Question-and-Answer SessionMaybe start off with the broad demand backdrop specifically around the shorter cycle industrial activity in IPS and AMC. A lot of people sort of curious about if there's real green shoots in the U.S. industrial economy. Kind of what's your perspective on that?Louis PinkhamCEO & Director I think the indicators are pretty mixed at this point. And by the way, Julian, thank you for hosting us. It's a pleasure to be here, and it's good to see all of our investors, but to your question, ...

Core Perspective - The U.S. industrial economy shows signs of optimism, with a strong finish last year and positive PMIs recently, indicating a potentially favorable environment for growth in 2025 and 2026 [1]. Group 1: Economic Conditions - The current economic setup is perceived as similar to the previous year, with lower interest rates compared to last year, which may positively influence the industrial sector [2]. - There has been an acceleration in orders leading into 2026, providing hard data points that were not available at the same time last year, suggesting a more robust outlook [2]. Group 2: Business Cycle - The company operates primarily in a short-cycle business environment, which typically expects fluctuations in demand and orders within a given year [2].