Amit Mehrotra

how much cost do you have to do you think you have to bring back

has that offered an opportunity to kinda rethink how the company approaches some of the structural costs?

What are the main kind of levers you're watching from a leading indicator perspective

any movement on pricing related to tariffs over the course of the year

how you think volume is impacted, if at all, from some of the incentives going away at the end of September

Is there any assumption for pricing rollbacks this year or later this year?

Is there any way to kind of size the productivity number so we can just get a little bit more comfort on that sequential inflection

I think in your previous guidance of high single, it was all kind of price/mix and then volume or units were flat to down. Can you just update that

you had a proxy target out there of $3.60 of earnings. It's really hard to forecast that far out

It was nice to see that business return to growth and book-to-bill was obviously very strong. I think you guys have a pretty decent defense business inside of there that's I guess, fortunately or r...

you do have some competitors in certain specific business lines that do disproportionately manufacture in Mexico. I think they've been historically quite stubborn in cutting prices, but are you see...

Is that just prudent conservatism? A little bit about that. And then it looks like if I look at the margin expansion for this year, it seems like the entirety is explained by maybe that $40 million...

Do you feel confident you're able to get all of that back from where we stand today?

do you still kind of feel like that kind of conservatism is appropriate as you think about '26?

how that funnel is progressing. I imagine there's obviously a lot of electricity demand

Is there a difference if the AI data center proliferation is done via retrofit versus greenfield?

Can you just talk about the opportunity for data center orders to actually reaccelerate given the changes

Can you just update us on what you're sold out through -- I think last time it was 2028 on both heavy-duty and aeroderivatives. I mean these backlog members are eye-popping, so I assume we're going...

when I look at the last cycle, I think power margins peaked maybe approaching 25%, if I remember correctly. I know we're all fixated on this 2028 number, but I assume the runway is kind of long and...

any implications to the Power business from the recent tax bill, if you're seeing any thawing of EPC or permitting bottlenecks

the cadence of growth intra-quarter. I think you mentioned it being acute in terms of challenges in January, February

is it just conservatism? Because it seems like as you as you get to that journey of fully connecting assets

can you replicate that in the process and industrial businesses whereby maybe that those cyclical parts of the business

Industrial Automation kind of sticks out a little bit in terms of structurally lower margins

I wanted to ask if you can just talk about the pricing strategy across the organization

can you just update us on the timing of the spin if you think it could happen sooner than what you noted earlier

building automation, we've now had two straight quarters of high single-digit growth

is any of that in the book-to-bill

can you just talk about the opportunity that offers you given obviously the exposure to that vertical

I wanted to ask about the outlook for growth in Applied HVAC.

are we at peak orders in your opinion? And any additional color on sort of your thoughts on how long and wide the runway is from here

talk about how you're thinking about the moving pieces sort of both strategically and financially

second half versus first half incremental margins. Obviously, you have a full year of 50% plus. You'll achieve or have achieved in the first quarter, second quarter, maybe about 40, 45%. It does im...

how much of this order strength is, you know, the market coming to you as opposed to maybe how you're evolving, how you go to market

maybe just offer a little bit more color on prioritizing all those buckets of opportunity

the 50% operating leverage target for 2026, can you just walk that the segment EBITDA margins?

What are some of the KPIs you're focused on to kind of make sure the global organization is moving in the right direction?

is there an opportunity for absolute cost takeout, which I assume could be executed on relatively quickly or is this really more about leveraging the existing service network

how you manage the pricing of those contracts, just given the backdrop of inflation and obviously tariffs

can you just talk about maybe the cadence of margins from here as we progress through fiscal 2025

what you guys found Joakim would be bringing to the table that you and the Board found particularly attractive

there's a lot of moving parts in terms of how much you have in Mexico, how much that's crossing borders, it's actually in the scope of the new Section 232

Be curious if you just give a little bit of a sense of how much of that is kind of the carryover effect and how much of that is prospective increases

I wanted to ask about inventory levels and obviously, they're up a lot year over year in dollar terms. And trying to understand when you expect those to normalize

I think there was this expectation that maybe $600 million of outgrow next year on year 3 of the plan.

Is there an opportunity, do you think, structurally at least, with all that we know now, we can still get back

wanted to ask about incremental margins for this year. The implied is sort of in the low 40%

how do you hold the R&D function kind of accountable to this cultural shift? And what can you kind of share

It feels like if I just take the moving parts, 3% growth, 35% incrementals. You've obviously got a net productivity

I know you talked about the 2%, 3%. But if I remember correctly, that 2%, 3% was kind of part of this 10%

just circling back to the first half to second half cadence. If I -- if I just kind of unpack the implied margin

talk about PFAS. I think there was obviously a nice settlement or not a nice settlement, but a decent settlement size

following up on the cadence maybe with respect to EPS as opposed to the organic sales?

I wonder if what's happening now gives you an opportunity to accelerate some of those actions

can we expect a higher level of incrementals kind of on a sustainable basis as some of these cost initiatives have legs?

Maybe you can talk about growth expectations for maintenance and repair within the services segment for '26?

how much do you think this trajectory is structural versus cyclical?

when you look at the month-to-month trends, it feels like it's finding a floor. Is that appropriate or accurate?

is kind of that 50 basis point expansion algorithm still structurally right? I'm just thinking about, obviously, the net impact of higher mod mix in revenue

China orders, I guess, in the quarter are kind of doing what you guys expected them to do. There was an expectation that, you know, they would, you know, they would stabilize

are those in the form of surcharges or actual repricing just so I understand maybe how sticky it could be depending on what happens with respect to tariffs?

I think the expectation is Mod growth to be up high-single-digit organic this year, I think orders were up low-double-digits last year

Can you just talk about the impact of New Equipment margins structurally? I know you're taking out costs and to maybe offset some of that mix impact

Any color you could talk about between sort of the distribution channel and the direct OEM channel?

Are distributors becoming more sophisticated around inventory management

Can you talk more about the true short-cycle piece and your observations over the last few months?

incremental margins being so high despite OE revenue up 20%, which I would imagine would be a little bit mix-dilutive

are we seeing a broader activity in pickup? You also won -- I think I saw that somewhere you guys won a large contract to supply components

you can help us sort of bifurcate the exceptional margin performance and resilience between price and lower costs

Maybe give more color—products, regions—on why you feel comfortable that they are actually green shoots

Is that a few large customers restarting spending? Or are you seeing demand broadening out? And then just related to that, could you talk about how margins compare

Can you just talk about if you're seeing the international market catch-up? It's primarily been kind of a North American let story

at what point do you start turning away orders because of any capacity constraints.

talk about data center service revenue and when you expect that to kick in

what you think your TAM is within data centers and how Stellar may change that

how much you need to run it and do runtimes get affected, and do you need as many of them?

not as much of an acceleration as that maybe I would have expected given resi is kinda flattish to down

Should we see an accelerating revenue and earnings algorithm next year?

Hoping you can give us a little bit more color on just the applied equipment side

in terms of the fastest- growing parts within the data center, can you just talk about how you guys are positioned there?

Do we think the higher CapEx translates to kind of a burning of the backlog? Or do you still expect backlog to stay elevated?

I wanted to understand if the growth in revenue, and orders are just more concentrated in specific verticals than before?

it kind of implies maybe a more modest sequential uptick in revenue, 1H to 2H versus what's existed over the last couple of years

trying to understand the margin opportunity in the service business over time. I know there's a lot of investments in technology to make technicians more efficient

there is this expectation that power prices will continue to go up over the next several years

Maybe you can just talk about the pipeline as it kind of evolved in the first quarter, momentum and quoting activity funnel.

Talking about orders. I'm talking about what's in the backlog right now, the growth?

pipeline is depleted. It does not seem that is the case based on how you talk about the pipeline

maybe ask you to address, you know, the competitive environment across all your products and only reason I asked that

you had talked about the regulatory environment getting better for AI infrastructure and that was being reflected in your pipeline

was memory still a constraint for you in the quarter? Like in other words, like do you think sales growth could have been even higher in the second quarter

If we take out pricing, volume growth seems to be around mid-single-digit range. Now as we think beyond this year, do you think that rate is sustainable and can even improve into the next year?