Mettler-Toledo International Inc. (MTD) Earnings Call Transcript & Summary

Please note that we will be recording today's session for future marketing purposes, including the possible sharing on the Mettler-Toledo website as the future on-demand webinar. Welcome to today's truck scale projects educational seminar for engineers by Mettler-Toledo. We are thrilled that you're able to join us today. [Operator Instructions] Facilitating on Q&A today, we have a couple of different Mettler-Toledo individuals. [Operator Instructions] At this point, I'd just like to remind you that today's session will be approximately 45 minutes, including Q&A. And I'd like to introduce our presenter, Morgan Clarke. Morgan is the Marketing Manager for the vehicle weighing business for Mettler-Toledo. Over to you, Morgan.

All right. Thanks, Christina. Hi, everyone. Thanks for joining. As Christina mentioned, today, I'm going to take you through kind of an overview of vehicle scale products as seen by Mettler-Toledo. And this presentation is really designed for engineers, right? So whether your familiarity is very low or, hey, I dealt with a truck scale project. I'd spend a few years. I just want a refresher, we'll kind of go through the basics around a truck scale project in general. So to quickly introduce myself and for anyone that is confused, I am not Jeff Capella. Jeff got pulled into a customer meeting today. So he's down in Arkansas presenting to a customer down there. So I am subbing in. But hopefully, I do an okay job for you all. As Christina mentioned, I'm the Marketing Manager for the Vehicle SBU. So I sit in our North American production facility in Columbus, Ohio, but I work with our MOs around the world. So for vehicle scales, we have a few key markets, but they are on every continent. So it's a very diverse business and, yes, looking forward to presenting to you all today. So in the presentation, I'll go through quickly an overview of Mettler-Toledo. Hopefully, a few of you have at least heard our name, but I'll go into, hey, what is it all that we do within the company outside of vehicle scales. I'll then go into where are truck scales used, what are some of the use cases and applications and industries. We'll then go into truck scale basics, an overview of technology. We'll touch on accuracy and total cost of ownership and then round it out at the end with some of the elements that make us a really ideal partner for engineering firms. So jumping in first to who is Mettler-Toledo. Hey, we're really a systems and solutions area provider for customers all over the world and in all different industries. People in my personal life asking me, what do you guys do again? I always like to use the example of we make things that measure everything from like less than an eyelash all the way up to truck scales. And times even bigger, right? So -- and everything in between. So anything that is weighed, processed, checked, formulated throughout a production process, whether that be in food production, chemical production, pharmaceuticals and all these other industries as well around Transportation and Logistics, hey, we serve customers in every single one of those industries. Once you start getting into it, you really realize where all of these products are used. It's pretty cool. And as a company, our range of solutions is really designed to help our customers streamline their process, enhance productivity, comply, especially in some of the food and chemical pharma, there's a lot of compliance points that customers have to obtain and helping them to reach those goals in an easier and safer way, certainly something that we focus on, optimizing cost and reducing waste, and ultimately, especially for the industrial group within Mettler-Toledo, helping our customers to maximize their yield is a big goal of ours. So that's a really quick snapshot. Like you understand today, you joined a call talking specifically about one area, truck scales, but just always like to remind folks that work on multiple different areas. Mettler-Toledo can really serve your needs no matter where that is within in a customer's production process. Another cool thing about Mettler, and I think this is also one of those points that makes us a really good partner for engineering firms is just our global presence. Whether it be that your firm is a member of one of these globally connected firms, whether or not that is the case, you probably deal with customers who are globally facing, right? So when we look at Cargills, the Nestle, DHL, [indiscernible], these global customers, a lot of them are more and more often narrowing towards, hey, we want to implement the same processes across the board no matter where we are in the globe. So working with global partners and global vendors on your side just helps to be able to kind of streamline that from place to place. And Mettler-Toledo really does have a global presence, both on the manufacturing side. We have MOs in almost every country. You can see here on the map, we can really service every corner within the world, which is pretty cool. All right. So I'm going to play a quick video just so you guys can get a feeling for who Mettler-Toledo is on the industrial side of the business, and specifically vehicle. [Presentation]

All right. So that video was shot at our North American production facility, the building that I sit at. And just, I think, does a good job of kind of highlighting some of the quality that we build into our sales here. And I'll go into that a little bit more in the upcoming section. I always like to kind of show a little bit behind the scenes and just want to plug early, I'll plug this at the end as well. We love hosting people here at the facility. So if anyone is ever in the Columbus area or in Ohio and wants to stop by the plant for a tour, we love walking people through and kind of giving a detailed background information around all the quality processes that we build into our wafer this year. So I'll jump back into the presentation now. Let's start off with truck scale use cases. So hey, again, this presentation is going to be pretty high level. So some of you might already know this, but I always like to kind of point out where our truck scales used, who are the customers that you guys might encounter that utilize these scales. And again, in my day-to-day life, when I tell people, no, yes, I work for Mettler-Toledo. I -- truck scales is kind of my product area. Oh, the scales off the side of the freeway. And I was, yes, that's one area of it, but that's just one small part of what we do. We serve so many different industries, and I think it's always surprising to people to see where all truck scales are utilized. So going down the line here, you can see utilizing kind of that raw material sector. So this is mining, aggregates, construction, lumber, things like that. In North America, we've really seen an uptick in this industry in the last couple of years with all of the investments surrounding infrastructure. So anyone that's located in the U.S. has probably heard of the Bipartisan Infrastructure Law that was passed, and that is something that we're really starting to see. As those funds start trickling down, things in the aggregates industry, in the mining industry are really starting to pick up. So we anticipate that to be a growth area for us in the next couple of years. Bulk food, pet food and animal feed, that's another big one. This is the Cargills of the world, right, sending thing from bulk grain, soybean, et cetera. Waste is a big sector for [Audio Gap] certain regions bigger than others, but certainly a very big segment for us as well. Bulk chemical, this is refining a petrochem. Industrial gas is something that's been really growing for vehicle as well. When we look at the growth in the semiconductor industry and all of the specialized chemicals and industrial gases that go into wafer production, chip production, that's an area we've started to see some pretty rapid growth as we see the United States and other countries starting to invest in their own semiconductor production facilities as we see that global shift, right? So that's an interesting one. Distribution centers, warehouses and ports. So this is like the typical DCs, but also you can think of DCs for grocery stores, so like the Krogers, Costco. We would also have distribution centers for like Amazon, et cetera. And then also ports is an area that we started to see growth in as well, just again around that infrastructure investment. And then last but not least, where we started, right, roadway enforcement, that's certainly an important one as well. Again, linking back to that infrastructure investment. As our governments invest in our overall infrastructure, we will want to make sure that we protect that investment. And making sure that trucks are not overloaded driving on our roads and causing premature damage is a very important thing as well. So truck scale applications can really be broken down into a few different categories of how people utilize their truck scale itself. So the first being legal road compliance. This is kind of what I just talked about, right? No matter what kind of operation you are, you do need to make sure that when your truck leaves the facility, it's going to comply with the local regulations around weight on the road. The desired outcomes for this are reducing fines, right? You don't want to be pulled over on to highway check and you realize you're overweight, you think that are fine. You can also -- if you're super overweight, you could be embargoed, right? So they'll still actually make you wait there for a backup truck to come and offload some of that material or make you rearrange the load, if it's a particular axle that's overweight. So those are really important things to kind of consider in all industries and then load optimization. Second is check weighing. This is utilized in different industries, but this is basically for traceability, inventory control and management and then reduction of fraud and human error, right? So I mean we've seen over the years some industries that, hey, they just charge by the truckload. Like whatever it is, the truck is full, we charge by that. Obviously tracking that by the weight is much more accurate and, over time, can really just lead to better profitability. And then last, but not least, is bulk material transactions. So this is that legal for trade buying and selling by the truckload. And this is a huge category for us. And this is where really accuracy comes more into play when you are buying and selling. Customers in this area want accurate and compliant billing. Again, they want to reduce fraud and errors and, overall, just have satisfied customers at their facility. Some other terminology that you might hear if you're dealing with a truck scale project, things like filling on the scale. This is kind of particular to a couple of industries, but filling on the scale does happen, load out, weigh in motion, which I'll talk about a little bit later in the presentation. Off-road vehicle, so to speak. So this is for any vehicle that's not going to -- you're not going to see driving down on the highway, right? These like massive mining scales, we do make truck scales for those as well. And then lastly, you have a hazardous area weighing. So if you're dealing with these bulk chemical facilities, industrial gases -- there are certain hazardous area implications that we do have to deal with, and we have products to satisfy all of those areas. So let's just -- a little bit of background, very high level on where and how truck scales are used. So let's now get into the basics of truck scales themselves. And when you're dealing with the truck scale project, one of the first things that you really need to consider -- kind of help customers consider, is determining the scale location, right? If this is a brand-new site, this greenfield site, you have the flexibility to design that site in the way that is going to be the most -- the smart way to lay the site out. So some things to consider is how many trucks today are we going to see? Is there an area for truck city queuing? An issue that we see with some sites is, hey, they were designed when the facility was seeing 50 trucks a day. That region has now grown, and they're seeing 150 trucks a day. And they're getting trucks out onto the street, right, with commuter cars. Traffic is backing up. That could be dangerous. So thinking about truck scale location, is there space to queue, et cetera, is very important. Also, trucks need a wide area to be able to turn, right? So enough maneuverability space. These are all considerations that really need to happen very early on in the process in order to have a smooth project. And then the second consideration is around safety and security, location of the scale house. So you'll hear things refer to as the scale house. Some people may double that as like the guard shack at the entrance of their facility. Hey, these are really for the scale house operator to sit in. They can help with monitoring traffic, communicating with the drivers, managing the transactions, et cetera. Even if you have an unattended site, I think there's considerations around, okay, who is kind of monitoring the site even if we don't have a scale house operator consistently there? Some considerations around the scale house and general monitoring of the scale are so very important. And then other things to consider as you kind of map out the site and look at the site that you have in front of you is things like where is the water going to drain to. Truck scales are generally located outside, and that comes with a lot of implications, right? We need to check the soil and make sure that the soil is load bearing. There's a lot of considerations early on that if they are missed at that early phase can lead to a world of pain down the road in the project, right? So these are things that we really take pride in partnering with our customers throughout these projects to make sure that all of these considerations are taken. So our sales reps do a great job of taking down the list of like, hey, here's all the things that we really need to consider. We know that you guys, our customers and engineering firms don't deal with these projects every day, but we do. So we want to really take care that -- these considerations are taken so that a project can go smoothly. So when we look at what else is involved with the truck scale, you can kind of see a typical system here. So looks like a lot of things happening. But in general, it's pretty straightforward, right? You've got a ramp for the truck to drive on to. You can add some peripherals, things like gates, loops, lights. And then in general, you've got the wafer itself and the load cell system underneath. And then everything else is kind of built in to make the process smooth. So the scoreboard itself, traffic lights involved and then the peripherals that are involved in the scale house, too, right, like software, the terminal, et cetera. So hey, these projects involve several components, right? It's like nobody said that these things were a simple one box solution, but I think that's, again, why partnering with somebody that really has experience there is only going to be helpful in the long run. Other considerations for your customers would be things like what are their goals and what are the types of trucks that they're weighing. So there are several different types of truck scales available depending on the information that your customer needs. So there's single axle, full-length truck scale, multi-axle truck scales and then weigh-in motion, which is an area that's really growing. And as we see customers wanting to automate their processes more and just increase efficiency at their site, there's new considerations around weigh-in motion that can be pulled into play as well. So just having a good understanding upfront of what it is that your customers' process involves will help to select the correct type of truck scale that they will need. Next is deck type. So something that is maybe not thought of right away but does need to be considered before an order is placed is what type of truck scale do you want, steel versus concrete. And the main thing that's different here is usually, as far as what we see, the consideration usually comes down to how fast do they need it to be operational. Anytime concrete is involved, there's a cure time, right? So steel deck can be available, installed and ready to use same day. With a concrete deck, you have that cure time, right? So it's a few weeks where that scale needs to sit and let that concrete here. Other things, depending on where you are locationally, if you get a lot of rain and ice, steel does tend to be more slippery. So that's a consideration as well. Concrete enables a little bit more grip. And then lastly, another consideration would be the type of material that you're weighing. If you are dealing with something that is corrosive like in the chemical industry, maybe fertilizers, et cetera, that's a consideration as well and would just recommend that you kind of talk that through with the sales rep on what material is going to be the best for my customer. So as far as the weighbridge itself, I think when we look at a truck scale, I get a lot of people immediately think of the weighbridge, it's the most obvious part of the scale, it's a big hunk of steel, right? And in general, I think we can think, well, it just have to sit there, and trucks drive on it. But there's really a lot of engineering that goes behind this [indiscernible] steel, right? And we take a lot of care to make sure that, that big investment, it's a big capital investment. And we really want to make sure that, that is going to last. Truck scales are used in some of the most nasty top industries out there. They really take a beating day to day. And in order to make sure that they will kind of last the test of time, we take testing very seriously. So hey, from the cab design and then FDA testing and then regulatory testing, that's kind of the things that are, like, at a bare minimum required, we really take testing our different model designs to the next level with what we call the module matcher. So hey, this is a tool. I'll let this video start playing here. This is a tool that we utilize at our North American production facility where I'm sitting. And you can see those pads there. They are designed to mimic the axles of a truck. And those essentially pressed down with 80,000 pounds of force, and we will run that on a new product design, at least 1 million times. So 1 million cycles. And that represents roughly 20 years of heavy use. We run that, it takes about 3 months to get to 1 million cycles, right? So it's a time commitment. But what we're doing there is looking for any flaw in the design that was not caught during computer model testing, right? There's just certain real-life testing that we don't want to pass that along to the customer and let them, hey, 5 years in, we realize, oh, there's a slight design flaw that causes scrapping at year 5 with this model. So we do this with every model, and it's designed to catch those issues before they go out to the field. So that's really something that we do above and beyond kind of what the typical competitors would do. All right. So now we've talked through kind of basics of a truck scale. Let's now get into the meat of it, behind the technology, behind the system, right? So the weighbridge is really only one component of the scale. Like I said, it's kind of the most obvious thing. It's where -- what everyone thinks of when they think of a truck sale probably is the bridge itself, but it's really everything else that's involved that kind of makes the system work and can kind of make or break how well the system functions as a whole. So first of all, we'll talk through weighbridge load cell technology. We'll talk briefly about transaction management software, and then we'll talk about a little bit around traffic management solutions. This is everything that kind of rounds it out and ties it together. So as far as load cell technology, there's a few different technologies that are available for truck scales today. Hydraulic, I would say, is one of the least common that we see. There's really only one company that I know of that's still utilizing that technology, and it's for very specific industries typically. Analog load cells are probably, globally, one of the largest -- installed bases are analog load cells. Those have been around for 50 years or more. And they're one of those technologies that's just hasn't evolved much, but it is still utilized in the market today. Digital load cells are the next type. And then what I'm going to talk the most about today is smart POWERCELL systems because those are exclusive to Mettler-Toledo. So when we talk about kind of smart POWERCELL technology. Power cell has been around since 1989, and that was designed and patented, invented by the engineers here at Mettler-Toledo. And it's gone through a couple of generations, right? So I think the [ 0780 ] was the very first POWERCELL. We then had MTX. Those both are now phased out. You'll still see them in the field because they are extremely reliable, and they've lasted a really long time. At some customers, 30-plus years. Those load cells are still lasting. But the 2 kind of members of the POWERCELL family that are focused today are POWERCELL PDX and POWERCELL GDD. So let's take a look at kind of what makes POWERCELL, POWERCELL. So I always like to start with at the core of every type of load cell technology is an analog load cell, right? So even inside the POWERCELL load cell, it starts off as an analog cell. In general, what kind of characteristics does analog embrace? Hey, generally, when we compare to the final POWERCELL technology analog at its core, kind of has a weak overall output. The signal is rather weak. That means there's really a higher risk of disturbance of that signal. So when we think of customer sites, we have trucks that are using CB radios. Those radio wave signals can actually disrupt an analog signal. So there's really some considerations around analog technology involved with that. Hey, there's minimal compensation as far as the overall accuracy and the errors that can come along, especially with really rough applications, right? We see as trucks drive on to the scale, it's a really violent act, right? The scale is vibrating quite a lot. The truck driver might slam on his brakes. That causes scale to wobble. There's a lot going on there, and analog doesn't do a great job of kind of like taking all of those signals and cleaning them. So in general, compensation is not really there. And then also for diagnostics reasons, not really insight into individual load cells themselves. So we then look at digital, right? So analog is at the core. We know that it's serving its purpose, but it's not perfect. So digital is then kind of the next level. Digital cells really take that analog signal, and they convert that analog signal to a digital signal. So that's an A to D conversion, right? This does improve the overall signal. There is now better overall signal there. The risk of disturbance is lower. There is some compensation available for errors, not a ton, but there is. It does clean that signal a little bit and then better visibility into the load cell outputs themselves. And then let's take a look at the very last layer, which is POWERCELL. And hey, this is just an extra layer of algorithms that we ride into these load cells and the way that we design and package the cell themselves that really take it to that next level. So these POWERCELL algorithms enable the, like, strongest digital signal output. And the processing on that is really what enables that to happen. The digital signal processing helps to increase accuracy by removing those errors that I was talking about. So one example that I like to use that kind of makes this tangible is if you look at a truck scale, and in the morning, the sun is rising on one side, and the sun is beating on the load cell on the right side of the scale, but the left side of the scale, those load cells are still in the shade. So we now have load cells that are being heated up in the sun over here and load cells that are still relatively cool on the other side of the scale. That leads to overall -- that hurts accuracy unless you know to compensate for it, and POWERCELL does that. So POWERCELL compensates for temperature, linearity, [indiscernible]. Don't ask me to define all of those. If you want a detailed explanation of all of those, we can tap in an engineer. But hey, there's a ton of things that POWERCELL compensates for that overall makes it a much smarter, more accurate, more reliable load cell overall. More diagnostics are available. And then the one difference between the 2 types because I've mentioned those earlier, PDX or GDD, hey, the main difference there is that PDX does not require a junction box. PDX utilizes a daisy chain setup. So there's no junction box in the middle. GDD does utilize a smart summing box. So just a slight difference there, really is going to depend on customer preference, customer budget, et cetera. And also, if there is a hazardous area, there's implications around that as well. So would be up for a discussion what is the best solution for each customer, but both are really great technologies. And we spend a lot of time kind of analyzing our infield data, and these are extremely reliable and accurate pieces of technology. So in addition to the load cell, right -- that's one piece of this whole system. In addition to that, there are traffic management solutions and transaction management solutions. So this is things like unattended terminals, whether or not a customer wants a fully unattended site or maybe they have a scale house operator during the day, but they want to continue to operate 24 hours, right? So they want an unattended system there for trucks that might show up overnight. That's where unattended systems are great. Transaction management software, I'll talk about this a little bit more on the next slide. But you would be surprised I think at how many customers are still utilizing Excel spreadsheets to track their transactions, et cetera, when we have really good software out there. It's very user friendly. It's really made to kind of feel similar to the systems that we use at the grocery store, right? So made to be familiar and does a great job of helping, make sure we reduce human error and just gain overall better visibility into our overall operation. And then lastly is traffic management and security solutions. So these are things like date set to scale, lights, loops, RFID readers. There's really a very long list of things that we can do to kind of enhance the truck scale and make it the best fit for that customer. So taking just a quick look at what DataBridge -- kind of the benefits of DataBridge are. Our DataBridge solution is a great way for customers to enhance the accuracy of their transaction management. This really helps them to eliminate those manual errors and paper-based transactions that -- I mean we had even seen cases where customers like, hey, tickets are like consistently getting lost. We don't even know -- I mean the scale house gets a little bit chaotic, and then tickets get lost. Hey, having only paper-based tickets, that stuff can happen, right? So DataBridge does a really good job of just centralizing that, digital, everything and really helps to eliminate those issues. DataBridge can also be used for legal-for-trade transactions. We can really interface that with the systems that you already have in place. So that's another consideration. Hey, better visibility, gain visibility into individual transactions daily, weekly, monthly trends. When we look at operations that are consistently wanting to get better and optimize, DataBridge does a really good job at making that easier. You can look for trends like, hey, it seems like Wednesday mornings are a peak time for us. We really see a rush then. What are the implications for planning around that? And then last, but not least, it's secure. You can have specific user capabilities, lock different functionalities. So it's really user-friendly, customizable, all of the good stuff that our customers need. For purposes of time, I'm going to skip this video. But hey, one concept that we like to kind of talk about is enabling our customers to automate their scale. This is really everything I just talked about, right? So this is taking truck scales from what they've been for 60 years, just a big old weighbridge that does nothing but weigh, and really enabling it to be a tool to improve our operation, improve efficiency, gain insights into your operation, use it and gather that data so that you can enhance your business. And more and more of our customers are wanting to do this. So within this video, it kind of talks through some of those different options, mainly what I just covered. So I would -- we can drop maybe the YouTube link into the chat here, but I will skip that for now just because I know I'm running short on time. Okay. Quickly, I want to go through accuracy. Hey, for Mettler-Toledo as a whole, we're really a company focused on accuracy and precision. And I think a lot of times, people don't equate a truck scale with accuracy, right? It's like, well, you're weighing tons of product. How can accuracy be a factor in that? But it really is an important factor. And in the next couple of slides, I just want to kind of emphasize where that comes into play. So first of all, I'd like to always point out that there is a big difference in the accuracy that we have to test for legally versus the accuracy of an actual day-to-day use of the scale itself. So what I mean for that is whether you're in an area that has to comply with MTEP or with IMO, is a certain tolerance that is allowed for accuracy as legal-for-trade scale. So that plus minus, right? And typical calibration tests are done at about 25,000 pounds. So you can see there the test truck, they're calibrating that scale. And at the end, hey, you have that -- within that tolerance plus/minus accuracy, and as a customer, you think, I'm good to go. My scale is accurate. But when you extrapolate that out, right, and you're now not only weighing a 25,000-pound test cart, but you're weighing an 80,000 pound truck, that accuracy extrapolation gets bigger. And you now are plus/minus hundreds of pounds possibly of products. And that, I mean, even for a low-commodity product, gravel, et cetera, things that are, hey, it's not super expensive, but if you're weighing hundreds of trucks a day, that plus/minus accuracy really adds up quickly. And so this is something I always like to point out, accuracy really does matter. And I think choosing vendors that can really prove their accurate technology and have the data to back it up is certainly important. And we're starting to see, I think, people really understand that. For a long time, it's kind of been truck scales doesn't need to be that accurate. But it really does add up. And hey, that's something. If you want to kind of get more details on, we certainly have a lot of data to kind of talk through on that. One point here just to highlight as found as left accuracy data. So this is a test. When somebody shows up to calibrate scale, they do an initial test to see how far outside of tolerance has that scale drifted since the last time it was calibrated. So you can see here for an analog scale, this is based off of almost 7,000 service records over a period of time for us. And we found that 25% of the analog load cells that we had tested in that time, this is infield, installed, scales and 25% of those were outside of tolerance, right? So that customer -- we can't tell how long the scale has been outside of tolerance, but we know that at that point that it was tested, they could have been weighing outside of tolerance for some time, right? So that's something to consider there. And when we compare that to POWERCELL -- and keep in mind, this data is all POWERCELL technology. So this also includes those load cells that are 20 years old. And at the time of testing for us, we found only 8% outside of legal tolerance. So big improvement there. And I would guess that if we could narrow this data down to just that PDX zone, it would be close to 1%, 2%. We have really, really good accuracy on our PDX load cells. All right. So overall, what does that mean? I know I talked a little bit at the beginning around why accuracy is important even at these big loads? Hey, you can see here kind of the little way we've drawn this out, but what does that inaccuracy actually mean when you take it by the truckload? What does that look like? So we calculated this out with a few different factors, what was the inaccuracy, trucks per day, over a period of time. And you can see there what this would actually mean for our customer. And I think what we really like to hit home is spending less upfront on a technology like analog, it is -- I mean, I'll be honest, it is going to cost you less to get a scale with analog load cells than it will to be investing in a scale that has POWERCELL. But investing in that quality upfront, we see a very good return on investment. Depending on the cost of the commodity and the overall accuracy targets that a customer wants to hit, we see really quick returns on investing in that better, more accurate technology. So it's always something, I think, that's important for us to talk through with customers is having that conversation early. So yes, we love talking about accuracy at Mettler-Toledo and get off myself box. All right. Another part of load cell technology that can really impact the overall cost of spend is the maintenance spend involved with certain technologies. So you heard me say a few slides back that POWERCELL PDX specifically does not utilize a junction box. That's really important to some of our customers. I've heard before customers say, the junction box, that's a 4-letter word, right? Because the junction box itself is a very problematic component when it comes to truck scales. As I mentioned probably more than once, truck scale are used in extremely harsh environments. They're wet. They're dirty. And junction boxes have a lot of really sensitive components, and they're extremely hard to seal against the elements completely. So we see that as an area. And again, when we look at our data, this is all we like to really not make claims without having the data to back it up. When we look at our service data from out in the field, we consistently see higher service spend on analog systems due to -- whether it be analog load cell failure, but also related to junction box failure. And a lot of times, that's with moisture, waking up into the junction box and then you're having to have a replacement, right? So that is another area to kind of look at when we think about overall spend, total cost of ownership, really investing in a system that can withstand those elements for a longer period of time can really pay off. I think the saying is usually pay off in the long run, but really pay off in the short run. And then lastly, the warranty, this is another kind of interesting thing to look at and do comparisons company by company. We feel very strongly about our load cell technology, if you haven't gathered that from me talking through that. But to really back that up, and I'd like to say confidence in craftsmanship, we offer a very strong warranty. So our 10-year POWERCELL load cell warranty does not only cover the load cell itself. It also covers -- if there is a failure or an issue, we also will cover 100% parts, labor and any issues that would happen overall in that realm. So hey, really strong warranty, do comparisons. We also have comparison sheets. If the customers ever interested in looking at that. This is just one other thing kind of icing on the cake that we like to enhance that part of our system. All right. I know I'm pushing time. I'll get through these last couple of slides. Hey, I think we probably have people from all over the engineering world, but we always like to just kind of demonstrate that our team, in particular -- I mean Mettler-Toledo as a whole has expertise in every corner with working with engineering firms. And the vehicle group is no different, right? We have a lot of experience working directly with EPCs and helping EPCs to really get smooth projects executed so that you guys at the end of the day have satisfied customers. So whether that be through solution training all the way through -- we can help with engineering, design, implementation, training on site when you get there. Hey, I think this is one area that really sets us apart. Taking that partnership approach, we're not just a vendor that's going to sell you something and box push, so to speak. We really want to be a partner in this, right? And we're invested in the success of these projects as well. So just like to always highlight that. Hey, on the paperwork side as well, this is an area that I'm sure you guys are like, oh my gosh, all of the pay work that goes into these. Your customers need things. There's a lot involved. We have experience with all of that as well. So hey, just another thing, never be shy if you have questions to ask about or need certain specifications. We've seen it all. So yes, I always just like to highlight that as well. And then lastly, just one additional benefit from Mettler-Toledo as a whole is we have a really robust service network. So depending on -- I know some firms also offer extended services after the project is implemented. But if your customer is in need of a service provider at the end of the project, Mettler-Toledo is an excellent service provider, and we have offices all over the world that can be there to service customers. So just always like to plug that as well. Okay. I'm 1 minute over. That takes me from my very last slide. There are some additional resources here. You can scan the QR code. That takes you to the mt.com library. But of course, if you have any questions after the fact, you can feel free to reach out to myself. My name is Morgan Clarke, and I can help direct you within Mettler-Toledo. You can also reach out to your local service representatives, and pretty much anyone would be willing to jump in and lend a hand. So hey, that was the very fast pace, it felt fast to me. Fast kind of introduction into the world of truck scale projects from the Marketing Manager. If you guys want a more detailed, in-depth, like really nitty-gritty getting into the engineering of things, please reach out. Our engineering team is happy to go through a lunch-and-learn style event with your individual offices, and we can get into the details behind truck scales, rail scales, whatever you are interested in. And then as I said at the beginning as well, if you're ever in the Ohio area and you want to visit the manufacturing facility here, we love to host people. So I just want to leave that door open as well. Okay. That was a lot from me.

Christina, is there any questions in the chat?

We had one question. Someone is inquiring whether the slide deck will be made available.

Yes, we can probably send the slide deck. I'll remove the videos probably because it's massive and save it as a PDF. But yes, I mean, if you want a copy of the slide deck, I think that wouldn't be a problem. Maybe just drop your e-mail in the chat so I know who to send that to.

Sure. And what I'd also like to let people know, I put a few different webinars coming up for engineers. We have another webinar similar to what we had just now for truck scales, but for rail scales at the 21st of March. As well, there are a couple of other is coming up for process analytics and industrial weighing that are more geared to engineers. So depending on the other projects that you get involved in, you may be interested in the one on March 15, which is more for water projects for system fabricators. There's one on weighing automation with integrators. Take a look. Let us know what you'd like. And if you want, as Morgan mentioned, a more detailed presentation on any of the topics covered today, we can be easily able to get a lunch and learn coordinated for you. [Operator Instructions] Okay. I don't see any other questions coming into the chat. At this point, I'd like to take the time to thank you, Morgan, for taking the time out of your day to do this presentation for us. We appreciate you taking the time and look forward to having the rest of you on future upcoming Mettler-Toledo webinar results. Thank you.

Thanks, everyone. Have a good rest of your day.