Mike Halloran

can we talk a little bit about the residential landscape specifically? Obviously, the environment's weaker.

if you look at the next two to four quarters here, how does that price-cost relationship start tracking?

could you just put it together and put the cadencing in line with maybe how it looks normally versus this year and any other nuances we should think about?

are you expecting any pull forward of demand ahead of the 4% to 7% price increases you're pushing through here?

maybe just some help with the cadencing through 2026 cumulatively. You have a lot of moving pieces, front half to back half

can we first start on just the comments that you made about increased competitive intensity in the wholesale channel? Maybe just a little bit more context of two things

the pricing that you've taken in your mind is enough to make you price-cost positive or at least be price-cost neutral

Are you seeing anything different on the discretionary piece?

Can we just start with the why now on the China side? What was it?

implied margins for Rest of World down back of the half of the year. Normally, they seem to be up back half of the year

maybe talk about the rebalancing or how much you feel like you need to rebalance some of the sourcing or some of the footprint

is this just kind of relatively normal seasonality as you work through the year or are there any other nuances I should think about?

Can you just help provide some thoughts on how you think demand cadence is out through the year?

maybe in the incremental color on what the treatment portfolio moves that you referenced were and then secondarily, when you think about the 50-point drag from the tankless production being China

you can talk about how you are seeing lead times. How aggressively are those extending across the portfolio here?

you saw the long-cycle orders roll through appropriately. Are you seeing any improvement sequentially as you work through the quarter into April on the short-cycle order side of the things?

Are there areas where you might be putting incremental capital to expand capacity?

the mid-twenty percent target. Maybe just some timeline on when you think you can get there, Rich

what's changed in the guidance is maybe the better way to put it?

how you thought things played out sequentially through the quarter relative to previous expectations?

if seeing any difference between your OpEx steady state consumable type businesses versus more your CapEx longer cycle type pieces in terms of orders

have you seen a little bit of drift in the CapEx piece, or you just worried that the drift will come?

are you basically assuming the underlying demand dynamics are relatively stable with current levels, not improving, not getting worse

And how are you thinking about -- what you need to see from commitments to start reaching those large numbers?

on the non-data center side of the C&I piece, maybe just talk us to what you're seeing

how you're thinking about directionally the TAM or the growth profile over the -- for the data center markets

on the new product launches on the clean energy side, I know early days, how is that tracking

What does the next, call it, 12 to 18 months look like as far as the iterations go for how you get that back to kind of a neutral profitability level

At the lower end of the range, it sounds like that is driven almost exclusively by demand degradation

Can you repeat what the residential growth expectations are for the first quarter?

talk to what backlog build looks like today versus maybe history? What kind of visibility you have

on the short-cycle side of things. Obviously, the advantaged markets are doing very, very well.

the delta in the guidance here, obviously, the uptick is partially in the first quarter strength?

do you feel like we're at an inflection point or close enough to an inflection point to be comfortable with the trajectory on those short-cycle pieces yet?

can we just go back to the disconnect between the strength in orders and the building momentum you're seeing in the orders and the conversion to revenue

Could you talk about what you're seeing there? And how your guide should shape out through the year

How do you think about when the revenue levels can start more consistently normalizing towards that range

Can you frame what this means from a growth perspective for the portfolio relative to history

just some thoughts on the funnel of opportunity. I know the tenor or the tone has been a little bit more measured about the pace of M&A

it's not so much that there's been a deterioration. It's just that the pace of growth that you're assuming as you move to the back half of the year is slower than you originally would have thought

If we get some pressure points from a macro perspective in your businesses, normally that happens after a period of expansive growth

could you just go through those puts and takes? I mean it seems like FX is it more of a tailwind

help me understand the cadencing and the moving pieces a little bit more succinctly

talk a little bit about what this means for the growth profile and for how you think about incremental margins

can we talk a little bit about the momentum you're seeing on the short and medium side of things now?

how should that work out through the year when you consider comps

On the short-cycle side, are you seeing sequential acceleration

if you look at the last couple of years where there have been headwinds, do you think those persist into 2026

What sort of end market trajectory is embedded in the guidance

do you see anything on the horizon that can break you out of that more systemically

as we get to '26, are we going to see a little bit of an uptick here as things balance out more on the price cost side

what's implied in the margins back half of the year, a little bit of a step-up. Maybe just walk through the puts and takes

how you see the demand cadence, order cadence playing out in the back half of the year

could you bridge previous guide to current guide? It seems like you are taking the organic volume assumptions down

Can you just talk to any nuance you're seeing on the short-cycle businesses versus the long-cycle businesses

can you maybe just talk a little bit about the margins in the quarter, a little worse than we were expecting

how are you thinking about what the underlying demand cadence looks like through the year more qualitatively

just maybe give some more context on what you're seeing in the ATS segment, specifically within the T&I and dispensing.

Could you just put the backlog in context for us? Obviously quite strong backlog growth.

the coatings and plastics side, starting to see some better trends. Maybe you can talk about what you think is driving that beyond just comparisons

is the assumption sequential normalcy from the trend you're seeing right now? In other words, are you just assuming trends stay normal

And maybe you can just have the exact same conversation around the IPS segment, given all the moving pieces there?

Maybe broadly on the T&I piece, what are you seeing? And just maybe put it all together

are these the representative margins to build off of adjusting for revenue levels as we work through '26?

Are you seeing any broadening out across the semiconductor applications yet or is it still concentrated in some of the areas

Should we be reading the share repurchase authorization as the M&A funnel maybe being a little bit tougher?

We've heard some rumblings on pull forward in the semiconductor complex

in any way to size the revenue as well as maybe talk to if there are other areas you're thinking about internally

just talk about how you see trends playing out through the rest of the year, what's embedded in guidance

What kind of torque would you expect to see in those margins or incremental margins as the volume recovers

what is the assumption then for end market recovery curves, normal seasonality, backlog conversion that's embedded in that lower assumption?

On the Electra side in the fourth quarter, was there anything unusual?

maybe you could frame up how you're thinking about growth as it works through the year

are you willing to deploy capital for buybacks beyond that or for other things or is there a targeted debt paydown plan

how quickly do you think some of these efforts can drive results? So the commercial efforts, innovation

could you just maybe talk about capital priorities outside of the dividend

can we just start on the pool side of things? Maybe some help on what you're seeing in the first quarter

Are you seeing any benefits on the competitive side or anything notable on the competitive side? Associated with how those tariffs are rolling through your footprint versus others

At this point, what is the carryover pricing in the next year from a percentage basis? So in other words, if you didn't implement any incremental price from here, what does that carryover look like?

How's the channel reacting at this point? I know you've limited, you know, are limiting the amount they can pre-buy

any change in how you're thinking about buybacks in the short term

can we talk a little bit about back half margin progression, what the assumptions are?

talk about what you're seeing on the equipment side and that headwind abating on the packaging and color side

Is there any expectation for an acceleration in end markets as we sit here today? Or is it relatively normal seasonality as it plays out?

how does the cost-opt program layer between the 2 segments?

maybe just help with the timing of the pricing. When that started being implemented, what pricing looks like in the back half

Sequentially, there should be an uptick into the back half of the year as the pricing timing comes in

can you help us bridge between 1Q and 2Q? Relative to the strength of 1Q, even excluding the number of cell days

The selling days, does that come out of the second quarter? Or where does that bounce out over the course of the year?

is the assumption that things just kind of hold trend as we sit here today? Or is there any improvement or decel assumed

What's changed as we sit here today versus the last time we talked, because I think 3Q earnings?

And then maybe some thoughts on orders more holistically and how you are thinking about things from here.

Can you just touch on the capital allocation piece. One, could just see the magnitude of buyback in the quarter.

maybe just talk about what the optionality looks like in terms of pipeline, actionability, et cetera?

on the last call, you mentioned there was a path to higher margins for the energy meter side.

what are the steps you're taking from here given the softness and and and how do you see that shaking out over the next couple years

orders for the year ended pretty strongly The organic kind of implies a ramp to the back half.

can you put the backlog exiting the year in context, what it means for this year? And and and and the phasing for the year.

is there anything to suggest about underlying dynamics in the marketplace where you would not be at least in the range for kind of normal-ish type growth as you look to 2026

What's the long-term thought process on how to manage China from here?

So first on the MCS order side of things, obviously, good orders this quarter, good absolute dollar levels of orders. Maybe you can just give an update on how you think that outlook looks today

maybe just an update on where you stand on the simplification side of things, how the rollout has gone in a couple of the areas you've put it in the front half of the year and what the next steps a...

How are you expecting to manage the pricing piece of this on a forward basis? You know, surcharges versus formal price increases

how much does this change your approach the simplification side of things? Is this not opportunity to lean lean in even further?

maybe just talk through how you think about the margin progression through the year? I know you said sequentially improved