Financial Data and Key Metrics Changes - Terex reported earnings per share (EPS) of $1.50 on sales of $1.4 billion, with a cash conversion rate of 200% and maintained its full-year outlook [4][5] - The combined company is expected to achieve a mid-teens adjusted EBITDA margin profile in fiscal 2025 on a pro forma basis, near the top end of the specialty equipment peer group [7][12] Business Line Data and Key Metrics Changes - The merger will create a U.S.-centric large-scale specialty equipment manufacturer with approximately 85% of combined revenue generated in North America [12] - The portfolio will be balanced with about 40% of sales related to specialty vehicles, with the remainder split between Environmental Solutions and Materials Processing [12][15] Market Data and Key Metrics Changes - The pro forma end market profile will be less cyclical than ever before, with nearly 60% of revenue associated with emergency vehicles and waste collection [13] - The utilities market is expected to see significant growth due to increased demand on the U.S. electrical grid and infrastructure spending [14][19] Company Strategy and Development Direction - The merger aims to unlock significant synergies, with a target of at least $75 million in annual synergies [6][25] - The company plans to exit the Aerial Work Platforms segment to reduce exposure to cyclical end markets, which is expected to enhance the overall financial profile [7][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential across all verticals, driven by urban expansion, population growth, and infrastructure investments [32] - The exit from the Aerial Work Platforms segment is seen as a strategic move to create a more predictable earnings profile [51][90] Other Important Information - The combined company will have a strong balance sheet with approximately 2.5 times leverage on a pro forma basis, allowing for further deleveraging [8] - The merger is expected to be completed in the first half of 2026, subject to customary closing conditions [7] Q&A Session Summary Question: Strategic growth outlook post-merger - Management highlighted the merger creates a less cyclical portfolio with attractive markets and significant growth potential across various verticals [32] Question: Timing of Aerial Work Platforms sale - Management believes there will be many interested buyers for the Aerials business, which has a strong brand and legacy [33][46] Question: Value creation for REV Group shareholders - The merger is seen as a natural step in the transformation journey, providing both companies' shareholders the ability to participate in future upside [40] Question: Synergy realization timeline - Management expects to achieve about half of the $75 million run rate within the first 12 months post-merger [41] Question: Confidence in the Aerials business sale - Management is confident in the Aerials business's appeal and believes it will attract multiple suitors [46][92] Question: Integration of the two entities - The integration will follow a proven playbook used in previous mergers, with a focus on operational efficiencies and best practices [81]