Отчётный звонок Roper Technologies, Inc.

Sure. I'll take a crack at this, but I definitely want to ask Jason to sort of correct and sort of amplify anything. So on Neptune, it's really the ingot cost. And what we decided to do, I think Don and the team did a very sort of wise thing here. We did, if you remember, 3Q really July of last year, we pushed a sort of a call a tariff or a raw material sort of surcharge into the market. It really had a a negative demand impact in the short run. The signal from the customer was, hey, we certainly appreciate, you know, we've got on board sort of global price inflation, but we'd rather do it through regular weight pricing versus surcharging. And so we will sort of, we expect, by the way, the baseline assumption we have is ingot cost is going to stay high. I mean, this is with all the data centers and just the demand for copper, this is a derivative impact of that. So our baseline assumption is this input cost is going to stay high for a while, so it'll just be corrected or the margin will be captured through regular way pricing, which takes a couple quarters to sort of work through backlog and get into the market. So we're taking a longer view on that. In terms of the balance of the segment, it's both Northern Digital and it's Verathon. These are businesses that are, per our strategy, per the market opportunity, are becoming more reoccurring in nature, reoccurring consumables. which is a great thing about the predictability of growth and the absolute levels of growth in the businesses, but the consumables come with a lower GP percentage. So GP dollars are going up, but GP percentages may be a little pressured on those two businesses. Now, they also do a very good job managing below GP to EBITDA or OP, where we don't think there'll be a lot of OP compression over the long arc of time because they do have natural leverage in the business. Those are the dynamics at play. Jason, Nathan, you want to amplify there? No, I think that you covered it. Thanks.

Yeah, I appreciate the question. So for us in our Neptune business, we would say largely no. We've not seen a project, any project delays. Now, the backdrop on that is slightly different than the competitor you described. Neptune plays... in the segments that are on the smaller municipalities. So we have never had a large amount of project-based work, generally speaking. So it's really not an apples-to-apples sort of question. The other part of this is we had pretty decent sort of short cycle demand in the quarter. I think that's largely because we, and I'm not commenting about our competitor because we don't know their business the way they do, but we at Neptune did a good job managing channel inventory in 2025. And so the hope or expectation is we'll be able to ship closer to retail in 2026 on the short cycle side. I think we saw that play out at least early in the year in Q1.