Financial Performance Highlights - Orders increased by 173% to $13156 million, with record aftermarket orders[11] - Record backlog reached $51436 million, exceeding $5 billion for the first time[11] - Sales increased by 53% to $10015 million, or 66% excluding foreign exchange impacts[11] - Adjusted operating income margin increased by 190bps to 199%[11] - Adjusted EBITDA increased by 89% to $2311 million[11] - Adjusted EBITDA margin increased by 80bps to 231%[11] Cash Flow and Capital Structure - Free cash flow was negative $801 million, compared to negative $1357 million in Q1 2024[18] - The company aims to generate over $550 million in free cash flow in 2025 to reduce net leverage to the target range of 20-25x[38] Segment Results - Cryo Tank Solutions orders decreased by 42% and sales decreased by 41%, but the adjusted operating income margin increased by 220bps to 127%[28] - Specialty Products orders increased by 246% and sales increased by 167%, with an adjusted operating income margin increase of 560bps to 189%[28] Outlook - The company projects revenue between $465 billion and $485 billion, adjusted EBITDA between $1175 billion and $1225 billion, and adjusted diluted earnings per share between $1200 and $1300 for 2025[37]