Steve Fisher

what you see driving that

contingency plans and strategies for managing tariffs on the products that you import from China into the U.S.

the incremental margins seem to be better than the 25% to 30% expectations that you've talked about.

I'm curious to what extent you've thought maybe about whether there's likely to be a prebuy in 2027

Is it possible to talk about some of the underlying kind of dynamics that netted out there

I think you said there's no change to your second half expectation at this point

the message previously had been going into Q4, expect to beat price versus cost neutral on the prior existing tariffs

the segment's margins have kind of flattened out a little bit. I'm just kind of curious what's driving that?

how do you see those being different? And is there any difference in the momentum there?

Is that sort of just contractually what you have embedded in these new agreements?

what the lead times are on some of those. And obviously, you have the capacity coming online fully next year

Can you just clarify kind of some of the timing of those launches that you had in mind, particularly around the 2027 engine

what do you think you need to see in order to actually reinstate the guidance?

comparing 2026 to 2027, you know, is that 8 roughly 800 million net impact that you have this year

In terms of some of the regional dynamics, I think there were expected to be some pretty big differences between North America and Europe in the first quarter

I think there's some folks that were surprised to see the expectation of South America flat in light of some of the sort of incremental caution we've seen there, but it sounds like you cited some p...

it seems like the implied pricing in PPA in Q4 is positive. And I guess it's a range depending on how you around it

Is there any way to help us kind of quantify just how much used inventory is out there, how much excess you have

I wonder if you could just give us a little more color on the automotive trends between Europe and China.

Did I hear you say that commercial side of construction in North America was up in the quarter?

are you guys assuming that you -- there will be a continuation of some of that strong order levels

Do you still think of CBI and net market penetration as 2 separate growth buckets?

how should we think about that book-to-bill from here? It seems like the growth is poised to accelerate

how much of the raise is driven operationally by a better-than-expected demand or operational performance versus bringing the rest of PA Consulting in?

what the customer receptivity has been in the past few months to your digital tools and anything AI-enabled?

what some of the pass-through things are that are going through there

anything that has developed or your own thinking or message that you'd like to give on sort of the AI outlook

I am curious if you could talk about the changes in the assignments that you are getting this year versus a year ago

bridging the expansion in margins between fiscal 2025 and fiscal 2026

what you're hearing from your customers specifically about higher construction cost. Does that drive any sort of value engineering opportunity

it sounds like it's almost complete. Just curious how this ruling is reflective or not on sort of productivity and performance of the project?

How should we think about the progress now on some of the corporate costs that you have embedded in the segment reporting

It's a pretty wide range of growth rates between Water versus the Life Sciences versus the Critical Infrastructure, 1,000 basis points or more

I just wanted to level set the pricing expectation for Q3 compared to that 3.7% mix-adjusted price in Q2.

if you had a comment on the resi business expectation for the second half, that would be great as well

Can you just remind us how much of that is sort of an automatic I think you mentioned California has indexing

I'm curious how you feel about that today? Is there any conservatism you think you needed to draw on

Q3, are we thinking that it will sort of be at the low end of that 3% to 5% or somewhere between?

Just curious with half the year to go, just why not narrow the range at all?

What will drive the acceleration? Do you still need to see freight rates continue to rise

How are you characterizing the expected pickup in the second half of this year—prebuy or just buy

can you just give us sort of the regional color there directionally

was the 15,000 less than what you expected? How did that compare

how far out you are able to provide firm pricing to your customers

It seems like maybe EV and autonomy are perhaps a bit slower to develop. Do you think there's any structural growth opportunities

what do you think is going to drive the acceleration in that in the – in Q2 and for the rest of the year

what kind of visibility do you guys have to Q2 to Q4 at this point

they're going to be pretty stable, which is pretty impressive on 10% lower production. I guess, I'm just curious what is enabling that steadiness

Do you think that it's now kind of more stable that we're in this part of the downturn

to what extent are you now thinking maybe a little bit more positively longer term about the margin potential here as you have more self-perform

I was hoping you could perhaps elaborate a little bit on those opportunities. To what extent is this mainly transmission projects?

I wonder if you could just bridge some of the puts and takes between 2025 and '26, I imagine there's some things underlying there in terms of SunZia

how we should think about framing the strategy between being sort of this more base-level recurring services type strategy versus more of a discrete EPC project delivery

Can you get the same returns on mechanical that you can from electrical? And if not, is that sort of reflected in the upfront purchase price

how would you characterize the white space from here based on kind of what you're hearing from your customers about the solutions that they need

if you can give us a sense of what those growth rates were in 2024 so we can kinda see how it compares year over year

to what extent does that help the relative impact of repositioning on margins?

You mentioned, Ted, that delivery is really going to be one of the key focus areas. Can you just talk about what are the keys to making sure that that works out favorably in the way you want it to?

I'm curious about the trade-offs here. I assume these are branches closing. Clearly, you get lower cost. But I guess to what extent have you found ways to mitigate the lost revenues

Using the, I guess, the baseball innings analogy, where do you think you are on the evolution of this? Is this sort of like the second or third inning where you have a much wider breadth of service...

It looks like you did some smaller deals in the fourth quarter after a quiet few quarters. Can you just talk about kind of what you added in the quarter?

what accounts for that difference in year-over-year? Was there sort of faster growth in Yak that was driving more of that delivery impact?

directionally, where you see the cold starts heading for next year?

does that include any higher costs or whatever reason, be it tariffs or surcharges or whatever other price increases you may be asked to incur

based on sort of the visibility that you have, what do you see as the most likely path to reacceleration?

the incrementals are implied to be higher for Q2 and Q4. Can you just remind me what the reason is that what's gonna drive that improvement

I'm just kind of curious if there's any other sort of broader reason, kind of why now, why this is all happening? Obviously, Yac is new

on the pipeline of large projects. I'm curious how that looks today relative to a year ago?

touch upon the bigger than usual ancillary and re-rent. What's the main activity driving that?

is there a particular time frame when you think those will start to be more visible in your shipments?

what's the expectation we should have for pricing in the near term, say, Q2, and I guess that would be inclusive of the diesel

Just curious what you are seeing in terms of project delays. Has anything been delayed in, say, the fourth quarter relative to the start timing

Have you changed your pricing expectation for the full year of 2025? I'm not sure if I missed that

I'm just curious what your visibility is to the increases in the second half of the year, and maybe what you experienced in July

how broad would you say those are? Is that mainly very interest rate sensitive, commercial type projects? Or is it also on things that are more perhaps structural

just curious about the the cadence of of how that plays out during the year. And we've been observing this slowdown in overall nonresident