Thank you. I'd now like to turn the call over to Lara Mahoney. Please begin. Thank you. Good morning. This is Lara Mahoney, Vice President of Investor Relations and Corporate Communications. I'm here with Sundaram Nagarajan, our President and CEO, and Dan Hopgood, Executive Vice President and Chief Financial Officer. We welcome you to our conference call today, Thursday, August twenty-second, to report Nordson's fiscal twenty twenty-four third quarter results. You can find both our press release as well as our webcast slide presentation that we will refer to during today's call on our website at www.nordson.com/investors. This conference call is being broadcast live on our investor website and will be available there for thirty days. There will be a telephone replay of the conference call available until Thursday, August twenty-ninth, twenty twenty-four. During this conference call, we will make references to non-GAAP financial metrics. We've provided a reconciliation of these metrics to the most comparable GAAP metric in the press release issued yesterday. Before we begin, please refer to slide two of our presentation, where we note that certain statements regarding our future performance that are made during this call may be forward-looking based upon Nordson's current expectations. These statements may involve a number of risks, uncertainties, and other factors, as discussed in the company's filings with the Securities and Exchange Commission, that could cause actual results to materially differ. Moving to today's agenda on slide three, Naga will discuss third quarter highlights, as well as yesterday's close of our Atrion Medical acquisition. He will then turn the call over to Dan to review sales and earnings performance for the total company and the three business segments. Dan will also discuss the balance sheet and cash flow. Naga then will share a high-level commentary about our end markets and provide an update on the fiscal twenty twenty-four full year guidance. We will then be happy to take your questions. With that, I'll turn the call over to Naga. Good morning, everyone. Thank you for joining Nordson's fiscal 2024 third quarter conference call. Before I begin, I'm pleased with the closure of the Atrion Medical acquisition, as we announced in a press release issued yesterday morning. I would like to welcome our new colleagues from Atrion into the Nordson family. Atrion's products will expand our current portfolio in medical fluid components and interventional solutions by adding a category leader in infusion fluid delivery and niche cardiovascular therapy products. Atrion expands Nordson's fluid components addressable market by more than 50% by adding products and solutions for infusion therapies and drug delivery. This also extends our current offering to top medical device customers and broadens Nordson's exposure to higher growth medical end markets with significant single-use consumables with recurring revenue streams. Going forward, Atrion will be part of our Medical and Fluid Solutions segment. Now, let's shift to our third quarter earnings results on slide five. At the outset, I would like to recognize the dedicated Nordson team, who have leveraged the NBS Next growth framework to deliver strong operating results. Sales of $662 million were in line with our expectations, driven by IPS segment, which delivered strong organic growth of 4%, in addition to increased sales from our ARAG acquisition. This growth was partially offset by continued softness in electronics compared to prior year, as well as lower demand impacting our medical businesses. In addition, our focus on top customers and differentiated products improved consolidated product mix. This strategic focus and a commitment to managing costs led to improvements in gross margins and top quartile EBITDA margin of over 31%. In the quarter, we delivered adjusted earnings per share of $2.41, which is up 8 cents from the midpoint of our guidance. Finally, I'd like to highlight our third quarter free cash flow of $143 million, which was 122% of net income. We continue to generate strong cash flow and execute a balanced capital deployment strategy, with $39 million in dividends paid, $25 million in share repurchases and $40 million in debt reduction during the quarter. I'll speak more about the enterprise performance in a few moments, but first, I'll turn the call over to Dan to provide a detailed perspective on our financial results for the quarter. Thank you, Naga, and good morning to everyone. On slide number six, you'll see third quarter fiscal 2024 sales were $662 million, up 2% from prior year third quarter sales of $649 million, and in line with the midpoint of our quarterly guidance. This was driven by a 4% increase from the ARAG acquisition, partially offset by an overall organic sales decrease of 1% and unfavorable currency translation of 1%. As Naga mentioned, we saw growth in our IPS segment organic sales during the quarter, in particular, our packaging and nonwovens divisions, which were offset by softness in certain electronics and medical product lines. Gross profit during the quarter remained strong at 56% of sales. Deploying our NBS Next growth framework, we're focusing on top products, driving a favorable product mix, while also continuing to improve our manufacturing efficiency. EBITDA, adjusted for special items in both periods, totaled $208 million for the quarter or 31.5% of sales, slightly below the prior year by about 50 basis points, which was driven by higher selling and administrative costs, including the first year impact of the ARAG acquisition. Looking at non-operating expenses, net interest expense increased approximately $6 million, associated with higher debt levels tied to the ARAG acquisition. Other income on a net basis decreased by $2 million, primarily reflecting certain foreign exchange transactional variations compared to the prior year. Tax expense for the quarter was $32 million, or an effective rate of about 21.5%, which is in line with the prior year rate and our guidance range for 2024. Net income in the quarter totaled $117 million or $2.04 per share. Excluding $8 million of non-recurring costs related to the Atrion acquisition and selected restructuring charges, as well as $19 million in amortization of acquisition-related intangibles, adjusted earnings per share for the quarter totaled $2.41, 8 cents above the midpoint of our quarterly guidance, but a 6% decrease from the prior year adjusted earnings per share of $2.55. The decrease in year-over-year earnings reflects the slightly lower operating margins and increased interest expense I just walked through. Now, let's turn to slides 7 through 9 to review the third quarter 2024 segment performance. Industrial Precision Solutions sales of $371 million increased 10% compared to the prior year third quarter. The ARAG acquisition contributed 7% sales growth, while organic sales were up 4% year over year, partially offset by unfavorable currency translation of 1%. Organic sales improved across most of our product lines, with particular strength in packaging and nonwovens. It's important to note that these results continue to build upon record fiscal 2023 revenue for the IPS segment, which has now delivered organic growth in 13 of the last 15 quarters. EBITDA for the segment was $135 million in the third quarter, or 36% of sales, an increase of 10% compared to the prior year EBITDA of $122 million. The increase in EBITDA was driven by the ARAG acquisition and strong contribution from our organic sales growth. It's also worth highlighting that this quarter marks 14 out of 15 consecutive quarters of EBITDA growth for the IPS segment. Turning to slide 8, you'll see Medical and Fluid Solutions sales of $167 million decreased 2% compared to the prior year's third quarter, driven by lower demand in our medical interventional solutions and fluid components product lines. While the biopharma portion of our fluid components product lines has stabilized, other product applications for patient care and surgical applications are adjusting to more conservative customer order entry patterns. This is despite solid underlying demand for patient procedures. These decreases were also partially offset by improved sales in our fluid solutions product lines versus last year. EBITDA for Medical and Fluid Solutions was $62 million for the quarter, or 37% of sales, which was a 9% reduction to the prior year EBITDA of $68 million. The decrease was driven by lower volume and unfavorable product mix during the quarter. In spite of these recent growth headwinds, the segment has now delivered EBITDA margins greater than 35% in fourteen of the last fifteen quarters. Turning to slide nine, you'll see Advanced Technology Solutions sales were $124 million, an 11% decrease compared to the prior year third quarter. The decrease includes 10% organic volume decline, as well as unfavorable currency translation of 1%. The decrease in sales was driven by electronics processing and X-ray and test product lines, offset by growth in our optical sensors businesses. While we expected weakness year over year, segment sales increased over 8% sequentially versus Q2, and we continue to see modest improvement in order intake as the semiconductor and electronic applications we serve continue to show signs of improvement. Third quarter EBITDA was $26 million, or 21% of sales, below prior year third quarter EBITDA of $33 million, which excluded special items of $2 million related to cost reduction actions in the prior year. While the reduction in EBITDA was tied to the overall decrease in volume, favorable mix and cost reduction actions contributed to achieving a 41% decremental on the lower year-over-year sales. This is well ahead of our decremental target of approximately 55%. Finally, turning to the balance sheet and cash flow on slide 10. At the end of the third quarter, we had cash on hand of $165 million, and net debt was $1.3 billion, resulting in a leverage ratio of about 1.6 times based on trailing 12 months EBITDA. Pro forma for the Atrion acquisition that we just announced, net debt will rise to about $2.2 billion, and our leverage ratio will increase to approximately 2.5 times in the near term, which remains within our targeted range. We funded the Atrion acquisition with a $500 million term loan, cash on hand, and borrowings on our revolver. We plan to refinance the term loan in the public bond markets, and we'll continue to use cash from operations to repay our revolver borrowings over time. After the acquisition, we still have greater than 50% availability on our revolver and greater than $600 million of liquidity available to the company, including cash on hand. Our free cash flow generation continues to be a strength at $143 million during the quarter, or a 122% conversion rate on net income. As we continue to strategically deploy this strong cash flow, as Naga mentioned earlier, we reduced debt by $40 million in the quarter, paid $39 million in dividends, and repurchased $25 million in shares, all while continuing to fund capital and product development investments for growth. Notably, last week, we announced our 61st year of increasing our annual dividends, building upon our legacy of growing capital returns as we grow the company. All in all, we had a solid quarter and we're well positioned to close out the year. With that, let's turn to slide 11, and I'll turn the call back to Naga. Thanks, Dan. I also want to congratulate the Nordson team for delivering strong operating performance under a challenging demand environment in select businesses. Let's spend a few minutes talking about our end markets as we move into the fourth quarter of fiscal twenty twenty-four. Starting with our Industrial Precision Solutions segment, we continue to see steadiness in industrial and consumer non-durable end markets, with nonwovens starting to pick up in the third quarter. After two years of record growth, our full year guidance implies IPS, excluding ARAG, is about flat to modestly up versus prior year. ARAG sales appear to be normalizing at lower levels at this point in the agricultural cycle. In general, we feel confident about the diversification of this segment, its mix of recurring revenue, and customer intimate business model. Within our Medical and Fluid Solutions segment, medical device customer supply chain teams are being far more cautious with their inventory purchases after a very unique few years. While we are starting to see lower demand in the interventional solutions and certain fluid component product lines outside of biopharma, we are confident in the long-term growth drivers in this end market, including aging of the population, rising chronic health conditions, trends toward non-invasive surgical techniques, and increased healthcare spending and procedure volumes. We have a robust pipeline of longer-term customer project activity, and we are comfortable with the future outlook of this business. Near term, we expect softness in certain medical product lines, particularly in light of challenging year-over-year comparisons for medical interventional solutions product lines. Staying close to our customers, we are working our way through what has been a one-of-a-kind demand environment over the past few years. The ATS segment will benefit from increasing demand for advanced chips in support of AI, automotive electronics, onshoring, CHIPS Act, as well as the broader electronics CapEx spending cycle. We are beginning to experience a sequential and year-over-year increase in order entry in the test and inspection applications. For example, we're pleased with the momentum in our optical, CyberOptics, and acoustic test and inspection product lines. Our X-ray product lines, which experienced double-digit growth in fiscal 2023, continue to deal with challenging comparisons in the fourth quarter. Electronics dispense product line applications are largely in the back end of manufacturing of advanced semiconductor chips. Demand for these products occur later in the cycle. Given the sequential improvement in revenues and order entry, we expect the ATS segment to return to growth in 2025. Turning now to our outlook on slide 12. We entered the fourth quarter with approximately $650 million in backlog. This backlog remains concentrated in our systems businesses, while customer order entry patterns have returned to historical norms in the rest of the businesses. Based on current visibility and order entry trends, we are holding our previously issued full-year base business revenue guidance in the range of flat up to 2% over record fiscal 2023. The addition of Atrion will then increase our base sales by approximately $30 million in the fiscal fourth quarter. Full-year fiscal 2024 adjusted earnings per diluted share are expected to be in the range of $9.45- $9.65 per diluted share for fiscal 2024. This is unchanged at the midpoint, despite the inclusion of the slightly dilutive impact of Atrion in the fourth quarter. This full-year guidance assumes a neutral impact from foreign exchange rates. Investors should keep in mind that we anniversary the acquisitive growth impact of ARAG in the fiscal fourth quarter. Even as we face challenging demand conditions in certain end markets, Nordson's core strengths remain a diversified portfolio, close to the customer business model, high level of recurring revenue, NBS Next growth framework, and a commitment to innovation. These core strengths enable Nordson to deliver high-quality operating performance under varying economic conditions. We're looking forward to sharing an update on our long-term growth plans, including our capital deployment strategy, at our upcoming Investor Day in New York on October third. We hope to see you there, and we encourage you to use the QR code in the webcast presentation to register. As always, I want to thank our customers, shareholders, and the Nordson team for your continued support. With that, we will pause and take your questions. Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. Your first question comes from the line of Saree Boroditsky from Jefferies. Your line is open. Hi, good morning. I want to focus a little bit on the acquisition. So the margins at Atrion, they've come down rather significantly, for instance, 2022. Could you just talk about the right margin profile for this business and the steps you're taking to get the margins to Nordson levels? Thank you, Saree. You know, we, the business has gone through supply chain issues and certainly have had to go through some issues, and so the margins have degraded for them in the last couple of years, as you can see in their public information. We fundamentally believe, if you look at past track record of this business, their EBITDA margins are in line with Nordson-like margins. And so we're fully confident that we will be able to return the business back to those same margins over time. Appreciate that. And then you noted that you saw year-over-year growth in some of the test and inspection products on an order basis. Could you just quantify this and then provide some additional color on what's driving this improvement and how you see that expanding into twenty twenty-five? Thank you. Yeah. Thank you, Saree. You know, we see some pretty strong momentum in our optical and acoustic product lines. So optical is our CyberOptics business. What you find there is a lot of these applications are in the front end of the semiconductor manufacturing business, but also this is the business in terms of cyclicality, was the first one to experience a downturn early last year, right? So you have the cycle helping us, but in addition, you have some exciting new products, like our WaferSense, that is used in the semiconductor processing manufacturing steps. And so, you know, you have a combination of new products, a cycle, and where our products are used in the semiconductor manufacturing process. So the momentum is pretty good. This business, you know, continues to have a pretty nice year-on-year growth from last year, so we're pretty excited about what we see in this business. Appreciate the questions. Thank you. Your next question comes from the line of Matt Summerville from DA Davidson. Your line is open. Good morning. You've got Canyon Hayes on for Matt Somerville today. So I just wanted to start with a quick review on implied guidance in the fourth quarter, and I was curious how your thoughts might have progressed relative to the prior quarter on IPS, ATS, and MFS organic growth. So I- Thanks for the... Yeah. Could you- Go ahead. I get as far as our thoughts, you know, if you look at our underlying guidance, we pretty much holding the base business, and so I would say our thoughts are the year is playing out about as expected for the fourth quarter, but maybe you can give me a little bit more color behind your question. I apologize. I think I might have cut out there, but I think I got what I needed there. Okay. Across the broader industrial space, we've seen project activity get pushed out a little bit as a function of rates, macro, geopolitical, you know, election concerns. I'd be curious if we could get a little bit of color on how that is not affecting Nordson, and how we could think about how that implies into the, you know, twenty twenty-five. Yeah. I, you know, obviously, we're not talking about twenty twenty-five, so I wanna make sure, you know, we will have a chance to talk about it in a couple of months from now, but as we think about end market conditions within the company as it stands today, you know, it's good to remind ourselves, Nordson has a very diversified portfolio, diversified in end markets, diversified in geography, diversified in systems, and consumables are recurring revenues, right? So, so that's an important piece of the puzzle here. So, if you think about segment by segment, what we see here in IPS is a business, non-ag, without our ag business. Think of that as a slight growth to flattish after two record years, 13 out of 15 quarters, year-on-year organic growth, right? So I, I think that's an important context to remember. We see order entry to be pretty steady. And so our expectation is this part of our business remains steady. There are a couple of things that if you wanna add a little bit more color to our IPS segment, our recurring revenue is pretty high here, right? It is north of 50%, and you expect when folks are sort of deferring CapEx spend, they are going to increase their recurring revenues, right? So that's one piece of it. The other piece of it is, you have a couple of our businesses, like the nonwovens, where we see some pretty good order entry pickup, and so that is certainly helping this business. You know, one thing to remember is that you do have other sort of large CapEx spends around big trends, looking like electric battery vehicles, still activity, although the overall market is down. You have automotive electronics, fabric bonding, you know, recapitalization of our base, reshoring, e-commerce packaging. So number of trends that are helping us to make small wins. These are not big home runs, like we like to call them. These are singles and doubles, but that's what this segment is about. It is about working on end-market applications and winning those application by application. So a steady outlook for IPS, helped by recurring revenues. On ATS, we do see order entry starting to pick up. You know, we are being cautious here. This is an end market that has been cyclical, but we are modestly seeing order entry pick up. We saw a sequential revenue growth in this segment when compared to last quarter. And so that is coming back, and we talked a little bit about optical and acoustic product lines in the last answer. Our Medical and Fluid Solutions segment, you know, what you see is a tough comparison when compared to last year, where this business grew significantly. What you also find is that customers, particularly supply chain teams of medical device customers, after very unique years of pandemic supply chain, being very cautious about their inventory levels. We do see weakness in the order entry in this segment. Long term, we are excited about this business. This is a business with very strong growth drivers, aging population, as I talked about in my opening remarks. Aging population, increased health, chronic conditions, increased procedure volumes, all of that fuels, makes us confident about this. And we continue to have long-term project conversations with our customers, and that is very active and healthy. We also have new product development work that we are continuing to work on in here. And finally, you know, Atrion is an exciting add to this segment. And, you know, we expect that Atrion's products increases the addressable market for this segment nicely. Your next question comes from the line of Jeffrey Hammond from KeyBanc Capital Markets. Your line is open. Hi, good morning, guys. Good morning. Morning. So I want to start with this kind of medical interventional, I guess it's normalization or destocking. It seems like that's kind of a newer dynamic, and I'm just wondering how long you think that persists before, you know, inventories are kind of, you know, or supply chains are back to normal? Yeah. You know, as we talked about, you know, there, there are two things going on here. A, in our biopharma business, that has stabilized, that is starting to come back. In terms of our interventional business, last year, these businesses were up 15-16%, and so you have, you're dealing with some tough comps. Certainly, supply chain is something that, you know, we find our customers to be a lot more cautious today than they were a year ago. Growth drivers remain the same, so it is kind of tough to call when this changes. But the procedure volumes are up, so there is nothing going on there. We see some insourcing, but look, these projects and products, when they are given to a company, there is regulations, there are approvals, FDA approvals, and all of these things that are associated with winning a project. It is very difficult. These businesses tend to be a lot more sticky, let's put it that way, and so, if you think about this, it is tough to call this, when this is going to turn. You know, we have strong. These are a small set of customers. This is not a broad, you know, thousands of customers. These are a handful of medical device customers that we have strong relationships with, and we are in touch with them. We understand where things are, so, you know, I'm trying to paint a picture for you of the overall environment, but not giving you an exact answer. I recognize that. Nope, that's okay. And then Atrion, I just want to kind of unpack the deal impacts. It seems like, you know, they did $169 million in 2023. They were seeing high single-digit growth. You know, we only have kind of a stub quarter in the fourth quarter, but just, you know, what's kind of the next twelve months run rate of revenue we should think about? You know, where do we snap lines on EBIT, EBITDA margins? Yeah. How should we think about incremental interest, the amortization add-back, EBITDA, et cetera? Just a little more color there. Let me paint some broad pictures, and then Dan can take you through a little bit more detail, right? Broadly, you want to think about this as a mid-single-digit company. That's what this business is. You also want to think in terms of EBITDA margin performances. It is below their historical performance, mainly because of supply chain issues and some operational issues that they have had. We fully expect, and our model recognizes, and the synergies we have signed up for are based on the fact that we resolve many of these and over a period of two years, right? Over the period of time, we have said we would achieve these synergies. Over a period of two years, we see a good path to achieving these synergies using NBS Next. I want to say somewhere in 2026, this business gets back to low teens and like EBITDA margins, which is what this business' historical performance was. So let me give... With that sort of high level, Dan, if you want to add a little bit more color to the questions Jeff asked. ... Yeah, and I guess what I'd say is, you know, A, there's no surprise based on their second quarter results versus, you know, what we expected to see in the business. I think it's right in line with our modeling. I think, you know, I would say as far as specific guidance for next year, you know, give us a quarter. We've owned the business for a day. We know what we know, which is largely public information that you have access to as well. But again, nothing that we've seen surprises us, and in fact, we're very comfortable with the model that we had for the acquisition. We'll give a little more color on that as we give color to next year, next quarter. Okay, appreciate it. Yep. Your next question comes from the line of Mike Halloran from Baird. Your line is open. Hey, good morning, everyone. This is Pezan for Mike. I want to go back to the conservative order comment from the interventional side of the business. To be clear, is this incremental to the tough comps that we were expecting in the back half of this calendar year? You know, is this simply a cost-to-carry inventory discussion? And then, you know, consequently, should we be expecting destocking in the near term and a more normal cadence as customers kind of get to that new desired level of inventory? Is that how we should be thinking about that? Yeah, what I would tell you is that is what we are experiencing right now. You know, if you think about last year, this business grew in the teens. Typically, this business grows anywhere from 6%-8%, so growing at, you know, mid-teens, that's pretty high, right? And so, what we are experiencing today in the orders is really in some adjustment to that. If you look at procedure volumes, look at our project activity, look at our product development work, we fundamentally believe that the long-term pieces of growth in this business is intact. You know, certainly it is difficult to time. We see certain amount of. We do see some amount of slowness, right? So I want to be clear about what we're talking about. You know, it is tough comps, but it is also we see slowness. And as you think about when do we get out of this, you know, certainly there are some amount of device manufacturers thinking about their inventory levels and adjusting them to reasonable levels. Could that be an impact from interest rates? It's difficult for me to guess any of that, but I would say we do see a conservative, cautious order pattern from our medical device customers. Understood. That's, that's, that's helpful, Naga. And then maybe if we could stay on MFS a little bit. I, I think I may have missed it earlier on the call. Could you, could you help me on the fluid component side and then on EFD. Yeah. EFD- Can you help me out a little bit on the trends there? Sure, sure. EFD is doing well. Order entries are returning. We do see. I think we commented maybe a couple of quarters ago that this was one of those businesses where we're seeing early indicators of electronics customers starting to order more. This business is. The order entry in this business is pretty encouraging, and a lot of the work that they're doing in Asia-based electronic customers is pretty encouraging. Understood. Thanks. I'll pass it on. Again, if you would like to ask a question, press star one on your telephone keypad. Your next question comes from the line of Andrew Buscaglia from BNP Paribas. Your line is open. Good morning, guys. This is Ed on for Andrew. Thanks for taking my questions. In the prepared remarks, you mentioned the mix of cash and debt to finance the deal, which puts it about two to two and a half times leverage, closing 2024. With the strong free cash flow profile and leverage manageable, can you refresh us on how you're thinking about M&A, and more specifically, what remains in the pipeline? Thanks. Let me start first, and then Dan will sort of take over for a couple of other comments around capital deployment. Look, our commitment to organic growth and having a balanced acquisition-led growth remains the same. There is no change there. Our strategic and financial criteria for acquisitions remain the same. We feel strongly about how we have been able to be disciplined around the strategic criteria for what acquisitions we're adding to the portfolio and pretty disciplined around the financial rigor on what we need to do with a particular acquisition that will allow us to deliver the returns we target. So our pipeline remains this, you know, remains pretty healthy, and, you know, we are open to many different types of deals, and you've seen that over the past year, and we continue to work the pipeline. Let me have Dan talk to you a little bit about leverage and capital deployment. Yeah, maybe, maybe just to add a couple of points. You know, our, our stated target's been two to two and a half times leverage long term. You know, and obviously, with just completing the acquisition for Atrion, we'll be at the higher end of that, but that will be temporary. And, and maybe the, the best example to give you is, you know, we saw a similar thing happen last year when we acquired ARAG, and then, you know, as of the end of this quarter, we're back down to 1.6 times leverage. So we've, we've got obviously plenty of capacity, and with our cash flow profile, as you point out, we can quickly delever. ... and, you know, as Naga mentioned, we have an active pipeline, and, you know, when the right deal comes along, we'll be ready to move forward. Great to hear. And then, Dan, back to you for this one. You've been CFO for about a quarter now. You come to a company which has had great, progress and margin expansion. From your initial assessments, what areas are you seeing in the business as opportunities for further improvements from here? Yeah, I appreciate the question. Yeah, I guess I'll say this, and you know, Naga and I spend a lot of time on our best opportunity as a company is continuing to grow organically, which is our major focus, right? Our margins are very healthy, our cash flow is very healthy. You know, squeezing margins is not the best use of our time. Our time is better spent figuring out how to continue to grow the company organically and inorganically. Very helpful. Thanks. Your next question comes from the line of Walter Liptak from Seaport Research Partners. Your line is open. Hey, good morning, guys. Good morning. Good quarter. Right. Good morning. Wanted to ask, kind of a follow-on to the IPS segment question and, you know, get some color around the stable, sort of low single-digit outlook for IPS. And, you know, I guess what I'm trying to get to is that, you know, we have seen, you know, other similar industrial companies see, you know, kind of pauses in their, you know, industrial goods businesses, especially longer term, you know, kind of project businesses. So I wonder if you can provide just some more color around, you know, geographic regions, China, Europe, you know, versus North America. You called out some growth areas, and I wonder how much of, you know, the focus from NBS Next helps you to gain market share in some of those growing markets, as opposed to maybe some others that might be weaker? Yeah. Let's maybe give you some, you know, a little bit color into a couple of the divisions and where we're thinking. You know, first and foremost, you know, this is year four of NBS Next. You know, clearly within our businesses, and IPS being one of those businesses where we first implemented, and couple of other MFS businesses, too, we implemented Next. What you find here is we operate in a diversified set of end market niches. In some of these cases, you know, particularly in IPS, what you find is certain end markets are have high demand or growing and having investments at a particular time. But over, you know, six quarters or twelve quarters, what you find is another end market application getting more demand and becoming more important for the growth of the business. So for each of our division leaders, understanding each of these end markets, end market niches, and being agile and entrepreneurial in shifting resources from one end market to another, to another, is a great way for us to continue to participate in markets that are growing and de-resource for a period of time, markets that are not growing, right? So it is a dynamic set of end market niches that the teams are operating in. NBS Next allows them to be able to have clarity around those applications and be able to shift one, one to another. So that is, you know, that certainly helps us, that allows us to have the steady performance which you see on the outside. But within the company, within the divisions, you do see some, you know, some markets doing well, others, you know, not doing so well. So that's one sort of dynamic that we've, you know, that's important to recognize. The second is, you know, certainly there are certain end markets, like plastic processing, for example. You know, we've had an incredible run for the last, you know, two, maybe two and a half years. And, you know, might you expect some modest pullback on those? Yes, there is possibility. But overall, you know, we are very pleased with how our teams are using NBS Next. Because we constantly talk within the company, the best opportunity for Nordson, for our businesses, is growth. And understanding your best customers, understanding your best market opportunities, deploying your differentiated products to those, that's the ticket to win. And so really, you know, these market conditions are dynamic and different, but I fundamentally believe our effective investment strategy with NBS Next and owner mindset, you know, our division-led structure that allows our teams to be entrepreneurial, certainly helps. The core strengths of the company still remains the same: diversified end markets, systems, and high recurring revenues, you know, a close to the customer model, playing with differentiated products. All of these core strengths is what makes Nordson successful. You know, I am incredibly proud of our team because at varying economic demand conditions-... Our team consistently over the last three years have delivered 30+% EBITDA margins, and you know, that is not same for everybody, you know. In some cases, we've had to adjust costs. In some cases, we had to invest ahead of the curve. I think that kind of goes to speak to our ascent strategy and NBS Next growth framework. Okay, great. Yeah, no doubt the margin improvement has been there, and it's good to see you getting some, you're able to shift around to these different markets. Okay, yeah, I guess maybe just to see if we can get some geographic thoughts, you know, how you're seeing, you know, some of the Asian markets or Europe. I wonder if we can get any comments there. You know, if you think about different regions, still the U.S.-based markets have been, you know, the strongest. If you near-term look at our businesses in Asia Pacific particularly, they are benefiting from what we see in our electronics business. Our electronics businesses are coming back, and so you see our Asia Pacific markets are recovering nicely. China is also doing well, but you also have some of our nonwovens customers, our OEM customers in China, have been a source of strength for our businesses. So, Europe, you know, is still, you know, our organic growth there is a little weaker than our own, you know. But you have OEM customers there. Our parts revenues are pretty good, our system revenues a little bit. You also see in Europe our ARAG impact is also, you know, because Europe ARAG is mostly a European business. Okay, great. Appreciate the color. Your next question comes from the line of Chris Dankert from Loop Capital Markets. Your line is open. Hey, morning, guys. Thanks for taking the questions. Um, morning. I guess first off, if we could kind of look at backlog a little bit more, can you just maybe give us some comments on how you see complexion there, how the systems are kind of normalizing as a part of that mix? Would you agree there's still about $100 million or so left of kind of elevated backlog versus normal? Maybe just some commentary around how you see that piece of the business and then how it's progressing. Yeah. See, you know, if you think about our backlog, you know, it's important to level set where the business was historically, and historically was around $400-$450 million. Of course, in this incredible period of time, the business has grown, so the scale at which we would expect a normalized or historically normalized backlog is different, right? But the other thing that has also changed is customer order patterns are different, you know. In one example I would give you in our medical businesses, in the past, we used to get large blanket orders that go into our backlog. Well, that doesn't happen anymore, or our delivery performance has significantly improved, and so, you know, we certainly have customers starting to have an expectation that we can ship things much faster than we have ever in our history. So a couple of different dynamics. What we do see in our $640-$650 million backlog is, it is still weighted to our system businesses. But, if you think about our regular businesses, you know, which are book and ship type businesses, they've all returned to normal order entry, normal backlogs now for several quarters. So this is nothing new for us. You know, we continue to, as our backlog comes down, it is really our system business backlog coming down. Got it. That, that's helpful color. Thank you, Naga, and then maybe just quickly on ARAG. Forgive me if I missed it. Again, obviously, you know, a little bit more weakness in that end market, from a sales perspective, but just curious how you're seeing the margin performance in that business. Yeah. How's the team handling the lower volumes? Any color, it'd be great. Yeah. The margin performance has been really good. You know, the company is performing at nosebleed-like EBITDA margin levels. And so, we couldn't be more pleased with the team. I think we are focused on making sure we reinforce the things that we liked about the business, and we liked the technology. We liked the market presence in Europe. We liked, you know, the precision ag components that we are delivering to some of our largest customers. So it is really important, even in this downturn, staying focused on new product development, staying focused on customers that are going to generate the demand as the cycle comes back, is where we are focused on. You know, most of the integration is pretty much done. We really like the team. The team is doing wonderful. They're getting to know NBS Next. They, they're starting to have an enthusiasm on implementing it in their businesses, and we, as a company, are learning to operate in Italy, right? And, you know, it is a new geography for us, but we've been in Europe for a long time. We've been in Europe for decades, in Germany and in U.K. So this is adding a new country to our mix of businesses, so overall, integration going well, love the technology, great people. They are integrating well into the company, learning NBS Next, getting in our cadence of operations, so it's an exciting time. You know, the market is not helping us, but I think that is temporary in my opinion. You know, it will take time to come back, but we are prepared, and we are focused on things that we need to be focused on and not letting get distracted from a technology development perspective. Understood. Thanks so much for the detail, Naga. Sure. That concludes our question and answer session. I will now turn the call back over to Naga for closing remarks. Thank you for your time and attention on today's call. The long-term profitable growth strategy that fuels our total shareholder value remains strong. We look forward to seeing you in person at our New York Investor Day on October third, twenty twenty-four. Have a great day. This concludes today's conference call. Thank you for your participation. You may now disconnect.