Ingersoll Rand Inc.

then the number one on your telephone keypad. To withdraw your question, press star one again. I will now turn the call over to Matthew Fort, Vice President of Investor Relations. You may begin your conference.

Thank you, and welcome to the Ingersoll Rand 2024 Second Quarter Earnings Call. I'm Matthew Fort, Vice President of Investor Relations. And joining me this morning are Vicente Rinal, Chairman and CEO, and Vic Kinney, Chief Financial Officer. We issued our earnings release and presentation yesterday, and we will release these during the call. Both are available on the investor relations section of our website. In addition, a replay of this conference call will be available later today. Before we start, I want to remind everyone that certain statements on this call are forward looking in nature and are subject to the risks and uncertainties discussed in our previous SEC filings. Please review the forward looking statements on slide two for more details. In addition, in today's remarks, will refer to certain non-GAAP financial measures. You can find a reconciliation of these measures to the most comparable measure calculated and presented in accordance with GAAP on our slide presentation and in our earnings release, both of which are available on the investor relations section of our website. On today's call, we will review our company and segment financial highlights and provide an update to our 2024 guidance. For today's Q&A session, We ask that each caller keep to one question and one follow-up to allow time for other participants. At this time, I will turn the call over to Vicente.

Thanks, Matthew, and good morning to all. I would like to begin by thanking and acknowledging our employees for their hard work, dedication, and continuing to think and act like owners, helping us to deliver another record quarter in Q2. Starting on slide three, despite the challenging macroeconomic environment, Our team delivered another record quarter results, demonstrating the continuous strength of our execution engine, IRX. We remain nimble and are prepared to pivot as market conditions change. And based on our solid performance, we are once again raising our 2024 full year guidance. Turning to slide four, our economic growth engine describes how we deliver durable compounding results. We remain committed to our strategy. And over the cycle, delivering our long-term investor day targets as outlined on this page. RRX is our competitive differentiator. And combined with our unique ownership mindset, we expect to continue to deliver long-term value creation. With that in mind, I would like to provide a brief update on our growth initiative. On slide five, let me start with our inorganic growth initiative. We're pleased to highlight three recently closed transactions. which together are expected to achieve an average of mid-teens ROIC by year three. Let me quickly walk you through these deals. First, CAPS, which is a leading provider of compressed air and power generation services. This is a great example of strategic channel expansion, giving us access to a large install base, strong end-user relationships, and robust technician network. Next is Fruitland. which expands our technology with low-flow applications. And lastly, we have Dell Pumps, emission-critical high-margin pumping solution across high-growth sustainable end markets in India. On the bottom of the page, I'd like to highlight that with the closure of these transactions, along with the closure of ILC Dover within the quarter, we have already far exceeded our analyzed inorganic revenue target of 400 to 500 business points setting us up well for a good start in 2025. In addition, the funnel continues to grow and stay very active, with deals mostly bolt-on in size. On a prior earnings call, we mentioned that we had also a couple of $1 billion purchase price deals in the funnel. During the second quarter, we decided to walk away from one of these larger transactions, and this has proved that we continue to remain very disciplined in our approach to M&A and committed to long-term shareholder value creation through effective capital allocation. We expect more bolt-on deals to be announced later in the year, further exceeding our annualized inorganic revenue targets. Turning to slide six, on this slide, I want to take a minute to walk you through why we're so excited about the ILC Dover acquisition and deep dive into the biopharma business, which accounts for approximately half of the total business. With exposure to high-growth therapies like GLP-1 and ADCs, this business is well-positioned to deliver double-digit growth in 2024 and beyond. The performance in biopharma is much better than the current market and speaks to the niche and unique nature of the products, solutions, and offerings we have. Let's start with GLP-1, or glucagon-like peptide 1 therapies. which are used in the treatment of type 2 diabetics and weight management. With a projected annual market growth rate of 20 to 30% over the next five years, GLP-1 manufacturers are rapidly expanding their capacity to meet both the current and growing market demand. We have deep and long-lasting relationships with our customers, where our proprietary single-use technology is already qualified into their production process becoming an integral part of the validated bill of materials for GLP-1 production. As our customers expand capacity, either within their own facilities or as CMOs, our products are required inputs for these new production lines to minimize validation timelines, startup costs, and risk. As illustrated on the right-hand side of the page, ILC Dover provides proprietary best-in-class technology in terms of single-use containment bags, liners, and other consumables that are used across a variety of steps in the GLP-1 drug manufacturing process, giving our customers the assurances they require to deliver compliant product to the market and reducing their cross-contamination risk. Moving on to ADC, or antibody drug conjugates, which are used primarily in cancer treatment therapies, this market is expected to grow double digits annually over the next five years, driven by the efficacy of the technology. There have been several new ADCs approved in recent years with a robust drug development pipeline for this type of therapy. The patented containment technology is proven to perform better than both clean-in-place and single-use alternatives. And we believe our technology is 80% to 90% more cost-effective than a clean-in-place technology. We continue to see customers convert their existing production lines and install new capacity, leveraging our single-use containment technology. I will now turn the presentation to Vic to provide an update on the Q2 financial performance.