Financial Data and Key Metrics Changes - In Q3 2025, adjusted EPS grew by 32% to $1.84, with total company revenue increasing by 23% year-over-year [4][8] - Adjusted EBITDA is expected to exceed $500 million, implying approximately 20% growth year-over-year [4][11] - Consolidated segment income grew by $32 million, or 28%, to $146 million, with a segment margin increase of 110 basis points [8] Business Line Data and Key Metrics Changes - HVAC segment revenue grew by 15.5% year-over-year, with 6.7% inorganic growth and a nominal FX impact [8] - Detection & Measurement segment revenue increased by 38.4% year-over-year, with strong organic growth of 26.5% [9] - Segment backlog for HVAC was $579 million, up 7% sequentially, while Detection & Measurement backlog was $366 million [8][9] Market Data and Key Metrics Changes - Strong demand in key end markets for HVAC, particularly in data centers and healthcare [12] - Detection & Measurement segment shows steady run-rate demand, with modest growth anticipated [12][22] Company Strategy and Development Direction - The company is focusing on organic growth initiatives, including expansion plans for engineered air movement businesses and the launch of the Olympus Max product [5][6] - The M&A pipeline remains robust with several attractive opportunities identified [5][29] - The company is raising full-year guidance, reflecting confidence in market conditions and operational performance [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained growth across HVAC and Detection & Measurement segments, with a strong backlog supporting future performance [12][22] - There are expectations for modest headwinds in 2026 due to project sales shifting from early 2026 into 2025 [12] - Management remains optimistic about the future, citing a proven strategy and capable team [13][14] Other Important Information - The company raised additional capital through an equity offering, increasing liquidity by more than $1 billion without diluting 2025 EPS [5][10] - Adjusted free cash flow for Q3 was approximately $91 million, with expectations for Q4 to be the highest cash flow-generating quarter of the year [10] Q&A Session Summary Question: Visibility into 2026 and growth platforms - Management feels positive about HVAC businesses, particularly in data centers and healthcare, with some modest growth in industrial markets [20][21] Question: Update on KTS, Sigma, and Omega integration - KTS is performing well, with positive technology integration, while Sigma and Omega are at an earlier stage but showing promise [26][27][29] Question: Capacity expansion plans - The TAMCO facility in Tennessee is set to begin production in Q1, while Ingenia's expansion will be larger and is still being finalized [36][39] Question: Opportunities in the nuclear market - The company has a strong position in existing nuclear cooling tower markets but does not foresee new nuclear opportunities in the near term [44][46] Question: Push-outs of large projects related to data centers - Management has not observed significant push-outs, noting high demand from key customers [54][55] Question: Consumer headwinds in HVAC - The residential segment is primarily replacement demand and has not seen a slowdown; commercial segments remain strong [56][58] Question: Adoption expectations for Olympus Max product - The company is on track to achieve $50 million in bookings for Olympus Max, with potential for rapid growth thereafter [68][69] Question: M&A pipeline and appetite for larger deals - The company maintains a disciplined approach to M&A, with a robust pipeline but no change in strategy despite increased balance sheet capacity [91][92]