Steve Tusa

what's the change in the billings contribution from the transaction model change, the 5% to 6% to 5% to 5.5%

what do you what do you think for the, you know, like, for the year now, like, Movement ended at?

What are you assuming for the 4Q in resi?

Any real hiccups on the 454B actual channel like the installation because of kind of dramatic price increases that we're seeing from the suppliers

what is the actual base for earnings for 2Q of '24 again? Can you just remind us what that is, EPS?

What do you think is a good kind of normalized rate, assuming Viessmann grows in line with your expectations?

Are you guys at kind of like a normalized run rate of growth? Are we still like are we at a bottom in some of the consumer markets

I guess there were some news around some changes in the way that they're assembling and manufacturing some of these chips

how much of these sales in China do you think - are you like, stepped in on with like long-term contracts with your - with the OEMs there

I think there was a modest gain in the Electronics segment. I'm not sure if you flesh that out. How big was that?

Did you see any kind of pull forward in demand with regards to any concerns around tariffs or new administration in the fourth quarter?

Anything you've seen in the last month or so or two months that would change that positive view and tone on just the general economy and business?

Price cost, what are we looking at this year? I know you guys buy a bit of steel. So are you thinking about managing the raws?

the low end of that range seems to be in and around the mid-single digits for the fourth quarter?

the total segment incremental would be below -- just below $40 million because of these tariff dynamics

should we think about next year kind of the EPS algo being pretty similar to this year, maybe a little bit better?

you know, what I'm just trying to get a gauge of how well you can manage in the context of, a downside economic scenario

how much of a hit will it be in the near term? And then I assume you're going to kind of work through it in the third and the fourth quarter

The slide last quarter talked about 40% conversion and $25 million of restructuring benefits. This slide says 40% plus

price cost, what do you guys assume for price on the year and will that spread be positive?

The first quarter orders should kind of sustain this, I don't know, like the 5% to 6% type of momentum that you saw in the 4Q?

how you saw the quarter play out? I think you guys said the orders in April were up 7%

What's holding up for you guys and where the strongest growth is and maybe how the MRO is playing in there

super strong core incrementals here. A little bit tough to explain just by operations. Is there – did you guys have raw material deflation

I think it was a headwind on sales but looks in the earnings bridge on in the slides that it was a benefit to EPS of like $0.04

The backlog, you said that was up $150 million sequentially for the core, ex-T&M, or was that sequential? Or was that year-over-year?

I guess what you're saying with the EA revenue is that the resi stuff remains weak and some of these other nits and gnats that were onetime issues ship

in the second half, are we seeing the impact of that production step- up in 3 and 4Q?

Sorry, what was that EA backlog organic again, first of all?

what does that mean for orders as you look forward over the course of this year? I mean is this - obviously, this pipeline keeps growing

how much visibility do you have as to when you're actually shipping to these guys?

Can you just clarify if that is what it was adjusting for the selling day impacts

were the trends similar for the AHS software business?

what was the organic at Fluke in the quarter?

what are you guys seeing in the other businesses?

it looks like you guys will not be giving organic growth guidance at a high level, you'll just be giving kind of like color on that. Is that right?

Is there anything that you are changing in that approach relative to what Fortive has done historically?

I'm just trying to figure out why I guess like the Test and Measurement industry just seems to be having a bit more volatility

did you see any kind of unusual buying behavior around the end of the quarter or kind of the end of April here?

Which verticals are you are you seeing the best order rates in? Which ones are

Did you guys see any kind of preordering ahead of the change in administration and potential tariffs

Can you give us any kind of magnitude of margin improvement embedded in the guidance for aero this year?

Any thoughts around changing the pension accounting and how you're reflecting that in your income statement

Can you guys just talk about the trend in the BA margin? It's been really strong in the last couple of quarters

is Building Automation like close to 28% this year? Is that roughly the right ballpark

the contingency you guys had put into place last quarter. What's the -- what's kind of the status of the contingency

how much is roughly coming from China? And I know this may be kind of old news at this stage

parse out what your volume assumption is? I think coming into this year, you've talked about like three points of price

what happens to these like below-the-line items like pension income? Does that kind of stay with whatever the RemainCo is

what is your current assumption on raw materials prices?

I'm having trouble kinda reading the tea leaves whether you know, better than the 20% or a little bit less than the 20%.

how much visibility do you have on this Aclara and Grid Infrastructure drag?

can we just talk about the puts and takes on the margins for next year?

what was -- what's kind of the breakout by the 2 segments?

what was price in the quarter for each of the segments and what are you assuming for each end of this year?

The North America margin was a little bit lighter. There was a $15 million headwind from other. Maybe that was something we're missing from the comp from last year

the data center lead times, where are you now? And then, Mark, if you could just give us a little bit of color on what BMS did in the quarter?

Do you like the construct with fire and security and HVAC and controls integrated or is that something that you're poking around at as well?

How do we think about the entitlement of this business? Can we look at some of the publicly traded peers and think about your margins

Are you still seeing accelerated growth rates from a sales perspective in data center for 2025 versus 2024?

would the shape of '26 maybe been a bit different

the rationalization of low margin RNC accounts. Any change in those? I don't see them on the head tailwinds, you know, headwinds slide

are you seeing anybody kind of get out of line from a price competition perspective

Can you just maybe help, like, quantify what you think the overabsorption benefit was? I mean, you said you're going to get some under absorption

you got the 6% on the $4 billion, that's like $240 million. now you're talking about as far as inflation is concerned

Just trying to get a little bit more color on what's going on with this 454B refrigerant issue

are you guys still saying that there was no prebuy in 3Q. You're saying that most like the vast, vast majority came in 4Q

There do we just adjust that back to get to that mid-single digit for the fourth quarter?

when you are expanding into this mainstream area, is there any dilutive impact to margins at all?

on this $1 billion of revenue, how much did you book this year of the $1 billion, do you think?

What's the embedded assumption on ForEx? I would have thought there was maybe a little bit more upside

just lastly on China. Could you just are there sales there that you could just know, walk from

So you guys had previously said, I think, negative $0.20 on Forex. What specifically are you now assuming

on the corporate side, a little bit lower in expense this year. How does that look going forward?

I'm not sure you mentioned it before, but the price assumption for this year?

if repair is going to accelerate, I don't know, it's like the comp is like on mods, but if you're kind of stable on the maintenance side, that you should see an acceleration in revenue growth

Can you -- I guess you talked about retention, is it still getting better sequentially? And do you still have a target for year-end to be -- for retention to be at least up year-over-year

Can you guys just talk about how you're set up into like just mechanically what the backlog would suggest for next year in China?

What is kind of the do you think is the prevailing, you know, price year over year that's going on there in the market?

the revenue growth there, was, you know, I think 4% in the organically in the quarter, and your portfolio units obviously are still trending pretty nicely in that range

on the fourth quarter, being a bit below consensus. And anything to call out there mechanically as to why the fourth quarter is, I guess, just a little bit weaker than what we would have thought.

on the construction side, you guys are like a little more positive than others. Is that just like the data center stuff? Or is there -- are there other things you guys are seeing out there?

Is the consumer, given where they are, and where the market is, is the consumer you know, looking at, or the or the dealer looking at you know, cheaper products or any kinda, like, mixed dynamics t...

I think you addressed some of, like, the tough comp and pool on the margin, but I think the productivity was definitely weaker than we were expecting there. Could you just talk about what the trend is

Is that kind of like signs of life of a little bit of a bounce in the kind of replacement of the age installed base, and then just talk about how you're measuring, you know, how you're kind of bala...

is the price that we see in the numbers today, it seems like that only reflects part of what you guys have put through

does the 2Q price of, I think it's like $47 million, $48 million or something like that, that doesn't reflect the full kind of run rate

the kind of $80 million of productivity is still there, kind of the core inflation number think it was roughly that, is also still there

what is the, like, channel telling you about? I think you would that if you address these tariffs, you would expect some demand destruction

Where are the tariffs embedded there? I guess it's like $95 million. Is that kind of the simple math on the tariffs?

how are you seeing the focus on AI impact decisions and budgets, more specifically than just what normally happens

What was the trend in, like, the software-related business there?

the 1% tariff that you got, you said that was offset in the quarter or that was -- or you were ahead of the tariffs in the quarter?

what level of inflation did you guys see in the quarter?

Where was the -- where did the book-to-bill land this quarter?

the updated pricing outlook for what you booked this quarter and then what you expect for the fourth quarter and how that will trend into next year?

Could this be a first half of next year thing? Or if it comes, it's really going to be more of a second half of next year thing from an orders perspective?

Just on the organic, maybe some color on the 2Q organic. And then secondarily on education, there's obviously a lot going on there as well

just in April here, the software bookings. Have you actually seen acceleration from the low single-digit?

Obviously, 32% is above 30%, but it's meaningfully above 30%. Are you at some point going to change that algorithm

is there any businesses where you see perhaps threats where at the margin, you guys are obviously on the watch for any incremental competition

Can you just remind us what the, what the standing kinda tier one Tier two kind of raws base is

reconcile the like 100% plus applied orders and the 35% total orders, like, what was down to kind of get it to that rate

are there like a lot of like liquid cooling related orders that are now coming through and pushing that number higher

The backlog for commercial HVAC, you guys gave kind of a bit of a like year-to-date increase

the amount of forward sales kind of in the backlog last year, I think you guys gave an enterprise number of like $4.1 billion

Maybe just the difference between your captive distribution and the independent?

It's decelerating a bit from the mid-teens you guys did last year

Can you just maybe hash out for resi what your price and mix expectations are for the back half?

any difference between the company owned and the independent distribution sales in the quarter?

is the pipeline strong enough so that as you kind of move through the year that you'll be back to being positive on a year-over-year basis

When will you incorporate that in guidance? What's the trigger for that?

what do you guys see in Light Commercial? What's your expectation for the year on Light Commercial?

what are you thinking about like the market on like a volume basis this year, just like from an underlying demand and replacement events perspective

is there any, you know, creep in that content to the upside that's bolstering these orders, or should we still think about that as the right framework for the dollar per megawatt TAM

How should we think about for every like $100 million of incremental CapEx

once you get through these tariffs, can we kind of get back on the horse of 35%

is there any reason why we wouldn't think about '26 as a more normal year on margins given your kind of easy comps

can you just maybe give us a little more granular color around kind of the absolute China import exposure

the first quarter seems to be worse than or at least down more than normal seasonality quite substantially