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Ingersoll-Rand PLC (IR) Q1 2021 Earnings Call Transcript | The Motley Fool

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Ingersoll-Rand PLC (NYSE:IR)
Q1 2021 Earnings Call
Apr 30, 2021, 12:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, hello and welcome to the Ingersoll Rand First Quarter 2021 Earnings Conference Call. My name is Maxine and I’ll be coordinating the call today.

[Operator Instructions]

I would now hand over to your host, Chris Miorin, from Ingersoll Rand to begin. Chris, please go ahead when you are ready.

Christopher MiorinVice President, Investor Relations

Thank you and welcome to the Ingersoll Rand 2021 first quarter earnings call. I’m Chris Miorin, Vice President of Investor Relations. And joining me is Vicente Reynal, President and Chief Executive Officer, and Vik Kini, Chief Financial Officer.

This is my first earnings call in the Investor Relations role, and I look forward to working with you all.

We issued our earnings release and presentation yesterday that we will reference during the call. Both are available on the Investor Relations section of our website, www.irco.com. In addition, a replay of this conference call will be available later today.

Before we start, I want to remind everyone that certain statements on this call are forward-looking in nature and are subject to the risks and uncertainties discussed in our previous SEC filings, which you should read in conjunction with the information provided on this call. Please review the forward-looking statements on slide 2 for more details.

In addition, in today’s remarks, we will refer to certain non-GAAP financial measures. You can find a reconciliation of these measures to the most comparable measure calculated and presented in accordance with GAAP in our slide presentation and in our earnings release, both of which are available on the Investor Relations section of our website.

On today’s call, we will provide a company strategy update, review our company and segment financial highlights and offer updated 2021 guidance. For today’s Q&A session, we ask each caller keep to one question and one follow-up to allow for time for other participants.

At this time, I’ll turn the call over to Vicente.

Vicente ReynalChief Executive Officer

Thanks, Chris. And good morning to everyone. Let me begin by welcoming Chris to his role. As Vice President of Investor Relations, Chris replaces Vik in the role who was appointed to CFO in June of last year.

I am delighted to be working alongside both of them. Chris previously led corporate development for the company and played a critical role in accelerating our growth strategy, most recently with the acquisitions of Tuthill and Albin Pump, as well as the completed divestitures of HPS and announced divestiture of Club Car.

I would like to especially thank Chris for his military service in the US Army. During his military career, he served as infantry officer and ranger, including a deployment in support of Operation Iraqi Freedom. Chris also held leadership roles in the Old Guard at Arlington National Cemetery and served as an aide to the President of the United States.

Following the military, Chris held roles in finance and investment banking, before joining us to direct strategy and corporate development efforts. He is a proud veteran who continues to help fellow veterans transitioning from military to civilian life. And he is integral to executing our strategic plan to deliver value for our shareholders. Chris is one example among our 16,000 employees who live our company purpose inside and outside the company.

As you see on slide 3, anchoring to our purpose is working. We’re realizing the achievement of our desired target. You’ll hear three key themes today. First, we’re accelerating our transformation. It’s amazing to think, a year ago, we closed the Ingersoll Rand Industrial transaction. And today, we’re unlocking approximately $2 billion of value with two strategic divestitures, putting us in a great position to continue our portfolio transformation.

Second, you will hear about how we are over-delivering to our expectations. As you will recall, during the down year of 2020, we controlled decremental margins. And now in the upcycle, we’re delivering solid incremental margins. We’re delivering strong organic growth in orders and revenue. And that illustrates our organic investments in demand generation and new product development are also working.

And third, you’ll hear how Ingersoll Rand execution excellence, what we call IRX, is becoming our economic engine to unlocking our potential. The processes are only as good as the team that executes them. Culture and human capital management are key differentiators at Ingersoll Rand.

We have a highly engaged workforce who act like owners because they are owners. Every day, our employees make decisions that demonstrate thinking and acting like owners with the power of IRX behind them.

Our employees all around the world deserve sincere thanks for their adaptability, resiliency, dedication and determination. We will continue supporting our employees with an unwavering focus on health, safety and mental well-being. And on that point, our thoughts are with everyone dealing with pandemic situations, particularly in India right now.

Moving to slide four, you see the roadmap we highlighted during our Q3 2020 earnings call. And since then, we have achieved substantial traction. Today, I will concentrate remarks around the last two strategies, as we have had a lot of recent momentum across these areas.

Starting with operate sustainably, and turning to slide 5, operating sustainably is one of our strategic pillars because it engages employees, customers and communities, while delivering shareholder returns. In February, we committed to some aggressive targets around climate goals. I am proud our teams continue to deliver and execute on these goals.

For example, last week was Earth Day. And our employees participated in planting more than 3,000 trees and collecting over 4,000 pounds of waste, while recycling almost 20% of that. However, advancing our ESG journey goes beyond our environmental commitments. It is also about our social and governance actions.

Last week, you saw we announced our 2025 Diversity, Equity and Inclusion goals. We set these goals to accelerate and illustrate our commitment to the representation of talent and the career advancement and sense of belonging of all employees.

And actually, one of the boldest and most belonging acts we have done in support our diversity, equity and inclusion efforts, a connection that some may not readily make, was around our $150 million equity last September to all of our employees worldwide.

Broad-based employee ownership has an equity component not often explored. Equity grants and broad-based employee ownership, such as what we did, provide employees a tangible financial stake in company performance. And that benefits employees, families, communities, and the economy at large.

Repeatedly, studies show underrepresented population increase their earnings and wealth if they are employed in organizations that offer equity grants. And that’s a powerful aspect of our thinking and acting like an owner that ties into equity and how we directly impact global ESG efforts.

As I said last quarter, we see broad-based employee ownership as a game changer. Our human capital management priorities are part of why we added operate sustainably as a strategic pillar. Our diversity, equity and inclusion goals are the latest advancements. And we will use IRX as our key enabler to deliver on these goals as we do every other critical initiative in our company.

Moving to slide 6, we have also used IRX to deliver against our capital allocation strategy. And as we see here, the outcome has been extremely effective. On the first of this month, we completed the majority interest sale of the High Pressure Solution segment and a little more than a week later announced an agreement to sell Club Card. IRX enabled us to accelerate these transactions and make them happen.

We have solid processes executed by engaged teams to ensure we always maximize value creation in an expedited way. And that’s our special and unique economic engine. With these divestitures, we’re proud the buyers will continue the commitment to employee ownership, which may be a little unusual for this type of transaction. But as I said before, it is important to us on many fronts. And with these divestitures, we’re unlocking approximately $2 billion in value.

And on slide 7, we see a visual illustrating the volume and timing of transaction milestones in our evolution over the last four years, including the completed and announced divestitures this month.

Last quarter, I mentioned capital allocation is a huge part of my personal focus. And I have been actively discussing this with our Board. Those discussions continue. And as we have done all along with our capital allocation strategy, we will inform you when there is something significant to share.

Along with this today, I’ll give you some additional color on how we have enhanced our inorganic growth strategy. So, let’s look at slide 8. I have mentioned IRX discipline a lot this morning. It is an execution engine to drive change in every area of the business, from our environmental goals and net working capital goals to our new product development goals and our diversity, equity and inclusion goals.

IRX has been transformational in helping us with the integration of companies like Tuthill and Albin, as well as helping us with divestitures and accelerating our M&A funnel. You can see our funnel has increased 5x since Q2 of last year. The average revenue of the companies in the funnel has increased by more than 50%. And we’re moving potential acquisitions through the funnel much faster.

And we have not only been integrated in Ingersoll Rand and Gardner Denver over the past year, but we have also completed eight bolt-on acquisitions with Tuthill Vacuum and Blower Systems being the most recent one.

And we have already seen solid progress with Tuthill, such as growth outside the US where we highlighted that as a great opportunity, and already received a multimillion dollar order in Asia Pacific during the first quarter.

The simultaneous execution of small growth, acquisitions and divestitures highlights how IRX enables capabilities to drive significant inorganic growth.

I will now turn it over to Vik to provide an update on our financials. Vik?

Vikram KiniSenior Vice President and Chief Financial Officer

Thanks, Vicente. Moving to slide 9, we continue to be pleased with the performance of the company in Q1. Q1 saw strong balance of commercial and operational execution, fueled by the use of IRX, with continued signs of improvement across industrial end markets.

Total company orders and revenue increased year-over-year 29% and 17% respectively, with strong double-digit organic orders growth across each segment. In fact, our organic growth on both orders and revenue in the quarter were records for the company and set us up well as we move into Q2.

In addition, the company continued to drive performance on productivity and synergy initiatives using IRX as a catalyst, and we remain on track to deliver on our $300 million cost synergy commitment.

The company delivered first quarter adjusted EBITDA of $293 million, a year-over-year improvement of $107 million and adjusted EBITDA margins of 21.4%, up 550 basis point improvement year-over-year. Continuing performance from previous quarters, we also achieved incremental margins of 54% in Q1.

One item to note, these financial metrics do not include the High Pressure Solution segment, which was classified as discontinued operations in Q1 with relevant restatement to prior periods. Given the recently completed sale, we will not report on the segment moving forward.

Free cash flow for the quarter was $108 million, up $78 million year-over-year, yielding total liquidity of $2.6 billion at quarter-end.

Turning to slide 10, for the total company, orders increased 25% and revenue increased 13%, both on an FX adjusted basis. The IT&S, Precision & Science Technologies and SVT segments all saw double-digit organic orders growth in the quarter.

Starting first with IT&S. The total segment saw 13% FX adjusted orders growth with strong momentum in core compressor technologies, with the Americas showing mid-single-digit orders improvement, EMEA with low 20s percent growth, and Asia-Pacific with high double-digit improvement.

Precision & Science saw 14% FX adjusted orders growth in the quarter. Continued double-digit growth in product lines like medical and Dosatron drove this performance, given their niche end market exposure in areas like lab, life sciences, water and animal health, as well as strong performance from the ARO brand, which primarily serves core industrial markets.

Specialty Vehicle saw exceptionally strong orders performance, up 89% excluding FX. The team has shown positive orders growth for five straight quarters and Q1 saw continued strong growth in consumer vehicles, as well as golf offerings and aftermarket.

Overall, we posted a strong book-to-bill of 1.24 for the quarter, an improvement from the prior-year level of 1.13. We remain encouraged by the strength of our backlog moving into Q2.

The company delivered $293 million of adjusted EBITDA, an increase of 57% year-over-year. The IT&S, Precision & Science and SVT segments all saw year-over-year improvements in adjusted EBITDA and strong triple-digit margin expansion.

And finally, corporate cost came in at $34 million for the quarter, consistent with prior expectations.

Turned into slide 11. Free cash flow for the quarter was $118 million on a continuing ops basis, driven by the strong operational performance across the business and ongoing prudent working capital management. This compares to free cash flow of $30 million in the first quarter of prior year on a continuing ops basis in what is typically our seasonally weakest quarter from a free cash flow perspective.

Capex during the quarter totaled $15 million and free cash flow included $10 million of outflows related to the transaction.

From a leverage perspective, we finished at 1.9 times, which was an 0.1 turn improvement as compared to the prior quarter. This included $184 million cash outflow to fund the Tuthill acquisition, which closed in February and did not include the cash received from the HPS divestiture which closed in April. We have line of sight to leverage coming down materially to below 1 time once the SVC sale is completed, which, as mentioned previously, is expected in Q3 of this year.

On the right side of the page, you can see the breakdown of total company liquidity, which now stands at $2.6 billion based on approximately $1.64 billion of cash on hand and nearly $1 billion of availability on our revolving credit facility.

With our current liquidity and the additional cash we expect to receive from the HPS and SVT divestitures, we will have considerable balance sheet flexibility to continue our portfolio transformation strategy with M&A, coupled with targeted internal investment to drive sustainable organic growth.

I will now turn it back to Vicente to discuss the segment performance.

Vicente ReynalChief Executive Officer

Thanks, Vik. Moving to slide 12 and starting with Industrial Technologies and Services. Overall, organic orders were up 11% and revenue up 9%, leading to a book-to-bill of 1.14. In addition to orders and revenue growth, the team delivered strong adjusted EBITDA, up 57%, and adjusted EBITDA margins of 23.1%, up 610 basis points year-over-year, with incremental margin of 65%.

Let me provide more detail on the orders performance. Starting with compressors, we saw orders up in the low 20%. A further breakdown into oil free and oil lubricated products show that orders for both were up above 20%.

From a regional split for orders on compressors, in the Americas, North America performed comparatively better at up mid-single-digits, while Latin America was up low-single-digits. Mainland Europe was up mid-teens, while India, Middle East and Africa saw continued recovery at up high double-digits. Asia-Pacific continues to perform well, with orders up high double-digits, driven by high double-digit growth in both China and across the rest of Asia-Pacific.

Moving to vacuums and blowers, orders were up low double-digits on a global basis, with double-digit growth across each of our regions.

Moving next to the power tools and lifting, the total business was up low double-digits in orders and pivoted to positive growth, driven mainly by our enhanced e-commerce capabilities and improved execution.

On the right side, we’re highlighting the impact that our technologies are having on our customers’ sustainability efforts. As you may remember, we acquired Runtech in 2017. Runtech designs and manufacturers energy-efficient solutions primarily for use in pulp and paper mills. Since the acquisition, we have done several new product launches, as well as expanded commercially in other regions, and this has led to a 65% increase in the installed base. This has helped achieve an average of 45% energy savings per installation and saves several billions of gallons of water annually across the installed base.

Moving to slide 13 and the Precision and Science Technologies segment. Overall, organic quarters were up 12%, driven by the medical and Dosatron businesses, which serves lab, life sciences and water and animal health markets. These businesses were up double-digits. And we also saw strong performance in our more industrial end market oriented products, like Milton Roy and ARO.

The momentum on our hydrogen solution continues to build and we saw some strong funnel activity. Revenue was up 7% organically, producing a book-to-bill of 1.2.

Additionally, the PST team delivered strong adjusted EBITDA of $67 million, which was up 26%. Adjusted EBITDA margin was 31.2%, up 350 basis points year-over-year, with incremental margins of 59%.

From a sustainability perspective, we’re highlighting our YZ brand Zero Emission Odorization and YZ Connect. ZEO is an injection system that odorizes natural gas and hydrogen delivered to communities to help safeguard people. As customers replace legacy systems with our new ZEO, this product is expected to dramatically eliminate emissions of methane.

Our customers odorization programs are further enhanced by YZ Connect, which provides remote monitoring capability through its Internet of Things, cloud platform, which is another example on how our customers can lean on us to help make life better.

Moving to slide 14 and the Specialty Vehicle Technologies segment. Overall, Q1 was another very strong quarter for the SVT team. Orders and revenue were up organically 89% and 29%, respectively, driven by continued strength in consumer, golf and aftermarket product lines.

Adjusted EBITDA of $48 million increased 162% year-over-year, leading to an adjusted EBITDA margin of 20.1%. This represents an outstanding 1,020 basis points improvement versus prior year, showcasing the power of IRX and the team’s application to its tool to capture value and market share. And while this business continues to perform well, we made a strategic choice to divest the asset to continue aligning our portfolio to our mission-critical flow creation technologies.

And as mentioned, we’re very pleased with the strong economic outcome with the sale of Club Car to Platinum Equity. It was very important to us in this transaction and in our sale of HPS that we honor our commitment to employee ownership. As a result, employee recipients of our 2020 all employee equity grant will have 50% of the awards vest at closing and 50% will be replaced by a new equity linked program implemented by Platinum. We’re very pleased with these outcomes for the Club Car team.

Moving to slide 15, given the company’s performance in Q1 and continued strong outlook, we’re increasing guidance for 2021. Our initial revenue guidance was up high single-digits to low double-digits on a reported basis, comprised of mid-single-digit organic growth across each of the three segments.

After removing SVT, we’re now guiding up low double-digits with high single-digit organic growth across each of the segments. FX is expected to continue to be a low-single-digit tailwind for the business on a total year basis, given the weakening of the US dollar against major foreign currencies like euro and British pound. So, that is a slight headwind as compared to the initial guidance.

From a phasing perspective, we anticipate the first half of the year to be up mid-teens, while the FX tailwinds remained most evident during the first half of 2021. Overall growth in the second half of the year is expected to normalize a bit comparatively, but still be up high-single-digits.

We have received a lot of questions from investors on supply chain, inflationary pressures and the price cost dynamic. When we issued our initial guidance, we took the anticipated inflationary headwinds into consideration. And while we continue to see pressures around certain commodities and logistics, we have implemented our IRX tools to help mitigate the impact and our teams have executed very well, including price and execution, and our continued I2V initiatives.

We do see this environment continue in Q2 and likely after. But we’re confident that leveraging our IRX process and working with our suppliers will allow us to continue exceeding our customers’ expectation.

Based on these revenue assumptions, we’re increasing 2021 adjusted EBITDA guidance to $1.12 billion to $1.15 billion, which represents approximately a $45 million improvement from original guidance at the midpoint of the range when excluding SVP.

In terms of cash generation, we expect free cash flow conversion to adjusted net income to remain greater or equal to 100%. Capex is expected to remain 1.5% to 2% of revenue. And finally, we expect adjusted tax rate to be approximately 23%.

Moving to slide 16, as we wrap up today’s call, Ingersoll Rand is in a great place. 2021 is poised to be a great year. The first quarter provided a solid springboard, with momentum into Q2. We take our role as a sustainably minded industry leader very seriously. One who is focused on employee matters, like broad-based ownership, belonging and reducing our impact to the environment. I am proud of all of our employees around the world.

Thank you for how you come together every day to be there for our customers, solve problems, and lean on each other and collaborate. I am confident we will continue to transform Ingersoll Rand and deliver increased value to all of our shareholders.

And with that, I’ll turn the call back to the operator and open for Q&A.

Questions and Answers:

Operator

[Operator Instructions]. Our first question comes from Julian Mitchell from Barclays. Your line is now open.

Julian MitchellBarclays Capital — Analyst

Just a question on the raised guidance. So, I think it looks like you’re embedding around sort of mid-40s segment incremental margin for the year as a whole in that guidance. Maybe just clarify if that’s roughly correct.

And I suppose as you think about puts and takes from here after that mid-50s number in Q1, anything major to call out around, say, mix shifts, pricing? It sounds like you’re confident on price cost. But just wondered the extent to which those pressures on a net basis will increase from here in the balance of the year?

Vicente ReynalChief Executive Officer

Hi, Julian. Yes, you’re correct. On the first question, yeah, kind of that mid-40s range. And in order — kind of puts and takes, let me just kind of give you a little bit of color here. Q1, as you pointed out, very strong across segments and regions. And that is really encouraging.

If you think to highlight, in Q1, we’re seeing kind of an easier comp on a year-over-year basis due to the cost energy savings, as most of our savings really started to show in April of last year and onwards. We’re also seeing the solid price realization based on the actions that we took in late 2020. And the continued execution of I2V and other initiatives.

As we go into Q2 and the second half, if I kind of break it down by segment, IPS, overall, we’re still expecting that kind of 30% to 35% incrementals, even with the headwinds, around not only the inflation, but also the discretionary costs coming back, which, again, speaks to the ongoing synergy delivery efforts, as well as our focus on kind of quality of earnings.

On PST, touching first on Q2, as a reminder, and as we highlighted in our original guidance, Q2 incrementals will be lower than average to the fact that, in 2020, we saw outsized demand for our medical compressors and pumps used again to fight COVID. And the majority of these orders came in Q1 and Q2 with shipments mostly in Q2 and Q3. And as a reminder, these shipments on the medical products came in at a premium margin.

In addition, PST is seeing some of the inflationary headwinds that most companies are seeing and while the back half of the year will be more normalized to about that kind of 35% and above. So, again, having said all this, as you know, we have a pretty strong process in terms of price, I2V sourcing, that our teams are actively executing to offset any of these kind of headwind coming in.

Julian MitchellBarclays Capital — Analyst

Thank you. And then maybe switching to capital deployment, given the proceeds from HPS and SVT and the cash flow outlook, you could be close to zero net debt at the end of this year, I think. Also, though, it’s a very — valuations are very high for M&A right now. So, maybe just help us understand sort of how optimistic you are on getting a meaningful degree of M&A done this year?

Vicente ReynalChief Executive Officer

Yeah, Julian. We still remain very optimistic on the M&A. The M&A as we highlighted, pretty strong, as you saw on the remarks on the slide that we put together. So, we’ve been thoughtfully — if you kind of go back, when we talked about our phases of creating a strong foundation, pivoting to growth and portfolio transition, we’ve been very thoughtful on the timing of all of those and proactively working on the M&A funnel. So, we’re ready with the funnel.

Again, we’re not going to go crazy on the market. We continue to stay very disciplined in this environment. We buy companies that are a strategic fit. And as we have always highlighted, the strategic fit, not only from a technology, but also commercial perspective. We’ll never buy for a kind of multiple arbitrage. We buy companies that can have that strategic fit. And I think that’s what’s exciting. And yes, you’re right. I think with these kind of unlocking $2 billion of value in — with these two divestitures, we’re ready for continued executing on M&A in a very disciplined way.

Julian MitchellBarclays Capital — Analyst

Great, thank you.

Vicente ReynalChief Executive Officer

Thank you, Julian.

Operator

Our next question comes from Mike Halloran from Baird. Your line is now open.

Michael HalloranRobert W. Baird — Analyst

Hey. Good morning, everyone. Let’s just follow-up on that last question there a little bit then. Right? So, you’re through the divestiture piece, some of the chunkier stuff, obviously a little bit more to come potentially. Good commentary on how you view the actionability there. But maybe just an update on how you’re thinking about what this portfolio looks like, three, five years down the line. We’ve had some indication where the capital allocations are going to go, but maybe just a little bit of an update on directionally how you’re thinking about this portfolio composition over time and where the chunkier pieces of that capital allocation can go?

Vicente ReynalChief Executive Officer

Sure, Mike. As you see, we kind of have these two segments and one larger than the other. We’ve spoken a lot about how our strategic focus on building the funnel has been on the Precision and Science. We see a lot of good things that we like on that segment. And we’ve been very prudent in terms of saying, while we integrate Gardner Denver and the Ingersoll Rand through the past 12 months, building the funnel on the Precision and Science, I did not have that many kind of distractions, I will say, on the integration. So, I think that continues to be the exciting piece.

In terms of kind of how we look at, we’re still going to be this mission-critical, high aftermarket. We like the recurrent aftermarket side of these rotating components and devices that we have. And we like the space where we play. And we still have over $30 billion of addressable market, even when you exclude High Pressure and Specialty Vehicles.

So, things around sustainable technology, high growth end markets, we’ve been very thoughtful in terms of focusing and doing a lot of segmentation and market work around these kind of high end growth markets where we can have the play in terms of flow creation and any of those adjacent markets that kind of complements our ecosystem of the product line.

Michael HalloranRobert W. Baird — Analyst

And then a question on the guidance, on the assumptions on the revenue side. Maybe just talk about how your revenue outlook compares to, say, normal seasonality or what kind of backdrop are you embedding as you work through here, pretty stable or is there an acceleration assumed?

And then, also maybe just touch on what you’re seeing on the shorter cycle side of your businesses versus some of the longer cycle side of your businesses?

Vicente ReynalChief Executive Officer

Yeah, Mike. Let me touch base first on the short cycle and the long cycle, and then I kind of let Vik comment on the other one. Short cycle, we see very good strength, pretty broad based, particularly kind of this medical market, animal health, kind of what we call also agtech and aquatech kind of end markets that we’re putting a lot of effort to really continue to penetrate, pharma, food and beverage and water and wastewater.

In terms of kind of long cycle end markets, most of our long cycle business, as all of you know, is in kind of what we call the Nash, GARO business, as well as the very large compressors, which is kind of the centrifugal compressors that — the multistage centrifugal compressors.

I will categorize. The large multistage centrifugal compressors, orders were very strong and positive. This is an area where we are seeing very good start with — when you think about kind of some of end markets, we’re seeing good momentum on kind of reshoring on some companies, as well as markets like renewable energy and general industrial.

The Nash, GARO in the first quarter was kind of down, primarily due to the timing, we say. If you think about the Nash, GARO, it’s one business that changes quarter to quarter, so we kind of think to look at it a bit more from a first half compare year-on-year. And the funnel still continues to be highly active. And just as a reminder, that business in the fourth quarter saw very positive orders in kind of the mid to high-single-digit order cycle.

Vikram KiniSenior Vice President and Chief Financial Officer

Yeah. And Mike, I think on your first part of your question with regards to kind of seasonality and kind of how we’re thinking about the backdrop, I don’t think we’re thinking about it much differently than you’ve seen from a historical perspective. Obviously, strong first quarter. I think we’re very encouraged by the orders profile where in IT&S and Precision and Science, you had book-to-bills of, I think, 1.14 and 1.20 respectively. So, we’ve obviously built some solid backlog now moving into the second quarter. And as Vicente said, typically speaking, you tend to see, particularly for the longer cycle businesses, orders stronger in the first half and shipments stronger in the second half. So, typically speaking, you tend to see Q1 seasonally a little bit of the weakest, Q4 seasonally strongest and Q2, Q3 in between. I don’t think you’re going to see anything dramatically different in the context of the phasing or how we think about seasonality here in the context to 2021.

Michael HalloranRobert W. Baird — Analyst

Thanks for the answers. As always, appreciate it. Talk soon.

Vicente ReynalChief Executive Officer

Thank you, Mike.

Operator

Our next question comes from Jeff Sprague from Vertical Research Partners. Your line is now open.

Jeffrey SpragueVertical Research Partners — Analyst

Thank you. Good morning. I wonder if we could just talk actually a little bit about price specifically. Vicente, you indicated you felt you had price costs pretty well dialed even to start the year. But maybe give us a little color on what’s going on with price? Have you gone out multiple times? And maybe as part of that question too, are there any particular supply disruptions that you’re dealing with in the business?

Vicente ReynalChief Executive Officer

Sure, Jeff. On the price cost, the good thing is that we actually planned for the inflation during the budget time last year with the team. We were seeing early indications of inflation. And we basically told the teams to plan for the inflation. And with that, to plan for the price and execute it on the price. And I think it was part of kind of our original guidance as well. And reason why we — it definitely increased prices back then.

And I think the inflation is really coming in fairly in line with what we planned. And I’ll say, in addition, from a margin perspective, we continue to run the I2V procurement work that we’re doing with the — that we did with the synergy integration between Ingersoll Rand and Gardner Denver and that’s kind of working really well.

As we move forward, clearly, we continue to watch carefully this inflation. And the teams, they’re kind of locked and loaded to plan for incremental price increases based on what we’re seeing, primarily typically like the logistics side of things. But, yeah, we’re looking at doing it proactively, positioning of our products here in this inflationary market.

And in terms of supply chain, we’re definitely not immune to what you’re seeing and hearing a lot about logistics. But I think a couple things to highlight here. First, we’re mostly in the region for the region. And this has proven to be a great strategy for us, not only in these difficult times, but also as companies looking to reshoring, it has been very helpful for us.

I’ll say second, we’re working with a much larger purchasing power than in the past. And many of these are kind of new partnerships that we’re creating. And this really has helped in the supply chain as they want to deliver and have very good terms with us. So, I’d say that supply chain, not immune, but I think the team really working very well to get it in control.

Jeffrey SpragueVertical Research Partners — Analyst

And second, unrelated, just what’s going on with service. You see a clear pickup in activity there and commensurate with some of the kind of equipment order dynamics that are starting to tick up or would you expect some lagging impact there? How does the year play out on the service?

Vicente ReynalChief Executive Officer

Yeah, Jeff. In the first quarter, we saw outsized order momentum on the original equipment. And certainly, as the market recovers, we definitely want to see this. And we’re very glad because, again, as you’re kind of alluding there, we’re kind of seeding the market and putting our products, so then we can connect them with our IoT platform and then continue to generate this accelerated aftermarket. So that that’s good news.

I will say that — still with that, the service on the aftermarket sequentially, we saw improvement in most of the regions. So, again, good things that some of the strategies are definitely seeing good momentum here.

Michael HalloranRobert W. Baird — Analyst

Right, thank you.

Operator

And the next question comes from Nigel Coe from Wolfe Research. Your line is now open.

Nigel CoeWolfe Research — Analyst

Thanks. Good morning, everyone. Thanks for the question. I want to go back to cap allocation and M&A. And I’m curious if the proposed tax changes, capital gains tax changes, in particular, whether that’s where you’ve seen more activity on the private seller sides. And so, any comments there would be good.

And then, just given that we’ve seen an acceleration in disposals, obviously, a lot of kind of available cash now. Is this driven by just like your timing, this is one of those things or do you have increased confidence and line of sight on deployment from here, and that’s kind of driven you to kind of accelerate the sale of Club Car? Thanks.

Vicente ReynalChief Executive Officer

Sure, Nigel. I think on the cap gain taxes, I think maybe still slightly too early to tell. And obviously, that’s mostly particularly here in the US. I think Europe continues to be, at least, no major changes, but too early to tell. I think it could free up better momentum in some cases, but nothing that I will classify as saying it is creating an imminent change yet. Maybe some of the family owning owners are thinking about it, and we’ll see. We’ll stay pretty close and create good cultivation. So, we’ll see on that.

I think the timing, as kind of alluded, I think we’ve been very thoughtful on the timing. We said that we want to create stability, but at the same time, we want to improve some of these companies, so we can maximize the value that we could generate. And at the same time, we did it in a way that we want to have some sort of visibility to the funnel.

So in parallel, we’ve been working on all these aspects, not only the divestitures, but also accelerating the funnel. And you can see how — some of the statistics on the funnel. And we’re excited that the funnel is 5x what we had even last year, the average revenue size per company is more than 50%. And the velocity, which is really important, has been cut by half. So, I think it’s been-it’s been done, everything strategically well thought out from — in parallel, I would say, Nigel.

Nigel CoeWolfe Research — Analyst

Thanks, Vicente. And then on — you called out PST as an area where you’re seeing good opportunities in that pipeline. Is there an appetite or even visibility to expand the medical components of PST?

Vicente ReynalChief Executive Officer

Absolutely. Yes, definitely, Nigel. Yes. It has been — if you remember — yeah, absolutely.

Nigel CoeWolfe Research — Analyst

Great. Thanks.

Vicente ReynalChief Executive Officer

Thank you.

Operator

Our next question comes from Josh Pokrzywinski from Morgan Stanley. Your line is now open.

Joshua PokrzywinskiMorgan Stanley — Analyst

Hey. Good morning, guys.

Vicente ReynalChief Executive Officer

Morning, Josh.

Vikram KiniSenior Vice President and Chief Financial Officer

Morning, Josh.

Joshua PokrzywinskiMorgan Stanley — Analyst

Chris, congrats on your new role. Your background makes me feel like maybe I haven’t done that since winning that seventh-grade spelling bee.

Christopher MiorinVice President, Investor Relations

Thanks, Josh. Appreciate it.

Joshua PokrzywinskiMorgan Stanley — Analyst

Vicente, your 23% margins in IT&S, and it still feels like an early point in the cycle. And I think to Vik’s point, not a seasonal high point. I get that maybe margins will move around with M&A here, but can you get to mid-20s in the next couple of years on a core basis? I know that’s sort of been thrown out there as a noble goal for a while, but it seems like maybe it’s accelerating is an opportunity?

Vikram KiniSenior Vice President and Chief Financial Officer

Yeah, Josh. This is Vik. I’ll start there. I think the answer is absolutely yes. We’ve been very, I think, transparent in the context that quality of earnings and continuing to execute on many of our strategic levers, notably areas like the synergy funnel, procurement, I2V, as well as pricing realization, are clearly focus areas. And footprint, for example, as that’ll still kind of — more so yet to come, frankly, from a synergy delivery perspective.

So, I think the answer is a mid-20s percent EBITDA margin kind of on the IT&S segment is without question, I think, where we are targeting this business to be from a more medium-term perspective. And I think one thing to add would be, we’re really encouraged by the momentum we’re seeing, frankly, across all the parts of that business.

It’s really not coming from one distinct area. I would tell you, all the regions, as well as the Power Tools business inclusive, continuing to show good momentum. And I think some of the commercial initiatives that we also have — Vicente just spoke to continuing to see good aftermarket traction. We’re seeing a little bit outsized OE right now, which we think is a good thing. As we kind of start to show more of that shift into aftermarket and build from that 40% kind of baseline we have right now with aftermarket sales, that’ll obviously help as well. So, all good signs and things that we would say yes should point to 25% margins definitely being the target here as we think ahead.

Nigel CoeWolfe Research — Analyst

Got it. That’s helpful. And then, I guess, we’ve talked a lot about the M&A side of the equation, so maybe just kind of focusing on the core business. You guys mentioned maybe some signs of nearshoring taking place. Just wondering if there’s anything else that sort of looks unusual or stands out at this point in the recovery, whether it’s an end market that’s — you’re kind of leading or lagging in a surprising way or a mix of business where folks are doing more capex earlier in the cycle. Just any observation on kind of the complexion of spending underneath, some of those consolidated numbers.

Vicente ReynalChief Executive Officer

Yeah. Sure, Josh. Maybe something to highlight. We spoke about this Industrial Vacuum and Blower business to be kind of up low-double-digits. And when you cannot decompose that, that has the industrial side, kind of brands like Elmo Rietschle and Robuschi. But included in there is also the vacuum business like Nash, which is kind of more the longer cycle. And as I just mentioned, Nash was down in the first quarter, which obviously implies that the industrial vacuum business was really high. And that was basically up in the kind of 20s range, the industrial vacuum.

Our industrial vacuum is really collocated within kind of large OEMs and OEMs. We always said that industrial vacuum was always a leading — a good leading indicator for industrial recovery. And it is very exciting to continue to see that momentum happening on that industrial vacuum side of the business. So, I think that’s very good news for what the industrial recovery market is seeing.

In terms of some of the other things, it’s actually also good momentum based on the — a lot of the self-help initiatives on the commercial side. I think, Josh, it’s exciting to see that we’re seeing really good traction on some of the commercial kind of the product summit activities that we talked about prior quarters in terms of the combination of Gardner Denver and Ingersoll Rand, examples like oil-free product like the Ultima, which was a Gardner Denver technology launched as Ingersoll Rand in Europe, that saw really, really good momentum in Europe and that is getting launched now here in the US. So, expect to see that accelerated momentum too as well. So, a combination of those kind of multiple things. It’s not only the market, but also a lot of good execution from the team based on these initiatives that we’re doing.

Joshua PokrzywinskiMorgan Stanley — Analyst

And just to be clear, when you say vacuum, that for you guys does not include semiconductor exposure, right?

Vicente ReynalChief Executive Officer

Correct. Yeah, we don’t play in the semiconductor market. That’s right. Yes. It is all industrial. All industrial products in vacuum.

Joshua PokrzywinskiMorgan Stanley — Analyst

Got it.

Vicente ReynalChief Executive Officer

Thanks, Josh.

Operator

Our next question comes from Andy Kaplowitz from Citigroup. Your line is now open.

Andrew KaplowitzCitigroup — Analyst

Hey. Good morning, guys.

Vicente ReynalChief Executive Officer

Morning, Andy.

Vikram KiniSenior Vice President and Chief Financial Officer

Morning, Andy.

Andrew KaplowitzCitigroup — Analyst

Vicente, maybe can give us a little more color to what you’re seeing by region. You obviously talked about APAC sales and orders up high double-digits. But is that just easy comparisons given the pandemic hit that region first? Or have you been able to harness some of the opportunities you’ve cited for China and Southeast Asia?

And then Americas, we just kind of talked about it. Obviously, easier comparisons coming up, but is the cadence of orders and revenue continue to improve as we go through April here?

Vicente ReynalChief Executive Officer

Yeah. Andy, I think in Asia-Pacific, I’ll say it is definitely a combination of both. Definitely, some easy comps in China, for sure. But if you recall, Southeast Asia was definitely not an easy comp yet in the first quarter because the Southeast Asia really start to getting kind of locked down in the second quarter.

So, I’ll say, a good combination of maybe easy comps, but at the same time, some really good momentum in China and Asia-Pacific. I think this is — we always highlighted when we created the integration of Ingersoll Rand and Gardner Denver that we said, Asia Pacific is definitely an area of growth and opportunity. And we’re doing some very good organic investments. We spend a lot of new capital equipment to be able to have — in region for region in areas like that. I think it’s really, really exciting. We put a renewed focus also on emerging markets in Southeast Asia, something that before with the scale that we had, it was very difficult to do, but now we have the scale. And these organic investments are definitely showing some good momentum.

I think in the Americas, yes, as you said, particular in the US, Andy, we will see better, easier comps here in the US in the second half. Same in Europe. But I’d say as well, you saw that in Europe, at least on the compressor side, orders, we were kind of in the mid-teens up, while Americas or the US, mid-single-digit up. And maybe some of that is a little bit of timing in the sense that the Europeans, as I just mentioned before, they kind of went in faster in terms of doing some of these integration of the product lines that we’ve spoken about. And now, we’re seeing that getting implemented in the Americas. Again, the Americas, or the US, is a more complex environment where you have a combination of direct versus distribution. So, we just wanted to be careful. But I think everything is going really well now in the US as well, and we’ll see some inflection here as we move forward.

Andrew KaplowitzCitigroup — Analyst

Helpful, Vicente. And then, one of the issues that you’ve mentioned in the past with your synergy progress was that procurement synergies would be partly a function of your sales volume. And so, you mentioned already that your supply chain is faring well. But could you actually harvest more procurement related synergies as part of your $200 million program, given expected higher sales? And I’m cognizant of you just raised your target. So, just thinking sort of medium to longer term here?

Vikram KiniSenior Vice President and Chief Financial Officer

Yeah. Andy, I think you hit the nail on the head. Obviously, when we — so the answer to your question is, you’re completely right. Obviously, the direct material components of our synergy equation, most notably, the procurement side and I2V are, frankly, a function of volume. And we did note that even in 2020, obviously, volumes were not at kind of that — kind of baseline 2019 levels. But we had seen, for example, on procurement, I’d say probably better than expected percent realization on savings. So, that had kind of been a nice — kind of, I’d say, mitigant to lower volumes.

Clearly, a higher volume equation clearly can materialize into higher savings. But as you said, some of that was definitely dialed in to the race when. We moved the number from $250 million to $300 million, we’d clearly indicated that the majority, if not all of that, really was coming from the direct material equation.

Could there be some potential in the medium term over and above? Perhaps. But I think we want to continue to see how things play themselves out. But we’re very encouraged. And I think the momentum we’re seeing, frankly, even still today on the procurement and the I2V side is very encouraging in the context of the price realization and the percent realization that the teams are actually recognizing.

So, quite encouraged, but I’d say a lot of that was factored into the raise from $250 million to $300 million.

Andrew KaplowitzCitigroup — Analyst

Appreciate it, guys.

Vicente ReynalChief Executive Officer

Thanks, Andy.

Operator

Our next question comes from Joe Ritchie from Goldman Sachs. Your line is now open.

Joseph RitchieGoldman Sachs — Analyst

Thanks. Good morning, guys.

Vicente ReynalChief Executive Officer

Morning, Joe.

Vikram KiniSenior Vice President and Chief Financial Officer

Morning, Joe.

Joseph RitchieGoldman Sachs — Analyst

So maybe just starting out, Vicente, you’ve highlighted in the past this longer-term opportunity on the oil free side, water. I guess some positive comments on hydrogen and the funnel activity. How do you think about these initiatives as providing some type of like GDP multiplier effect for the company over the course of the next two to three years?

Vicente ReynalChief Executive Officer

Yeah. Joe, definitely, we believe that this is — these initiatives are the ones that will give us that kind of plus, plus that we always like to talk about in terms of how we execute that, in the sense that we play in this kind of GDP environment end markets, but with the initiatives that we’re putting, we’re kind of moving more toward those end markets that can give us that plus, plus and out execution.

We always said, call it anywhere between 100 to — up to 300 basis points above the GDP depending on kind of the region and the market. So, these initiatives continue to be really exciting for us. We launched, with the help of IRX, several of the impact daily management programs from a global perspective, and I’m very excited with kind of what we are seeing and definitely much more to come.

Joseph RitchieGoldman Sachs — Analyst

Yeah. No, that’s helpful, Vicente. I guess, maybe just with — like oil-free and water, those are end markets that you guys have had traction. I think I heard you say on hydrogen that things were picking up. Like, is there anything that’s happening kind of like at the margin that has changed just in the near term on any of those opportunities?

Vicente ReynalChief Executive Officer

You mean, the margin in terms of profitability?

Joseph RitchieGoldman Sachs — Analyst

No, I just meant on the margin, meaning like anything incremental. Yeah.

Vicente ReynalChief Executive Officer

Yeah. I think on the oil-free, it’s more about — I think this year and moving forward is when we start seeing the execution of this product line combination between the two companies. As you can imagine, and we talked a lot about that last year with all the product summits and the [Indecipherable] that we were doing to combine this kind of — and create a highly complementary, I think a lot of the results should be and could be seen now. And I think same thing for the water and wastewater. I think it takes a little bit of time to see the results. But I think we’re very excited and very encouraging to kind of what the momentum we’re seeing across the company on these strategic end markets that we have selected.

Joseph RitchieGoldman Sachs — Analyst

Got it. No, that makes sense. If I could ask one more just on free cash flow longer term. You guys have made a ton of progress on the free cash flow margin even when [Indecipherable] working capital. How do you think about driving to potentially a 20% type free cash flow number or free cash flow margin in next few years? And is that possible? And how do you think about the working capital opportunities in the company?

Vikram KiniSenior Vice President and Chief Financial Officer

Yeah, Joe. I think without question, we continue to see opportunities. We’re pretty pleased with I think the momentum we’ve already seen. But we’ve been very adamant that there — there are still a number of, I’d say, levers that we have to pull.

First and foremost, I’ll start with the tax rate. We mentioned that when we started as kind of one year ago, putting two companies together, we really didn’t have what I would consider to be an optimized tax rate. We’ve done a lot of work with our tax organization. Frankly, our whole organization has done a lot of work. We’ve started to implement a lot of those, I’d say, practices here and you’re already starting to see some good momentum on the tax rate.

We’ve said that we’re getting to approximately 23%. And last year, you were 24% plus. So, you’re already starting to see some good momentum there. And we have line of sight to getting that into the lower 20s over time.

In terms of the working capital side, absolutely. I think the biggest area that is still ahead of us here is on the inventory side. We’ve mentioned, I think, a few times that inventory is really almost connected in some respects to a lot of our synergy delivery initiatives. We talk about procurement, and we focus a lot on the saving side. But there’s also the — making sure that you’re negotiating terms properly and that you’re actually making sure that you’re pulling inventory only when you need it.

And then, also, with the footprint side of the equation. Footprint is probably one of the biggest areas of the synergy equation. You really haven’t started to see deliver in a material manner just yet. But you can be rest assured here, when we start to actually optimize our footprint on the manufacturing side, there will be working capital opportunities there.

So, you put that all together, and clearly, there are other areas in terms of the payables and receivables equation that we’re working. Clearly, I think working capital is a major opportunity ahead that can help drive us to the levels that you’re speaking to here over time.

So, I think we’re encouraged. It’s definitely, I’d say, a big focal point of the ops and finance and business teams. And we’re going to continue to make momentum here as we move through this year, and frankly, into next.

Joseph RitchieGoldman Sachs — Analyst

Great to hear. Thanks, guys.

Vicente ReynalChief Executive Officer

Thanks, Joe.

Operator

Our next question comes from Rob Wertheimer from Melius Research. Your line is now open.

Rob WertheimerMelius Research — Analyst

Thank you and good morning. My question is on maybe more of the structural or strategic side of pricing as opposed to the responsive or tactical things that you kind of discussed already. I know you guys have done a lot of work on looking at tracking discounting better and looking at various initiatives to sort of improve the way pricing flows to the organization.

And I wonder, could you talk a little bit about the outcomes. As you look at your products, have you found that they have the pricing power you want or is there structural options there? And as you look forward into the backlog and into years out, is that a material difference from the past? Thank you.

Vicente ReynalChief Executive Officer

Yeah. Rob, I will say that — great question on the pricing side. And definitely something that strategic pricing, that is basically what we like to do. We typically never do peanut butter across price increases. It’s just based on the specific product lines. And I will say that, as you know, our mission-critical products were very low cost relative to the overall system. And that is very good for us and works really well for us in situations of continuing to be able to increase price because the mission criticalness and the low cost relative to the overall system that our products have.

In terms of the stickiness and the elasticity, we have done a lot of work on testing pricing elasticity in many of our end markets and many of our products. We have a really great, I’ll say, internal process for scoping that out and making sure that we continue to push the boundaries on the envelopes on that, as we see that we can. And obviously, we can only do it only as long as we have differentiated products, which is the other big play in terms of how our I2V has been really strong process for being able to continue to create differentiated products, whether it might be tweaks of innovation that is not only — so it’s a process that is not only for driving direct material costs down, but it’s also driving some increase in profit — price and profitability.

Rob WertheimerMelius Research — Analyst

Okay. That’s a great answer. Thank you. And then, just so I understand it, when you think about all the testing, the measuring, the elasticity you’ve done and the profit — the product improvement, have you started to see a lot of benefit from that? Or is that a year out or two years out when it sort of kicks in? And I’ll stop, thank you.

Vicente ReynalChief Executive Officer

Yeah. No, Rob, we’re seeing some of that. When you look at the margin expansion that we saw here in the first quarter, a good chunk of that also came from gross margin. So, we’re seeing gross margins continue to improve on a year-over-year and even historically, when you go back, even go back to 2015, definitely some very, very solid gross margin expansion. So, we’re definitely seeing it in the real core of the business.

Rob WertheimerMelius Research — Analyst

Great, thank you.

Operator

Our next question comes from Nathan Jones from Stifel. Your line is now open. Nathan Jones, your line is now open.

Matt MooneyStifel Financial — Analyst

Sorry, I was on mute. Good morning. This is Matt on for Nathan Jones this morning.

Vicente ReynalChief Executive Officer

Hi, Matt.

Vikram KiniSenior Vice President and Chief Financial Officer

Hi, Matt.

Matt MooneyStifel Financial — Analyst

You mentioned targeting sustainable investments. I was wondering if — can you talk about what kind of level of investments you’re making growth at the moment? And what kind of potential that is to take it to? And can you talk about the opportunities to invest more here in order to continue drive growth in 2020 and beyond — or 2021 and beyond?

Vikram KiniSenior Vice President and Chief Financial Officer

Sure, Matt. Yeah, I think generally speaking, a lot of the initiatives we talked about, I think you’ve been speaking to a lot of the — a lot of the questions we’ve had with regards to whether it be oil-free, whether it be investments in the hydrogen, whether it be the products that we actually highlighted in the release, in the slides, the Runtech acquisition that we made back in 2017 or the ZEO application from the Precision and Science Technologies business. Generally speaking, all of our NPDs that we’re really looking at have some facet of sustainability, energy savings and efficiency really baked in. So, I would say it’s probably the single biggest criteria, by and large, when we’re looking at innovation. And it’s also a huge criteria that we’re looking at when we’re actually looking at the M&A pipeline. So, I’d say its front and center.

Trying to quantify exact dollars is probably a little bit tricky. But I would tell you it’s probably the single biggest factor. And I would also point to — we really made a commitment to it in the context of our ESG goals, which Vicente you can — we’ve obviously spoken to quite a bit. So, again, I think it’s kind of permeating the culture and now we’re actually putting distinct targets and goals that are associated with it as well.

Rob WertheimerMelius Research — Analyst

Great, thank you. And then, I wanted to follow up in regards to the supply chain conversation. Are you guys seeing any impact to production or your supply chain relative to COVID cases spiking, particularly in Europe and India? And then how confident do you feel about the ability to continue ramp as we move into 2Q and the rest of the year?

Vicente ReynalChief Executive Officer

Yeah. Matt, I think in terms of production, our plants are up and running. Clearly, the area that we’re monitoring really close is India. We’re deemed as a critical manufacturer and all of our manufacturing facilities are — at the moment, they’re open. A lot of — some of the closedowns that have — that is happening in India, at least in the cities where we are operating, hasn’t happened to us. But we’re watching that carefully. We’re proactively supporting vaccination efforts for employees based there. Again, this is because we’re deemed as a critical manufacturer and you’ve seen that lack of oxygen in many hospitals. Our products are actually helping to enhance that. And so, we’re working really closely with the government to really accelerate that. But so far no major impact, I will say, something that we’re watching carefully.

Matt MooneyStifel Financial — Analyst

Okay, great. Thank you.

Vicente ReynalChief Executive Officer

Thank you.

Operator

We have no further questions, so I’ll hand it back.

Vicente ReynalChief Executive Officer

Well, thank you, everyone, for your interest and joining on the call today. We’re very excited. We’re very thankful for our employees for all the work and dedication that they’re doing, and thinking and acting like owners. So, we’re excited with the momentum that we’re having and look forward to talking to many of you here present or in the future. Thanks, again.

Operator

[Operator Closing Remarks]

Duration: 64 minutes

Call participants:

Christopher MiorinVice President, Investor Relations

Vicente ReynalChief Executive Officer

Vikram KiniSenior Vice President and Chief Financial Officer

Julian MitchellBarclays Capital — Analyst

Michael HalloranRobert W. Baird — Analyst

Jeffrey SpragueVertical Research Partners — Analyst

Nigel CoeWolfe Research — Analyst

Joshua PokrzywinskiMorgan Stanley — Analyst

Andrew KaplowitzCitigroup — Analyst

Joseph RitchieGoldman Sachs — Analyst

Rob WertheimerMelius Research — Analyst

Matt MooneyStifel Financial — Analyst

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