Joe Nolan

Cliff confirmed back-half Auto OEM revenue will decline as BMW volumes peak, with the major Mercedes-Benz program launching in early 2027 and 2027 expected to return to growth.

Cliff said a strategic memory inventory has shielded results year to date, with higher costs expected to hit in the back half and already in guidance. He noted broad component pressure from AI demand, managed via the same playbook as tariffs.

Cliff confirmed growth across both running and advanced wellness wearables. Convincing majority of registrations are new users with strong double-digit growth year-over-year.

Cliff confirmed comparable promotional activity to prior year. Broad product line is an advantage for retailers. Strong promotions planned, excited about Q4 holiday offering.

Cliff noted market stabilizing despite uncertainty from tariffs and consumer sentiment. Garmin gaining share through unique innovation and differentiation in marine products.

Doug noted many moving parts in Q2 including timing of when tariffs take effect, existing inventory without tariffs, and mitigation rollout. Couldn't provide specific Q2 margin guidance.

Cliff explained a major national retailer promotion shifted from Q1 to Q2 this year, causing the timing difference. Some dynamics expected to ripple into Q2.

Anderson stated outright that the impact was not quantified, describing it only as a slightly higher headwind that the team intends to mitigate.

Lauber answered no on consumer elasticity, distinguishing it from the separate competitive pressure in the wholesale channel where volumes are down.

CEO confirmed the DOE enforcement delay is the primary driver for reducing commercial volume outlook from mid-single-digit growth to flat.

CFO laid out clear cadence: Q1 price-cost was positive, Q2 will see cost pressure ahead of mid-May price increase taking effect in Q3, with Q3-Q4 recovery from pricing.

Chuck confirmed non-steel, non-tariff input costs are up slightly YoY but stable, not expected to move up materially in H2.

Steve expressed confidence in positioning after the retail deemphasis reset. Chuck clarified that retail decline is intentional strategy, and acquisition integration provides additional margin/growth levers.

Pinchuk didn't give specific margin guidance but highlighted strong runway in profitable divisions (software, custom kits) and emphasized that RCI drove 100bp+ margin improvement across a great majority of RS&I businesses.

Pinchuk confirmed solid backlog (normalized after capacity expansion) and increasing demand for customized kitting, calling the business performance 'bananas' in the quarter.

Pinchuk confirmed sell-in and sell-through were approximately matched, indicating no meaningful inventory build or drawdown at the van level.

Mike avoided giving detail on individual cost buckets but confirmed pricing and productivity will cover inflation and investment in totality.

John confirmed no demand elasticity from surcharges. Project activity remains strong in non-res short-lead-time book-and-ship environment.

Split the answer by segment: Plumbing price cost positive, Decorative Architectural neutral, consistent with prior guidance.

Named Hansgrohe and Axor momentum in Europe and Germany against China softness; asked by an associate on for David McGregor.

Ronnie noted warehousing green shoots from a low base, manufacturing projects shipping in Illinois, energy-related and LNG projects in Texas. Data centers remain fastest growing category but energy build-out is encouraging.

Tom said all top 10 DOTs are up for FY26. Highway starts up 17% in Vulcan states vs 5% in other states. Only 40% of IIJA funds spent so far.