Q1 2025 Performance Highlights - Orders grew by +10%, with organic orders up +3.3% year-over-year, resulting in a book-to-bill ratio of 1.10x[7] - Free cash flow reached a record $223 million in Q1[7] - Adjusted EBITDA was $460 million with a margin of 26.8%[16] - Adjusted EPS was $0.72, down 8% year-over-year[16] - The company has $4.2 billion in liquidity, including $1.6 billion in cash on hand[16, 21] Segment Performance - Industrial Technologies and Services revenue was $1.3521 billion, a decrease of 1.6% year-over-year[22] - Precision and Science Technologies revenue was $364.7 million, an increase of 22.9% year-over-year[28] M&A and Capital Allocation - Targeting up to $750 million of share repurchases by the end of 2025[11] - Authorized a $1 billion increase to the company's share repurchase program[11] - Expected annualized inorganic revenue to be acquired in 2025 is 400–500bps[12] 2025 Full-Year Guidance - Total revenue growth is maintained at 3-5%[36] - Organic revenue growth revised to (1)-1%[36] - M&A contribution is expected to be ~$330 million, or ~4.5%[36] - Adjusted EBITDA is projected to be $2.07 billion - $2.13 billion, representing a +3% to +6% year-over-year increase[36] - Adjusted EPS is expected to be $3.28 - $3.40, approximately flat to +3% year-over-year[36]