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    Andrew Buscaglia • BNP Paribas

    Andrew Buscaglia's questions to Zebra Technologies Corp (ZBRA) leadership

    Andrew Buscaglia's questions to Zebra Technologies Corp (ZBRA) leadership • Q2 2025

    Question

    Andrew Buscaglia asked for an update on the company's view of U.S. import tariffs, including concerns about exemptions and potential escalations, and what mitigation efforts are being monitored. He also inquired about the competitive landscape and the potential for market share gains.

    Answer

    CFO Nathan Winters described the tariff situation as dynamic and confirmed the company has a dedicated team and a playbook of mitigation options, including pricing and supply chain diversification. CEO Bill Burns stated that Zebra feels good about its competitive position due to its broad portfolio, strong customer relationships, and innovation, and will continue to 'play our game' regardless of competitor actions.

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    Andrew Buscaglia's questions to Zebra Technologies Corp (ZBRA) leadership • Q1 2025

    Question

    Andrew Buscaglia questioned the impact of price increases on volume assumptions within the full-year guidance and asked for color on the strong growth in transportation and logistics (T&L) given negative reports from some large carriers.

    Answer

    CFO Nathan Winters noted that while pricing provides a tailwind, they are holding the sales guide by taking a more cautious view on the second half. CEO William Burns explained that T&L strength is supported by their global footprint and diverse customer base, including postal services, and that market share shifts between carriers can still result in net business for Zebra.

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    Andrew Buscaglia's questions to Zebra Technologies Corp (ZBRA) leadership • Q3 2024

    Question

    Andrew Buscaglia asked for commentary on the pickup in demand, particularly regarding large North American retail projects, and inquired about the outlook for this market into next year. He also questioned the current trends with distributors and their decisions to restock inventory.

    Answer

    CEO William Burns confirmed a broadening recovery across all vertical markets in Q3, with retail and e-commerce outperforming. He expects this to continue into Q4, supported by easier comps and a return to normalized year-end spending. CFO Nathan Winters added that distributor inventory levels are well-positioned to meet the anticipated increase in demand.

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    Andrew Buscaglia's questions to Ingersoll Rand Inc (IR) leadership

    Andrew Buscaglia's questions to Ingersoll Rand Inc (IR) leadership • Q2 2025

    Question

    Andrew Buscaglia inquired about the company's capital allocation preference between share repurchases and M&A, and the outlook for aftermarket business expansion.

    Answer

    CFO Vikram Kini reiterated that M&A, particularly bolt-on acquisitions, remains the top priority for capital, with share repurchases continuing opportunistically as planned. CEO Vicente Reynal added that the strategic goal is for the aftermarket business to consistently outgrow equipment sales, thereby increasing its share of total revenue.

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    Andrew Buscaglia's questions to Ingersoll Rand Inc (IR) leadership • Q1 2025

    Question

    Andrew Buscaglia of BNP Paribas requested an update on the ILC Dover acquisition, specifically its exposure to tariffs and current demand trends in its end markets.

    Answer

    CEO Vicente Reynal reported continued encouragement with ILC Dover's momentum, highlighting a book-to-bill of 1.11x for its life science business and low-double-digit booking growth in its core single-use powder handling portfolio. He noted that operational improvements are on track and the tariff impact on ILC Dover is minimal and can be passed on to customers.

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    Andrew Buscaglia's questions to Ingersoll Rand Inc (IR) leadership • Q4 2024

    Question

    Andrew Buscaglia asked if market uncertainty would favor smaller, bolt-on M&A deals in 2025 and inquired about the M&A pipeline for the ILC Dover life sciences platform and adjacent medical markets.

    Answer

    CEO Vicente Reynal confirmed the M&A focus is on bolt-on deals, leveraging market uncertainty to encourage transactions with family-owned companies. He also revealed that two of the seven current LOIs are for bolt-ons in the life sciences space, and that the company has a growing funnel of targets in adjacent medical device components, building on ILC's existing capabilities.

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    Andrew Buscaglia's questions to Ingersoll Rand Inc (IR) leadership • Q3 2024

    Question

    Andrew Buscaglia asked for more detail on the company's activity in the water treatment market and inquired about potential tailwinds for free cash flow in 2025 beyond margin expansion.

    Answer

    Chairman and CEO Vicente Reynal detailed their broad involvement in water treatment across both segments, citing multiple technologies and highlighting it as a key growth market. CFO Vik Kini addressed cash flow, noting that beyond business growth, working capital remains a huge focus, particularly inventory and opportunities from integrating M&A targets.

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    Andrew Buscaglia's questions to Xylem Inc (XYL) leadership

    Andrew Buscaglia's questions to Xylem Inc (XYL) leadership • Q2 2025

    Question

    Andrew Buscaglia of BNP Paribas asked about order trends in the Water Solutions and Services (WSS) segment, focusing on the mix between services and capital equipment. He also inquired about the growing importance of data centers as a demand driver.

    Answer

    CFO William Grogan described the WSS segment as being positioned for strong growth, driven by post-merger synergies, outsourced water projects, and a successful turnaround in the utility services business. He noted the capital business is a 'shining point' and that project lumpiness is normal. CEO Matthew Pine stated that while data centers are not yet a meaningful driver, there is a noticeable uptick in demand for water treatment solutions where municipal water is scarce. He anticipates it will become a more significant issue and opportunity over the next 3-5 years.

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    Andrew Buscaglia's questions to Xylem Inc (XYL) leadership • Q4 2024

    Question

    Andrew Buscaglia of BNP Paribas asked about the performance trends in the Water Solutions and Services (WSS) segment and the potential influence of the new presidential administration and EPA leadership on the water treatment business.

    Answer

    An executive explained that WSS had a strong Q4 as customer projects accelerated, though the growing outsourced water solutions business can introduce some quarterly lumpiness. CEO Matthew Pine addressed the political climate, expressing confidence in the strong bipartisan consensus on water infrastructure. He noted that the incoming EPA head has publicly supported PFAS cleanup, suggesting a continued positive regulatory environment for water treatment.

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    Andrew Buscaglia's questions to Cognex Corp (CGNX) leadership

    Andrew Buscaglia's questions to Cognex Corp (CGNX) leadership • Q2 2025

    Question

    Andrew Buscaglia of BNP Paribas questioned whether the strength in logistics, consumer electronics, and packaging could be attributed to demand pull-forward ahead of tariffs. He also asked for the rationale behind excluding the one-time benefit from the strategic channel partnership from the primary Q3 guidance.

    Answer

    CEO Matt Moschner acknowledged that while tariffs create cost pressures, they also drive long-term demand for automation. CFO Dennis Fehr noted a possible minor pull-forward in Q2 but has not seen a change in the Q3 funnel. Fehr explained the one-time benefit was excluded from guidance to provide a clear view of the underlying run-rate business, as accounting rules require recognizing a multi-year license agreement upfront.

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    Andrew Buscaglia's questions to Cognex Corp (CGNX) leadership • Q1 2025

    Question

    Andrew Buscaglia of BNP Paribas Asset Management inquired about the lack of customer purchasing delays despite macro uncertainty, specifically asking about the automotive sector, and questioned if gross margins have bottomed given mix and tariff headwinds.

    Answer

    CEO Robert Willett described a fluid but stable situation, noting no material order changes. He detailed a mixed regional picture: US logistics remains steady, auto is cautious, and China is in a 'wait-and-see' mode. CFO Dennis Fehr identified unfavorable product mix (due to strong logistics growth) and FX as the primary Q1 gross margin headwinds. He stated that while the mix headwind will persist, the company's focus is on driving overall profitability, as shown by the strong adjusted EBITDA margin.

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    Andrew Buscaglia's questions to Cognex Corp (CGNX) leadership • Q4 2024

    Question

    Andrew Buscaglia requested an update on the emerging customer initiative, including any context on incremental revenue for 2025, and asked about the primary levers that could drive gross margins back above 70%.

    Answer

    CEO Robert Willett reported that the new sales cohort acquired over 3,000 customers in 2024, with bookings around $1 million per week and business yielding over 75% gross margin. CFO Dennis Fehr clarified that they cannot isolate an incremental revenue number as the new team is integrated with the broader sales force. For gross margin improvement, Willett and Fehr pointed to volume leverage, new high-margin products, and the long-term accretive impact of the sales initiative, while noting near-term mix headwinds from strong logistics growth.

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    Andrew Buscaglia's questions to Cognex Corp (CGNX) leadership • Q3 2024

    Question

    Andrew Buscaglia sought more clarity on the Q4 gross margin guidance, asking if the core business excluding Moritex would be above 70%. He also questioned if a contribution from the emerging customer initiative was assumed in Q4 guidance and if a new target for 2025 would be provided.

    Answer

    CFO Dennis Fehr detailed the puts and takes for Q4 gross margin, citing a 1-point benefit from one less month of Moritex, offset by headwinds from product mix (more Logistics, less Consumer Electronics) and pricing pressure. He confirmed that increased bookings from the emerging customer initiative are factored into Q4 guidance but stated it was too early to provide a specific target for 2025.

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    Andrew Buscaglia's questions to Zurn Elkay Water Solutions Corp (ZWS) leadership

    Andrew Buscaglia's questions to Zurn Elkay Water Solutions Corp (ZWS) leadership • Q2 2025

    Question

    Representing Andrew Buscaglia of BNP Paribas, an analyst asked why Zurn Elkay isn't seeing weakness in healthcare and education spending, and requested an update on water-related funding and regulations.

    Answer

    CFO Dave Pauli and CEO Todd Adams explained that these end markets remain strong, as spending cuts often target programs, not building upgrades, and project lag times smooth out demand. Pauli also highlighted ongoing state-level 'filter first' legislation in Michigan, New Jersey, and others, which is driving demand for filtered bottle fillers in schools.

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    Andrew Buscaglia's questions to Zurn Elkay Water Solutions Corp (ZWS) leadership • Q1 2025

    Question

    Andrew Buscaglia asked if continuous price hikes are 'borrowing from the future' and unsustainable long-term. He also inquired how the company managed customer pull-forward orders, given the strong Q1 organic growth with little price impact.

    Answer

    Todd Adams, Chairman and CEO, acknowledged long-term uncertainty but expressed confidence in navigating the near-term, noting all major competitors face similar pressures. He explained that they are actively managing the order backlog on a daily, SKU-by-SKU basis to minimize purely price-driven buy-aheads and ensure high service levels for ongoing customer needs.

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    Andrew Buscaglia's questions to Zurn Elkay Water Solutions Corp (ZWS) leadership • Q3 2024

    Question

    Andrew Buscaglia asked about the drivers behind the exceptional gross margins, their sustainability, long-term targets, and whether there is a margin differential across the 18-month construction project timeline.

    Answer

    CEO Todd Adams attributed the strong and sustainable gross margins to the Zurn Elkay business system and a favorable product mix from the fast-growing drinking water category. He stated that a 50% gross margin is a realistic long-term target. Both Adams and CFO David Pauli clarified there is no significant margin differential across the construction cycle, as projects are in various stages at any given time.

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    Andrew Buscaglia's questions to Veralto Corp (VLTO) leadership

    Andrew Buscaglia's questions to Veralto Corp (VLTO) leadership • Q2 2025

    Question

    Andrew Buscaglia inquired about the sales channel for the data center opportunity, why the trend is emerging now, and asked for a quantification of its impact on growth.

    Answer

    President and CEO Jennifer Honeycutt explained that Veralto sells directly into data centers via its Chemtreat business and that the opportunity is gaining focus as it grows rapidly. SVP and CFO Sameer Ralhan noted that the contribution is not disclosed as it's still a small part of the total business.

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    Andrew Buscaglia's questions to Veralto Corp (VLTO) leadership • Q1 2025

    Question

    Andrew Buscaglia asked if tariffs were impacting M&A discussions and sought to clarify if Varalto is a net exporter from China to the U.S.

    Answer

    President and CEO Jennifer Honeycutt stated that tariffs are not impacting their M&A approach, their funnels remain full, and they remain biased toward capital deployment for M&A. While not directly answering the net exporter question, management implied the 3.5% tariff exposure reflects a balance of both imports and exports tied to China.

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    Andrew Buscaglia's questions to Veralto Corp (VLTO) leadership • Q4 2024

    Question

    Andrew Buscaglia asked a high-level question about the potential impact of a new U.S. administration on the Water Quality and PQI segments and whether the guidance accounts for potential tariff disruptions.

    Answer

    President and CEO Jennifer Honeycutt stated that Veralto's business is resilient as 85% of sales are tied to essential needs like clean water and safe food, which transcend politics. SVP and CFO Sameer Ralhan added that while the guidance does not assume a sustained tariff impact, the company is well-positioned due to its fortified global supply chain and manufacturing footprint.

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    Andrew Buscaglia's questions to Veralto Corp (VLTO) leadership • Q3 2024

    Question

    Andrew Buscaglia questioned the Water Quality segment's margins, asking about the differential between analytics and treatment, and also asked how the current 'U-shaped' CPG recovery cycle compares to past cycles.

    Answer

    SVP and CFO Sameer Ralhan explained that a mix shift towards slightly lower-margin treatment solutions and the timing of growth investments impacted Water Quality margins, but advised not to 'read too much into it.' President and CEO Jennifer Honeycutt characterized the current CPG recovery as a more gradual 'U-shaped' improvement, unlike faster 'V-shaped' recoveries in the past, but noted that leading indicators remain encouraging.

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    Andrew Buscaglia's questions to Amphenol Corp (APH) leadership

    Andrew Buscaglia's questions to Amphenol Corp (APH) leadership • Q2 2025

    Question

    Andrew Buscaglia from BNP Paribas inquired about the recent acquisition of Narda, asking for the purchase price, and questioned the company's capital deployment plans for the second half given its strong cash generation.

    Answer

    President & CEO R. Adam Norwitt revealed the purchase price for Narda was approximately $300 million. He stated that the M&A pipeline remains robust with opportunities of all sizes and that acquisitions continue to be a top priority for capital deployment, alongside organic investments, given the company's strong cash flow and balance sheet.

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    Andrew Buscaglia's questions to Amphenol Corp (APH) leadership • Q1 2025

    Question

    Andrew Buscaglia of Berenberg Capital Markets inquired about the potential impact of tariffs, asking which markets might see incremental costs and what financial effects are embedded in the Q2 guidance.

    Answer

    CEO Adam Norwitt explained that Amphenol's decentralized, entrepreneurial structure is "purpose-built" to handle such dynamics. He stated that local general managers work to mitigate impacts and pass on necessary pricing adjustments to customers. While acknowledging some pricing pressure, he noted that the strong Q2 margin guidance implies the overall impact is not expected to be tremendous.

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    Andrew Buscaglia's questions to Amphenol Corp (APH) leadership • Q4 2024

    Question

    Andrew Buscaglia asked how Amphenol is planning for potential U.S. tariffs and requested details on its manufacturing exposure to China, Mexico, and Canada.

    Answer

    CEO R. Norwitt stated that tariffs are not a new issue and the company successfully mitigated them in the past through its agile, decentralized structure. He emphasized that local general managers are empowered to adapt to trade policies in real-time. Rather than predicting policy, Amphenol focuses on maintaining operational flexibility across its expanded global footprint of nearly 300 facilities in over 40 countries, which positions it to react quickly and work with customers to manage any impacts.

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    Andrew Buscaglia's questions to Amphenol Corp (APH) leadership • Q3 2024

    Question

    Andrew Buscaglia asked for clarification on the IT Datacom segment's strong performance, seeking to understand the contribution split between AI-related demand and the recovering non-AI portion.

    Answer

    CEO R. Norwitt confirmed that the underlying non-AI IT Datacom market showed very strong growth in the quarter. He clarified that products sold into AI applications accounted for slightly more than half of both the year-over-year and sequential growth, indicating a significant recovery in the base business alongside continued AI strength.

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    Andrew Buscaglia's questions to Pentair PLC (PNR) leadership

    Andrew Buscaglia's questions to Pentair PLC (PNR) leadership • Q2 2025

    Question

    Andrew Buscaglia from BNP Paribas inquired about the preferred use of Pentair's strong cash flow, weighing share repurchases against M&A, especially amid tariff uncertainty. He also asked about the dynamic with distributors and their capacity to absorb further price increases.

    Answer

    President and CEO John L. Stauch stated that strong cash generation provides flexibility for a balanced approach of buybacks, dividends, and bolt-on M&A, noting that the deal pipeline is becoming more active. He explained that Pentair manages distributor relationships through its 80/20 strategy, focusing on top partners and using aligned dealer incentives to ensure high-value products are pulled through the channel.

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    Andrew Buscaglia's questions to Pentair PLC (PNR) leadership • Q1 2025

    Question

    Andrew Buscaglia questioned the ability to expand Pool margins with potentially negative volumes and asked about the level of distributor pushback on price increases and the resulting price realization.

    Answer

    CFO Bob Fishman affirmed the goal of ~100 bps ROS improvement in Pool, driven by transformation initiatives beyond just price/volume. CEO John Stauch added that growth investments can be pulled back if needed. Regarding pricing, he stated that while no one welcomes increases, distributors are generally accepting them because the tariff-driven cost pressures are an industry-wide phenomenon, ensuring fair implementation.

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    Andrew Buscaglia's questions to Nordson Corp (NDSN) leadership

    Andrew Buscaglia's questions to Nordson Corp (NDSN) leadership • Q2 2025

    Question

    Andrew Buscaglia from BNP Paribas questioned the historical volatility of the Advanced Technology Solutions (ATS) segment, asking if more consistent growth could be expected and seeking specifics on where order improvements were originating. He also asked about the Medical and Fluid Solutions (MFS) segment, inquiring about the visibility into the end of destocking trends in interventional medicine and the likely pace of the subsequent recovery.

    Answer

    President and CEO Sundaram Nagarajan acknowledged that the ATS segment is inherently lumpy but stated that the business is now in a growth part of the cycle, evidenced by strong order entry. Executive VP & CFO Daniel Hopgood added that current ATS growth is primarily from Asian customers, with U.S. investments representing future upside. Regarding MFS, Mr. Nagarajan confirmed that destocking is diminishing and projected a gradual, steady recovery to normal demand rather than a sharp rebound, while also highlighting strong performance from the Atrion acquisition.

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    Andrew Buscaglia's questions to Nordson Corp (NDSN) leadership • Q1 2025

    Question

    Andrew Buscaglia inquired about the organic growth of the ATS segment excluding the realigned Measurement & Control Solutions division, the rationale for the realignment, and how the company plans to achieve its EPS guidance midpoint if revenue trends toward the low end of the range.

    Answer

    CEO Sundaram Nagarajan stated the realignment was due to product and technology similarities with ATS's test and measurement focus. CFO Daniel Hopgood added that the division was not a major driver of the segment's organic growth. Hopgood also expressed confidence in meeting earnings commitments through operational management, citing Q1's results as proof. Nagarajan highlighted positive order entry, strong operational performance, and innovation as key supports for the full-year outlook.

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    Andrew Buscaglia's questions to Nordson Corp (NDSN) leadership • Q4 2024

    Question

    Andrew Buscaglia questioned how Nordson expects to achieve EPS growth with flat organic sales, given the margin dilution from the Atrion acquisition. He also asked about the margin trajectory for the MFS segment and the timing of cost savings.

    Answer

    CFO Daniel Hopgood explained that EPS growth is driven by benefits from prior restructuring, reduced interest expense from debt paydown, and a lower effective tax rate. He noted Atrion is on a good path with upper 20% EBITDA margins, with improvements expected to play out over 2025 and 2026. CEO Sundaram Nagarajan added that the Atrion integration is off to a good start with early cost adjustments already made.

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    Andrew Buscaglia's questions to Fortive Corp (FTV) leadership

    Andrew Buscaglia's questions to Fortive Corp (FTV) leadership • Q1 2025

    Question

    Andrew Buscaglia inquired about current trends in Fortive's software businesses, including their performance and any impact from tariffs. He also asked about the rationale for the significant Q1 share buyback and the capital allocation plan leading up to the spin-off.

    Answer

    President and CEO James Lico confirmed that the software businesses are performing well, with strong results from ServiceChannel and Provation, and are not materially impacted by tariffs. Regarding capital allocation, Lico stated the company bought back 2.5 million shares and will continue to use free cash flow for buybacks at attractive prices, with more detailed strategies to be shared at the upcoming Investor Day.

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    Andrew Buscaglia's questions to AMETEK Inc (AME) leadership

    Andrew Buscaglia's questions to AMETEK Inc (AME) leadership • Q1 2025

    Question

    Andrew Buscaglia noted the near-record backlog and asked what is needed for it to convert to sales, questioning if tariffs are causing delays. He also asked if the backlog growth is concentrated in any specific areas.

    Answer

    CEO David Zapico confirmed that tariffs are causing some conversion delays but views the large backlog as a source of comfort. He stated the backlog growth is not concentrated in one area but did highlight strength in A&D and a notable increase in the medtech backlog, driven by Paragon.

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    Andrew Buscaglia's questions to IDEX Corp (IEX) leadership

    Andrew Buscaglia's questions to IDEX Corp (IEX) leadership • Q4 2024

    Question

    Andrew Buscaglia of BNP Paribas posed a high-level strategic question about the HST segment, noting its recovery has been slower and more long-cycle than anticipated, and asked if this experience would alter future M&A strategy. He raised a similar point about the FMT segment's seemingly slow recovery.

    Answer

    CEO Eric Ashleman attributed the prolonged HST recovery to the unique, multi-year recalibration in the life sciences and semiconductor markets following the pandemic. He affirmed the long-term growth thesis is unchanged and noted that recent M&A, like Mott, has already diversified the segment's end-market exposure. He pointed to the 2025 guidance as evidence of HST returning to a leadership growth role. For the FMT segment, he explained its performance reflects broader industrial caution as customers await policy clarity before increasing capital commitments.

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    Andrew Buscaglia's questions to IDEX Corp (IEX) leadership • Q4 2024

    Question

    Andrew Buscaglia of BNP Paribas posed strategic questions about the HST and FMT segments. He asked if the longer-than-expected recovery cycle in HST has altered the company's M&A strategy for that segment, and questioned why the more industrial-focused FMT segment was not recovering more strongly.

    Answer

    CEO Eric Ashleman attributed the HST volatility to the unique post-COVID cycle in life sciences and semiconductors, asserting the long-term growth thesis remains intact and that the segment is now more diversified. He noted the 2025 guidance shows HST returning to a growth leadership role. For FMT, Ashleman explained its performance is closely tied to general industrial activity, which is currently muted by policy uncertainty. He expects a rapid ramp-up in FMT once customers gain clarity and commit to projects.

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    Andrew Buscaglia's questions to IDEX Corp (IEX) leadership • Q3 2024

    Question

    Andrew Buscaglia from BNP Paribas asked about the semiconductor market, questioning the rationale for a mid-2025 recovery and how margin differentials across HST subsegments might impact profitability. He also inquired about IDEX's positioning for potential future tariffs.

    Answer

    CEO Eric Ashleman tied the semi-recovery timeline to the need for higher factory utilization rates, which are awaiting a new demand catalyst. He also highlighted IDEX's localized 'in-region for-region' production model as a key defense against supply chain disruptions like tariffs. CFO Abhi Khandelwal added that with cost actions and the integration of Mott, there is 'no reason for HST not to be a low 30% EBITDA business' in the future.

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    Andrew Buscaglia's questions to IDEX Corp (IEX) leadership • Q3 2024

    Question

    Andrew Buscaglia from BNP Paribas asked about the rationale for a mid-2025 semiconductor market recovery, the margin profile of HST subsegments, and the company's positioning for potential future tariffs.

    Answer

    CEO Eric Ashleman tied the mid-2025 semi-recovery timeline to the need for factory utilization rates to rise before new equipment orders accelerate. He also noted IDEX's localized production model provides resilience against supply chain disruptions like tariffs. CFO Abhi Khandelwal added that with rightsizing efforts and the integration of Mott, the HST segment is positioned to become a low 30% EBITDA business in the future.

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