Christine: Greetings, and welcome to the Gibraltar Industries 4th Quarter 2025 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Carolyn Capaccio of Alliance Advisors IR. Thank you. You may begin.
Carolyn Capaccio: Thanks, Christine. Good morning, everyone, and thank you for joining us today. With me on the call is Bill Bosway, Gibraltar Industries Chairman, President, and Chief Executive Officer, and Joe Lubecchio, Gibraltar's Chief Financial Officer. The earnings press release that was issued this morning, as well as the slide presentation that management will use during the call, are both available in the investor section of the company's website, GibraltarOne.com. Gibraltar's earnings press release and remarks contain non-GAAP financial measures. Tables of reconciliation of GAAP to adjusted financial measures can be found in the earnings press release that was issued today. Further, please note that continuing operations exclude net sales and operating results of the renewables business which was classified as held for sale and as a discontinued operation with the second quarter 2025 results, the EBOS portion of which was subsequently sold on February 20th, 2026. Adjusted results also exclude the net sales and operating results of the residential electronic business, sorry, electronic locker business, which was sold on December 17th, 2024. The acquisition of Omnimax International closed subsequent to quarter end on February 2nd, 2026. Also, as noted on slide two of the presentation, the earnings press release and slide presentation contain forward-looking statements with respect to future financial results. These statements are not guarantees of future performance, and the company's actual results may differ materially from the anticipated events, performance, or results expressed or implied by these forward-looking statements. Gibraltar advises you to read the risk factors detailed in its SEC filings, which can also be accessed through the company's website. Now I'll turn the call over to Bill Bosway. Bill?
Bill Bosway: Thanks, Carolyn, and good morning, everyone, and thank you for joining us today. We have a lot to discuss today. First, we're going to take you through our fourth quarter results, which are in line with our previously announced range, and then we're going to spend quite a bit of time on the OmniMax acquisition, which closed on February 2nd, how we're actually executing our integration plan, our core assumptions that we have built into our 2026 plan, and then we'll take you through our 2026 guidance. I think you'll hear me say... this more than once today, how excited we are about the acquisition, as it really does accelerate our strategy to be a strong leader serving the building products market. In fact, with OmniMax, our residential segment will represent over 80% of Gibraltar's total business in 2026. So the segment, and hence the acquisition, play an important role in our 2026 guidance. So we'll get through that, and then we'll open up the call for questions and discussion. So let's get started with slide three, and we'll talk a little bit about 2025. Fourth quarter results were in line with our previously announced top and bottom line ranges. We delivered 17% adjusted net sales growth driven by our metal roofing and structured acquisitions, offset by a soft residential and market, significant channel inventory right sizing, and timing of price-cost alignment actions in the building accessories business. Lower new construction starts impacted the mail-in package business, and we had ag tech project volume shift into 2026. Consolidated bookings continue to be strong in the quarter with backlog up over 102% over prior year. We delivered operating, I'm sorry, we delivered adjusted operating margin of 10.8% and EBITDA margin of 13.6% resulting in adjusted EPS of 76 cents. We generated $32 million in operating cash flow and free cash flow as a rate to sales of 9%. For the year, we delivered 12% adjusted growth to 1.14 billion Dollars operating in EBITDA margins of 13.3% and 16.3% respectively, resulting in adjusted EPS of $3.92. We generated $137 million of operating cash flow, ending with $116 million in cash for the full year and free cash flow of 8%. As I mentioned, we closed on the OmniMax international acquisition, and just last week we completed the sale of TerraSmart's eBoss business for $70 million. The sale process of our renewables racking and foundations business is ongoing, and we anticipate completing the process in early Q2. Proceeds from both transactions will be applied to debt reduction. So for 2025, to summarize, it was a year of solid growth despite some persistent in-market challenges, particularly in our residential market. We remain focused on evolving our portfolio with investments in metal roofing and building accessories, as well as the recent divestiture of our renewables eBoss business. Now, we'll go into each of the business segments, and Joe's going to start with residential.
Joe Lubecchio: Thanks, Bill, and good morning, everyone. Let's start with residential on slide four. Our adjusted net sales for our residential segment increased by 15 million, or 8.9%, driven by our metal roofing businesses, which were acquired last year and continue to perform well, driving overall segment growth. Total segment organic growth decreased 4%. Our building accessories business was down 2.7% in a soft market coupled with channel inventory rightsizing. And the mail and package business was down driven by ongoing slowness in single and multifamily new construction starts. Turning to operating margins, adjusted operating and EBITDA margins decreased 320 and 280 basis points respectively as we experienced cost deleveraging on lower volumes in building accessories and mail and package as well as business and product mix timing of price-cost alignment actions, as well as integration investments across the metal roofing businesses.
Bill Bosway: So, if you will, I just want to give a quick update on the U.S. roofing market on slide five. So, if you can turn there, you know, the residential market, including the roofing market, was softer than expected for the entire second half of 2025. And we experienced a further downshift during the fourth quarter. General affordability, interest rate levels, and I'd say the limited number of weather events relative to 2024 were the main headwinds during the year. As a result, we saw significant effort across our channels to further reduce inventory in the fourth quarter. To put things in perspective, our building accessories business posted 2.5% growth through the first three quarters of the year, but experienced down revenue of 2.7% in the fourth quarter. Although we're disappointed with our revenue in Q4, I believe we outperformed the market whether measured against our machine shipment data or retailer POS results. As we move into 2026, I think affordability and interest rate headwinds remain. And although channel inventory seems to be better aligned with end demand, we expect customers to continue closely managing inventory and restock less than normal in the first quarter. As well, the snowstorm that hit in late January, early February, that blanketed a very large portion of the U.S., has contributed to an inconsistent demand pattern so far in the first quarter. And we'll talk more about this when we discuss our 2026 guidance. One other point, just a brief comment on the recent IEEPA tariff ruling. We do not expect any incremental impact with the ruling of steel and aluminum. Our core commodities are governed by Section 232 and 301 tariffs, which remain in place as is. But we'll continue to monitor the situation and respond to any changes going forward accordingly. Let's move on to ag tech.
Joe Lubecchio: So turning to slide six, ag tech net sales grew approximately 20 million or 46.6% driven by the lane supply acquisition, which is performing as expected with solid demand. This continued strength offset an ongoing funding delay of a large produce project in the U.S. as we have previously discussed. Organic volume decreased while total backlog at quarter end increased 239% with organic backlog growing 187%. Adjusted operating margin decreased 12 percentage points due to lower volume in the quarter in the organic business and a prior year benefit of a past due customer payment of approximately $2 million. Adjusted EBITDA margin decreased 11 percentage points as it excludes the impact of higher amortization resulting from the acquisition of Lane and its related intangible assets. Now let's cover infrastructure on slide 7. Infrastructure net sales grew 4.4 million or 24.3%. Backlog decreased 4%, driven by the timing of project awards, while quoting and bid activity remained strong. Expansion in both segment-adjusted operating and EBITDA margin was driven by 80-20 initiatives, volume, mix, and the accelerating ramp-up of the new steel-shaped supplier. So now let's move to slide 8 to touch on our balance sheet and cash flow at year-end and wrap up fourth quarter reporting. At December 31st, we had cash on hand of approximately $116 million and $394 million available on our revolver. During the year, we generated $137 million in cash from operations and $91 million of free cash flow, or approximately 8% of sales. We did not repurchase shares in the fourth quarter. Our debt-free balance sheet and undrawn revolver at the end of the year put us in a strong position to finance and close the acquisition of OmniMax on February 2nd of this year. And I'll turn the call back to Bill.
Bill Bosway: Now we're going to turn our attention to talk about the integration of OmniMax and how it feeds into our 2026 guidance. So if we can go to slide 10. I just want to have a quick recap of the rationale for the acquisition of OmniMax. I said earlier we're excited to have OmniMax join us. If you think about it, it really helps further strengthen our leadership position in the building products market. And both us and OmniMax have really transformed our residential businesses over the last five years. Our brands and our product lines and our footprints are very complementary. I think being able to join forces today accelerates our building product strategy by at least two years. Fundamentally, as the leader in our market, I think we're in a much better position today to help shape the future of the industry rather than have someone else shape it for us. There really were four key tenets around supporting the acquisition. Number one, IBM Access, a leading manufacturer of roofing accessories and rainwear management products, And they have great contractor-recognized brands and a very strong reputation for service and quality. I'm going to actually strategically align with our core competencies and offer significant value creation with our residential business, and we'll talk about that a little bit later. You know, it significantly enhances our scale in the residential segment and helps us collectively deepen our presence with customers and channels as well as across a number of geographies. OmniMax also brings a complimentary footprint and product offering, which I'll share in just a bit, that puts us in a great position to serve more MSAs and also serve unique local, regional, and national requirements. And finally, the combination creates an attractive financial profile with a lot of synergy opportunity, both at the commercial and cost level, which we will also go into here shortly. So let's move to slide 11. And I just want to show our combined presence. You know, in the U.S., we have between 80 and 85 million single-family homes, and we have another 40 million of multifamily residential units, and each one of these structures obviously has a roof. And we make the products which are integral to the roof. They're designed with the intent of making sure your roof doesn't leak and also make sure you have the correct airflow in your attic. Collectively, now that we're together, we now serve over 70% of the top 80 MSAs in the U.S. and have a unique footprint with capabilities to support local customer product and service requirements. Our collective footprints fill in geographic gaps for each other, and together with our complimentary product lines, we really believe we're gonna unlock new opportunities in existing channels at the local, regional, national level, and we're already starting to see that just two and a half, three weeks in. Now I wanna dig into our approach and how we're integrating the business and how we're gonna create value with the combined business. So let's turn to slide 12. And I'd say since February 2nd, which isn't that long ago, our leadership team has been really busy implementing foundational building blocks and finalizing the roadmap for 2026. As you know, with any integration, the first step is to make sure the organization is stabilized, as it's a lot to take in for everybody in the business. The stabilization ultimately at the end of the day is effectively building common culture for the new organization. And to do this, I think it's important to know the starting point for the entire team. And so the leadership team, in just our second week together, asked the combined organization to participate in a survey focused on understanding the different ways that we work. It's interesting, the data, the results revealed more similarities across the team than not, particularly around strong customer orientation, collaboration, and a one-team mindset as well as empowerment. I think a lot of this might have to do with the fact that we're in the same swim lanes, that we're in the same industry, and we have a lot of good experience. Secondly, it's been important for the team to establish integration and governance. which we have done through the existing OmniMax integration management office. And third, once you start this journey, you have to have discipline execution on a daily basis to get some wins and to build some momentum. As an example of a small but I think a really important win in the last three weeks is we can now see daily order entry and shipments and delivery performance for each of our 39 locations across the combined company. It's a great first step in being able to track, measure, and address opportunities across the entire network. So now over the next 100 days, we are focused on a few things. Number one, organization transition, getting the structure right, and building an ownership mindset across the team. We are also building integration discipline as we execute synergy capture and frame additional synergy opportunities. With that, we expect performance lift in our service reliability, our commercial excellence upgrades, and participation gains and margin expansion. And later in the year, we will turn our attention to optimizing our product portfolio using our 80-20 toolbox. Now, to dig into a little bit more detail of the first 100 days, let's move to slide 13. Prior to the close, we actually had about four weeks to prepare for the day one launch, while simultaneously putting some of our foundational building blocks I just mentioned in place. Fundamentally, we had to establish the leadership team and name our business leader, which we'll review here in the next slide. We had to prepare our integration office and integration governance to support the IMO and workstream teams for this effort. We also finalized our 20 workstreams and identified the team leads and sponsors for each. We developed a financial baseline and synergy targets for the organization. And obviously, we had to create and execute our day one plan, which Effectively, it went very well. We had internal communication plans launched simultaneously across 39 locations where we had representatives from both Gibraltar and OmniMax present for two days to answer questions and support the local team. We also launched external communications with suppliers and customers, all which went well. We are now just a few weeks into our 100-day plan, and we are very active. We have established a leadership team, as I mentioned, and we will soon be finalizing and implementing the structure and roles for level two and level three managers in the organization. We have also established 2026 performance targets, finalized the highest priority synergy initiatives, and aligned goals and incentives for the team. Our functional teams are also very focused on their highest priority initiatives within their functions and across other functions as well. You know, after a successful first 100 days, we'll start to transition from an integration focus to more of a transformation focus as we move from integrating the two businesses to further transforming the way the combined business will operate going forward. Let's move to slide 14. And I want to share with you the building products structure and the team. You know, this is an excellent leadership team. It's led by John Krause, who is the CEO of DeWalter's building products business. John's team is built with strong leaders from both companies, and we are very fortunate to have great and experienced leaders overseeing each function of the business. The team has a broad experience in building products that understands the market, customer, and competitive landscape. The Integration and Transformation Office, you see, has been a critical part of the Almanac's operating structure and culture for the last three years, and it will continue. We have Supplemented the IMO with an experienced third-party advisory team that has also worked with OmniMax over the last three years and has familiarity with the team and the business. And finally, we are investing in product innovation by adding a leadership position, which we will hire from outside the organization. New product development, optimizing our product portfolio, and driving 80-20 initiatives are important for our business, and this new position is going to help drive much of that. Now I want to switch gears and turn to slide 15 and drill into a little bit more detail of how we're actually integrating the companies. And I think this is important for everyone to understand. First thing I want to say, though, is I do want to recognize our IMO and our integration planning teams, as well as the leaders and sponsors that are driving them. And I know many of them are listening to the call, so I do want to say thank you to everyone for your leadership and tenacity in this process. I know it's hard work. It takes a lot of time, and I appreciate this group of leaders being the hub of the integration wheel, and I know all our teams do as well. But I want to start first with why a centralized IMO is so important to integration success, because every organization faces some set of challenges with integration. Typically, it's things like enabling teams to own plans and execute beginning day one. It's doing it all in a way that preserves the best of both companies' businesses as well as the teams and cultures. Working with enough speed and practicality to achieve necessary targets and making sure that we're following through and not letting things fall through the cracks and making sure that we track implementation of everything we're doing day in, day out. It's important an IMO creates clear guidelines and has authority to keep the organization aligned with the strategy to set the company up for success, but also to manage change management and communication plans that keep everyone informed about how things are progressing each and every day. So OmniMax created an IMO three years ago, and we're going to continue to leverage its success and build on it as well. This team is made up of five full-time resources, and frankly, all very talented and high-potential individuals. Really excited with the group, just tremendous. And two of which have recently joined the group from the Gibraltar Building Accessories Leadership Team. And both of these folks have good backgrounds in operations, sales, product management, integration. So a very strong team. Our IMO oversees and works with 15 functional integration planning teams we call IPTs. These teams have sponsors and leaders which are responsible for developing work plans around the top integration priorities for their respective functions. The functional IPTs also have support from the third party advisory team which often helps with things like integration processes, scheduling, resource management, and oftentimes data analytics. The IMO and IPTs meet daily and weekly to review progress and make sure we stay on track. The IMO is also responsible for managing four sub-teams focused on communications, culture, organization, and talent, and then synergies. As well, the IMO is governed by the steering committee, which is comprised of my corporate team, my leadership team, John Krause and his leadership team, the IMO itself, and the third-party advisory team. Our committee work meets weekly and or biweekly. We review progress and we really try to address as many existing or potential hurdles or roadblocks for the teams. I'd say overall the IMO is working very well in bringing the necessary rigor and process and governance and operating discipline required to make this integration successful. So with that, now let's turn to slide 16. I want to talk about our 2026 synergies. Again, as a reminder, being at this now for two and a half weeks, three weeks, we came into 26 with an original plan for synergies of $20 million, which really focused on cost synergies alone, generated through 80-20 initiatives, SG&A initiatives, logistics initiatives, and supply chain initiatives. Our current plan has actually improved, and we expect to execute $24 million which will include both cost and commercial synergies. And our commercial synergies mainly involve executing cross-selling, which will happen a little bit sooner than we originally anticipated. So that's really good news. Also, we have moved our logistics initiatives to start in 27 versus 26, given the work needed to be completed prior to starting execution. Effectively, this effort is tied to our 80-20 product and SKU harmonization initiative, which will make it easier to optimize logistics and shipping from each facility in the future. Now of the 24 million implemented in 26, we'll realize just over 15 million of that in our full year EBITDA results and that is in our guide. And we'll carry over the remaining 9 million into 2027. Now the difference in the run rate implementation of 24 million and the realized synergies of 15 million is just simply implementation timing. So I'll give you an example. With our supply chain initiatives, Negotiated savings we have will be realized when existing supplier contracts are up for renewal and many of those happen to turn over later in the year. So there's been a lot of great work over the last three weeks on our synergies and frankly it's exciting to see we're finding more opportunities and I suspect and expect our teams will find even more over the next hundred days. Now with that I'm going to turn it back over to Joe and to take you through the financing of the transaction.
Joe Lubecchio: So let's move to slide 17 to review financing for the OmniMax transaction. We entered into two new equal size senior secured term loan facilities in an aggregate principal amount of 1.3 billion and a new upsized 500 million revolving credit facility and used the proceeds from the financing together with cash on hand to fund the acquisition and pay related transaction fees and expenses. We received ratings from the agencies of BA3 and BB-, and our key covenants include a total net leverage ratio of 5.25, which steps down to 4.25 over time, and a minimum interest coverage ratio of 3 to 1, both of which we feel very comfortable with. This flexible debt structure also facilitates an efficient debt pay down. So then moving to slide 18, I kind of want to go through our deleveraging roadmap here. So our priority and focus is to deleverage as quickly as possible. The drivers of our plan are shown on the left side of this slide. In year one, we expect strong EBITDA margin percent and synergy realization. We are beginning to execute our working capital optimization opportunities and expect to start utilizing our cash tax benefits. We planned capital expenditures of 2% to 3% of sales interest payments on our debt, and special charges related to acquisition, transaction, integration, and restructuring-related costs, with all of these assumptions driving our free cash flow guidance of approximately 8% of sales this year. Following the recent sale last week of our renewables eBoss business for $70 million, we used those proceeds to pay down debt, and we expect to be below $1.1 billion of net debt at the end of the year. In year two, we expect similar drivers, including the realization of additional synergies as well as interest payments at a lower amount as our debt level is reduced. In addition, we do not expect the same level of special charges, all of which we would expect to drive free cash flow of approximately 10% of sales and our net debt to below $900 million. We also have possible liquidity from additional non-core asset divestitures. In terms of the timing of deleveraging, the graph on the right shows our planned path, and we're targeting a leverage ratio of approximately two and a half times adjusted EBITDA in 24 months of close or first quarter of 2028. During this period, our capital allocations will be focused on funding the growth of our business through capital expenditures and on debt reduction. So now let's move to slide 19 to talk about 2026. Given all the moving parts with the acquisition of OmniMax, we thought it was important to provide some 2026 key assumptions up front and provide the right context as well as highlight some important considerations. So first, OmniMax delivered good full-year 2025 results in both revenue and adjusted EBITDA. As a reminder, OmniMax made two acquisitions last year, one early in the year and one later in the year. So their reported revenue for 2025 was approximately $518 million, but adjusting to include the full-year benefit of those acquisitions in 2025 and to exclude special charges related to acquisition transaction integration, restructuring, and other related costs, OmniMax's 2025 revenue was approximately $566 million, and adjusted EBITDA was approximately $109 million. More broadly, within residential, we see a continued soft market in the first half, improving in the second half. In ag tech, we have removed the Arizona project from our plan and will continue to monitor the funding status accordingly. And within infrastructure, engineering backlog and quoting activity remain strong. So as we think about Q1 earnings, there are a few things to keep in mind. Given the continued soft market plus only realizing two months of OmniMax results based on the closing date, the ramp-up of synergies later in the year, and the impact of interest expense of the initial elevated debt balance, we would expect less than 20% of our adjusted EPS in Q1. From a GAAP EPS perspective, we would expect approximately two-thirds of the special charges to occur in Q1 as most relate to the closing of the transactions. Now, in regards to free cash flow, given the lower Q1 earnings profile, the initial cash outlays for expenses related to the closing of the acquisition in February, and the fact that synergies and working capital optimization benefits are expected to ramp throughout the year, we would expect limited free cash flow generation in Q1 with a ramp up throughout the rest of the year. Overall, we feel really good about our plan to deliver double-digit operating cash flow as a percentage of sales and free cash flow of 8% of sales for the year. Lastly, some additional assumptions to highlight. With the combined company, we expect depreciation, amortization, and stock comp expense to be approximately $90 million for the year, which currently includes an approximately $40 million annual estimate for non-cash amortization related to intangibles due to the OmniMax acquisition. We anticipate approximately $50 million in special charges related to acquisition, transaction, integration, and restructuring costs, and we expect greater than $70 million in interest expense, financing, and commitment fees which will be dependent on the timing of our debt repayments and interest rates. And lastly, we are assuming a 26% tax rate. So having covered some of the key assumptions and considerations, let's move to our 2026 guidance on slide 20. For continuing operations, we expect consolidated net sales between $1.76 billion and $1.83 billion, compared to $1.14 billion in 2025. We estimate the benefit of OmniMax in 2026 of approximately $570 million of revenue for the year, which would help drive approximately 57% growth at the midpoint and approximately 5% organic growth. Adjusted operating margin between 12.6% and 13% compared to 13.3%. Adjusted EBITDA margin between 17.6% and 17.8% compared to 16.3% for 2025 for 140 basis points expansion. The expected contribution from OmniMax plus synergy realization, which will occur both within the legacy OmniMax and the legacy Gibraltar businesses, is approximately $70 million for adjusted operating income, which includes the estimated non-cash impact of the intangibles amortization that I previously mentioned, and $120 million for adjusted EBITDA. Gap EPS between $2.40 and $2.80 compared to $3.25 in 2025, including the expected impact of special charges related to the acquisition, transaction integration, and restructuring related costs. OmniMax remains on track to be accretive to adjusted EPS in 2027, the first fiscal full year post-close. Given the contributions of OmniMax and synergies in the expected interest expense and finance fees, OmniMax is slightly dilutive in 2026 of about $0.09 per share. So our adjusted full year EPS guidance is between $3.65 and $4.05, compared to $3.92 in 2025. And our free cash flow guidance is approximately 8% of sales. So now let me turn it back over to Bill.
Bill Bosway: So wrapping things up, just want to reiterate a few key takeaways from our discussion. Number one, first, we are conservative in our plan, given the residential will represent 80% of Gibraltar in 2026, and our assumption that the residential market will remain soft, particularly in the first quarter, maybe the first half. Q1 will be our lowest earnings quarter, given our highest debt balance immediately post-close and acquisition charges absorbed in the quarter. Q1 free cash flow will be limited, but given a lower earnings profile, our transaction closing expenses and the timing of working capital benefits. We do expect double digit operating cash flow for the year as a percent of sales. I think fourth, integration is very organized and active with much accomplished in our first 24 days. The leadership team is in place, the IMO is up and running, and the 20 IPTs are in full swing with leaders and sponsors. Five, we're ahead on synergies, 24 million of run rate synergies, four more than the original plan will be implemented with 15 million flowing through to EBITDA starting in Q2 and accelerating sequentially through Q4. And finally, we maintain a clear path to two and a half times leverage by the end of 2027. So a lot to take in there with the change in the business and the acquisition of OmniMax. But with that, let's open up the call for questions and discussion.
Christine: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star keys. One moment, please, while we poll for questions. Thank you. Our first question comes from the line of Daniel Moore with CJS Securities. Please proceed with your question.
Daniel Moore: Thank you. Good morning, Bill. Good morning, Joe. Hey, Dan. Hey, Dan. So just to elaborate on the residential outlook, softer in H1, some recovery in H2. Overall, you're expecting the market to be roughly flat, up a little, just any details there, and how should we think about your ability to increase participation, you know, year one as you put these two businesses together?
Bill Bosway: Yeah, thanks, Dan. So, yeah, I'd say we've built a plan around a marketplace that is described, as you said. I think, you know, volumes are going to be down a little bit in Q1 and Q2, and then There are some green shoots that are happening out there. It's been a little bit challenging in the first quarter. Adam referenced this. We don't like to talk about weather as an excuse, so I'm not suggesting that, but we saw order patterns in the first 60 days swing wildly because of that snowstorm that blanketed such a large portion of the U.S. I think NOAA had said at one point that between 25 and 30 percent of the rooftops in the U.S. were covered with snow. The point there isn't that we couldn't get people to work. The point there is contractors couldn't get on the roof. So we saw big swings with order entry in a two or three week period. So it's been a little bit challenging to try to get a consistent demand cadence. But I would suggest that coming out of Q4, which was pretty big of a downshift, we think Q1's also going to be a little bit soft. Not because there's more inventory coming out. There's probably just less restocking going into the channel as we get closer to the start of the season, which, as you know, really starts in earnest in March. I think we'll get a better idea how things evolve in the next few weeks. So we've been conservative with our assumption of how that volume is going to pick up as we go through Q1 and into Q2. You know, from a participation gains perspective, I mentioned earlier that some of our commercial synergies that are coming earlier than we thought, part of that is associated with what you just suggested. And so, yes, cross-selling as a synergy is great, but it often means, in this case, it's participation gains. So we'll start to see that flow into the year as well. And I used some examples earlier prior to this call where we have product lines from both businesses that now are accessible for different parts of the country that weren't before. So you'll see some of that start to kick in a little bit sooner than we originally anticipated, which is good news. And we have a number of initiatives to drive that this year, and that's where the participation gains will come. So that's how we're setting up. And the last thing I'd say, sorry for the long answer, but with a soft market, I'm probably even more grateful now that you have the two leaders coming together to be able to do some things that you maybe not be able to do on your own. And being in the soft market, that gives us even a better shot to drive more participation as we go through the year. So that's how we see things evolving from an in-market perspective.
Daniel Moore: Helpful. Joe, as it relates to the cadence, really appreciate the color. You know, adjusted earnings less than 20% in Q1. how are you thinking about kind of H1 versus H2 on that same metric, you know, this year relative to what would be a more normal or balanced year?
Joe Lubecchio: Yeah, so you wouldn't see, we wouldn't expect to see as much of, you know, that difference from Q1. We wouldn't expect to see as much of that difference in Q2, but some difference is probably the way I would characterize it. Again, as we talked about kind of that softer market in H1. And so then you'll have basically the balance of that more in the second half, probably ramping up through Q3 and Q4 is probably the way to think about that. Okay.
