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are you expecting any pull forward of demand ahead of the 4% to 7% price increases you're pushing through here?
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?
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
maybe just some help with the cadencing through 2026 cumulatively. You have a lot of moving pieces, front half to back half
Are you seeing anything different on the discretionary piece?
the pricing that you've taken in your mind is enough to make you price-cost positive or at least be price-cost neutral
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?
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
Can you just help provide some thoughts on how you think demand cadence is out through the year?
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?
the mid-twenty percent target. Maybe just some timeline on when you think you can get there, Rich
Are there areas where you might be putting incremental capital to expand capacity?
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
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?
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?
the delta in the guidance here, obviously, the uptick is partially in the first quarter strength?
Could you talk about what you're seeing there? And how your guide should shape out through the year
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
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
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
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
could you just go through those puts and takes? I mean it seems like FX is it more of a tailwind
If we get some pressure points from a macro perspective in your businesses, normally that happens after a period of expansive growth
talk a little bit about what this means for the growth profile and for how you think about incremental margins
help me understand the cadencing and the moving pieces a little bit more succinctly
On the short-cycle side, are you seeing sequential acceleration
how should that work out through the year when you consider comps
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
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
do you see anything on the horizon that can break you out of that more systemically
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
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
Maybe broadly on the T&I piece, what are you seeing? And just maybe put it all together
And maybe you can just have the exact same conversation around the IPS segment, given all the moving pieces there?
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?
maybe you could frame up how you're thinking about growth as it works through the year
On the Electra side in the fourth quarter, was there anything unusual?
can we just start on the pool side of things? Maybe some help on what you're seeing in the first quarter
could you just maybe talk about capital priorities outside of the dividend
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?
any change in how you're thinking about buybacks in the short term
How's the channel reacting at this point? I know you've limited, you know, are limiting the amount they can pre-buy
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
The selling days, does that come out of the second quarter? Or where does that bounce out over the course of the year?
can you help us bridge between 1Q and 2Q? Relative to the strength of 1Q, even excluding the number of cell days
What's changed as we sit here today versus the last time we talked, because I think 3Q earnings?
is the assumption that things just kind of hold trend as we sit here today? Or is there any improvement or decel assumed
maybe just talk about what the optionality looks like in terms of pipeline, actionability, et cetera?
Can you just touch on the capital allocation piece. One, could just see the magnitude of buyback in the quarter.
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.
on the last call, you mentioned there was a path to higher margins for the energy meter side.
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?
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...
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
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