified in our Form 10-K filed with the SEC. While we may update forward-looking statements in the future, we disclaim any obligation to do so. You should not place undue reliance on these forward-looking statements, all of which speak only as of today. The presentation we issued this morning is posted on the Investor Relations section of our website. A copy of the presentation has also been included in an 8-K submitted to the SEC. We will make a replay of this event available via webcast on the company website. All right, today's agenda. First, Scott Barbour, our President and Chief Executive Officer, is going to come up and take us through what makes ADS a unique and compelling investment opportunity. Three of our key leaders, Bret Martz, Craig Taylor, Pat Coyle, will take us through their strategies to drive growth and profitability. We'll take a quick break, Mike Higgins, our fearless leader of investor relations, will come lead us through a panel discussion on innovation and growth, given we are in our innovation center. Scott Cottrill will come and share the company's fiscal 2030 vision. We'll open the room for Q&A, for those in the room, we'll have a tour. Without further ado, Scott Barbour. This purpose-built facility is a $65 million investment in not only office space, but very dedicated laboratories to do the kind of engineering and research work that we do in our business. What really makes the company sing from a product development standpoint is material science, product design, tooling design, and then the machinery. We have all of that in this building. All of those talents are now in this building. All right. Thank you very much for coming today. As Allison Justice said, very excited to have everyone here. We've taken about 2,000 people through this Engineering and Technology Center since we opened roughly two years ago. I think those pictures are from October of 2024, but we started moving in basically June, July of that year. There's two things we hear almost every time. One, we might know ADS very well, but we really didn't appreciate the technology, the breadth of products, the scope of what you do. I think you'll see that in this building today, and I think you'll see it through the presentations. Number two, people almost universally say, I had this conversation out in the lobby as well, is over time, how do people really compete against you effectively, given your ability to reinvest in facilities like this, to do the engineering and technology, to put capacity in place to make acquisitions? Given your scale, how are they going to compete against you over the long term? I hope as you go through the presentations, you hear Bret Martz and Pat Coyle and Craig Taylor talk about the excellent businesses they have, that you'll come away with that same thing. 110,000 sq ft, 20,000 sq ft of office space for engineers, technicians, material scientists. Many of them are here with us today and will take you on the tour through their laboratories in the manufacturing development space. We're really quite pleased with how this Engineering and Technology Center came out. Across the highway is our headquarters building. We aggregated three sites, our old site plus two other ones, into that building. What you see here, and the 200 technical professionals in this building, are really brand new for the company and focused primarily on the stormwater business. We had our first Investor Day in 2018. It was in November of 2018. Many of you were there. We all recalled the other day, it snowed like heck. We barely got out of town. It was in New York City. We'd gone public four years before that. We'd been kind of quiet with the investment community for a couple of years. We termed that the reintroduction of the company. It was really just ADS at that time, and we focused a lot on our go-to-market model, our market share model, which kind of foundational to the ADS company. Four years later, the height of COVID, 2022. A couple things we tried to put forth at that Investor Day. Many of you were there as well at the New York Stock Exchange. Did not snow that day. We put on top of that what we were doing in our supply chain. We had taken a couple of years to build up engineering expertise. We knew we needed to spend a lot to refurbish equipment, add capacity in key areas like the Southeast. We knew we needed to refresh our fleet. Melissa will talk about that today. We were kind of teeing up this big CapEx program we've been on over the last couple of years in 2022. We also introduced Infiltrator. We'd acquired them in 2019. It was clear that it was working very well. There was also a pretty good size of capital going in there. We had very big ambitions to grow that business. We did a lot of discussion that day about Infiltrator. We wrapped that all around with this, "Our reason is water." Pivoting to positioning of the company around water from building products. Why water? We thought it was a bigger space. It gave us more opportunities to look for new products and acquisitions. Got a better multiple than the building products where we were currently positioned. We'll show you that today. We keep building. 2018, 2022 we built on 2018, we get to 2026. We're obviously going to talk a lot about new products and innovation. That's why we wanted to have the meeting here, and I'm super glad we're here, really in the heart, almost the exact geographic center of the engineering and technology center. We're stacking that on top of our very successful go-to-market, a really great capital program that we've made a lot of money on. Now we're stacking on top of that, this innovation and new product development. What that has given us, we believe, along with our acquisition strategy, and we'll talk a lot about NDS today, is a differentiated growth model. If you look to the left, it was about material conversion. As we move to the right, it's material conversion, allied products, the Infiltrator growth in on-site septic. As you move to the right, it's the advanced treatment at Infiltrator. It's the new products coming online from this engineering center. It's partnerships. It's all those things. We really believe we have a very strong growth model for this industry. What that has done is given us a very resilient business model. In addition to price cost, we got questions all the time. "Are you a 30% business? Are you a 15%? Are you a 25%? I'm confused. I don't know where you're at." We think we're a solid 30% EBITDA business with very good cash flow generation. We'll show you through all types of cycles, good demand, bad demand, inflation, tariffs, deflation. We've been able to maintain a pretty good economic profile, and we think that's this resilient business model we built, and we'll show you that and talk about that quite a bit today. Many of you know these numbers that we just kind of wrapped up on. We went to two segments, Wastewater, Stormwater. I think that's a natural delineation for us. Our major end markets, non-residential, residential. The residential, over the last couple of years, has grown a little faster. As Infiltrator's done well, we've gained share with the ADS land development stage. We've now added in NDS. The international, which is basically Canada, Mexico, the ag business. Jim Chambers, our leader, our general manager, is here today, kind of off of a high over the last five years, but seriously, probably gained share this year with really good performance. You look to the right, and I know I've talked about this in the last several analyst calls, the mix of the business is changing. About half pipe, about half allied and Infiltrator, which for very good reasons have different manufacturing, transportation, material profiles, different competitive sets. We like that balance. We'll never be out of the pipe business. That's not what this chart means, it means we will work to make sure we have a diversified portfolio over time. Over the last planned period, 2022 through 2026, I'm going to start in the middle. Good margin expansion is driven by pricing, material cost, self-help initiatives driven on our CapEx, mix. As we grow Infiltrator and allied products faster, we get a natural mix effect. We've consistently now gotten above that 30%, and this 31.6% is the second-best year of profitability we've had in the company. We had good cash flow generation. I think it's gotten better over this planned period, and we generated and returned $1 billion to shareholders in dividends and repurchases, and we'll talk a lot about that. Pretty successful margin, pretty successful cash flow generation. Sales growth on the left. Our two major markets, non-res and res, both not great demand over the last four-year period. Our sales in those categories grew at mid-single digits. Agriculture, international, down over that planned period and shaved easily two, three points of growth off of us. The other segments, infrastructure, retail, kind of flattish over that period of time. Our core residential, non-res markets, I feel very good about our position in that to outgrow the market. Our product portfolio, our go-to market, our ability to serve, very, very good. Honestly, we could use some tailwinds from a market perspective, especially from the interest rates. That's the performance over that plan. Very proud of it. Could have done some things a little bit better, but not many, honestly. How will we talk today? How will we line up this discussion? It's really this kind of how do we create value. Pure-play water exposure. We introduced this four years ago. We love that positioning. We will continue on that positioning going forward. This differentiated growth story across those kind of broad three product lines, I'll talk a lot about why I think that's so important. This resilient platform that we've built, good margins, generates a lot of cash, the ability to reinvest, weather different storms because of our end market diversification, and then the capital deployment. We worked pretty hard on that, Scott, myself, Dean, others, we work hard on that with our board of directors. We think a lot about that. It's not only CapEx and acquisitions, it's the repurchase, it's the dividends. I mean, all of that, I believe, underpins kind of these three pillars we'll talk about today. To protect and manage water, the world's most precious resource, safeguarding our environment and communities. This is our promise. This is why we're focused on water. I probably like this more today than when we first did it four or five years ago, and I liked it a lot then. What I like about it, and what I did not anticipate that this brand promise would do for the company, is energize our employees. They buy into it more than our investors do. They love being part of a company that is protecting a precious resource, that is making communities better places to live. When our products and our partnerships with distribution, contractors, engineers go well, and the stuff is used correctly, it makes communities a better place to live. That's a cool place to be. That's a very cool place to be. I'm very, very pleased with that. I don't have to convince you all that there are good secular drivers for water, wastewater, and stormwater. Flooding and the periodic events and the intensity of those events and what the insurance cost and the disruption cost of that are very high. We talked about data centers a little bit out in the lobby, clearly, there's a spotlight on them. They use a lot of water. We believe the capture and reuse of that water will be a growing trend. That's our partnership with Rainwater Management Solutions. You'll see a very nice display of their products up on the mezzanine later today. We're convinced stormwater's a great place to be. Wastewater, aging infrastructure, systems that are out of capacity, pivots to simpler systems, pivots to on-site systems. Craig will explain how those segments kind of work. We're very excited about that. The advanced treatment aspect of this opened up a whole billion-dollar market for us that's largely unconsolidated and ripe for new products, and we have the right to win in that space. Love where we are in terms of the stormwater and wastewater segments. Our total addressable market is now $16 billion. We added $3 billion to this since we were last with you with the advanced treatment and the Orenco acquisition and the NDS acquisition. You guys are, I know, all well above average in math in this room. You take our $3 billion, little over $3 billion, you look at that $16 billion, 21% market share. We got a lot of room to grow. There's a lot of opportunity for us because that is also a question I got a lot over the years is, "Are there other places you can grow in this market? What's left? Have you tapped it out? We need to go look for other things." I wouldn't say we're near that with 21% market share. I'm going to spend just a moment on this chart. When we started nine years ago, when I got here, Mike and I, many of these guys over here, we did that work together, but Mike and Scott and I in particular, we looked at the landscape. ADS, fantastic company in our kind of what I would call our portion of the water market, our segment of the water market, the neighborhood we live in. Great company, all kinds of potential. Certainly, our best days, in potential, were ahead of us. We had this fantastic partnership with Infiltrator. We knew it would be very, very important for us to own that company once it came out of a PE. We worked on that, successful getting that. At that time, a lot of you asked me, "Is there anything else out there?" I see people in this room that asked me that like a thousand times. Is there anything else out there? What more can be done for you to grow?" There's not many Infiltrators running around out there in the world. It's a pretty great company. There was one company that's pretty damn good, and we saw it. It was buried within a German company. Mike Gummerson and Jeff are here from NDS today. We saw it out there. It wasn't going to be easy to get. I tell people it took me three-plus years. Mike Higgins had to give the presentation of his life one day, we got it. We were able to build that out. Why is that important? We have the three best brands, we have the three best companies under one roof in our corner of the market. Full stop, I believe. Let me tell you why I think that. Each of them, each of these companies has best-in-class scale. We participate across the U.S., U.S. and Canada for Infiltrator. We all participate in Canada, some better than others. ADS participates well in Mexico. By and large, we are scaled in our markets here. We are ubiquitous. You can't go anywhere and not find products from these three companies. We have great product portfolios. They are broad, it's tough to compete against them, they are of high quality, they are well-engineered. These are superior product portfolios against anyone that might try to compete against us. Each of these companies has a great sales force and a very, very solid go-to-market strategy. We know what we're doing out there in the market. We have the expertise, we have the distribution to go and do that in, like I said, every corner of the country. We have great distribution, we have superior and leading positions in our categories at our distributors. Some of it overlaps, some of it doesn't. We are getting bigger and stronger with these three companies at our distribution, which I think is an important thing to do. In the case of ADS, we have our own logistics network, our own trucking fleet. It's really due to the unique nature of our products and the pipe products, but it's a competitive advantage for us, both from a cost and a delivery standpoint in these categories. Each of these companies has excellent delivery, are well regarded, high Net Promoter Scores, great customer satisfaction, and focuses on that, and in the case of ADS, has made significant investments in that over the last couple of years. When you do those first five things well, and you make good profitability, and you turn it into cash, and you can control your own destiny, pull your own levers, you have a good balance sheet, which just allows you to reinvest in that. Which allows you to reinvest. Honestly, we worked really hard to get to this point, and I think we're now. You're never all the way there, but now I think we're at that point where we're getting that flywheel effect of three great companies performing well, generating cash, the ability to reinvest. You'll hear a lot about that from Scott in particular, as we talk about our deployment. I'll take ADS. Craig has a similar chart around Infiltrator. This is how we do it. This is what that other chart, how you reduce it to practice every day. Most of what we've talked to you in the past about is on the left. Material conversion from traditional materials to plastic pipe, a great package of products that can be gathered together in stormwater to make a solution, and really good regulatory work. That's true in the case of both ADS and NDS. We are out with regulators getting our approval for our products to be used. Bit more investment on the ADS side to the right. We've refreshed that fleet. We're the ultimate last mile delivery guy. We are going into some tough places with very specialized equipment. It's not easy to do. We spent a lot of money, and time, and effort, and talent to get that where we want it to go. We're really proud of where it is. Lots of effort in that last mile delivery. The customer service, the investments we've made there in automation, data handling, tools for our customer service people to use. Step change in what they have before them to do their jobs every day. Very, very dedicated group of people within our company. Digital tools. The tools that you can use to design our products into your project, or that you can go and search about our products, or see potential solutions for your problem. Lots of investment in these digital tools over a period of time that I think by any measure, any measure, outclass what our competitors do in capability and scale. The number of jobs we go through in a day is 80 times what our competitors do. Innovation in new products. You're standing in the middle of that. The new products that we're developing and are able to develop by having everyone in one place. Great results on that so far. I think on the left, what we had talked about a lot in the past, as we move to the right, what we've been investing in and executing on over the last couple of years and will drive us forward. I know I get told this all the time, it's about growth. How do you grow? We kind of captured that for the total company in these three different buckets, if you will. Innovation in new products. These are new products to the market that we design, manufacture, sell through our network. In FY 2026, $430 million. That's across all of our product lines. New distributor programs, stocking programs, things that we want to get into the field faster, standardized products. $80 million in the last year and growing in a good number, and probably more we could do along that line as NDS, a very distribution-focused company, comes in with us. Partnerships. That's a picture of the Aquabox. You see some on the shelves over there. We call it a crate. It's a storage product. It's complementary to our StormTech and CULTEC products. Think of it as a product that goes into a kind of a narrow or uniquely shaped storage requirement or a narrow piece of property. Growing very fast for us. The rainwater products, rainwater capture products would go into that. A very important segment for us to grow. The partnerships we have with really superior people in the market. Another driver of our growth is acquisitions, obviously. This is a list of acquisitions we've done over the last, I guess, eight years or so. It's contributing today $1 billion in revenue, $370 million in profitability in FY 2026. We really work to find the right opportunities and companies that have these leverage points. Material science Engineering and innovation, procurement scale, think of similar services or materials that we might buy. Logistics is one that we'll work on with the NDS in a big way. Over time, already done $110 million in cost synergies. Obviously, a very successful program with Infiltrator on that. Also, at CULTEC, Orenco, you're well ahead of plan on that. NDS, we're ramping up, getting into a good year. I mentioned last night, we only closed in February. It's only been four months. Mike would tell you it feels like four years, I'm sure. It hasn't been that long, we're off to a great start there. Growth through those programs of new products, new distributor programs, new partnerships, growth through ways to go out and use our balance sheet to acquire great companies. Lots of questions about NDS, lots of things that you wanted to hear about NDS. I was going to try to summarize it here. On the right, that $25 million in cost synergies, well known to you all. That's what we've been talking about. I really think most of it, particularly in the short term, comes from the procurement, the raw material, the logistics. There are some in manufacturing and SG&A that will take longer to occur. Either we got to do investments, or there's different things that have got to happen and occur there. There's some capital we're already approving and spending and moving a few things around. Most of that comes from the top. The revenue synergies. We think there's tremendous cross-selling opportunities between the channels of strength. Bret will go through that. I think we just get more excited about that opportunity of cross-selling our products as we go through. All right. If I'd shown you this chart, this is our go-to chart of non-residential. That at the bottom is a small data center. You have an office complex up to the left, a neighborhood to the right, and a road up at the top. If I'd shown you this same chart in 2022, we'd have nine products on it. You can see in the green, the ADS products, the Infiltrator products up there at the top on the right, nine products. You flip to what we can provide to you today on this chart, it's 12 additional products, 21 products in total. You can see the green halo around those are new products, many of them water quality products that you'll see in the hydraulics lab down here that were developed here in the hydraulics lab. You'll see there's a channel drain, the basins, lots of products from NDS that we can bring into this. With new innovations, new products that we've launched, the acquisition, we more than doubled the number of products that we can bring into these types of markets. We were pretty good before. Very strong coverage in these markets. I think we're even better now as we've added these in. This resilient platform that I've spoken about a couple of times, if you look back in FY 2016, shortly after we went public, 74% pipe, 26% allied products. Pretty good company. We did very well with that. We rode up and down with materials a lot just because of that intensity on the pipe. That's the nature of that business. I get it. This part about being a consistent and resilient profit and being able to go through that over time and be less cyclical. I knew that was important. I knew that was important for our investors. If you look to the right, FY 2026, as Infiltrator has grown, as ADS allied products have grown faster than the pipe business, as we've made acquisitions, think of CULTEC, Orenco, NDS, just to stub period in there now. Now it's a bit more balanced. It's a bit more balanced. We spend a lot of money and energy on the pipe business. It's a good business. The allied products and the Infiltrator, the wastewater with slightly different characteristics deserve a lot of capital and attention also. You'll see us continue to work that. Doesn't mean we'll never do another thing in pipe. It doesn't mean it'll all be in one category or the other. What it means is this balance is important to us because it creates that profit resiliency, which makes us a more consistent company to invest in. I think you see that in the course of this chart right here. Over the last four years, revenue flat, it's been tough. Demand has been tough. We have found some places to grow. Some places haven't grown. We've been able to maintain a pretty good margin through that and cash flow. I think this question of, are you a 25 or a 30 or a 15, or we don't know what to think of you, I hope that's answering that question as we've gone through the different inflation, deflation, tariff, wars, all kinds of cycles through that there. Resilient platform. Capital allocation. Over this last six-year period, 70% back into the business. Pretty good CapEx spend over that period of time, largely the acquisitions of Orenco and NDS over that time. Dividends, 7% of our capital. We grow that at double digit. Our rate of dividend growth has exceeded our rate of profitability growth over the period of time. We've repurchased approximately over our whole share repurchase program, about 15% of our shares. We've essentially offset any dilution of the equity we issued when we bought Infiltrator in 2019, or the equity that came onto the market as the ESOP wound down in 2019 also. Pretty balanced, we think. Balanced for our objectives, I mean. For us, the kind of company we are, we think this is a good mix, and we'll endeavor as we go forward to keep this kind of mix in this place. All right. This is what you're going to hear from Bret and Pat and Craig today. In their respective pieces, they will continue to re-emphasize this pure play water exposure. We think that we are leaders in this. We have the pole position, the right to win. We like this space, and we will continue to invest in that. This differentiated growth strategy is just not material conversion. It's that, plus the allied products, plus the Infiltrator, plus the innovation, plus the new programming that we can do. We believe we, in this space, have the best growth platform available. This resiliency, which I've talked about several times already, which we believe is important for an investor standpoint because it kind of makes us more predictable through all these different things that go up and down. Scott, Mike, and I know you'll still ask us about price cost and competition. Those issues never go away. I think we've demonstrated that we have the tools and experience how to navigate through these things. You can't avoid every rock, but we can avoid most of them, and I think that's what we've done over the last couple of years. I'd like to bring up Bret Martz. He's our Executive Vice President at ADS, and for our stormwater piece. Here you go. Thanks, Scott. Good morning. I'm excited to be here today and talk to you about our differentiated growth strategies and the resilient platforms we're pursuing to accelerate growth in the stormwater category. If you look back at our performance in 2026, we generated $2.4 billion in revenue with a good 28.9% EBITDA margin, and we operate in a $14 billion addressable market with strong secular tailwinds. When you think about our mix as we look to 2027, we've included the NDS projections in this number. We anticipate our volume to be roughly 60% pipe and 40% allied products. What's exciting about the opportunity at ADS is the end markets. As Scott talked about, we have a differentiated end market opportunity. We primarily participate in non-residential and residential construction, we also participate in infrastructure, agriculture, and international. When you think about ADS, you need to think about ADS as more than just a pipe company. We talk about pipe a lot, we're so much more than that. We are a stormwater management solution company. When you think about a storm event, our Nyloplast NDS basins and inlets effectively capture rain draining into our pipe products. From there, stormwater travels through our various pipe products to prevent overflow and flooding. At this point, our StormTech chambers hold the stormwater until it's then conveyed into our water quality products, where water is treated with one of our many water quality products, all designed to remove impurities. Our total water management solutions position us well to address stormwater challenges, protecting our most precious resource, water. You think about our stormwater solutions, you think about how that positions us to address the market. The market's dealing with an aging and under-built stormwater infrastructure, coupled with more frequent and intense storm events. Think about 2024. In 2024, there were 27 major storms in the U.S. Each one of those storms resulted in $1 billion or more of damage. Our customers are looking for total solutions. Our customers don't want to have to source multiple products from multiple manufacturers. ADS is able to provide one total solution that maximizes land use and ultimately our customers' return on investment. Finally, we provide simple solutions to very complex problems. I tell the sales organization all the time, we're oftentimes providing solutions for our customers that they don't even realize they have at this point. We talk about rainwater harvesting. You'll see the display later. It's exciting. It's an emerging market. ADS has a total solution for rainwater harvesting. You think about the market, you think about the opportunity. How do we go after that opportunity? It's the ADS go-to-market strategy. When I got to ADS, I was excited to see the depth and the talent of our sales and marketing organizations. In addition to our best-in-class organizations, we operate a scalable and repeatable go-to-market strategy. When we think about our business, we think about it nationally. We think about ADS as a national company. It behaves intensely local. Because of that, our sales organization is focused on approvals, acceptance, and coverage. Our regional engineers work with local agencies and DOTs to garner approvals. We have a team of regional engineers and technicians that work on building relationships with civil and private engineering firms to sell against our approvals. We have a team of over 300 sales professionals working closely with contractors and distribution to drive awareness and coverage. This work in the marketplace, coupled with our industry-leading tools, ultimately allow us to win in the market. Our go-to-market strategy enables us to execute our materials conversion strategy. Our goal on an annual basis is to convert 100 to 200 basis points of concrete products to our pipe and allied products. We're able to do this because our products install faster, they're safer to handle, and they cost less. Innovation is also at the forefront of our growth strategy. 12 years ago, we recognized that our polyethylene products were not accepted or were slow to be accepted in certain markets. We recognized that product acceptance was limited by performance due to insulation sensitivities. We worked to develop products to address those markets, and that's the product you know today, which is HP Storm. As you can see in the chart, our HP Storm continues to contribute to our total portfolio at higher rates each year. This organization and this building is dedicated to finding what's next in the pipe category. Our allied products are also a strong catalyst for growth. Our growth platform is bolstered by allied, which put up a strong 12% CAGR over the last six years. If you think about our product offerings as we went through the life cycle of a raindrop, our storage products are driven by new products with evolving regulations, products that are very comprehensive. We have a CULTEC, StormTech, and Aquabox lineup. Our treatment products are an emerging market that has benefited from innovation in this building, but also from evolving regulations. Capture is driven by our highly bespoke Nyloplast products, now coupled with our portfolio of NDS basins and drains. Ultimately, in the convey category, our fittings business has benefited from a high correlation to pipe sales, coupled with new distributor programs that Scott talked about and operational improvements. We talk about NDS, and we're excited to have NDS into the portfolio. Scott talked about the addition of the product lineup. He showed you nine products on a planned community going to 21, an incremental 12 products. You can see in this diagram of a planned community, if you start in the residential section, high correlation to NDS products. You got basins, drains, Pop-Up Emitters. As you work through to the commercial side, you see the ADS products, StormTech, our Nyloplast. Throughout the community, you see our pipe products. We're more excited about than the portfolio is the strong synergies we have between our customers. We get up every day at ADS and think about the waterworks distribution network. You can see from the representation of our sales, it's roughly 80% of our revenue. As we pivot and think about what NDS gets up and does every day and what they think about, it's turf and irrigation. Combined, we have a tremendous opportunity on the retail and e-commerce front. Later today, when you take a tour through the building, you'll see a planogram that shows the power of the ADS and NDS brand at retail. We're really excited about that. At the end of the day, we believe these synergies and renewed focus in both categories for ADS and NDS will drive $50 million in cross-selling synergies. How we hope to achieve this with our product portfolio is the example here. The stormwater management side of the business, you can see the ADS products at the top. At the bottom, you can see we're now able to complement our drain and basin programs with NDS products. As we look to the turf and landscape irrigation side of the business, a very strong portfolio for NDS. Now they're able to offer at Destination Drainage, which you'll see later today display our pipe products and our fittings products. We're really excited about how the products complement each other and ultimately how we're able to offer more products to both categories. Last time we talked to you in FY 2020, we talked about our participation in the residential market. At that time, we participated, our contribution to the company was less than 10%. Through some business development initiatives and some renewed focus, we've been able to increase that participation to over 25%. The majority of that participation has been in the residential land development part of residential. As we look out, and we're excited about the addition of NDS, we're able to now go after the repair and remodel and the do-it-yourself market. Our growth hasn't just been through acquisition, though. We've also been able to differentiate our package through new and improved products. You look at products here like the StormTech SC-800 or the Arcadia and EcoStream water quality products. We've also, through acquired products and partnerships, been able to add products to our portfolio like Aquabox and CULTEC. The total result of both new and improved products and our acquired products has been $410 million in revenue in FY 2026. I'm going to show you a quick video. We've talked about the ADS value prop. We've talked about where our products play in the marketplace. I'll show you a quick video that reinforces the ADS value prop. [Presentation] Back one. In closing, how do we accelerate growth through the cycle? I talked about it. We've got 400 sales professionals in the field that are focused on our material conversion strategies to drive above-market growth. Our allied products will continue to grow at a faster rate than the overall market. Our diversification of end markets enable us a resilient sales model to manage through the cycles. We've got an increased focus on innovation and new products. You'll see that later today as you tour the building. Ultimately, acquisitions will expand our packages, increase share of wallet with customers, and help us expand into adjacent markets. I'm going to bring up Pat Coyle, our EVP of Supply Chain, to talk to us about all the great things we're working on in operations. Thank you. Good morning, everyone, and welcome to this world-class engineering center. My name is Pat Coyle. I'm responsible for operations for our stormwater business. Over the last several years, we've been busy. We've been deploying capital across our network to support the growth that Bret just talked about. We've invested in safety, engineering out hazards across our network. We've invested in productivity, deploying state-of-the-art manufacturing equipment across our network. We've done some network optimization. We've taken out high-cost plants and outdated equipment. We've improved our efficiencies by implementing a lean operating model across our enterprise. Today, I'm going to share with you three examples of how we deployed capital throughout our network, I'm going to give you an update on our customer experience journey that we've talked about in the past. A key area of our growth is the Southeast. We've seen double-digit growth in this area over the last several years. In fact, we ship over 100 trucks a day in Florida, the Carolinas, and Georgia. We've recently deployed $90 million of capital into this region. The results, 42% capacity increase strategically deployed throughout the region with state-of-the-art manufacturing equipment. 18% productivity enhancements through the deployment of automation and rebuilding of lines. 40% delivery performance improvements through technology and advanced scheduling techniques that we deployed. We not only improved our operations, but we're keeping our people safer than they've ever been in this region. We've invested more and faster than anyone in the industry. Another key component of our growth is our allied business. Now, we've invested in capacity and capability with StormTech, Water Quality, and our Nyloplast brands. Recently, we invested $20 million in our fittings business, a $120 million market segment critical to our portfolio. We've made these investments in our New Miami campus, located right outside of Cincinnati, Ohio. We experienced outdated equipment in this campus, manual processes, little to no automation, and opportunities to improve our safety. We took ideas from Building seven investments at Infiltrator and scaled them to our New Miami campus. The results, double-digit improvements in our safety. We've increased our capacity by 25% through state-of-the-art blow and injection molding machines. We produce less scrap and better rates than we've ever produced in the past. We've reduced our headcount by 14% through the deployment of advanced automation, eliminating those manual tasks. Most importantly, we're keeping our people safe, our product quality is the best in the industry, and we're servicing our customers better than we ever have. Finally, a key competitive advantage of ours is our recycling business. We have three vertically integrated recycling manufacturing locations across the U.S., processing post-consumer and post-industrial materials, creating those into highly technical blends specifically made for our products. Over the last several years, we took the opportunity to improve our network. We closed a high-cost plant in the Midwest. We improved our planning and scheduling techniques to make sure we're making the right product at the right time in the right place. We improved our four-wall manufacturing through our lean operating model by eliminating waste and creating a safer environment for our employees. We recently deployed $30 million in Cordele, Georgia, in the heart of the Southeast, where we talked about that growth earlier in the presentation. Most importantly, these investments is our protection of the cost position that we have through the resin market's economic cycles. Next, I'm going to share a video with you highlighting a part of our value proposition, our logistics network. At ADS, we provide an incredible service to our customers through our logistics platform, handling last-mile delivery to the job site with a highly specialized fleet. It's a significant part of the ADS value proposition, and the scale of what we are doing every day is unmatched in the industry. We're moving product on over a thousand trucks a day in a very complex environment. We deliver in harsh conditions, construction sites, agricultural fields, the side of the highway. We deliver to big-box retail stores through third-party distribution. We manage a vast common carrier network of over 500 carriers, and we move product, material, and equipment throughout our own network. We invested in logistics systems to give us network visibility into our professional drivers and specialized assets. Safety hazards, bottlenecks, problems, we can now proactively manage these issues. [Presentation] Yeah, I think the video really outlines just the unique opportunity that we have within our business that no one else has. We have a large last-mile transportation and logistics company. We have a specialized fleet that allows us to flex up and flex down based off of the transportation markets. We've invested $170 million in our fleet over the last several years to reinvest in new trucks for our drivers. Right now, we have about 600 trucks with advanced telematics, on-the-road safety features, and improved fuel economy. We have 1,100 trailers specifically designed to carry our pipe. They're designed to allow us to have fast loading and unloading of our material, and most importantly, it keeps our drivers safe on the job sites. These new assets improve our customer experience, but most importantly, they help us recruit the best drivers in the industry, which we have. I'm excited to showcase some of these assets to you later today during the tour. Finally, during COVID, we recognized we had a gap. We weren't equipped to scale due to the high transactions of our business. We had poor visibility of our inventory. We had poor visibility of our logistics capacity. We lacked the ability to communicate internally and externally effectively. We jumped into action. We invested $20 million in a multi-step, multi-year program across our entire organization. We implemented enterprise-wide tools to combat visibility and communication issues. The results, delivery performance is in the mid-90s, the highest it's ever been. Our order processing time is down 71%, a key metric our customers demand from us. Most importantly, this sets us up to take these tools to the next level, communicating with our customers in ways we never thought were possible. The journey will continue to maintain our position as the market leader in stormwater products. With that, I invite Scott Barbour to retake the stage to close out the stormwater section of our presentation. Thank you. You can see Pat has been busy over the last couple years. A lot of capital invested. This improvement in the fleet, which you're going to see, Melissa will show that to you from the mezzanine later, is outstanding. I'm here to kind of wrap up the stormwater. You guys see it. Many of you know us well. We are the scaled player in the stormwater section. We have all the right products. We have services and tools wrapped around those products, delivery performance wrapped around those products that is very difficult to compete against. People will take punches at us. That's always going to happen, but I think we'd be very difficult to knock out. Bret showed you this very exciting growth story that we have in the stormwater business. NDS is just going to be an amplifier on that. The complementary nature of that product line with our Nyloplast bespoke product line, their strength in this turf and irrigation business, the ADS strength in the project-oriented business of the waterworks, it's going to be a powerful combination for us. We're very focused on getting that done. Then this resilient platform, nice mix of pipe and the allied products with all the tools available to kind of drive that forward. I'll introduce Craig Taylor, the president of our Infiltrator business. Craig's been in this job about three years, with the company six years, doing a great job. Cosmin, Carl, Jim are back there as well, some of his management team. Welcome, Craig. Good morning, everyone. I'm Craig Taylor, President of Infiltrator. As Scott mentioned, I joined the company about six years ago as the CFO of Infiltrator, and three years ago, I became the president. I'm excited to talk to you today about our leading position in the wastewater platform and to highlight our broad-based exposure to water, our growth strategy, and our resilience. We've had tremendous growth under the ADS organization. We continue to look at opportunities to expand our portfolio across the enterprise. The Infiltrator business is a much bigger player now in the wastewater industry. Last year, we did $653 million in revenue. We command 30% of a $2 billion addressable market with healthy profit of 43.6%. Our product portfolio allows us to sell the entire package. This has supported a 4% growth last year, while we saw the residential market continue to be down mid-single digits. This was due to less construction, higher costs, and of course, the mortgage rates above 6%. The business is anchored in the residential construction market. It's built around the dispersal, the collection, and the advanced treatment portions of our products. Now today, we're expanding into the non-residential market with our engineered applications, our new products, and our distribution points to address these trends in the market. Very much like the stormwater business and the life cycle of a raindrop, we follow a designed and addressed the wastewater industry through collection, treatment, and dispersal. Who here has an onsite system at their house? Okay, so you're representative of what the existing market looks like. About 25% of existing homes has an onsite system. When it comes to new construction, about one-third of every new home will have an onsite system going forward. We have built the leading position across all this value chain of the wastewater industry. Let me give you a brief overview of how an onsite system works. It's typically a conventional system, has a tank, and a dispersal field. The effluent comes into the tank, the solids and liquids separate. That's your first part of a treatment. Then the liquids go out into the dispersal field, percolate back into the groundwater, and the soil's providing that treatment. Over the last couple of years, there's a more need for advanced treatment systems. What is an advanced treatment system? Advanced treatment system brings in air, media, and it helps recycle the liquids in the tank. What are we trying to do? We're trying to bring down the nutrients. We're giving air to bacteria to break down the organics. The biggest nutrients we're breaking down is nitrogen. Why nitrogen? Because if nitrogen gets into the water sources, aquifers, you're going to get these algae blooms. If it's going out into the ocean, you're going to get the red tides. Any house that's near these sensitive water areas are now required to have these advanced treatment systems going forward. We're well-positioned to address these challenges out in the market. The market is under-built. There's 4 million houses that are under-built, and when those houses start building, we're going to capture about one-third for on-site systems. There's 32 million systems out in the market right now. About 1% of those systems need to be repaired or replaced on an annual basis. With the average home being greater than 40 years now, there's more and more as this continues to grow for us. The centralized system are over capacity or overburden. This is your central sewers. From a customer needs standpoint, they're looking to see how they can best utilize their properties, having smaller equipment coming on the properties to accommodate a pool or other things that they're putting in their yards. The customer also is looking to get advanced treatment systems to protect those water-sensitive areas and looking for alternative solutions to central sewer. We can provide those solutions. We're the market leader in providing residential products. We have a strong in-house engineering group that can design anything that meets varying needs by the customers. We're positioned to address the challenges with our products and resources in the residential and non-residential market. It's through this comprehensive package that we can provide. I'm going to start on the right side with a dispersal field here. The dispersal field is where we started as a company. Next year will be the 40th anniversary for Infiltrator. We created the chamber. A chamber was replacing stone and pipe in the market. That's the beginning of our conversion story. We've done nine generations of our chambers now. We have a variety of chambers to support all different types of soils throughout the U.S. We acquired the EZflow product. That is another dispersal product in the field. We've grown this to capture about 65% of the market share now. We took that same playbook and brought it over to the collection portion of the business and developed our tanks in 2008. From there, we organically grew, and we now have 1 million tanks out in the market and about 35% of the market share. Our tanks were the gateway into the treatment product. You can see our tank there in the bottom. What we did is we put an advanced treatment system inside it. Our contractors are used to installing our traditional tanks, and it makes it just as easy to install a treatment system in our tank. Then the surrounding product around that is part of the Orenco products that we acquired. Those are both residential and non-residential product. We have an end-to-end solution for the residential market, and we strengthen our non-residential market through the acquisition of Orenco. We've built complementary drivers that consistently outpace the market. We've grown 11% organically over the last six years. Again, it starts with that conversion story. We had a strong adoption with our chambers, especially along the Sun Belt area. Now we're starting to do it with our tank product. We're converting concrete tanks to plastic tanks. That's the conversion story that we're continuing to deliver on. We have a strong regulatory team in-house. These regulatory individuals are working with local officials and coming up with new requirements and solutions. They might be building out new legislation too. What does that mean? It means it helps our contractors to make the right choice for our product. We're part of a company that has been very innovative. We continue to develop our new products in building out that full package and that solution for the industry. We have very strong operational efficiencies. We've been able to reduce our costs through our investments in our operations and allow that to be reinvested throughout our business. We have the largest sales force in the industry. These individuals excel in training, in providing product knowledge, in educating the contract, the distributor, and the regulatory individuals in the market. Most importantly, we have a strong distribution channel. We picked up 300 additional distribution channels with the Orenco acquisition. We have over 2,500 distribution points throughout the U.S. That means our contractors can go throughout the U.S. and find our product everywhere. The conversion story has been our strength. That's the basis of our business, and we continue to grow. You can see we've grown by 11%, while the housing market has been down by 4%. Our above-market growth is through our new products, our distribution points, specifically recently with our tank business, setting up new distribution points. We're a preferred partner. Our last Net Promoter Score was an 83. That's 5% of what manufacturers come up with a score. We're supporting the regulatory individuals. We're solving problems out in the market. That conversion story is about our product too. It's lightweight, it's easy to install, it's efficient, and more importantly, it's 10%-15% less than the traditional materials out in the market. We remain committed in delivering above-market growth, prioritizing innovation, regulatory approvals, and dependable in-field service. The advanced treatment market, this is what Scott brought up. We entered in this market back in 2021. This is $1 billion of the $2 billion addressable market. This is needed for the higher effluent treatment in the dispersal fields. It's regulatory requirements that are shifting to protect surface areas and groundwaters. Back in 2021, Carl Thompson, our VP of Sales and Business Development, along with Scott and Mike Higgins, had a strategy meeting, and they said, "This is what we have to do in the advanced treatment part of the market." From there, in 2022, we were at $32 million, and we've gone to $156 million, a 49% CAGR growth over that time period. $100 million is from the Orenco acquisition, but our organic growth was still 15% in this advanced treatment portion of the business. You can see in the product categories that our advanced treatment business went from 6%-24%, while the dispersal and the collection portion of our business continued to grow. We didn't lose focus, and we continued to grow our profitability too. We grew 500 basis points over that time period to 43.6%. We were addressing the advanced treatment market through our acquisition of Orenco, and this has made us a leader in a very fragmented market in advanced treatment. The Orenco acquisition was very complementary to our Infiltrator product. It deepens our relevance in the non-residential markets. They have a controls panel business that they manufacture control panels. What are control panels? Control panels monitor systems. They turn on and off pumps. They turn on and off advanced treatment systems. We've been able to take that controls business and bring it to our Infiltrator products. We're using that controls business to build out new products going forward for both residential and non-residential products. We're starting to work with the ADS organization on the agricultural side for control panels. This is growing the portfolio across the enterprise. Additionally, we've expanded the sales organization. We took the Infiltrator sales organization and the Orenco sales organization. We put them together to address the engineered systems that I'll go through in a second here. We took the engineers from both companies that design these systems and brought those organizations together. This was part of our synergy strategy. We continue to execute on our synergy strategies. We're ahead of plan. We're going to achieve that 1,000 basis point improvement as we go forward. This improvement reinforces the strategic financial value of this transaction. Engineered systems. What are engineered systems? These are bespoke products that we develop for customers. What we do is we work with an engineering group that provides us what the wastewater capacity needs are going to be and their quality requirements. From there, it comes internally, and our design team starts designing out the product. Once it's accepted by the engineer, we then manufacture that product either in Oregon or down in Louisiana. We make a turnkey solution that is then provided to the contractor and installed at the site. These engineered systems have also created additional opportunities to deepen our engagement with engineers, regulatory individuals, contractors, developers, and has expanded our wallet too. Let me show you how much we support a community going forward. In the bottom of the slide, that's the residential market. That's what we were doing back in the last Investor Day. We were supporting it with our tanks and our chambers. Now we can address the whole community. Up in the top part of the quadrant of this chart, you can see the sensitive water area with the lake. Those are the advanced treatment systems. That's where they're processing that effluent before it's going out into the dispersal fields and impacting the water around there, the lakes, the streams. In the center of the chart, you can see the community, and that's supporting the businesses with advanced treatment systems, those engineered systems. They're designed for restaurants, hotels, resorts, RV parks, ballparks. We're designing those projects for that use. We've grown over the last couple of years with new product. Last year alone, $130 million was our revenue for new product that we had introduced in the last five years. That's a vitality rate of 24%. We expanded our tank offering. We now support the whole residential market. If you have a two-bedroom home, three-bedroom home, four, five, six, we have the tanks that can now support those sizing throughout the market. The Quick Five chamber, that's a five-foot chamber versus our traditional four-foot chamber. This is 25% more efficient for a contractor to install it with that one extra foot. You can see, of course, our advanced treatment products. The ProSTEP is the first product that we've now created between Infiltrator and Orenco. That's an Orenco pump vault on that product going forward. Jim Bransfield, who's head of our marketing product development, who's here with us today, his team has a product roadmap going forward. This is one of the things that makes Infiltrator continue to grow in a down market, by putting new product out into the market. You can see, of course, the acquired product from our Orenco acquisition generating about $100 million of revenue this year. For us in manufacturing, recycled material is a differentiator. Last year, we used 160 million pounds of polypropylene material in our chambers and our tanks, which is made up of 98% recycled material. We've significantly taken advantage of this cost of the recycled material during this volatility that we've seen in the virgin resin market, where this has been a little bit more stabilized. We've been using recycled material for the last three decades. We've developed strong relationship with post-industrial companies to get that recycled material, we've also vertically integrated ourselves. We bought Jet Polymer Recycling back in December 2021, and that has really helped us continue to get that supply chain through and supporting our growth in our business. Cosmin Batrin is our Vice President of Manufacturing that's here, he's been spending $175 million since the last Investor Day. He's expanded the facility down in Winchester, Kentucky. It's about three and a half hours south of here. That's our largest campus. We have eight buildings there. We've put investments in expanding in our buildings, buying new equipment to support the capacity and the growth of the business overall. We're doing more than that. We have a strong engineering group down there and a manufacturing group, they worked with equipment manufacturers to develop the largest presses in the industry. This takes innovation not just in our product development, but it resides also innovation in our engineering and manufacturing capabilities, too, by creating these presses and the biggest product that we can provide in the market for the wastewater industry. I'm going to show you the video. This is down in Winchester. That's our building seven. We're doing our second expansion right now. You can see all the robots in here. We had 32 robots at the last Investor Day. We now have 64 robots, we're adding 11 more robots into the system this year alone. This is removing a chamber out of the press. It's going to go through an operation of cutting it, doing final inspection of it, and then stacking it out. The next image you're going to see is our largest injection molding press that's going to be pulling a StormTech product out of it. These are 80 pound each StormTech products. This is the largest injection molding press that they were able to develop. Again, this is going through final cuts, inspections, and this is the largest compression molding tank manufacturing process that we have. You can see the people down at the bottom. That's how big this operation is. We're making 300 of these tanks on a daily basis with that machine and supporting the 1,000-gallon tank. That's the highest volume tank that we have. That expansion that I talked about, that is going to support the growth of the StormTech business going forward and our tank business in the future. What does this mean overall? We've deployed a lot of capital into the business, we've gotten our return from it, from our growth, our profitability. During an inflationary period of labor cost, we were able to reduce it by 16%, we grew our capacity by 21% in the same time period. Most importantly, we safeguard our employees with this growth. We've improved it by 57%. overall, our capital deployment, our product innovation, addressing the challenges out in the market, Infiltrator has grown significantly under the ADS ownership, and we're going to continue to grow going forward. With that, I'll turn it over to Scott Barbour, who's going to summarize the Infiltrator business. I think a few of you have been to Winchester, Kentucky over the last several years, and we've grown it a lot, even since many of you were there. That level of automation, the size and scale of what they do, just to kind of reinforce, tie a little bit of it together, you saw the picture or in the video of taking two StormTech chambers out of the mold with one robot. That was one of those investments. That's the new StormTech SC-800 StormTech chamber that Bret's team is selling. New machine, new tool to do that, a dual two-cavity mold, which we had not done before with. Probably our first two-cavity mold for that. That's all that innovation, and we do pretty well with those StormTech products. It was a pretty good investment. I think the other thing that you see from them is just that technology from the product, the materials, the manufacturing. You've heard me say it. When you get the materials lined up, 98% recycled, you get the product designs, you get that tooling, the machinery. Remember what Cosmin and his team do around machine design and controls. When all that kind of comes together, magic happens, and I think that's what you see there. We continue to invest and believe not only in our stormwater business, but this wastewater business. I think this breadth of products he has and execution on the vision that Carl laid out at the last Investor Day to get that up to over $150 million in the advanced treatment. These are guys that do what they say they're going to do. We really have built this out over the last several years and obviously leads a lot to the resiliency of our overall platform. What's even more exciting is Mike Gumerson says he's going to do the same thing. Mike said his goal is to make NDS as great an acquisition for the company as Infiltrator was, and I said, "God bless you. I am 110% behind you." I tease him about that all the time, but that's the way we think about it. We're up for a break. We're about six, seven minutes ahead of schedule. It'll be 20 minutes. Look at your watches right now. Be back in 20 minutes. Restrooms and the refreshments and stuff are that way. Do not go that way. Several of you don't follow directions very well. Anil, you're in charge of Rich. Don't let him go that way. We'll be back in 20 minutes. Thanks. We're going to start the second half of the session today with a panel discussion. It's really going to focus on growth and innovation. I think everybody in the room knows who I am, or most, if not all of you. For the benefit of the people on the webcast, Mike Higgins, Vice President of Corporate Strategy & Investor Relations. You met these three guys earlier today during the presentation. Again, for the benefit of the people not here, I have Bret Martz, our Executive Vice President of Sales, Pat Coyle, our Executive Vice President of Supply Chain, and Craig Taylor, who is President of our Infiltrator business. Bret, you had a long, successful tenured career at your previous employer. What attracted you to ADS? Great question, Mike. When I looked at the opportunity at ADS, there were a whole host of reasons that I made the move. First and foremost, we talked about it earlier, the $14 billion TAM. That opportunity, that addressable market, and the ability to grow. The fact that we sell solutions, we're not selling individual products. We have a complete package of solutions to offer our customers. We have a very talented and large sales organization that's out in the marketplace driving awareness around ADS products. You think about our growth plans, both organic and inorganic, and how we have a defined way of where we want to go and how we want to get there. All those things factored in to why I made the move to ADS. Pat, you've been with the company about eight years now. Why don't you talk a little bit about what attracted you to ADS, and then maybe a little more color on some of the changes that you've seen at the company, in your area that you've executed, similar to what you were talking about earlier today during your session. Yeah. I think what attracted me to the company was just the strong portfolio of products. Scott shared with me his vision years ago on where he wanted to take the company, and I think what really excited me was the fact that, man, we have this super successful company that wants to transform their supply chain into a competitive weapon. Most companies that do that are doing it for a very specific reason, and it's not because they're successful. Being part of a transformation in a growing company, was really exciting. I think one of the most exciting things for me as I think about the future is just here in this building, and the speed of us being able to have new technologies that we can put out into our manufacturing environment, to protect our people, keep them safe. I think we also see the speed in which we're sending things out into the marketplace, and there's just the art of the possible that we see within this building. Craig, six years with Infiltrator, three as president, as Scott mentioned before. What do you see as the biggest growth opportunities moving forward for the Infiltrator business? Well, Mike, we've got a great team overall, and it's been an exciting six years, and especially the three years leading the team throughout the organization. We've really been focused on three main areas. It's the go-to-market strategy that I've talked about. It's that conversion and continue to support the market out there. We've done extremely well on the dispersal side, and the adoption rate has been extremely high on plastic in the dispersal. With our tank business, we're only at 30%, and we have some great opportunity there now with our full breadth of line of products that we can offer and continue to convert that concrete tank to a plastic tank out in the market, especially we're starting to see some growth up in the northwest of the U.S. The second thing is around the advanced treatment systems. That strategy started several years back, and just continue to capitalize on that with new products that we have coming to market, taking the Orenco acquisition and integrating it into the overall business and just really going after that market going forward. Thirdly, our operational strategy. What we're able to do down in Winchester and continue to grow that through the Orenco business on our operational efficiencies and providing that value proposition, and continue to provide that value proposition, which is three to five days to our customer for the products. That was always part of our business proposition, and it will continue to be a value proposition going forward. If we can continue that, we're going to have some great time in front of us here. This is kind of enjoyable. I'm usually on the other side of this. I didn't realize I was going to have so much fun with this. Bret, similar question to you. Talked a lot about opportunities for growth in your presentation. Obviously the conversion story, allied products, NDS. Let's talk a little price cost. Where's control at? Where's he at? No. Tell the group, elaborate on some of those, the bigger growth opportunities you see in the stormwater business. We talked about it. We've been on a really nice growth path with our HP Storm products. We'll continue on that growth path. We think there's a lot of opportunity out there to convert markets that we necessarily haven't converted yet. That's going to be a big focus of this. It's also one of the reasons we're here in this building is innovation. I talked about it in the presentation. We're committed to innovating, and we're committing to bringing what's next to the pipe category. The second piece is as we look at opportunities on the allied side of the business, it's how do we bolster that solution? The solution resonates with customers. It continues to gain traction. You've seen the explosive growth we've experienced on the allied side of the business. It's how do we continue to innovate and continue to build out our solutions, which Scott talked about. No one has the scale that we have to be able to do that in the marketplace. For us, on the stormwater side of the business, those are the two key focal points. What gives ADS the right to win? I think part of it is our scale, for sure. The other thing is our organization, our commercial organization in the field, we talked about it, 400 folks. When we have products or when we have solutions and when we have sound go-to-market strategies and we go out and execute, that gives us the ability to win. You couple that with an innovation platform that we have here with a very strong go-to-market strategy, and we have the right to win every day. Craig, over to you, talked a lot about advanced treatment and the growth opportunities there. Maybe a little further discussion around kind of residential and how Infiltrator intends to grow and win. Yeah. For the residential side of advanced treatment systems, we started off organically building it out. As I mentioned, our ECOPOD-Edge. Florida has been a great market for us of launching that product down there. They're out there trying to protect the aquifers, the water basins that they have down there, that's really been a pull strategy through our distribution as our contractors are looking for that product because of the regulatory requirements. These regulatory requirements is driving the growth of this business. We see other opportunities throughout the residential arena, especially in Hawaii. They have 80,000 cesspools. Cape Cod's going through some challenges, and they're looking to put more advanced treatment systems out there. Long Island. It's one of the biggest opportunities right now. There's over 300,000 systems that need to get replaced. 200,000 of them are cesspool, 100,000 of them are just systems that need to be upgraded. That's an opportunity. We're going through regulatory approvals with our products right now, and it'll be a good opportunity for us. You touched on non-residential systems. Maybe give the audience a better feel for what does that non-residential system look like? What type of applications or projects does that go into? Yeah. Those are those engineered systems I was talking about. Those go into schools, goes into small communities, rural locations, that we're building these bespoke solutions for them. One example is like a community down in Florida in a rural location. They could put in one of these design systems and to support that whole community of housing development there. Another one might be a temporary labor camp. Right now, you see a lot of these data centers that are being put up, and you need those labor to come in to help. You got to put a system in place to support all that labor there. We'll build out a system for them. It's this design and support that we do, and it's really that non-residential market that we see this opportunity to grow. It's the smallest portion of our portfolio, but the biggest opportunity that we have going forward. Pat, not to leave you out of the discussion, but over the next three to five years, where do you see the biggest investment opportunities for the business in your area? Yeah, Mike, I think, I said in my pitch, we have a very large network. It's continuing to grow with NDS. I think the first piece is really around how do we simplify our network? How do we get more synergies across our network, to be able to perform better? I think the second piece is around supporting our growth. We have some really large growth states that Bret talked about in his pitch in Florida and the Southeast and California and Texas. Continuing to support the sales team and their growth efforts. I think the third piece is around our automation journey and just being in this building and seeing some of the automation later today in the tour. It's really a place where we want to spend our time and continue to push that automation out into our network. Finally, our customer experience journey, as I said in my pitch, is going to continue. We have a lot of really great opportunity to move ourselves ahead of the competition and in servicing our customers in a different way that we've never been able to do. We're sitting at a big investment, $65 million. Great building, a lot of great technology, a lot of great engineering. We didn't do that just to host an investor day and give tours and make it look pretty. Bret, how does this help us widen our competitive advantage, deepen or widen that moat versus our other competitors, whether they be plastic competitors or whether they be concrete pipe manufacturers? Tremendous opportunity. We have the ability now to identify problems, but not only identify problems, but work quickly to identify solutions, create products around those solutions, and commercialize those solutions. You'll see later on when you do the tour, our hydraulics lab. Our hydraulics lab is one of three or four in the country that has the capabilities that we have. You look at NJCAT, which is the regulatory piece of water quality. We're able to innovate, test, and commercialize products here at a much faster rate than anyone else in the category. It's a huge competitive advantage for us in the marketplace. Craig, same question to you. How does innovation and new product development help Infiltrator maintain and grow its competitive advantage? Innovation has been part of our whole legacy, we'll continue to invest in the innovation going forward. Under Jim, we've got the whole product management team that's got that product roadmap that we've built out for the future. This is a great facility, too. We've used this facility for the material testing that they have here. We have our own testing down in Winchester, Kentucky. When it comes to product development, we also have our own test facilities in Connecticut and Oregon. We have to do that because we're pulling live sewage into our product development, we're using the science with some PhD individuals to create our product development there. Out in Orenco, in Oregon, we're putting a test facility there to start developing more of that non-residential product going forward. Again, taking slipstream off of the central sewer, testing the products there themselves to bring out into the market. It's part of our legacy, it's not just in our product development, it's also in our manufacturing. We've brought those two together and integrated it, that way, we can supply the best reliable product out into the market. Three primary work areas or focus areas for this business: material science, new product development and engineering, also manufacturing engineering. Pat, we've been in here, it'll be two years in October. Maybe give a couple examples of how we've seen benefits, either in the material science part of the work or in the manufacturing engineering. Sure. I think it's the speed to how we can produce things here and develop them here, get them into the network. We've produced a lot of automation. We've tested it in this building. We were able to get it into our factories and get it into production. Recently, we had a single-wall pellet that we developed here. It's a new resin for us. The development happened in this building. We took it to our recycling manufacturing locations. We manufactured that pellet, we sent it out into production into our factories, we were able to do that extremely quickly in order to get those products to market and save on our material costs. Okay. Last question. Bret, how has this facility helped our new product development process in the stormwater business? Yeah, I hit on it a minute ago. Having the ability to test products like water quality products in the hydraulics lab to look at different corrugations or things like that on the pipe side of the business, it just gives us the ability to scale and adapt to the marketplace and adapt to the market conditions in a way that no one else can in the category. Okay. That's going to wrap up the panel discussion. For our last session, I'll introduce to you our Executive Vice President and Chief Financial Officer, Scott Cottrill. We'll give it a shot. Hey, guys. Good job. Yeah, thanks. Good morning. I see a lot of familiar faces out there, but for those who I have not met yet, I'm Scott Cottrill, EVP, CFO. I joined the company back in 2015, I'm going on 11 years. You've heard from the team. You've seen some of the results. I'll go through some more here, what I'll tell you is we're really proud of what we've been able to develop and generate. I'll tell you, we're even more excited about what's ahead, hopefully you get that from the presentations you've seen today. I think when you tour this building, what you're going to come away with is really kind of, how are these guys going to actually execute that? How are they going to carry that out? When you look here, you go through this, it comes together. I'll go through the financial results. I'll go kind of where we're going. We're calling it our fiscal year 2030 vision. A lot of the kind of takeaways, when you hear about innovation, new products, you hear about only a 21% market share overall. It should resonate by the fact that we have so much more to go than what we've already done, we're not stopping. I'll talk about capital deployment, cash flow generation, really a differentiator for us, a competitive advantage. Key takeaways, pure-play water company, secular tailwinds, differentiated growth, resilient platform, best-in-class cash flow generation, fortress balance sheet, the ability to allocate capital in a differentiated and competitive advantage format. Those are kind of check when I think about a top-tier company that performs and excels and is a leader in their industry. When you look at wastewater and Infiltrator, leader in the industry. When you look at ADS now with NDS, when you think stormwater, leader in the industry. There's a reason people follow us. There's a reason we invest in buildings like this so that we can differentiate and maintain those moats and that competitive advantage. Again, I'm going to go through those with you all today. Most importantly, my role is to say, how does that translate to the numbers? What to expect, where are we going from here, give a little bit of that medium and long-term flair. A unique and compelling water investment opportunity that you see in that kicker box is absolutely the right takeaway. All right, let's talk about our last year. 5% growth on the top line with a residential end market that was not doing us any favors. 8% growth in adjusted EBITDA. Cash flow from operations of $819 million. That's an 85% conversion of our adjusted EBITDA. Not net income like you hear a lot of other people compare it to, but of adjusted EBITDA. That is a key differentiator and competitive advantage of the company. Something that we'll talk about when we talk about that fortress balance sheet, that ability to deploy capital and what that means to the next four years in our future, it's really compelling, and then you see our margins. The differentiated growth, when you look at those end markets at the upper right, it's important to understand that we are not a one-trick pony. Right. We had these strong results despite a weak residential end market. Right. We can grow through the market. I'm going to show you numbers going back from 2018 through 2026. We grew the top line, we grew profitability, we expanded margins, and we generated and converted such into cash flow. Really important. I like Scott's word, the flywheel. That is the right way to think about ADS. Again, it's great we talk about revenue. It's great we talk about profitability. Let's talk about the balance sheet. Let's talk about cash flow. Let's talk about capital deployment, capital allocation. Again, the first two, top tier, already there. When you then layer in what we're able to do and generate, how much cash we're able to generate, how we deploy that cash and what we've been able to do with it. When you look at the growth and you look at where we're going, you can't invest $65 million in a building like this. You cannot innovate and have a whole plethora of new products that we plan on releasing over the next 12, 18, 24 months without being able to deploy that. You need to have the balance sheet. $950 million of liquidity. This is all as of the end of FY 2026, so March of this year. We just did a billion-dollar acquisition, NDS. Closed in February. We're only 1.6 times levered. I'll let you do the math as to the firepower and what we see in front of us. We have no near-term maturities till 2031. Again, really out there. My Treasurer, Dean Bruno, came up with this line, which I really like. "Investment grade spreads with high-yield flexibility." It's a great phrase, and it really sums it up really well. I see some of our banker friends here who helped us with all of that as we refinanced and solidified our cap structure here the last couple of months ago. Again, truly believe best-in-class cash generation, best-in-class capital deployment and allocation. All right. Talked about the near term. Where have we been? Where have we come from? Is this just a one, two, three years that's great, then what's going to happen next? It's not. Go back to FY 2018. I picked that because that was the first Investor Day. Look at what we've done. Look at where we've grown. Is that volume and converting above our end markets? For sure. Is it innovation and new products? Absolutely. Are there acquisitions through deploying the capital in our balance sheet in there as well? For sure. That's part of the model. That's what we do. That is how we allocate capital. That is the strength of the platform. Again, that is an 11% CAGR from fiscal year 2018 to 2026 on the revenue side of the house. Think about the different economic and construction cycles in that period of time that this company has gone through. Look at the performance that we have done. Look at the adjusted EBITDA. Great to grow the top line. Have we translated that into profitability? For sure. EBITDA margins, 2x, doubling from 16% in fiscal year 2018 to 32% in fiscal year 2026. Okay. Check, check. Top-line growth, profitability. Did you convert it to cash? What did you do with it? Well, we did. Great cash flow conversion, including this last year at 85% of our adjusted EBITDA, not net income. Then again, what have you spent that for? How have you allocated that capital that you were able to generate? Here is our vision before I get into some of the capital allocation. Again, as we look to fiscal year 2030, we see the ability to grow at a greater than 8% organic CAGR from 2026 to 2030. Again, Scott hit on it. We get a lot of questions about in our space, you are in rarefied air, 30%+ EBITDA margins. Can you keep it? When is it going to go the other way? How should we think about it? It is not going to go the other way, right? Greater than 30% EBITDA margins, greater than 70% of adjusted EBITDA conversion into cash. That is our vision for fiscal year 2030. You heard a lot of the how are we going to get there from Craig's presentation and Bret and Pat's. It is great to give great financial performance. Does that translate into shareholder value? It has. When you look over the medium and longer term, and you look at where ADS and how much our TSR scores, our total shareholder returns, yes, we look at that. We look at it first against our water peers, because we are a pure play water company. We look at that and say, "All right. Well, great financial performance, but is it resonating? Do shareholders get it? Are they recognizing that and rewarding the company for that performance?" Well, here over the three-year period of time that is on the left, for sure. We are outpacing our water peers quite significantly. We still get comparisons to building products. I understand it. I get it. We will continue to message the way we do. It is on here as a comparison and nothing more. When you look over the 10-year horizon and you look at that outperformance on a TSR basis, again, recognition, I think, for the platform that we have built, that differentiated growth, all of those competitive advantages that I have highlighted, I believe we have created that platform and we are seeing that recognition. That is fine. It does not matter. It is nice to know. From the management perspective, we put our heads down, we work, we execute, we row. Our model is our model, and it has gotten us to where we are today, and we see the ability to continue expanding and creating great value for our shareholders going forward. All right, capital allocation. You go back and look at that first Investor Day till the second one. We generated or allocated $2 billion of capital. 75% of that was reinvested in the company through growth vectors, if you look at capital expenditures. Capital expenditures is not just machinery and equipment, it's innovation and new products. It's all of those items that fall into those as well. M&A Big part of that. 75% of the capital allocated to growth. From our second Investor Day, fiscal year 2022 to 2026, we allocated greater than $3 billion. The pool's going up. That's a good thing. Where did you deploy it? How did you deploy it? Again, it's always going to be the highest risk-adjusted return opportunity in front of the company, is how we're always going to pivot. I'll go through some of those examples coming up. In this time period, it was M&A. It was investing in the company. 65% of the capital allocated went to growth, reinvestment in the business. Equally, 35% was returned to shareholders. Again, when we buy back our shares at that point in time, it is the best, highest risk-adjusted return use of our cash at that point in time. All right. You look over that period of time coming up, that fiscal year 2030 vision, how much do we have to allocate? I said $2 billion, 2018 to 2022. $3 billion, 2022 to 2026. That war chest, that firepower is $5 billion. Again, that's both including the cash we anticipate generating as well as the leverage capacity we have, and we only use 2 times levered in this model. You guys can do the math. You saw the target, greater than $1.2 billion of EBITDA by fiscal year 2030. You add a half turn, a full turn of leverage to this number, you're talking over $6 billion available to us. That's available. We talk about strategic M&A, we talk about share repurchases. I'll also put under that header optimistically using it for organic purposes as well that we just don't have line of sight to today. Having the ability, having that available to us to deploy and use for innovation and new products. 12 months from now, 18 months from now, Craig might come to us with a new idea that he wants to invest in. Same thing with Bret or Pat. We've got the capacity to do it. Based on the returns of that option, all of a sudden that moves to the top, and that's what we're going to do, and that's what we will do. Strategic acquisitions, we'll talk about our process coming up. I think a lot of you are very familiar with it. Related and attractive. It's how we look at it, and we'll talk about that here as we go. I think we've been very successful, selfishly, myopically, in my own opinion. When you look at, Scott covered it with his slide, three best brands in our space. Infiltrator and NDS acquired via acquisitions. We have our target companies, right? We have a TAM that continues to grow. We now have with NDS, turf and irrigation as yet another platform to expand and grow and consider acquisition targets in. We really like the hand we've been dealt. We really like the opportunities when we think about some of the allied products. Again, a lot of those allied product areas that Bret went through with you all have less than a 20%-25% market share. A lot of opportunity there to grow. Again, very excited about the capability in front of us. The $5 billion isn't burning a hole in our pocket, right? That's the other thing to convey. Just because it's there and it's available to us, our commitment and what we've hopefully demonstrated is that, again, highest risk-adjusted return opportunities. All right. Here's, again, using Scott's word, I like it. Here's our flywheel. Above-market growth, best-in-class profitability and margins, strong, continued strong conversion of that EBITDA into cash flow, then really, really strong differentiating capital allocation, right? Strategic M&A and buybacks. A lot of opportunity in front of us and a lot of availability to drive shareholder value. On the M&A framework, related and attractive, I kind of look at relatedness as more of the strategic fit. Go-to-market strategy, materials, resins, procurement, synergy opportunities. That's kind of, obviously in the water space where we play, is it a close adjacency? At the time we did Infiltrator, we were Storm, all Storm. That was a close adjacency. Were we willing to do that? For sure we were. NDS, turf and irrigation, still under Storm. Turf and irrigation, another adjacency, another platform, additional TAM to go out and go after. Again, that's how we look at relatedness. Attractive, obviously, secular growth drivers, attractive margins, but more importantly, can we grow those over time using our model, using our balance sheet and capital deployment process to invest in the business? Look at what we've done with Infiltrator. We see the same line of sight with NDS as we go, as we look at them and grow and expand. Equally, as we look at our targets, it's what are those synergy opportunities? It always starts with the cost synergy side of the equation, then, man, this engine on that cross-selling opportunity is leveraging on top of that. Really powerful when you look at it. We put this slide in there basically to just show organically, we're going to grow greater than 8%. We have clear line of sight, high confidence level. That's what we're going to deliver. We often get questions, "Well, how are you going to get there?" Well, here's kind of the walk. Equally, it's important to look at if we were to deploy 40% of that $5 billion of available capital to M&A like we had done in the last period from 2022 to 2026, basically that would raise that growth CAGR to well over 10%. We can all do the math. It's illustrative, but it's a great example of the power of the model and what we have in front of us. Again, high level of confidence, really excited about what lies ahead of us, but really a differentiated story, a long way to go. Thank you. All right, Scott, thanks. He gets really excited about that balance sheet. Most of us, we want to talk about the P&L and all that stuff. He gets very excited about the balance sheet, and as well he should. At the beginning, I said I wanted you to capture today two things. The first being a lot more to the business than perhaps people thought. Technology, new products, our ability to innovate, the scale of the business, the complexity of the business, the different levers we have to go and grow and be profitable. That's one. Number two is get a sense for what we do is at scale. We're going to be tough to knock out. We have a lot of different places where people will compete against with us. Most of them are regional and sub-scale. You can hit us, but it's going to be tough to take us out. I think that's a nice framework of the company and gives us confidence in what we go and do. You've got the framework up here. We think we have some fantastic characteristics of this company with the growth model, the profitability that we've generated through many techniques of the mix of the company, the investments in the company, the pricing power we have, which is not insignificant. When we do that well, we generate lots of cash. Obviously, Scott is obsessed with that and what we do with that, which is a good thing. That last chart was really to illustrate that if we do our jobs well and find the right targets, and they're out there just like they have been the last two times, we'll have to work to get them, we'll have to develop relationships, we'll have to look at adjacencies, we'll have to be smart about how we do it. There's an opportunity to deploy that, and it will supplement and accelerate the base company. That's the bottom line. We'll have some questions. I think we're going to have everyone come back up right now, and we're willing to answer any question, but nothing about the quarter, nothing on price cost. Is anything else? No. No, those two. I think Allison has some. John? Go ahead. Allison's got a mic there. Thanks, guys. John Lovallo from UBS. I guess the first question is, historically, you've talked about the growth algorithm for pipe being market growth of call it 3%-4%, conversion, maybe one to two points. On the Infiltrator and Allied side, it was high single-digit growth with, I think, 4%-6% market, and then a little bit of pricing in there. With the new segmentation, how do you think about the growth algorithm between the new segments, stormwater and wastewater? I'll take it. Certainly the wastewater, we expect to grow at that high single digit. It's organic and inorganic, kind of the Infiltrator growth rate. Within the stormwater, we continue to think push Allied to grow similarly to Infiltrator at that high single digit. The pipe, one or two above the market. Markets have been pretty tough here over time. Overall, we'll mix to a slightly lower growth rate than the wastewater business. That's how I would answer that question. If we could get to 8% organic with that formula, I think that'd be pretty good. I think we're going to need the markets to be better going forward than they have been over the last two years. I do think there's the potential for that as conditions change. Okay. That's helpful. The second question is, I think it was on slide 24, you talked about 70% of capital being deployed into M&A and CapEx. When we're sitting here four years from now, do you think that that number stays the same, or are there the opportunities out there, particularly on the M&A side, to keep that number at 70%? I do think there's opportunities out there to keep it at 70%. It might not be one big one, it might be two smaller ones. I think the capital we've got dialed in pretty good. I don't see a big opportunity to make an incremental $50 million or $100 million of CapEx versus what we're thinking about unless something that I don't see comes along. On the acquisition front, we have several things that we're thinking about and working on. We're working very hard with Mike and Jeff now just to get that digested. They're out there. We'll have to develop the relationships and the vision, become convicted on them because they're big dollars. We will have to get to that same place we got to on Infiltrator and NDS, but we're working on it. I think the only thing I would add to that is there's a lot of things we look at that we don't go after, right? Yeah. Again, we have our wish list of the companies, always looking at that funnel. Again, I do focus on the balance sheet and cash flow, but that wish list, they're not all actionable, right? There are different phases of either being broken loose, either from the actions of the management team or otherwise, but we need to be ready so that when they do break loose, like NDS is a great example, Infiltrator is a great example, we're ready to go. That's the other part of it as well. It's a disciplined process. That related and attractive sounds good. There's a lot of conversations that we all have, and we go through it, but we say no a lot of times. Even though we do talk about NDS, we do talk about Infiltrator, we don't talk about the multiple tens of things we looked at and we passed. Yeah. Ryan Connors here with Northcoast Research. I think one of the comments you made, Scott, that really jumped out at me was NDS being the next Infiltrator, given how successful that's been. It's a big statement, isn't it? That's a big statement. I'm glad Mike's with me on that. One of the things you talked about that was a recurring theme was channel optimization and cross-selling, but I know there's nuances behind that, and they are somewhat different product lines. Can you unpack that a little bit? What does that specifically look like with a specific channel partner? What does that process look like? How is that going? Maybe some case studies on how you approach a distributor to try to work those product lines in and how that part of the process is going. There's a lot to unpack in that, and I tease Mike about that. He said it right after we completed the acquisition. Like I said, I'm all for him on that, and we're really putting our shoulders behind it, we, collectively as a company, to make this just as good, if not better. Here's how I unpack that, what we call the cross-selling. When Bret's people every day wake up, they think about projects. It's a quote and project thing. We're pursuing projects on there. We're getting plans. You can see Kelly Harrison will show a plan up there in the lobby basin area, and we're looking at takeoffs. What can we quote? What can we sell on that? We see a lot of drain basins, channel drains, great products that they have, standardized products that they have that we have never had in the past. We have an ability to quote and pursue those through our project work, our non-residential commercial work, that we really haven't had. We have a brand-new product to put in there. Do they get some of them already? Probably some, but probably not everything. When you get specified on that drawing, your chances of selling that product ultimately goes way up. That's on the kind of NDS through the ADS channel, the project side, the water work side. We got very excited as we began to learn Mike and his team's focus on turf and irrigation, SiteOne, Heritage, Horizon, all these kind of guys. We sell to them. We sell quite a bit to them, but it's not the first thing we think about when we wake up every morning. That's what they do. Nine times out of 10, when you're connecting to one of their products, you got to put a pipe next to it. I'm not sure we get all of those. I'm pretty sure we don't get all of those. I'm pretty sure we don't have the exact right packaging or presentation or merchandising of that. You're going to see some of that out there. We believe there's going to be an opportunity to create stronger packages of products at that distribution of turf and irrigation, in particular, that will funnel down to retail. That's what that looks like. That $50 million of cross-selling, that's what that looks like. Then there's other examples of that in fittings and storage and all kinds of other stuff. I think it just scratched the surface on some of these things. Yes, sir. Blake's coming. Thanks. It's Matt Bouley, Barclays. Thanks, first of all, for all the details today. Great presentation. Wanted to ask about the kind of new product pipeline. I'm looking at the slide where you showed $430 million of innovation new products revenue last year and $80 million distributor expansion programs. It looks like that's cumulative from 2020. My question is kind of, what is that new? I don't think that. No, that's annual. Let's see a footnote. Yep. That was in 2026 only. Yeah. Right. Over that period. Right. products introduced over that period. Yep. Since 2020. Got it. That's true. Yeah. Yeah. My question is what is that new product? Basically, is it accelerating? What could we expect on an annual basis from new product development, and how is that included in that kind of waterfall. Go forward? revenue guide? Exactly. You want to take it. It's embedded. I'm bound to give the wrong answers here. Yeah, it's embedded. I would tell you, like John hit on it, the normal growth algorithm is kind of the basis as we do it. I would look at it as an accelerator and an amplifier to what we've got in that organic greater than 8%. There's a reason we said greater than 8%, right? There's certain things like line of sight and innovation. There's certain things that we're working on to accelerate the speed of go-to-market for certain products and certain of these markets. We'll see how that all plays out. It's nice to have this four-year period of time to do it, You should plan on us absolutely accelerating that process as we go forward. Yeah, I think the product pipeline for sure is something that will accelerate. We're getting better at that. You saw just $40 million of new product sales in the past two years since we've been in this building. A lot of you guys have probably heard me say this before. In this industry, first, it's slow and resistant to change. Second, it's better to be right than be first. With this facility, the resources here, we'll be able to accelerate the growth, right? You'll see how we're able to do that with the water quality. That's been a great example of it. Our capture product line, our product manager there has done a very good job of having a very consistent pipeline of new products, one to two kind of new products or improved products every year that grow over time. Combine that with the NDS product portfolio. To Scott's point, we think that's something that can accelerate as we move through this plan. Okay, perfect. No, that's helpful, and thank you for clarifying how I asked that. Second one, I wanted to ask on the financial outlook, on the margin especially. 8% organic growth. Presumably, there would be incremental margins on that. I think you're guiding the high 29s margin this year. I just kind of have to ask, is there anything changing around the incremental margins of this business going forward, or around the mix of business as you're going after various new categories? Is the kind of greater than really the kind of operating factor we should take within that 30%? It's more the latter, right? Again, you got to look at the time period we're dealing with. We talked about our FY 2027 guide, right? The inflationary cost pressures that are coming at us, the different pricing approaches that we're using there as well. As you look at that's a dollar-for-dollar kind of game right now as we talked about it. Our FY 2027 guide midpoint's 29.7. We're starting from there and then marching our way north. Again, the growth algorithm, you all know the mix, and as we talked about that growth algorithm, that pipe business, that Infiltrator business, at that growth rate, at those high margins, we mix up really, really well. With the innovation and the new products, I'll also say on the capital allocation side, highest risk-adjusted return. That is going to be within our Allied business and within our Infiltrator business. A greater proportion of that capital dollar spend is going to go into those product categories as we move forward. Yes, the greater than is the right thing to focus on. Thank you. Bryan Blair, Oppenheimer. I also have a question on NDS being the next Infiltrator, although on the cost. Again, $110 million in deal synergies that you mapped out. Infiltrator, obviously, the solid majority of that. That's relative to, I think, $20 million - $25 million that you initially targeted, so pretty similar to what you've laid out for the NDS model. A similar revenue base at the outset as well. I know they're different businesses, but is there any structural reason why the degree of outperformance on the synergy side that we saw with Infiltrator could not happen with NDS? If anything, I would think there'd be more opportunity with the lower margin to start with and more fragmentation to operations. Bryan, are you going to make me regret I ever said that? That's a good question. What we have baked into our plan, the $25 million, that's not a recreation exactly. We've not baked into our plan to make it another Infiltrator. We think there's a lot of opportunities, like that $50 million cross-sell, that would be additive from a profitability standpoint to that. There's some capital that they need to spend. We got to get some certain things done first to kind of complete our separation from Norma. Think of all those TSAs and stuff like that. There's some intertwining to manufacturing we got to get done. After that, there is some investment which will really help productivity. I think that will be incremental to that $25 million. The cross-selling will be incremental to that $25 million. Whether we're going to get that full number like we got with Infiltrator, I don't know. I think we might approach it. I don't think we'll get all the way there. KT, it was a big number on the Infiltrator one. You're correct. We're kind of starting at a lower base. That's mixing us down a bit right now, but I'm not sure that the ultimate profitability of that business is like the Infiltrator business. It's probably more akin to some of our other Allied products. Do I believe there's more upside in there? Yes. Do I think we can make this a home run by any measure? Absolutely. Infiltrator's a pretty high bar. Pretty high bar. Is that fair? That is fair. Okay. I appreciate the detail. Please don't make me regret I ever said that. Sometimes I say this stuff, and it hangs around my neck for years. You had a. Go ahead. Colin Verron, Deutsche Bank. You talked a lot about the manufacturing innovation and automation at ADS and Infiltrator, and I guess following up on that last question, can you just talk about where NDS is on that journey, and how quickly you guys can sort of bring it up to the ADS and Infiltrator levels? Yeah. The video that Craig shows, and Cosmin lives every day in Winchester, that's pretty amazing stuff. That's on the very far end of an automation scale, particularly there in building seven there. I would say ADS is not even in that ZIP code, maybe not even within two ZIP codes of that yet. We have good automation Implemented projects. We have good technology in it. It is a longer road to get it as pervasive. You think about Winchester, eight buildings, one engineering group, one place, 60 locations for us. Pat, I can't replicate Pat 60 times, he and Badar, to go and implement all those things. We have done a hell of a job on our equipment and getting our equipment and updating it and all that stuff. That automation piece, and you'll hear Pat talk about this later, we often have some space constraints we have to work through and innovate on. I don't think we're quite as far along there as we will be in another couple of years. It's just a journey. Though Pat did talk about New Miami and our fittings. Our fittings, I would say that's a place where we're within one ZIP code of Cosmin, not the same, but we got within one ZIP code in our fittings facility of the type of automation that we're doing there. For Mike in NDS, they have, much like ADS, some very good ideas on what to go automate fast. We just got to get some other things done to go do it, and we'll have the engineering capacity to go do it. They're kind of in that same place, a couple of ZIP codes away. That's a good question because this answer also kind of explains why we have this pace of capital spending, that it just doesn't go up and go way back down. It's got to be implemented across a pretty large network of manufacturing. I know that's kind of a long answer, but Jeff Reive, RBC Capital Markets. I think there's a clear opportunity in advanced treatment, but your share of that market is smaller relative to Infiltrator as a whole. Yep. I'm just curious, how fragmented is that market? What treatment technologies or products are you lacking today? Should we think of this opportunity as mostly growth by acquisition, organic, or both? Yeah. It is highly fragmented out there, but now we're the largest supplier and manufacturer in that market with the Orenco acquisition going forward. We have the products to support that whole market now. As you saw before, we were just down in the residential area. Now we can address the whole advanced treatment market going forward. It's organic. We're doing it through our product development. That's been part of our legacy, the innovation, developing that product. We've gotten really good traction down in Florida. That's our starting point, and that's why our share is small right now, but it's growing quickly, and we have other opportunities that we're going to seek out for that residential product going forward. When you move into the non-residential side, that's even more fragmented of a market. We have our location out in Oregon and down in Louisiana that can build those engineered solutions going forward. We have the capacity there and the capability. We have the engineers that can design the right systems to support the sizing of them and the capacity and the water quality needs to come out of them. There is that opportunity to continue to grow. We've just started with the Orenco business. We've consolidated the sales team, we've consolidated the engineering team, and we're out there addressing the market. Our quoting book has been growing. Now we're just going to watch that as it's going to start converting to purchase orders, and we've got the internal manufacturing capabilities going forward. Thanks. Garik Shmois, D.A. Davidson. Just following up on some of the capacity discussion. A lot of talk on automation within existing facilities. Can you speak to any need within your CapEx forecast through 2030 for greenfields? Greenfields between now and 2030 in the pipe business. That's kind of the question. You saw the productivity in Pat's chart, the productivity improvements. We have found some very innovative ways to add small amount of bricks and mortar, but more efficient, bigger machinery in the Southeast in particular. That's kind of pushed out greenfield a couple of years. That's okay. I think that was a very capital efficient way to meet a market need. Frankly, I had to get there fast, and that was the best way. At some point, I'm going to need that property. At some point, I'm going to need that property, and it's only escalating in value because it's not easy to get manufacturing property in the state of Florida. I don't see that happening over the next couple of years. As Bret said, the residential piece has kind of gone down a little bit there. Florida's never going to be a bad market for ADS, Infiltrator, or NDS. It might be one that grows a little slower at times, but it'll pick back up. There's three things that aren't going to change about Florida. No income tax, the weather's good, there's an aging population that wants to live in the sun. It's just a matter of where they move in the state. It's flattened out a little bit now, but it'll come back. We will look at, from a greenfield perspective, that's kind of the one. There are other things around the network that we're doing, particularly around productivity and automation, that will allow us to kind of get more into square footage. The more pipe we can make per square foot, the happier we are. That's why we've taken some of these higher cost factories offline over the last several years, is they were high cost. We got productive. We found a way to get that stuff in. We have some techniques that can free up some floor space, and we think that's super efficient from a CapEx and from an engineering perspective as well. It takes a lot of engineers to build these greenfield sites. That's where we're at right now. I appreciate the question. James Ko from Jefferies. Thanks for taking questions. Craig, maybe you talked about the engineer systems opportunities here. Yep. Can you talk about how much revenue is currently tied to engineer system or turnkey solutions, and what are opportunities here to expand that, and what are margin implication from those type of products? Yeah, I won't get into the specific of how much that is of our whole advanced treatment system, but it's a growing portion of our business overall. Orenco was the largest portion that brought in those non-residential systems to our business right now. We're continuing to look at the opportunities throughout the whole market and how we can grow that. There's definitely that need because the aging infrastructure that's out there, and how we can support that growth in the market. From a profitability standpoint, it's still going to be right around what we've seen for that advanced treatment portion of the business. Doesn't get the same high profitability as our chambers and tanks, but still near that close profitability associated with it. All right. Okay. Oh. George Massey from Ellisville up in Boston. Thanks so much for today. Just question about long-term, 2030, you laid out a really great plan. What are some of the things you need to think about now to make sure that you're not going to have any problems in 2030 and beyond? Things like in your supply chain, material costs, self-driving trucks. What do I need to solve today to avoid a disaster in the future? That's the question. I'll ask these guys, too. Number one, to make sure you don't have a problem well into the future, you got to make sure in this business that your go-to-market stays steady, you understand it, you know where it's moving, you're taking the right actions, you're getting in the right place. Given the intense locality of this type of market for all these businesses, that distribution and that understanding your local environment is super important. We have to be developing the right new products today to be successful in 2030, 2031, 2032, because it takes a while to get them seeded into the market. They don't just take off. It takes a while. Usually, by the third year, you know if you got it or not. Those products really need to be coming out of development, being commercialized today to hit pace in 2030. I think we have to learn, as an organization, as we move from single products to packages, to solutions, to these engineered systems like Craig is doing. Those are new skills. There's different ways to process an order. There's different ways to quote. There's different ways it goes through your system and the revenue's recognized. Just making sure we get all of that right. We're a well-oiled machine around the transaction intensity of our businesses, all three of these businesses. When you move to that next step, that's kind of a different thing. Craig and I talk about this a lot, and Carl's right in the middle of it. Are we putting the right resources around that? It's just not throwing people at it's having the right processes, the right automation, all of those things. We have the skills, we have the experience, we've done that in areas, we have the money to go spend to do it right. Getting that correct, I think helps that 30 and beyond pace. To me, those are critical things. The distribution, making sure the new products are coming today for later, these new spaces we're getting into, recognizing that they're a little different. You have to make sure you're ready for that. Would you add anything? I think you covered it well. I think capacity, we're in good shape. I think, just to answer your question on the supply chain, I think everybody in this room knows we have an aging workforce. We have a driver population that's shrinking. We have resin markets that have volatility in them. I believe that we're working on that in this building. That's what we do in here every day is we're thinking about how do we combat that, whether it's through automation, new investments in our fleet, like we talked about earlier, making sure we're able to attract those best drivers, really developing that next material to be able to use in our products. Being a good place to work, keeping our turnover down. Correct. We've made tremendous strides in that since COVID in retaining our workforce. That's very important to us, too. I'll try not to lose sleep tonight over that question. All right. I really appreciate the questions. I appreciate your attention today. You've been a great audience. Thank you for making the trip here. Thank goodness we were not in New York. Can you imagine being there? Probably it's going to rain. There's going to be a Knicks parade. We'd have to put up with all of that. I do appreciate everyone coming out to Ohio for this. Allison, I'm going to cut off the webcast. Thank you to all the people that are streaming, all those family members that we're streaming in to see us today. Son's birthday. Now we're going to talk about the tours. Okay. Did you want to come up and do that, or does Mike do it? I can do it, yeah. Okay. Just real quick before we break, just a few things to remember. We're going to start the tour portion of the day. I believe it should be on the slide. Just a couple of rules. Safety moment. Stay with your guide. I know you guys get distracted and like to wander off, but don't do that. Stay with your guide. Stay on the tour path. You really shouldn't be able to get into the lab spaces, but if someone's coming out of one, do not sneak into those. That is not allowed. Again, remember, no photos or recordings. Like I said before, we don't want to have to throw anybody out of here. Right now, you should have a number on your name tag. It'll be either one, two or three, five or six. What we're going to do is by groups, group one, obviously, will go first. You're going to go into the manufacturing bay. It was referenced a couple of times, you'll see a layout of what we call a planogram, which what an aisle would look like in one of the retailers. They'll take you through that. There's some people from Infiltrator, Carl Thompson and Jim Bransfield. There's an Infiltrator product set up. They'll take you through that. You'll leave that area, go back to where we met in the lobby. There'll be lunch there, refreshments, et cetera. You can relax, use the restroom. After that, we'll start the tours of the rest of the facility itself again, and you'll go by the number that's on your name tag. I said that earlier. Again, no photos or recordings. Just so she knows. Clear? No questions on any of that? Group one, if you just want to go down there and gather a little bit, Scott Barbour's going to lead you through that. Two and three, five and six, you can hang out here, do whatever. Once they get through, we'll start moving everybody through there. Yeah, groups two and three start right over here.