Good day. Thank you for standing by. Welcome to the second quarter 2026 Generac Holdings Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will hear an automated message advising that your hand is raised. To withdraw your question, please press one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kris Rosemann, Director of Corporate Finance and Investor Relations. Please go ahead. Good morning. Welcome to our second quarter 2026 earnings call. I'd like to thank everyone for joining us this morning. With me today is Aaron Jagdfeld, President and Chief Executive Officer, and York Ragen, Chief Financial Officer. We'll begin our call today by commenting on forward-looking statements. Certain statements made during this presentation, as well as other information provided from time to time by Generac or its employees, may contain certain forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially from those in these forward-looking statements. Please see our earnings release or SEC filings for a list of words or expressions that identify such statements and the associated risk factors. In addition, we'll make reference to certain non-GAAP measures during today's call. Additional information regarding these measures, including reconciliation to comparable US GAAP measures, is available in our earnings release and SEC filings. I'll now turn the call over to Aaron. Thanks, Chris. Good morning, everyone. Thank you for joining us today. Our second quarter results reflect continued momentum in our commercial and industrial segment, which drove 11% growth in overall net sales from the prior year. Highlighting the quarter was revenue from products sold to the data center market, which underpinned a 29% increase in C&I segment sales on a year-over-year basis, as well as the return of solid growth for sales of our home standby generators during the quarter. Consolidated adjusted EBITDA margins also expanded during the quarter to 24.8%, primarily due to tariff refunds and strong operating leverage. During the quarter, we made significant progress in solidifying our position in the data center market as we recognized more than $100 million of revenue and secured two multi-year supply agreements with hyperscale customers. The first agreement, which we announced in early June, now includes commitments totaling nearly $700 million for product to be delivered in 2027. We are now in the final stages of negotiations with this customer on terms, conditions, volumes, and timelines for 2027 and 2028 deliveries. These agreements provide ongoing validation of our status as a top-tier supplier of C&I backup power generators and reaffirm our strong reputation as an engineering-driven organization with a unique focus on backup power, a customer-centric approach, and global service and production capabilities. With the addition of the first hyperscale customer, our backlog for products sold to the data center market now stands at $1.6 billion, representing new orders of approximately $1 billion over the last 90 days. Importantly, this backlog does not include expected orders resulting from the second hyperscale supply agreement, which we believe represents significant potential upside and further visibility to future volume growth in the years ahead. In addition to the hyperscale supply agreements we finalized, demand remains robust across a broad range of data center customers, with strong order growth from new and existing co-locator customers. As our order book continues to build, we now expect to recognize nearly $450 million in data center revenue, related revenue for the full year 2026. This represents an increase to our previous expectation for revenue from the data center market in 2026, and the higher backlog also provides much greater visibility to accelerating C&I sales growth into 2027. To address this rapidly growing demand for our products, we are continuing to aggressively invest in production and packaging capacity for our large megawatt generators. During the second quarter, we continued to ramp production in our existing domestic and international facilities and sped up our efforts to build out our recently acquired large megawatt production facility in Sussex, Wisconsin. We are now on track to begin production in Sussex by the end of the third quarter, which is ahead of our initial target. Additionally, we continue to invest in vertical integration for large megawatt generators during the quarter as we work to increase our value-added content for these products, thereby allowing us to maintain shorter overall lead times versus the industry and to improve the overall profitability of large megawatt packages. On April 1st, we completed the acquisition of Enercon, a leading provider of generator enclosures and specialty packages. We recently closed on the purchase of a second facility in Belvidere, Illinois, which is expected to be operational in the first quarter of 2027, thereby significantly expanding our packaging and metal fabrication capacity for large megawatt generators. Importantly, we've also identified a number of additional investment opportunities within our existing and planned global footprint that will dramatically expand our capacity for large megawatt generators in the years ahead. As a result, we believe we now have a path over the next 12 months to triple our production capacity from our original year-end 2026 target of $1.25 billion. The overall investments we are making to increase capacity underscore our confidence in the tremendous potential upside we see for large megawatt generators in the next several years. Looking at our C&I segment results for the quarter in more detail. Second quarter shipments to our domestic industrial distributor channel declined from the prior year, which reflected a strong comparable period in 2025, in which we significantly reduced our lead times for C&I products. Despite lower shipments, orders from our industrial distributors remained strong through the first half of the year, hitting a record high in the second quarter, signaling solid demand across our traditional C&I markets. Additionally, we continue to see robust quoting activity for our large megawatt generators in non-data center applications offered through our independent distributor channel. Sales to our domestic telecom customers grew at a strong rate in the second quarter as our national wireless customers continued to harden their networks. Full-year shipments are now expected to be flat from the prior year, primarily as the result of a reduction in orders from a certain telecom customer as they work through a backlog of their generator installations. Longer term, we expect that demand for this channel will continue to be driven by increasing dependence on wireless communications, as well as the continued evolution of telecom and digital infrastructure, including data center adjacent applications. Mobile product shipments to our national and independent rental equipment customers also grew at a strong rate during the second quarter on an organic basis, and contributions from the Allmand acquisition exceeded our prior expectations. Allmand continues to outperform on both sales and adjusted EBITDA margin contribution, further validating the strategic rationale and the timing of this acquisition. Looking ahead, we continue to expect strong full-year growth in shipments of both Generac and Allmand mobile products as rental customers continue to refresh their fleets to capture structural demand trends tied to the significant pipeline of mega projects such as data centers. Shipments of commercial and industrial battery energy storage systems grew in both domestic and international markets during the quarter. Our global backlog for these products has grown meaningfully, and domestic orders for multi-asset solutions have already exceeded full year 2025 levels through the first half of 2026. While still a relatively nascent market for Generac, the recent momentum and demand we are experiencing further reinforces our view that these energy technology solutions represent a meaningful long-term opportunity as a growing number of C&I customers look for multi-asset backup power solutions that can help to address the growing issues resulting from lower power quality and higher power prices. Our international sales increased at a strong rate year-over-year, driven by data center shipments, control solutions, and battery energy storage products, partially offset by the June 1st divestiture of our gas engine controls business, along with softer performance in certain regions globally, including the Middle East. We continue to expect solid international growth in 2026 outside of the data center end market, highlighting our diversified geographic footprint and our product breadth. We are increasing our full year 2026 C&I segment net sales growth guidance as a result of higher expectations for global data center product shipments and the continued strength in mobile products. C&I segment net sales are now expected to grow in the low 30s% range for 2026 as compared to the mid to high 20s% range previously. The ongoing momentum in our C&I segment in 2026 now puts us on a path to exceed the long-range planning targets that we previously disclosed at our investor day earlier this year. Looking at our second quarter residential segment results in more detail. Overall residential segment sales were down 2% in the quarter as compared to the second quarter of 2026, with growth in home standby generator sales mostly offsetting lower shipments in other residential products, including portable generators and energy storage systems. Importantly, residential adjusted EBITDA margins expanded significantly in the quarter, reflecting the benefit from tariff refunds, a higher sales mix from the home standby category, the favorable impact from price cost dynamics in the quarter, and continued operating expense discipline around our residential energy technology solutions portfolio. Home standby generator sales returned to solid growth in the quarter, despite outage activity declining from the prior year and coming in below the longer-term baseline level. The softer power outage environment did, however, impact our domestic portable generator shipments in the quarter as they were lower on a year-over-year basis. While outage activity remained below our long-term baseline average during the quarter and declined significantly from the prior year, underlying demand in the home standby category remained resilient, as in-home consultations were up on a year-over-year basis, driven by the Midwest region following multiple recent storms in that part of the country. The increase in IHCs also provides further evidence of our well-established demand creation efforts as IHC intensity or the IHCs per outage hour remains strong in the second quarter. Our residential dealer network also expanded again during the quarter and now includes approximately 9,700 dealers, representing an increase of nearly 400 new partners from the prior year. Continuing interest in the home standby category, particularly against the backdrop of multiple quarters of average to below average outage activity, provides us with further confidence in the significant growth opportunity that remains for home standby generators as contractors continue to see value with their involvement in the category. Market adoption of our next generation home standby product line that we introduced in late 2025 has been very strong, and we have seen excellent traction for our market leading 28 kW air-cooled generator as the uptake of the high end of our product line has been faster than we had expected, driven by the significantly lower cost of the 28 kW unit when compared to similarly sized liquid cooled units. In addition to growth in our home standby sales in the period, our team at ecobee continued to add to their growing track record of strong execution as they posted another period of profitable top-line growth in the second quarter. ecobee's connected homes count also increased at a mid-teens rate from the prior year, surpassing five and a quarter million homes during the quarter, and service attachment rates accelerated as well as consumers look for ways to offset rising energy bills without sacrificing comfort or convenience. As expected, sales of our residential energy storage systems were lower in the quarter as compared to a strong second quarter of 2025 that included the benefit of our DOE program in Puerto Rico, which was completed at the end of 2025. The more challenging policy environment has created broader weakness around the residential solar and storage markets, impacting demand for this part of our residential products portfolio. Although the market for these products has softened significantly here in 2026, we continue to believe that the increasing prices that homeowners pay for electricity will result in a residential solar and storage market that will resume growth over time. As a result, we continue to execute our Generac home strategy, including the ramp of PWRmicro, our first Generac-branded microinverter product for the residential solar market. We are currently ramping our production capacity and distribution capabilities for PWRmicro and expect growth in these products in the second half of the year. Looking ahead, we now expect our residential segment sales to increase in a high single-digit range on a year-over-year basis for the full year 2026. A modest reduction from our previous guidance, primarily reflecting a continued soft power outage environment and the impact of affordability concerns amongst certain portions of our customer base. We remain focused on our disciplined approach to operating expense investments in the residential segment. We continue to expect significant year-over-year EBITDA margin improvement for this segment in 2026. In closing, our second quarter results and our updated 2026 outlook reflect the tremendous momentum in the C&I segment and the resiliency of our residential segment. The significant growth in our data center backlog with both hyperscale and non-hyperscale customers provides further confidence in our ability to serve this massive and still rapidly growing market. Additionally, the visibility to our multi-year growth outlook is clearly exceeding our previous expectations, representing a generational growth opportunity that is within the core competencies of our business. Given the mega trends around AI infrastructure, lower power quality, and higher power prices, we believe we are extremely well positioned for success through continued disciplined execution of our Powering a Smarter World enterprise strategy. With that, I'll turn the call over to York to walk through our second quarter financial results and our updated outlook in more detail. York? Thanks, Aaron. Looking at second quarter 2026 results in more detail, overall net sales during the quarter increased 11% to $1.17 billion, as compared to $1.06 billion in the prior year second quarter. The net effect of acquisitions, divestitures, and foreign currency had an approximate 2% favorable impact on revenue growth during the quarter. Commercial and industrial segment total sales increased approximately 29% to $556 million from $431 million in the prior year quarter, including an approximate 6% net favorable impact from the combination of acquisitions, divestitures, and foreign currency. The core total sales growth for the segment was primarily driven by ramping revenue from products sold to the global data center market. Increased shipments to rental and telecom channel customers were more than offset by a decrease in shipments to the domestic industrial distributor channel, as we were improving lead times to these customers in the prior year quarter. Residential segment total sales decreased approximately 2% to $621 million as compared to $635 million in the prior year quarter. This slight sales decrease was primarily driven by lower energy storage system shipments in the quarter due to the Department of Energy program in Puerto Rico, which was completed at the end of 2025. We also saw a decline in portable generator shipments compared to the prior year, given the lower power outage environment. Partially offsetting these declines, home standby generator sales returned to solid growth during the quarter, primarily due to increased price realization and slightly higher volumes. As disclosed in our earnings release, our second quarter results included an approximate $71 million pre-tax impact related to tariff refunds, which is reflected in gross margin, net income, adjusted net income, and adjusted EBITDA. Overall gross profit margin on a consolidated basis was 44.5% compared to 39.3% in the prior year second quarter. The increase was primarily driven by tariff refunds, which contributed approximately 6% to gross margin growth during the quarter. Unfavorable sales mix and higher input costs were partially offset by favorable price realization. Overall operating expenses increased $6.4 million or 2% compared to the second quarter of 2025. The increase was primarily driven by increased operating expense investments to support future C&I growth and higher intangible amortization, partially offset by lower legal expenses in the current year quarter. We continue to expect operating leverage to be an important factor over the long term, helping to drive adjusted EBITDA margin expansion as we remain focused on investments in key growth opportunities while realizing operational efficiencies across the organization. Overall adjusted EBITDA, before deducting for non-controlling interest as defined in our earnings release, was $291 million or 24.8% of net sales in the second quarter as compared to $188 million or 17.7% of net sales in the prior year. The significant increase in adjusted EBITDA margins versus prior year was primarily driven by a 6% impact from tariff refunds. When excluding the impact from tariff refunds, adjusted EBITDA margins increased by approximately 1% from the prior year due to strong operating leverage on higher sales volumes, partially offset by unfavorable sales mix given higher C&I sales. Adjusted EBITDA for the commercial industrial segment before deducting for non-controlling interests was $81 million or 14.6% of C&I total sales as compared to $53 million or 12.4% of total sales in the prior year. This margin increase was primarily driven by the impact from tariff refunds of approximately 2%, as well as the net favorable impact of acquisitions and divestitures and improved operating leverage, offset by an unfavorable sales mix shift and strategic operating expense investments to support future growth. Adjusted EBITDA for the residential segment was $215 million or 34.7% of total residential sales, as compared to $146 million in the prior year or 23.1%. This significant margin increase was primarily driven by tariff refunds, which impacted margins by approximately 9%, as well as favorable sales mix and operational efficiencies resulting in lower operating expenses. Switching back to our overall financial performance for the second quarter of 2026 on a consolidated basis. As disclosed in our earnings release, GAAP net income for the company in the quarter was $143 million as compared to $74 million for the second quarter of 2025. GAAP income taxes during the current year's second quarter were $46.7 million, or an effective tax rate of 24.6%, as compared to $15.4 million, or an effective tax rate of 17.2% for the prior year. The increase in effective tax rate was primarily related to a non-recurring favorable discrete item in the prior year period related to a business disposition that did not repeat in the current year period. Diluted net income per share for the company on a GAAP basis was $2.40 in the second quarter of 2026, compared to $1.25 in the prior year. The current year quarter includes an approximate $0.90 impact from tariff refunds on an after-tax basis. Adjusted net income for the company, as defined in our earnings release, was $174 million in the current year quarter, or $2.91 per share. This compares to adjusted net income of $97 million in the prior year, or $1.65 per share. Cash flow from operations was $121 million in the current year quarter as compared to $72 million in the prior year second quarter, and free cash flow, as defined in our earnings release, was $63 million as compared to $14 million in the same quarter last year. This strong increase in free cash flow during the quarter was primarily driven by higher operating earnings, cash receipts from tariff refunds, and lower cash tax payments in the current year quarter. These items were partially offset by a greater use of cash for working capital as compared to the prior year period. Total debt outstanding at the end of the quarter was approximately $1.33 billion, resulting in a gross debt leverage ratio at the end of the second quarter of 1.5 times on an as-reported basis, which is within our target gross debt leverage range of one to two times adjusted EBITDA. With that, I will now provide further comments on our updated outlook for 2026. As disclosed in our earnings release this morning, we're maintaining our full year 2026 outlook for overall net sales as our growing backlog for data center customers is offsetting the impact of a modestly lower residential outlook. As a result, we continue to expect consolidated net sales for the full year to increase in the mid to high teens percent range as compared to the prior year, which includes an approximate 2% favorable impact from the net effect of foreign currency acquisitions and divestitures. Given the momentum in our data center business, as well as ongoing strength in the domestic rental channel, more than offsetting the impact of an immaterial divestiture, we are increasing our C&I segment net sales growth guidance to the low 30s% range compared to 2025. This is an increase from our previous guidance in the mid to high 20s% range. As Aaron discussed, given the lower baseline power outages in the second quarter, the current macro environment driving affordability concerns, together with a small divestiture that closed during the second quarter, we are modestly lowering our previously expected residential segment net sales growth outlook for the second half of the year. We now expect full year residential segment net sales to increase at a high single-digit rate as compared to the prior year, a relatively small reduction from the previous guidance for growth in the 10% range. The high single-digit rate growth for residential is expected to be driven primarily by the home standby category, given the combined impact of higher price realization compared to 2025 and higher volumes against an easier prior year comparable period for the second half of the year due to the very low outage environment in 2025. Consistent with our historical approach, this guidance assumes a level of power outage activity in line with the longer-term baseline average for the remainder of the year and does not assume the benefit of a major power outage event during the year. From a quarterly pacing perspective, net sales growth is expected to accelerate in the second half of the year for both residential and C&I segments. Overall, third quarter net sales is expected to grow in the high teens range, with further acceleration expected in the fourth quarter of the year as data center revenue continues to ramp and the prior year comparable period for residential segment sales eases further. This will result in a more level-loaded second half for residential segment sales and a rapid sequential improvement in C&I segment sales from the third quarter to fourth quarter as we ramp data center capacity. Looking at our updated gross margin expectations for full year 2026, excluding the tariff recovery impact, we now expect gross margins to be near the low end of our previous guidance range of 38.5%-39.5%, given the higher sales mix of C&I segment sales in our forecast. Including the $71 million of tariff refunds that are reflected in the second quarter, we expect gross margins for full year 2026 to be in the 40% range. From a seasonality perspective, we expect the second half gross margins to be level loaded across the third and fourth quarter, in line with the full-year gross margin guidance excluding tariff refunds. This assumes that further tariff recovery will be fully offset by higher tariff levels that could potentially get enacted in the second half of the year. With regards to operating expense guidance, we now expect lower operating expenses relative to our previous guidance as a result of the two small divestitures that closed during the second quarter, as well as continued operational discipline in the residential segment. This lower operating expense forecast fully offsets the lower gross margin forecast, excluding tariff recovery, resulting from the higher mix of C&I sales. As a result of these factors, excluding the 150-basis point impact from tariff refunds, we are maintaining our previous guidance range for full-year 2026 adjusted EBITDA margins of 18.5%-19.5%. When including the impact from tariff refunds, our full-year 2026 adjusted EBITDA margin guidance range moves to 20%-21%. From a seasonality perspective, we expect third quarter EBITDA margins to be similar to Q2 levels, excluding the tariff recovery, and expect fourth quarter EBITDA margins to improve from there, given significant operating leverage. As is our normal practice, we are also providing additional guidance details to assist with modeling adjusted earnings per share and free cash flow for full-year 2026. Importantly, to arrive at appropriate estimates for adjusted net income and adjusted earnings per share, add-back items should be reflected net of tax using our expected effective tax rate. For full-year 2026, our GAAP effective tax rate is still expected to be between 24.5%-25%. We now expect interest expense to be approximately $65 million-$69 million for full-year 2026, compared to approximately $65 million previously expected, assuming no term loan principal prepayments during the year. Higher expected interest rates are the primary driver of this modest change in interest expense guidance. Our capital expenditures are now projected to be approximately 4.5% of our forecasted net sales for the year, which now includes the purchase and outfitting of our new packaging facility in Belvidere, Illinois, and expanded investment levels in our other global large megawatt generator facilities. Depreciation expense is still expected to be approximately $108 million-$112 million. GAAP intangible amortization expense in 2026 is now expected to be approximately $118 million-$122 million during the year, up from $112 million-$116 million previously expected, primarily due to updated assumptions around recently closed acquisitions. Stock compensation expense is still expected to be between $54 million-$58 million for the year. Consistent with prior guidance, free cash flow generation is still expected to be approximately $350 million for the full year 2026 as tariff refunds help to offset the incremental CapEx required to support future C&I growth. Our full-year weighted average diluted share count is still expected to be between 59.5 million and 60 million shares in 2026. Finally, this 2026 outlook does not reflect potential additional acquisitions, divestitures, or share repurchases that could drive incremental shareholder value during the year. This concludes our prepared remarks. At this time, we would like to open the call for questions. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. In the interest of time, please limit yourselves to one question only. Our first question will come from the line of Mike Halloran of Baird. Your line is open, Mike. Hey, morning, everyone. Morning. Mike. Hey, Aaron, can you just talk about the capacity conversation? The tripling of capacity to at least having line of sight to that is a pretty big number. Maybe talk about how that works out from your perspective. Is this more what you're doing today, which is more on the assembly side? Does this contemplate some sort of arrangement with your engine manufacturer and doing something more joint? How are you thinking about what you need to see from commitments to start reaching those large numbers? Yeah. Thanks, Mike. It's obviously a central question here. We've been focused on this $1.25 billion, $1 billion of that domestically, the $250 million internationally by the end of this year. Definitely on path for that. In fact, I would argue we're running higher towards even where we'll end the end of the year in terms of what our theoretical capacity could be. This pathway to tripling, as I mentioned, over the next 12 months, to be clear, it's only with relation to our generator assembly and our packaging capacity. It does not include anything with engines or any other upstream components at this point. Although those things are currently, as we've talked and as we've discussed in the past, those things are on the table. Today, the tripling of capacity is strictly for our own packaging and our assembly needs. When I say we're on a path to it, maybe to put a finer point on it, that path is one that we're already walking down. In fact, I would say we're running down it. We've been speeding up our efforts to outfit the Sussex facility to bring that online quicker. We were intending to bring that online at the end of this year. We're going to be online here, actually, in Q3. We've got our first product will be running down a line in August as we kind of prove out the line and then finish out the testing capabilities of that facility. By the end of Q3, we'll be starting our production ramp there. That's about a quarter ahead of where we thought we'd be, which is really encouraging. Kudos to our team that is just working like crazy to figure this out. Furthermore, we've identified a number of things that we can do to increase capacity in our existing facility footprint, both domestically and internationally. Sussex, as an example, we're going to add a second line. We've made that decision and made those capital commitments already. That's reflected partially in the elevated CapEx guide from this morning, taking that up to about 4.5% of sales, which is up about, call it, $50 million over our previous guide, just in raw dollars. There'll be some more dollars going into that next year. We're not going to get over our skis here, where suddenly, CapEx is going to be 10% of sales or anything like that. That's not going to happen. I think we'll stay comfortably below 5%, guiding back towards that as our top line grows, in particular, guiding back towards our historical range at some point in the future. We've identified a way to get more out of Sussex. We've identified a way to get more out of our Oshkosh facility. We've identified ways to get more out of our international facilities. We have a facility in Asia. We have a facility in Europe. We have a facility in India where these products are manufactured. We'll actually be standing up some production capability in Brazil and in Mexico. The combination of all of those adds, plus what we're doing to add capacity for packaging, that's through the Enercon acquisition, and then also this new facility that we just closed on in Belvidere, Illinois, Northern Illinois, that will help us expand our capacity for packaging. We won't quite be able to satisfy that full tripling of assembly capacity with packaging, but we'll be somewhere, call it 70% of that number, and then we'll have to augment that with third-party packaging beyond the assembly capacity. It is a full-court press. It's an aggressive plan. Our team is executing against that plan. When I say we're walking that path, we're running along that path, and we're actually executing against it. Obviously, the agreement with the second hyperscaler that we announced this morning is a big part of why we've decided to pull that forward in Sussex and to accelerate our capacity expansions. We believe that that agreement is going to be at least as big as the first hyperscaler agreement that we announced, or bigger. We're also talking about 2027 and 2028 simultaneously here with that new customer. We're just working through the final product schedules that are addendums to the master agreement that we signed in late June. Really excited about it. I think all systems are green, all systems are go. We're pushing very hard to make that a reality. Thanks, Aaron. Our next question will be coming from the line of George Gianarikas of Canaccord Genuity. Your line is open, George. Hi, everyone. Thank you for taking my question. Just more of a strategic question. As your revenue mix shifts more towards commercial and data center applications relative to residential, how are you broadly managing the operational transition? Like, when you're trying to optimize capital allocation, sales channel capabilities, supply chain commitments, how do you preserve your return on invested capital profile given the longer sales cycles and the lumpier nature of large enterprise projects? Thank you. Yeah. Thanks, George. Great question. Obviously, the growth in the C&I business has been aggressive. It's stark, and it's going to change, I think to the point of your question, it's going to change the face of the company in terms of a lot of things. We'll get to the heart of your question, which is return on invested capital and kind of the financial profile of the company. Big projects obviously bring different sales cycles, as you said, longer sales cycles. We're working through how to match the customer deposits that are parts of these big projects alongside cash flow to our supply chain. It does have ramifications along all of those things. I would say that initially here, the thing that we are observing is that all of the investment level that we've been making, and that's inclusive of not only the CapEx, but also some of the M&A we've done, the payback is remarkable. Based on the volumes that we're projecting. It's very rapid. It's very quick. I think even with the longer sales cycles, this isn't a dramatically CapEx-intensive part of our business. There's obviously capital to be deployed, and these are bigger pieces of equipment to move around and to manufacture and to package. In the end, they're bigger copies of what we've been doing for a long time. We know how to do that very well. Yes, the projects get bigger, the products get bigger, but I would say based on the math that we've laid out, the reward gets bigger. The paybacks look stunning in terms of we used to always say when we look at our residential side of our business, when we expand capacity there. You wind the clock back a couple years when we added the Trenton facility down in South Carolina, and that payback on that facility was, I think it was inside of 12 months. It's remarkable. This looks really good relative to that. You could argue that this investment payback would be inside 12 months. Exactly. You could argue the same is true of the investments we're making today for large megawatts. Just with our current backlog. Just with the current backlog we have. That's not even adding in some of the additional opportunities that we have in front of us, which are massive. We feel good about it. Managing that, of course, is maybe to kind of hit the second part of your question, or maybe it's the first part, but managing all of that is, we have separate teams and our organization is structured such. Along the lines of the two reportable segments that we have for reporting, reportable segments here, we have completely separate management teams. We have a corporate structure that serves those teams, and we've had to beef up elements of that corporate structure around our advanced manufacturing teams and others who are supporting the rapid build-out of capacity for our industrial business, our C&I business. Right now, we feel like we're pedaling fast. That business is going to grow. We set out a target to more than double our C&I business in three years. We set that target out at our investor day in late March, all indications are we're going to crush that, and we may crush it by next year at the rate that we're headed. We think that this is, as we keep calling it, a generational opportunity. We believe that deeply, we're not going to let that go by without giving it our best shot to see how many points we can put on the board here. We are very laser-focused on maximizing, not only our opportunity, but maximizing the return on that opportunity as well. Our next question will be coming from the line of Jeff Hammond of KeyBanc Capital Markets, Inc. Your line is open, Jeff. Hey, good morning. This is David Tarantino on for Jeff. Maybe just following up on the supply agreements, could you just put a finer point on the scale and scope of each of these deals, and how much of the $1 billion in orders in the quarter was from the first agreement? Maybe give us some color on the degree of visibility you have now that these deals are done. Yeah, David, thanks. To be clear, the $1 billion of orders that we've taken in the last 90 days, included in that number is about $700 million, approximately $700 million for the first hyperscale customer that we announced, and that's all for deliveries in 2027. Just to be clear, the $1.6 billion in backlog we have, if you do the math on the $450 million of data center business we're going to do here in 2026, $250 million is going to ship in the second half out of that $1.6 billion backlog. We'll have about $1.35 billion, and all $1.35 billion right now is scheduled for deliveries in 2027. Our backlog does not contain, at this point, anything for 2028. Now, with respect to future visibility, as I just said, the second hyperscale agreement that we're talking about is actually as big or bigger, frankly, than the $700 million for the first hyperscaler. We are talking about more definitively both 2027 deliveries as well as 2028. I think also putting a finer point on it, that second hyperscale agreement contemplates deliveries on a global basis for those, at least for 2027, for sure, potentially for 2028 as well, depending on the schedule of development for that hyperscaler. Very exciting for us. I think it's based on our global footprint, we felt we were in a very good position to be able to execute that. It gives us a lot of confidence around the capacity investments that we just talked about. We don't have any of that second hyperscaler at all in the $1.6 billion at this point. We'll provide an update to the market when we finalize the product-specific terms. Much like, we had a notice to proceed with the first hyperscaler, so we had a little bit more to go on, but this second hyperscaler, they don't operate in that fashion, they hadn't given us anything that we could share with the market. We'll provide that detail additionally when it becomes available, and we hope that that's going to be over the next several weeks. Great. Thanks, guys. Question will be coming from the line of Brian Drab of William Blair. Your line is open, Brian. Thanks for taking my question. I guess I'll just ask for now, at this point, you've been put through the paces by two hyperscalers. You've got a ton of data regarding the capability of the larger format product. How are you comparing with the competition in that segment of the market? How are your lead times right now compared with the competition? Thanks, Brian. That's a great question. Just from a specification standpoint, the product that we are offering in market is very competitive on all specs with products that are in market today for our competitive set. I would even say that at certain particular nodes, our product, at least this is from the feedback we've received from our hyperscale customers who have tested the product fully, and they've tested it with respect to how it performs against other competitive products on spec. At a couple of nodes, we're actually performing better, they tell us. That makes sense because the core engine offering that we're using there is, frankly, it's a next generation engine. It's the most contemporary engine design in market today relative to the competitive set. You would expect that you're going to get from a horsepower standpoint and a power density standpoint in terms of power output, we're getting better values than some of our competitors at certain ratings. That's encouraging. In fact, the ability for the product to take load inside of the 10-second startup requirements is very good. All signs point to we are on market or better in terms of product specifications. In terms of lead times, Brian, our lead times remain in that 40 to 45-week range for the products today. In spite of the backlog that's grown here. That really is a testament to not only our growing capacity, but also the supply chain that we've been nurturing here over the last 18 months as we've been working to build that out. We're adding secondary sources to key components where we believe there could be constraints in the future. We're starting to take control over the packaging element, which again, it's not only about adding value to improve the overall margin profile of the products, but it's also about controlling those lead times because we're seeing lead times stretch out for these overall systems, 70, 80 weeks in some cases. Some cases two years depending on the node, depending on the competitor. Some of that is related to packaging constraints. It's one of the major reasons why we're investing heavily in packaging is because we want to make sure that, even if we have shorter lead times on the bare genset as assembled, that doesn't help us if third party packagers have long lead times. That equation won't work. We want to control lead times overall for the products. That includes a deepening of our packaging capabilities as we go forward. Okay, thanks very much. Next question will be coming from the line of Jon Windham of UBS. Your line is open, Jon. Perfect. Thanks everyone. Appreciate taking the questions and great result. Rightfully so there's been a lot of focus on the data center side of the business. I was wondering if you could just comment a little bit about where you think the residential side of the business can go. Obviously, interest rates aren't being helpful right now. New housing starts are not great. You've obviously been very successful taking market share over the last decade. What are the self-help levers that you can control to maybe get that business back on a growth trajectory? Thanks. Yeah, it's a great question. Appreciate, by the way, the question on the residential business because we haven't been getting many of those questions. It's a great business for us. It was down in the quarter as we said in our prepared remarks, mainly on the back of our portable generator sales and also the clean energy business, really the storage business being down because of the challenging comp from last year when we had the U.S. Department of Energy program in Puerto Rico. That ended last year. Take that away. Power outages were more than 30% below the long-term baseline average in the quarter. That really hampered our portable generator shipments near term here. Longer term, though, maybe to get at the heart of your question, I continue to be shocked at the resilience of home standby generator sales. They were up again in the quarter in spite of the lower power outage environment. Now you can point to we did have some winter storm activity in Q1 that I think was helpful for Q2 shipments of home standby. Q2 outage environment was weak. We thought it prudent to kind of reflect that in the back half of the year. That was a little bit of the recalibration of bringing down the outlook. It's a modest adjustment there, a slight adjustment to that. What can we do to answer your question? What can we do to get that category to grow? We can't wait for housing starts. We certainly can't wait for mother nature. We can't wait for some of these other macro things to turn when it comes to interest rates. I think what we can do is continue to pound the table on awareness. The category is still only in 6.5% of U.S. households, single family homes. The upside is 93.5% of the households that don't own the category today. Power outages and power outage activity, even though near term here it's been softer than the long-term average. In fact, the last four or five quarters have been below the long-term average. It's actually been quite soft. That'll return, we believe, to the long-term average here. That's just how weather patterns work. In the near term, we're looking very hard at a couple of things. One, what can we do to continue to promote improved financing offerings? We know that there is some fatigue with consumers. There's some concern about inflation. There's concerns about the overall economic conditions. When it comes to large ticket purchases, we're seeing softness in other parts of the economy. Our customers tell us this. In terms of the retail customers we deal with, we see this in some of the other sectors where our contractors and our dealers provide products. We're seeing weakness. I think it's really important for us to continue to focus on getting in front of potential buyers when they experience an outage. Even though outage activity is down, there's still a lot of outage activity. You look across the board and every single day we track outages and track the outage hours. At any point in time, there are 50,000 to 100,000 households in the U.S. without power. Now it's not because of a hurricane, it's not because of an ice storm, it's not because of some other large format type of outage event. It's from the thunderstorm rolling through the Midwest. It's from a winter event. It's from maybe high temperatures on a particular day that have caused equipment failure, accidents, things like that cause outages. They have been increasing, those everyday outages. As we become more dependent in our lives on a digital format in our households, right? We're working more from home. We're learning more from home. We're doing a lot more from home. Those were trends that were longstanding. They accelerated certainly during the pandemic, and they're not nearly where they were during the pandemic, but they're certainly higher than they were prior to the pandemic. All of those trends point to a need for continuous power. We're seeing great interest still. We said our in-home consultations were actually up in the quarter. We're focusing our advertising and marketing efforts. We're sharpening our ability to go after that. We're sharpening our algorithms. We've changed, and we talked a little bit more about this last year and at our investor day, but we changed the way we generate leads and the way we allocate those leads. We've changed the systems for those. We continue to invest in the platforms there and the teams there. We continue to invest in the products. Our next generation product line that we introduced late last year is a material step forward and I think puts us leagues ahead of other competitive product that's available in market. We're the clear leader there. We have the responsibility to grow that market, to create that market, and we take that responsibility seriously. There are a lot of headwinds that are working against us, but in spite of that, home standby generator sales grew. That, I think, is a testament to just the resilience and the importance in that category and why we can't lose focus on it. We have to stay focused on growing that category because it's such an important thing for us as a company. Our next question will be coming from the line of Tanner James of Jefferies. Your line is open. Hi, good morning, team. Congrats on the new contracting momentum. Maybe to that point, can you discuss how you're approaching the funnel for non-hyperscale data center activity and maybe how you're matching order intake to the potential capacity ramp timing, given there's going to be some dedication of future capacity to the hyperscalers? What degree you can or would wish to manage the growth versus profit mix dynamic between the two classes? Thanks. Yeah, thanks, Tanner. Those are important questions. Maybe I'll tackle the first one or your last question first, the last part of your question first. There's a difference between hyperscale business and the non-hyperscale business, and it's not unlike anything in business, right? It means you have a customer who is going to buy in larger quantities than another customer. Typically, you will see the benefit of scale, right, should read through in a sharper price point for that customer, right? Oftentimes, what ends up happening, though, is you tend to see margin profiles of larger customers that are lower than that of our non-hyperscale customers. They're not dramatically different, I will say that. Now, the contract terms can be different. Of course, the timing and the scale, as I said before, is different. We're focused on having a healthy blend. I would just say that first. That said, the addition of the second hyperscaler is going to throw that kind of mix, to be obviously more heavily weighted towards hyperscale business versus non-hyperscale business in the near term. We are very focused on continuing to add new business through existing colocator customers, as well as courting new ones. There are a lot of people in this space that are opportunistic for us to go after, and we're still the new kid on the block. Our competitors who have been in market for the last 18 months or two years selling these products are well established, well known. As I said, they have lead times which are longer than ours. We have an advantage today to use our shorter lead times to get an opportunity to show these non-hyperscaler customers and the hyperscale customers what we can do as a company, how we perform. We're moving into that phase of our relationship. Now, in terms of kind of, I don't want to use the word allocation because it makes it sound like we're at a fixed finite level of capacity and we're saying hyperscalers are going to get X percentage of that capacity and non-hyperscalers are going to get Y capacity. Today, we're growing capacity. Obviously, we're talking about tripling our capacity from the $1.25 billion to something closer to approaching $4 billion in the next year and a half. We don't have that filled up today. We are courting customers who have needs, if they have projects that they want to bring online faster. In some cases, what we're hearing in particular from this particular customer set is that they have projects that if they could get backup power, they could turn the project on quicker because of the lead times of the backup industry today. We can help them with that. If they want to shift those orders to us, we'll give them our slots for 2027 and into 2028 to help them bring those data centers online faster. Those are the kinds of conversations we're having today, and we're getting success there. Included in our backlog is another large colocator that we landed in the quarter. It's new for us. It's a new co-locator. Really excited about that. We continue to grow our existing co-locator relationships, getting new projects there. The funnel, if you look at the whole funnel of opportunities, it's massive. A lot of it it's. Yeah. A lot of interest. A lot of interest. It's embarrassingly large in terms of the total number of projects we're quoting and the total number of conversations we're having, both hyperscale and non-hyperscale. Thank you. Our next question will be coming from the line of Praneeth Satish. Go ahead. Good morning. Thank you. I guess just high level here, when we think about in your conversations with hyperscale customers, how are they thinking about backup generation for behind-the-meter data centers? I mean, usually for the front-of-the-meter grid-connected sites, it's usually a one-to-one ratio. I guess, is that still the right framework for behind-the-meter deployments or any of the sites that you're bidding on or contemplating shipping to, are they behind the meter, or are you kind of primarily focused on front of the meter? Yeah, it's a great question, Praneeth. The front-of-the-meter grid-connected customer is, that's an easy one. They need to have backup power. Behind-the-meter prime power generated, self-generated power, it depends on the power format. I would say, what we've done is as we've talked to the addressable market as we've defined it, and as we defined it in our Investor Day, we excluded some parts of the behind-the-meter power generation that's going on there, in particular where a customer may be deploying certain technologies like fuel cells. They believe that there's not a need particularly for our type of product, a backup, a reciprocating engine-driven backup gen set. Those projects are far and few between today. There are other types of behind-the-meter technologies, behind-the-meter power generation technologies. You've got turbine technologies, well-known technologies. In some cases, there is backup power required there because you could just as easily lose a turbine. Now, maybe you have N plus one redundancy in the way that the turbine array is constructed, so maybe you don't feel like, or that developer or customer base doesn't feel like they need 100% backup or 120% backup. I think at least today, this is my thesis, and people can take and apply this logic if they want, or they can use their own logic. There are certain of these behind-the-meter technologies, turbines being one of them, and where they're using recip gas engines in particular. Those technologies are bridge technologies. They're a bridge to an interconnect to a grid. They are not permanent technologies simply because from a cost of energy standpoint, to produce power on-site with those technologies, it's going to be more expensive than it will be to secure grid power. In particular, the risk that comes with producing your own power in terms of hedging the cost of the fuel stock, the input, the natural gas in this case, in most of those technologies. My point there is that we believe that longer-term, as grid interconnects catch up, and as that queue shortens instead of lengthens as it's doing today on the grid interconnect, there could be more opportunities for backup power to present. It just may happen later, when the grid interconnect timeline becomes clearer. Today, as I said, we've kind of adjusted our total addressable market to take out certain behind-the-meter power generation capabilities where certain data centers are going to do that on their own. I do know we have a couple of projects we're involved with where we're supplying some backup power into some sites where they are going to generate their own power on-site with certain technologies. I don't have the specifics of that, but I do know there are some projects that exist today where they're taking backup generators because they still need them. You could still have a turbine go down. You could still have part of your recip engine array go down. You could lose those technologies, and you need to back them up nonetheless, even if they're bridge power. Thank you. This question will be coming from the line of Manish Somaiya of Cantor. Your line is open, Manish. Thank you. Thank you for fitting me in. Congratulations on all the wonderful announcements. Couple of questions. One, I guess, Aaron, is that a hyperscale customer number 3, and how far is that customer behind number 2? That's my first question. Just related to that, I think you talked about some of the capacity constraints and from my perspective, I am also a little bit more focused on the supply chain as it relates to generator assembly, alternator, switch gears. I think you discussed the case, the packaging part, but perhaps if you can just give us a sense of what is going on with the context that I just provided. Thanks for the question, Manish Somaiya. Maybe I will start there with the supply chain. The supply chain capabilities, we can talk about how we want to triple our capacity, but if our supply chain cannot keep up with it is kind of an all for naught. If we believe that that was going to be a real problem, it would be difficult for us to make the case that we should be investing in tripling our capacity. I would tell you that alongside of tripling our capacity, we have a deep roadmap around how we can also triple our supply chain capacity. As you get into kind of the second-order componentry that you listed, some of those components around alternators, there are cooling packages, there are some of the structural elements of the generator with Base tanks and frames. Some of that we are going to undertake internally. We are going to, kind of a make versus buy type of analysis. We are going to have to augment some of that with external purchases as well. The canopy components that go into the packaging, and some of the other elements. There are some of the after-treatment systems that go into the diesel systems where we are seeing emissions levels, where you have got either local codes or you have got local permitting requirements that are calling out best available technology for the after-treatment of these products. Those also require additional components. All of those areas, we have second and third sources identified, and we are in deep negotiations with those for supply starting in 2027. At this stage of the game, we feel like we have a roadmap both for our own internal consumption, our capacity, that tripling of capacity internally, as well as with our supply chain. Now, there is a lot of work to do, both for our tripling our capacity internally here, but also with our suppliers to make sure that they are going to be capable to deliver at those rates. Of course, they are being tested by the growth here in the global market in data centers. At this stage of the game, we feel like we are in a really good spot with our supply chain capacity. Now, on your first part of your question on hyperscaler, look, we have a lot of conversations we have with a lot of customers. We actually serve another hyperscaler with small amount of power and have served them for a number of years where they have an infrastructure. We back that up with our smaller gen sets. When I say small, these are 500, they're still a lot of diesel and gas gen sets, so they're not that small. They're small in the context of a hyperscaler environment. We continue to talk to these customers about their needs, and as the market evolves here, we could add additional business. I would tell you, as Aaron, I think, described it, if it was a 100-meter dash before, we were on the 99th meter of that 100-meter dash with hyperscaler 2. With any future hyperscalers at this point, those are just discussions, and they're very early if we're having them. I wouldn't bank on anything coming anytime soon there. Obviously, where a big focus of our pipeline is building out the non-hyperscaler portion of that as well. We want to create better balance there. Those conversations are very robust, and that funnel is very robust, and we continue to get wins there. I would assume that a good chunk of our backlog growth in the future here is going to be from the firm orders we get from hyperscaler 2, once we are ready to announce those, and then additional non-hyperscaler orders as we work through our funnel and we progress through the sales cycle on that side of our business. Okay, fantastic. Thank you so much. Yeah. Our next question will be coming from the line of Keith Housum of Northcoast Research. Your line is open, Keith. Thanks. I appreciate the opportunity. Hey, Aaron, as we think about the data centers, and obviously it's important to everybody here on the call, as you think about the marketplace, it seems like a lot of the emphasis has been on domestic hyperscalers, understanding that the second hyperscaler has some international business. Does your product appeal to international hyperscalers as well? Is that just a little bit further along to develop? Is there a difference where that market may not be as open to you guys? Yeah, it's a great question, Keith. I would say that there are areas of the world where I think we're going to be very competitive. As an example outside the U.S. First of all, just to level set, the U.S. market for data centers is the biggest market in the world, bar none, right? I mean, it's orders of magnitude larger at this point than almost every other region in the world. That said, we have really interesting opportunities in Europe that, because we're based in Europe, products are manufactured in. We have a manufacturing facility in Italy, where the products of this size range are manufactured. We're seeing opportunities within the European theater, where I think we can be very competitive. Some of our first projects were in Australia. They were delivered from our factory in China. They were delivered from that Chinese factory down to Australia. Head-to-head in certain markets, let's just go there. The Chinese market for data centers, right? The domestic Chinese market for data centers, probably going to be very difficult for us to serve that market competitively. There are a lot of producers of gen sets in that range in the Chinese market. I don't think that the things that we bring to the table for a data center owner, operator, developer, such as our brand, the strength of our balance sheet, our ability to serve, our ability to have an international footprint or a global footprint, I don't think they're as well appreciated perhaps in certain markets like China. I wouldn't expect that we're going to be announcing a bunch of Chinese data center wins. You get outside of China, India is a growing market. We have a facility in India to serve that market. The South American continent, you get Mexico, Central and South America. We have a big facility in Mexico that serves the Mexican market and can serve the South American market. We have a facility in Brazil that can serve the Brazilian market. That footprint gives us an advantage. For those data center developers that want to make sure that they're buying a product from a company that's going to be around to support that product, and look, there's a low bar for people to bolt these things together. There's no question that this has been the case in generators in general. It's not just large generators, it's smaller generators. What you have to wrap around that Is the service network. What you wrap around that is the support capabilities. What you wrap around that is the certainty of a warranty, and the certainty of the ability to get somebody to a facility or on site when there's a problem, because uptime is absolutely critical. For developers who take uptime seriously and understand the bit of a premium that they may have to pay for that, we're going to do well. We are doing well. We're seeing that in the domestic market. We're seeing it in Australia. We're seeing that in Europe, where we've got project wins already. Consistent global processes and things like Absolutely. They covet that. Yeah. Consistent global processes, York was just saying, one of our hyperscale customers, they are absolute laser fixated on how do we replicate the processes that they validated here in our U.S. factories. How do we replicate those in other factories around the world if we're going to produce product for them for other site deployments? I think that the international market is a good opportunity. Last point, we have an exclusive arrangement with our engine supplier here in the U.S. market. We don't have that same exclusivity outside the U.S. That does probably play a role as well, where we can be competing against other packagers using that same engine package, outside the U.S. That's going to have an impact on the overall market dynamics and our ability to succeed in some of those other markets. The closer you get to the Chinese market, I think it's going to be more challenging for us in Asia to be successful outside of perhaps India, if you think about that as part of Southeast Asia. Great. Thank you. Next question will be coming from the line of Vikram Bagri of Citi. Your line's open. Morning, everyone. I wanted to understand if you're seeing difference in inference data centers, attaching more sort of like, or less capacity, backup capacity. Let me rephrase that. Our understanding is that the training data centers will have less than one-to-one backup capacity, versus inference will have more than one, if you've seen that. I was also trying to understand if the increase in hyperscale one order from initial expectation of $600 million to $700 million is a function of that, or you're gaining market share from another supplier to these hyperscale customers. Related to that, you currently have a significant lead time advantage over incumbents in large capacity generators. Do you think there is a premium in pricing for quick delivery right now? If so, is there a way to frame how much that premium is for sort of speed to delivery? Thank you. Thanks, Vikram. I appreciate the questions. Maybe I'll start backwards, with your question there. Obviously the lead time advantage we have, I would say that today, the market overall is higher on a price per kilowatt than actually than we framed the opportunity when we put the business case together to go into the large megawatt gen set market. We put that business case together three plus years ago now, almost four years ago. The market at that point was on a lower price per kilowatt basis. There's inflation and some other things that have driven that up, but I think it's primarily being driven by the fact that there's a supply-demand imbalance there. Structurally, we're taking advantage of that obviously. With our shorter lead times, we're able to supply that market that is paying more for access. I don't know that I can put like a number on the premium there. I would tell you that even though we have shorter lead times, the customer base there is not willing to pay more than market. Even though we can produce the products and deliver them in a shorter timeframe, I don't think we're getting an above market premium today versus our competition on a per kilowatt basis. That's slight, if anything. I think all that we're doing is we're able to capture some share here very quickly because of that shorter lead time. That's kind of our assessment of the situation. I think that could that change over time? That's probably the bigger question. What does the price per kilowatt do over time? My experience, in markets where you have supply-demand imbalance led price escalation, oftentimes what you'll see is the growth of price slow, you won't see it go back down. Price rarely goes in reverse, especially if it's a non-commodity type business, commodity-based business. You're not going to see price go in reverse. I think you'll see the growth of price probably slow. Meaning I think these products probably will stay priced in the range that they're at here for the foreseeable future. Which is good for us because it's well above, as I said before, kind of how we framed our business case. The first part of your question on inference use data centers versus non, the agentic. We do see different approaches, based on the use cases for the data center. You will see a greater percentage of coverage for certain data centers where you're talking about cloud connected versus where they're doing inference or learning model, type of training data centers. Where maybe uptime, they have different levels of uptime requirements. They actually get very precise depending on the customer. They can get very precise about what that uptime number is, depending on the use case of the facility. Dependent on that uptime number, that's how they size the backup requirement. If that uptime number is greater If it's five nines per se, or even more than five nines, you're going to see a greater percentage of coverage to the total potential power consumption for the data center. If it's less on the uptime scale because the data center is perhaps doing things that can be viewed in the context of non-critical, and there are differences beyond just inference and non-inference, but that lower uptime statistic then would lead you to a lower coverage rate. It really is data center dependent. It's customer dependent because they all have their different views on what the right uptime statistic is. Today, we're seeing a healthy coverage of at least 100%, and in some cases up to 125%-130% of the power consumption of the facility, depending on the customer and depending on the use case of the data center. Thank you. Our next question will come from the line of Christine Cho of Barclays. Christine, your line is open. Good morning. Thank you for squeezing me in. I just wanted to ask about your engine supply. I know you've mentioned that the supply has no problem growing with you and that will never be a constraint. As we think about you tripling capacity in the U.S., would that require your engine supplier having to add or maybe diversify their manufacturing capacity in places like the U.S. or Europe? If so, should we think that the mix shift could impact gross margins in the future if it's skewing towards more expensive manufacturing regions with the cost of engines going up? You talk about being priced competitively, and I think you've also talked about how your cost structure is very attractive. Just curious if you think you'll be able to raise pricing in that case and maintain margins, or would that impact demand? Thanks, Christine. It's a great question. Our engine supplier they have indicated to us that capacity is not an issue. You used the word never. I'm not sure I'm ready to say it's never going to be an issue. They've told us that based on, and we're sharing, by the way, our capacity. We had a team that was just over working with our engine supply team here just last week, as a matter of fact, working through some of our forecasting for 2027, 2028, and where we think volumes could go. All indications are that based on their current footprint and the additions they are making, by the way. They are making investments and additions to capacity. They have, in particular, a facility in France that they are adding a lot of capacity to because we have some customers that want to have engines that are going to come out of the European theater as opposed to coming out of Asia. They've requested that specifically. There's a bit of a premium to that, to your point maybe, around what that looks like in terms of the. We've been able to roll that through with higher pricing. If that's what the customer is requesting, we've made it clear that that could mean a higher price based on that decision. Now, there are maybe offsets for that. If the customer is going to locate those products in Europe, as an example, there might be lower logistics costs for them, right? It's lower packaging costs for them. There's an overall economic model that they have to run through to understand whether our price increase on the genset because they want an engine that's coming from a higher cost region of the world, that that works in their economic model overall. I suspect that that's going to be the case where our engine supplier is going to be increasing capacity in other regions of the world, potentially the U.S. as well. We've said this before. They continue to evaluate that, and we're evaluating it alongside of them to see what we can do to help them with that should they require that. They are a very competent company. They have a lot of really great talent within their company and a very aggressive stance on their ability to produce these products wherever they need them on the planet. They right now they are working through their footprint for the future. I can't speak too detailed about that. It's their footprint, so they would really need to speak to that. I can tell you that in the one example we have where we have customers who might want engines out of a different region, we've said that the price is higher. We're trying to maintain our economics. At least that's how I think we would treat it going forward. I don't have an idea of what a cost structure would look like in the U.S. We haven't gotten that far yet, so I don't know how to assess that. Obviously, there'd be a tariff offset there in that instance, right? There's a lot of moving pieces with that and the tariff environment continues to move as well. We're going to continue to watch it and put together the right economic models and if we need to adjust pricing, we will. If our supplier there, if we need to work harder with them to make sure the cost structure stays competitive, we'll continue to do that too. I have no doubt that our supplier is going to be cost competitive. They are laser focused on being a leader in their cost structure for these types of products. Thank you. I would now like to turn the call back to Kris for closing remarks. We want to thank everyone for joining us this morning. We look forward to discussing our third quarter earnings results in late October. Thank you again and goodbye. This concludes today's conference call. Thank you for participating. You may now disconnect.