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Good morning and welcome to the Worthington Enterprises third quarter fiscal 2026 earnings conference call. All participants will be able to listen only until the question and answer session of the call. This conference is being recorded at the request of Worthingdon Enterprises. If anyone objects, you may disconnect at this time. I'd now like to introduce Marcus Roge, Treasurer and Investor Relations Officer. Mr. Roge you may begin. Thank you, Regina. Good morning, everyone, and thank you for joining us for Worthington Enterprise's third quarter fiscal 2026 earnings call. On the call today are Joe Hayek, our president and chief executive officer, and Colin Souza, our chief financial officer. Before we begin, I'd like to remind everyone that certain statements made during today's call are forward-looking in nature and subject to risk and uncertainties that could cause actual results to differ materially from those expressed or implied for more information on these risks and uncertainties please refer to our earnings release issued yesterday after the market closed which is available on the investor relations section of our website additionally our remarks today will include references to non-gap financial measures reconciliations of these financial measures to the most directly comparable gap measures can also be found in the earnings release Today's call is being recorded and a replay will be available later on our website at worthingtonenterprises.com. With that, I'll turn the call over to Joe for opening remarks. Thank you, Marcus. Good morning, everybody. Welcome to Worthington Enterprises' fiscal 2026 third quarter earnings call. We performed very well in Q3 and generated strong earnings growth, which is a reflection of the tremendous effort that our team exhibits every day. Our colleagues all over the world continue putting our customers first, and our solutions and approach are resonating, helping us to grow. In Q3, in market conditions that continue to be mixed, we delivered strong year-over-year growth in revenue, adjusted EBITDA, and earnings per share. Our revenue in Q3 was up over 24% from last year, while our SG&A expenditure has declined by 70 basis points as a percentage of sales. Our adjusted EBITDA grew by 15% year over year, and in the last 12 months, our adjusted EBITda is now $297 million, up $54 million from a year ago, and our adjusted EBitda margin is 22.4%. This growth is driven by our teams, as they optimize and grow our business by developing and launching new products, expanding production capacity and key value streams, providing excellent customer service and for strategic acquisitions. We believe we are very well positioned to capitalize on our strengths and continue to grow our market share as our markets improve. C3 is a great example of how we leverage the Woodington business system and how it shows up in our financial performance. As we grow our top line and profitability, we're leveraging the WBS and its three growth drivers, innovation, transformation, and M&A, to maximize both our near and long-term success. Innovation is a big part of our growth strategy. Our ASME water tanks used for liquid cooling and data centers are a great example, and our pipeline is rapidly growing as data centers increasingly utilize liquid cooling solutions. In addition, innovation and new products have led to new store placements for balloon time, driving growth in our consumer business. Transformation has been a cornerstone of our operating strategy for some time as new technologies emerge and we conceptualize and implement new tools that help transform our business we're always focused not on how we did things yesterday but on how we can do them better or more efficiently tomorrow our 80 20 initiative is a good example of that thinking we're very happy with our progress to date and excited about how we can continue to leverage that discipline ai is now embedded across many of our applications and our focus is shifting from experimentation to operational impact deploying ai in specific workflows where it can drive measurable efficiencies not just individual productivity gains we also continue investing in automation as we gain efficiencies and create elevated opportunities for our colleagues we're focused on acquiring companies and niche markets with sustainable competitive advantages and in january we complete our acquisition of lsi LSI is the leading U.S. manufacturer of standing seam metal roofing clips, components, and retrofit systems that enhances our position in engineered building systems. LSI's products are engineered into OEM certified roof systems creating meaningful requalification requirements and high switching costs. We're very happy the LSI team is now part of Woodland Tech. Our integration efforts are off to a good start and we're excited about the growth prospects that we have together. At the core of the WBS, and at the core of Worthington, is our culture and our philosophy. Our companies founded and grew up embracing the notion that people are our most important asset. Today, as visibly as ever, our people power our success. Part of our opportunity and our obligation as a U.S. manufacturer is to invest in and develop the workforce of the future. This year we launched our largest career accelerator program to date. Our high school seniors spend 10 weeks developing career readiness on the shop floor and in the classroom. When these young men and women complete the program, they'll have a certified manufacturing associate credential and a full-time job offer from us. Our teams do not seek recognition for its own sake, but it is gratifying when we are recognized by others. For instance, Newsweek recently named us one of America's greatest workplaces for culture, belonging, and community for 2026. We were also named one of the world's most productive companies by L&S Research. While these awards do not independently drive our success, they reflect a group of talented individuals and teams doing things well and the right way. Teams like that are the kind you build around and that make you proud to come to work every day. Global events seem to be unfolding daily, and consequently, economic growth forecasts are cloudy. we believe our value propositions continue to improve and to resonate with our customers that demand in our end markets is steady and will grow as market conditions improve our strategies are solid and we're executing well as we approach the end of our fiscal year we believe we're very well positioned to continue growing oriental enterprises and creating meaningful value for all of our stakeholders i will now turn over the column who will take you through some details related to our financial performance in the court thank you joe and good morning everyone we delivered strong financial results in q3 reporting gap earnings of 92 cents per share compared to 79 cents per share in the prior year period the current quarter included six cents per year of restructuring and other non-recurring items primarily related to acquisition costs and the non-cash amortization of a portion of the inventory step-up associated with our recent acquisition of lsi the prior-year quarter included 12 cents per share of restructuring and other expenses. Excluding these items in both periods, adjusted earnings were 98 cents per share, up from 91 cents in the prior year quarter, and marking our sixth consecutive quarter of year-over-year growth in adjusted EPS and adjusted EBITDA. Consolidated net sales for the quarter were $379 million, up 24% compared to $305 million in the prior year quarter the increase was driven by higher overall volumes in both building and consumer products combined with the impact of recent acquisitions which contributed 32 million dollars in net sales for q3 excluding the impact of acquisitions net sales increased 42 million dollars or 14% over the prior year quarter gross profit increased to 109 million dollars from 89 million dollars in the prior year quarter gross margin was 28.9 percent compared to 29.3 percent a year ago with the modest contraction primarily reflecting the purchase accounting impact of the inventory step up at lsi adjusted ebitda increased to 85 million dollars from 74 million dollars in the prior your quarter with an adjusted ebita margin of 22.3 on a trailing 12-month basis adjusted EBITDA increased 54 million dollars or 22 percent to 297 million dollars compared to 243 million dollars in the prior year TTM period. This performance reflects the strength of our differentiated portfolio and the positive impact of the Worthington business system supporting improved operating discipline and sustainable earnings growth both organically and through acquisitions. Turning to our cash flow and capital allocation, our focus remains funding growth through acquisitions and reinvesting in our business while returning excess cash to shareholders via dividends and share repurchases. Capital expenditures totaled $14 million in the quarter, including $4 million related to our facility modernization project and consumer products. We returned capital to shareholders through $9 million in dividends and the repurchase of 100,000 shares of our common stock. Our joint ventures continue to deliver strong cash generation, providing $35 million in dividends during the quarter, representing 113% of equity income. Operating cash flow was $62 million in the quarter and free cash flow is $48 million. On a trailing 12-month basis, free cash flow is now 164 million dollars representing a 95 percent free cash flow conversion rate relative to adjusted net earnings our free cash flow reflects elevated capital expenditures associated with our facility modernization projects which totaled roughly 27 million dollars over the TTM period we have roughly 25 million dollars of modernization spend remaining. The modernization project is on track and on budget, and we expect to complete it by mid-fiscal year 2027. After this investment is complete, capital expenditure should return to more normalized levels, supporting continued healthy free cash flow conversion over time. Turning to our balance sheet and liquidity, we closed the quarter with net debt of $306 million, resulting in a net debt to trailing adjusted EBITDA ratio of approximately one time. Our leverage remains conservative, and we maintain ample liquidity with $495 million of availability under our revolving credit facility at quarter end, providing significant financial flexibility. Yesterday, our Board of Directors declared a quarterly dividend of $0.19 per share, table in June 2026. Let me now turn to our segment performance. Building products delivered another solid quarter, reflecting the quality of our business and the efforts of our teams. We were pleased to close the LSI acquisition in mid-January, expanding our offering in the building envelope, and are excited to welcome LSI's team to Worthington. Q3 net sales grew 36% year-over-year to 224 million dollars up from 165 million dollars in the prior year quarter growth was driven by higher overall volumes and contributions from acquisitions which contributed 32 million dollars in net sales excluding acquisitions net sales increased 16 percent year over year reflecting strong organic growth across multiple value streams in particular our water and cooling construction businesses. Adjusted EBITDA for the quarter was $59 million compared to $53 million in the prior year quarter, with an adjusted EBITda margin of 26.3%. The $6 million increase was driven by improved performance in our wholly-owned businesses, including approximately $5 million from recent acquisitions, partially offset by lower combined equity earnings from our joint ventures. WAVE continued to perform well, delivering year-over-year growth and contributing $27 million in equity earnings, while Clark-Dietrich's results were lower year- over-year in a challenging non-residential construction environment. Clark- Dietrich contributed $6 million compared to $9 million last year and improved modestly sequentially from Q2. Our integration plans for Elgin and LSI are on track, and the Building Products team remains well-positioned to continue to deliver value as we move forward. Consumer products achieved strong sales and earnings growth in the quarter, driven by the strength of our brands, discipline, execution, and continued demand across key categories. Net sales in Q3 were $155 million, up 11% over the prior year quarter, driven by improved volumes and higher average selling prices. balloon time continues to perform well showing its agility with expanded retail placement paired with innovations like the balloon time mini adjusted ebitda margin increased or sorry adjusted ebita increased to 35 million dollars from 29 million dollars in q3 a year ago with margins expanding 22.9 percent from 20.5 percent the consumer team is poised to continue delivering value-added solutions that strengthen our customer relationships and position the business for sustainable growth moving forward. We delivered strong financial results in Q3. Our differentiated product solutions and disciplined execution leveraging the Worthington business system are driving stronger operations, solid cash flow and returns, and resilient earnings growth both organically and through acquisitions. At this point, we're happy to take any questions. We will now begin the question and answer session. To ask a question, press star, then the number 1 on your telephone keypad. To withdraw your question, Press star 1 again. Our first question will come from the line of Dan Moore with CJS Securities, please go ahead. Good morning, this is Will on for Dan, up 14% organic revenue growth in the quarter very strong. Can you talk about volume versus price? Was price much of a factor for either building products or consumer products? Yeah, good question, Will. So we're very pleased on the organic growth rate overall, 14 percent organic, which you mentioned building products was up 16 percent organically, that's the second quarter in a row. Building products up 16% organically. was up 11 percent um it was a mix of different factors there across the different value streams um you know volume played a key role pricing played a role as well uh there but um you know overall we continue to think about you know where we're heading organically um in terms of the margins we're trying to get to 30 percent and we've been um in the high 20s over the past couple quarters, we continue to try to make progress toward that 30% gross margin range. And then just as important is making sure we control our SG&A and getting that below 20% as a percent of sales. So a number of value streams, you know, we're up from a volume and then some were up from pricing standpoint. I talked about in consumer products, just volume and higher average selling prices so the pricing factor was was there more than others yeah and we'll it's Joe the only thing I would add is that you know volumes you were definitely increasing as I mentioned there are some pricing dynamics in there as well what sometimes gets lost is is the benefits from the new products and an MPD that we're seeing in the organic growth side we talked about we talked about balloon time you know their store counts up 64% from a year ago there are 55,000 stores that's driving a lot of growth and we talked about the AFME tanks in data centers you know that's just not us raising price or having more value of the same thing that's having new products that are available to either you know defend our existing businesses to increase the mode around our businesses or candidly to appeal to new customers and we're having success with all three which makes us pretty happy and pretty optimistic about the future thank you that's super helpful and looking forward can you add some color on the type of organic growth you're expecting to generate in q4 and over the next few quarters and if you could break it out by building products and consumer products in the jvs thank you yeah that sounds suspiciously like giving guidance well so so we're not gonna we're not gonna be able to do that but uh we do believe that a lot of the trends that that we have been seeing will continue. You know, we're always mindful in our businesses that there are pockets of strength. One of the things that really makes us feel good about our business is that we do have businesses and end markets that are influenced by different things. You're not over-indexed to a certain vertical or a certain industry. And so, yeah, we'll continue to drive organic growth as we optimize and grow the business. And we're certainly always looking for opportunities to grow through acquisitions as well. Thank you. Sure. Our next question will come from the line of Brian Beros with Thompson Research Group. Please go ahead. Hi, good morning. This is Stephen Ramsey on for Brian. The comments on the tank business in the data center, certainly an interesting topic and one that our channel checks point to a stunningly bright picture for this segment over the next year or two at least. I'm curious on two fronts there. Number one, how the pipeline is forming and your visibility into that demand for new data centers? And then secondly, is there much opportunity now or that's coming in the retrofit side of existing data centers. Steven, it's Joe. Great question. For a lot of our value streams, data centers are an important and a growing end market. Wave, Clark-Dietrich, Elgin, LSI, and Amtrol, which is our water business, to name a few. Specifically, on that water side, on the ASME side of business, the ASMe cooling tanks that we provide are gaining significant traction as data centers increasingly embrace liquid cooling and there are lots of things from chipsets and things like that that are that are driving that dynamic you know for us you know our business this year will probably triple importantly next year we see additional incremental growth and we honestly don't think it's a year or two we think it is several years we also don't think it all coming at once because when you look at the announced data centers and the announced changes, there is a lag between those announcements and then when things get built and certainly when our solutions become part of the overall construction project. And so visibility-wise, we continue investing in people and process and engineering capabilities, and so we feel really good about that business for the foreseeable future. you know it's not just in the tank side of the business yeah I mentioned we have lots of other businesses that that are benefiting from exposure and solutions going to data center you know we also don't want to over index to today's centers either it's it's that's not like this is half of our revenue but it is growing and we feel really good about it and and we go good about the investments that we have made that have led to our success thus far and that we're continuing to make. That's great, Keller. It all makes sense. Maybe a follow-on question on the same topic. How do you feel about your capacity producing all the various products that go into data centers, and how do you think about managing that capacity given the outlook for multiple years is so bright? Yeah, that's a great question. Certainly, we're not the only company that that needs to sort that out that the entire supply chain and ecosystem around data centers you know continues to be pretty dynamic from our perspective we continue to feel like we have capacity and we can grow and we have the ability to continue to think about the best ways to make sure that we are engineering these products and getting them to into the hands of our customers on an efficient basis okay that's helpful and then last quick one for me uh one of the topics from the recent uh war issues is helium shortages i'm curious if this is any impact for you guys yeah in i think that is a great question in the near term as a you know domestic sort of supplier of what we do our our sources of helium are also domestic and so never say never but for right now i think we're in good shape okay that's great thank you our next question will come from the line of walt libtac with seaport research partners please go ahead Hi, thanks. Good morning. Great quarter, guys. I wanted to do some follow-ons to the data center question that was just asked. You ran through a couple of businesses, WAVE, LSI, Amtrol, and I think there might have been another one that have exposure to data center. I wonder if you could, you know, maybe talk about them collectively. You know, how much, you know, revenue is there today? How much, how, what's the growth rate on all of those? And what do you think your best opportunity is, you know, from those multiple, you know, spots where you can go after data center projects? So, as Joe mentioned, we play in a number of different verticals, different businesses to support the growth there. With Wave, it's more of the structural grid and then containment, and they have really solid teams in place and capabilities to capture the, you know, demand that they're seeing there, which is, you know, fast and growing and feeling really good about that. Clark Dietrich, more on the structural side, the products that they provide, they're seeing increased volume there and they're able to capture that and feel really good there. We've talked about it with HVAC components and then strut products. They've seen big increases in their demand over the past couple years related to data centers. And then on LSI, the metal roofing clips. So they're all growing quickly within each of these businesses. I mentioned last quarter it's less than 10% of each of These businesses individually, But in all cases, it's the fastest growing area of these businesses. So we expect that to continue moving forward based on what we can see. Each of these business is in different ways. They're either making small investments in just resources to help capture the demand. And in some cases, small investments in equipment to make sure we can capitalize on the solutions that these data centers need. So Joe talked about our water business with Amtral, and we're excited about that opportunity. And our teams are just setting up their strategies to make we can can capitalize on this moving forward. So we feel really good about that, and it touches a number of businesses, and the teams are focused there for sure. Okay, great. Okay, I'll change gears here and go into, you know, maybe just one, you know, during the quarter, we had the situation in the Middle East change with U.S.-Iran. and it didn't seem like it had much of an impact that was negative because the results were really good, especially the organic growth. But did you see any customer behaviors change in February, March? And, you know, how are things trending, you now, towards the end of March? Sure. So, yeah, Middle East specifically, well, things are pretty fluid. At the end last week, things looked a certain way, and this week they look a bit more optimistic from the standpoint of getting the Strait of Hormuz open and getting goods and oil flowing to the world. It's a little difficult to forecast any tangible impacts that a prolonged closure would have beyond the obvious, which is that interruptions of global shipping are inflationary. And that just is what it is. And so specifically, energy costs are up, including oil, diesel, natural gas, other derivatives. That's true globally. This will have an impact on everybody, whether it's trucking, ocean freight, or anything else. There are other inputs that come out of the Middle East. Those will be impacted. And then specifically to us, our European LPG business has some customers in the Middle East. And right now, we're unable to ship to those customers. So we're certainly hopeful that the situation gets resolved sometime in the near future. But I would say, first First of all, we're not at all over-indexed to the Gulf or oil prices, generally, since we're predominantly a U.S. manufacturer, but we will take steps to mitigate potential headwinds or price increases with fuel, if or as they present themselves to us. Okay, great. And then kind of along those same lines, in the consumer product segment, it looks like a really nice quarter. I wonder if you could talk about inventories, market share. You talked already about the selling price increases, but it seems – did they take their inventories down too low and then are just coming – bringing them back up to a normal level? And you mentioned balloon time market share gains. Are there other market share games as a U.S. manufacturer that's helping the organic revenue? Yeah, well, so as you said, consumer had a fantastic quarter. they were up 11 you know growth organically and a number of factors there um you know the celebrations business our balloon time business uh volume uh was up there as we continued to to gain share uh gain new placements and layer on innovation so a lot of initiatives working well there and compounding on each other uh for good results on the the celebrations category you know our outdoor business you know volumes were were up and we were able to capitalize on on demand there the tools businesses continue to perform okay you know not up significantly not down significantly and we talked about some of the demand drivers within kind of repair and remodel activity that are key factors there but you know margins for consumer they were up 240 basis points year over year versus the prior year quarter that was factors i mentioned higher volumes improved pricing favorable mix and you know really good q3 overall you know q3 and q4 our seasonally strongest quarters in uh consumer products but we don't see any sign of you know overstocking um from an inventory perspective at our retailers so feel good about just the demand dynamics there and um in in things to come q3 being you know our our strongest quarter typically okay great okay thanks much our next question will come from the line of Susan McClary with Goldman Sachs please go ahead thank you good morning everyone hey good morning Susan I wanted good morning can you hear me okay yeah okay okay I wanted to talk about the state of the consumer with everything that's happened and going on in the world have you seen any change as you think about the spring and just how you're thinking about inventories and positioning especially around the new products and all that momentum that you're seeing sure so you can say the consumer generally and for us consumer for our consumer business you know we're not broadly correlated with overall consumer trends that a lot of people focus on many of our consumer products are actually geared towards contractors or for professionals. And in those value streams, demand is actually more akin to what you might see in building products, which is stable, steady conditions with a little bit of growth. You know, in the more traditional consumer-focused value streams. Our products are a lot of times used to elevate the experiences that people are having as they replace more expensive experiences. And so our demand tends to be a bit more resilient than in other categories that you might see in consumer. From an inventory perspective, we're relatively steady. We approached the winter season with taping gas in a pretty good spot. And we partnered really well with our retail customers. And, you know, they exited Q3 in a, in a very good spot and we don't, we don t believe that they're kind of over indexed or that the channel is overly full. But you know that the But one other dynamic, Susan, I point out is that we do continue to benefit from the innovation engine. You know, we have opened new doors in Gaining Shares, we've talked about the things that are happening with Balloon Time, you know, it's also true in the tools business and overall we've got a lot of things that probably won't launch in the next quarter, but over the next year we've gotten a number of new products that are also coming to market that we feel pretty good about yeah okay that's great color uh can you also talk a bit about the jv's it seems like obviously with the macro coming through you're still seeing some of those pressures but can you just give us an update on how things are moving there um and also within wave how you're seeing the dynamics and supply demand in that part of the business and anything as it relates to steel versus the pricing that you put earlier this year? Sure. So Susan, I think I understood your question. You're echoing quite a bit, but I think what your question is around the JVs and a lot of the dynamics there. And so I'll give it a shot, but if I miss anything that you're asking about, make sure you remind me. But take Clark Dietrich first you know it's a great business uh they they're a market leader but they're operating in a pretty tough environment uh you know that environment will improve over over time as market conditions allow they improve sequentially in in q3 we do expect them to be relatively flattish to that number in q4 um but as we kind of look out and and we think about about interest rates and uncertainties, and that's headwinds. This is a time period where the team at Clark Dietrich is operating exceptionally well, and they have leaned out their processes. They have learned an awful lot about how to deal with different challenging environments that their customers are having. I think their customers are feeling better about them than they have in quite a while, and they really prioritize doing business with Clark Dietrich. And so we've got one more, I think, challenging comp for Clark Dietreich, but thereafter, we expect them to continue to do all the things that they're doing, and they'll increasingly contribute to EBITDA growth over the course of time certainly getting into fiscal 27 and and wave as you know continues to be a great business with with the commercial market being uh having less opportunities to grow although we are starting to see some green sheets there we continue to see strength there in in data centers and healthcare and education you know the verticals and people talk a lot about data centers and um you know their data centers generally are represent representing a lot of the growth that's available in consumer i'm sorry in commercial but that will ultimately change and so when when those markets uh turn and get better the entire industry i think is poised to grow uh you know they continue to do a fantastic job on their own with with mpd that's a great management team and a great leadership team and our partner at armstrong we're very happy with wave and all the work that continues to go in there and in a relatively you know quash demand environment they they continue to do a fantastic job okay that's a great caller i'm just going to squeeze one more in which is was there any impact from the weather on building products in a third quarter Again, great question. And so in Q3, you know, weather is actually a little bit of a mixed bag for us. So the cold and the storms that the eastern half of the country experienced, those starting in December, did drive demand for our camping gas and our other heating products. Those are used for emergency and supplemental heat and some cooking fuel in cases of emergency lost power. At the same time, the cold and the storms caused some delays on construction sites, which has an impact on a number of our businesses. And we actually lost several production days in our building product facility in the Northeast and a couple in the Midwest because of those storms. And in some cases, you can make up some of that production and shipping with some expensive overtime. Sometimes you simply lose those days. And roughly 60 day shipping quarter those kinds of disruptions aren't needle moving by themselves but but they do matter and they can put some pressure on manufacturing and conversion costs so overall uh i would say that the weather as as is seasonally normal was was a modest positive for us overall okay thank you good luck with the quarter thanks again to ask a question simply press star one on your telephone keypad our next question is a follow-up from the line of dan moore with cjs securities please go ahead hi this is will on again just one more follow- up that i don't think was asked yet can you provide maybe more color and update on the lsi acquisition how is performance and synergy realization tracking relative to expectations yeah well thanks for the follow-up so really excited about LSI you know we closed it midway through the quarter so there's really just about six weeks of results in the quarter but meeting expectations so far we're in early days of of integration but really really excited about that business and the more we spend time with that team the more is you know validating and our conviction you know increases for what we can do together you know as a reminder you know they're a leading player in commercial metal roofing clips this was an attractive you know niche driven by the re-roofing cycle and you know really strong margin profile and you know opportunities for us to really you know capitalize on coming together and in in making this business better under our ownership so really excited about that and lastly the team there is such a good cultural fit with ours so we enjoy spending time with them and look forward to the things we can do together Thank you. Our next question will come from the line of Brian McNamara with Canaccord. Please go ahead. Hey, good morning, guys. Thanks for taking the question. You know I'm going to ask about tariffs and tariff advantages. So I'm curious where you guys stand in your tariff advantage product relative to peers on a market share basis or however kind of way you want to posit it. I remember last quarter you guys said you needed to hire 40 more people at your plants to kind of meet increased demand for those products. And I think I partly drilled part of the gross margin degradation last quarter. So where are we as it relates to kindof the tariffs and kindof your perceived advantage there? Thanks. Sure. Brian, good morning. And, you know, a lot has changed, but there has not been a lot of resolution around tariffs in the last couple months. But, you Know, from our perspective, we still think that we're a net beneficiary of the tariffs that are that are announced and in place. And as you know in a lot more value streams, we are the only domestic manufacturer of certain products. And so potential poor competitors need to navigate the Section 232 tariffs, which was not at issue with the Supreme Court. you know so a level playing field is always a good thing for us uh we we believe we have taken market share multiple value streams and we did absolutely chat in december about the fact that we have added uh some manufacturing colleagues to meet demand in those businesses and so we we continue to feel like you know our solutions are resonating and and that the competitive dynamic uh is is such that we have the opportunity to compete on the merits and the value that we bring to our customers and that makes us feel really good we've talked about this but uh we do have some tariffs impacts that are negative to us whether it's you know commodity cost or certainly in the consumer business the products that are that are manufactured overseas and so there's the three mitigants that we always leverage are asking our suppliers to partner with us and offset some of those additional costs you know we could continue to try and leverage tools and take costs out of our own supply chains everywhere we can and and then we if we need to we contemplate pricing actions and we do feel like we're where we need be in all three of those areas right now and so So you think about aluminum and brass, there's also been talk of these various potential refunds and things like that. We actually don't think that those are gonna happen anytime soon. It's just me personally, I'm not sure that the government's gonna readily suggest that they wanna give a couple hundred billion dollars back. And so there have been some states or some companies that have actually filed suits, but from that IEPA dynamic, you know, we're going to wait and see how that plays out. But yeah, we continue to think about our business and what we can control and our teams are doing a phenomenal job there. And actually, Brian, if you think about it for a second, when we talk about our strategy and action, you know there, there are, there are a few numbers that might help to tell the story, you Know, nine months ended in Q3, we've grown our top line by $175 million in between increases in our gross margin and a decrease in our SG&A percentage of sales in that same nine-month period. Our adjusted EBITDA margin is up 220 basis points in the wholly owned businesses. And so you've got a little bit of a decline contribution from the JVs, but overall, you know, I think that's, if you think about what our strategy really is, which is to optimize and grow our businesses and to keep our SG&A flat as we grow, as Colin mentioned, you know, that's what we're seeing. And then the environments, back to your tariffs question, the environment that we're in, we believe it's steady and it's likely to continue this way unless something unforeseen and, you know, look, there's a lot going on in the world. But based on what we can see right now, we think steady as she goes from a demand perspective with some green sheets in some places. So it makes us pretty optimistic. Greg, that's really helpful. I appreciate the color on the data centers. it's becoming a bigger topic for you guys and obviously the market in general. I think when you guys split, it was a pretty small part of your business. I was hoping you guys could contextualize kind of where you are. I understand if you don't want to quantify per se, I think Colin mentioned it's less than 10% of some of your business lines, but like, how big is it today on a qualitative or quantitative business? And how big do you think you can get over the next couple of years? Yeah, Brian. And so I'll start there and appreciate the question. I mean, I think all we can say there is it's helping grow a number of our businesses and offsetting some softness in other markets. And then we're doing our best to develop strategies to support this demand. and it's unique in each of these value streams. And so I mentioned earlier, whether it's people or equipment or capabilities or partners, we are leveraging all of those tools to develop the best solutions to capture this demand. It is a focus of ours, because we see the growth opportunity, but to Joe's point, we're not over indexed to it by any means. So we're trying to be smart about how we spend our time and resources. But it is an opportunity to capture more incremental growth for us. And if things play out as we expect, the percentage share across these businesses will increase to data centers as we move forward. and you know that's the best way we could characterize it uh you know on top of what joe shared specifically about our water business yeah and uh i mean colin did a really nice job of of kind of trying to frame size-wise uh what this is for us i think we i do think it'll be bigger a year from now than it is right now um we have we have made investments um and you know our solutions are resonating and we are developing in some in some places these are buildings and buildings need certain things and other in other environments these are very purpose built buildings that need very specific things and so our solutions have been customized in a lot of cases the other thing that people sometimes um focus a lot on on data centers but your data centers are in fact representing a lot of commercial construction and and so as commercial construction improves uh generally speaking right volumes in a lot these spaces will go up because you know commercial conditions normalized and you still have the data center growth that really we expect to continue for you know five plus years uh that'll that'll i think that'll add a lot of you know specific activity around construction and retrofit this concludes our question and answer session i will now turn the call back over to joe hayek for closing comments thanks everybody for joining us this morning we appreciate your time have a great week we look forward to speaking with everybody again soon this concludes today's conference call thank you all for joining you may now disconnect