I will now hand the conference over to Chris Lee, Global Head of Strategic Finance. Please go ahead. Thank you, and good afternoon, everyone. Thank you for joining us for Resideo's second quarter 2026 earnings call. Joining me on today's call is Tom Surran, Resideo's Chief Executive Officer. We would like to remind you that this afternoon's call contains forward-looking statements. Statements other than historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Resideo's filings with the Securities and Exchange Commission. The company assumes no obligation to update any such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our annual report on Form 10-K and other SEC filings. In addition, we will discuss non-GAAP financial measures on today's call. These non-GAAP financial measures, which can sometimes be identified by the use of adjusted in the description of the measure, should be considered in addition to, not as a substitute for, or in isolation from our GAAP results. A reconciliation of GAAP to non-GAAP financial measures is included in the financial data workbook, which is accessible on the investor relations page of our website at investor.resideo.com. Unless stated otherwise, all numbers and results discussed on today's call other than revenue are on a non-GAAP basis. With that, I will turn the call over to Tom. Thank you, Chris, and thanks to everyone for joining us today. Before I speak about the quarter, the entire team would like to thank Jay Geldmacher for his service as CEO over the last six years. During his tenure, Jay applied his operational and technical expertise to help Resideo to get where we are today, both strategically and operationally. Jay led us through two major acquisitions, the recent spin, and provided a steady hand through a dynamic market condition. Jay's interactions with customers, partners, and employees have created a tremendous company culture and strong, enduring relationships that will benefit Resideo for a long time. Also, earlier today, we announced Shane Harrison as Resideo's next CFO. I had the opportunity to work with Shane during our time together at FLIR Systems, so I know firsthand the kind of leader we are bringing into Resideo. Shane is highly capable, dedicated, and execution-oriented. He consistently took on challenging assignments, delivered exceptional results, and was a major contributor to FLIR Systems' success. He combined strong financial and strategic capabilities with sound judgment, a willingness to dig into details, and a focus on getting things done. I also know him to be a person of high integrity and someone who works extremely well with others. Shane Harrison will be joining us on September 1st. As you are aware, we completed the ADI Global Distribution spin-off on August 3rd. As in prior releases, our discussion of the second quarter results, however, will be at times on a consolidated basis as the Products & Solutions and ADI business segments both operated under Resideo in the second fiscal quarter of 2026. As usual, we will also discuss the results of each segment on a segmented accounting basis. As has been the case in the past, these segmented results do not include a full allocation of corporate costs borne by the business as a whole. Finally, there is also information in our earnings material that refers to Resideo's standalone results, which are presented as if the ADI spin-off was completed on January 1st, 2026, and include adjustment to certain financial line items to reflect management's estimates of what our results would have been. We have provided a bridge from P&S segmented results to Resideo's standalone results in our earnings release. Starting with our third-quarter financial statements, we will classify ADI as discontinued operations for that quarter and all prior periods. I will discuss Resideo's consolidated second quarter results before I hand the call over to Chris Lee to speak about the balance sheet, cash flow, and ADI. Chris Lee will then hand the call back to me to speak about the Products & Solutions segment results and Resideo's 2026 standalone outlook. In the second quarter, we were pleased with the continued execution demonstrated by the entire team as we exceeded the high end of the second quarter outlook ranges for all metrics, both the consolidated and business segment level. Total revenue grew 2% year-over-year to just under $2 billion, a new quarterly record. Total adjusted EBITDA grew 19% year-over-year to $249 million, another new quarterly record. Adjusted EBITDA includes the favorable impact of $27 million of tariff refunds during the quarter, primarily received by ADI. Total adjusted earnings per share grew 26% year-over-year to $0.83. Overall, we are pleased with both the top and bottom-line performance for Resideo in the second quarter. Now let me hand the call over to Chris Lee to discuss the balance sheet, cash flow, and ADI. Thanks, Tom. Total reported cash provided by operating activities in the second quarter was $148 million versus the $200 million generated in the same period last year. The year-over-year decrease was driven primarily by approximately $45 million in payments for non-recurring business separation activities and settlements, including the termination of the Honeywell Tax Matters Agreement. There was also a $20 million use of cash for higher cash interest paid. The decrease was partially offset by higher net income and less cash taxes paid. Consistent with our Investor Day messaging, Resideo started de-leveraging on August 3rd, paying down $900 million of outstanding principal under the Term Loan B credit facility. We expect to make an additional repayment of approximately $200 million on the Term Loan B credit facility in the third quarter, following completion of the post-closing cash adjustment under the separation agreement with ADI. With respect to the ADI segment, we have provided its second quarter segment results in our press release. ADI has announced that it will be hosting its second quarter earnings call tomorrow morning and will speak about its results and outlook in more detail on its earnings call. ADI will present its results derived from Resideo's accounting records and presented on a carve-out accounting basis. On behalf of the entire Resideo management team, we would like to congratulate Rob and the ADI team on the completion of the spin and their new life as a standalone public company. They will remain an important partner to Resideo. Let me hand the call back over to Tom to discuss the Products & Solutions segment results and Resideo's 2026 outlook on a standalone basis. Thanks, Chris. The Products & Solutions segment continued its strong operational execution despite soft housing trends and inflationary input costs. The team achieved another quarter of year-over-year revenue growth and the 13th consecutive quarter of year-over-year gross margin expansion. Products & Solutions reported revenue growth of 4% year over year, including an approximate 35 basis point favorable impact from currency. Revenue grew across substantially all of our sales channels and product families, driven primarily by volume from customer demand. Let me walk through our performance by primary sales channel. First, in the retail channel, we experienced another quarter of strong year-over-year revenue growth, driven primarily by increased volumes for higher value products. Adoption of our combination smoke and CO detectors and our new thermostats continues to be strong and ahead of our expectations. Our point of sales volumes at our key accounts continues to be strong and is supported by healthy levels of channel inventory. In the OEM combustion channel, also reported as energy category, posted its seventh consecutive quarter of year-over-year revenue growth against a tough comparison. Growth was driven primarily by continued demand for higher priced products, primarily in EMEA. In the HVAC distribution channel, revenue returned to year-over-year growth. Revenue growth was driven primarily by volume, led by another quarter of strong customer adoption of the Honeywell Home ElitePRO, our new premium smart thermostat. Demand continues to exceed our expectations and has resulted in our increased presence in the high-end connected segment of the market. In addition, our new dehumidification and water filtration products increase our category penetration and continues the positive momentum generated from the execution of our strategy. Conditions in the residential HVAC market remained stable versus last quarter. Our channel inventory remained healthy and increased modestly from the prior quarter. The electrical distribution channel had another quarter of year-over-year revenue growth, driven primarily by volume. We saw continued demand for our BRK branded non-connected safety products, primarily in the maintenance, repair, and operations market, but also the manufactured housing market. Our content per new residential built home remained stable quarter-over-quarter amidst a continued soft market for new home builds. Revenue from the security distribution channel was flat year-over-year, given the continued soft market for security installs related to the resale of existing homes. OEM security sales were down slightly year-over-year due to reduced volumes with a large OEM security customer. This was in line with our expectations for the quarter and with our strategy to focus on higher margin branded business. Moving on to profitability. Our gross margin percentage was 43.6%, up 70 basis points year-over-year, and up 100 basis points sequentially. Gross margin expansion was driven by volume increases, favorable manufacturing and supply chain variances, and tariff refunds, partially offset by product sales mix. We also incurred inflationary input costs, which we do not believe are permanent, but are only partially offset by the price actions we announced last quarter. P&S segmented adjusted EBITDA grew 6% year-over-year, due primarily to higher gross profit dollars. As discussed at our recent Investor Day, R&D continues to be approximately 5% of total segmented revenue as we invest behind new product launches and speed to market. Operating expenses increased due primarily to higher legal settlement costs. Before I provide our full year 2026 and third quarter financial outlook for standalone Resideo, let me walk you through some of our current market perspectives and assumptions. First, we believe Resideo can continue its steady execution through a residential macroeconomic environment that is persistently soft. We also anticipate continued demand for our products and year-over-year revenue growth across all channels other than OEM Security during the second half of 2026. We anticipate some continued weakness in the OEM Security channel. Our current outlook reflects lower volumes from a large OEM Security customer, which we expect will result in $40 million-$50 million less revenue in the second half of 2026 versus the same period in the prior year. Input costs, such as memory, metals, printed circuit boards, semiconductor, and shipping continue to increase at a pace greater than originally expected due to dynamic global conditions. While we proactively instituted price increases during the second quarter, our outlook incorporates a slight headwind to gross margin due to higher input costs anticipated in the second half of the year compared to the most recent quarter. We do not anticipate material cost increases related to tariffs after conducting our assessment on the recent trade actions announced by the U.S. administration on July 24th. We also do not anticipate receiving any material tariff refunds for the remainder of 2026. Due to our corporate accounting calendar, there is one extra day in the third quarter of 2026 and four fewer days in the fourth quarter of 2026, both versus the same period last year. As to our outlook. We are initiating our outlook for Resideo on a standalone basis. Starting in the third quarter of 2026, Resideo will no longer consolidate its former ADI Global Distribution segment, and results for that segment for all periods prior to the ADI spin-off date will be reflected as discontinued operations. Our outlook is presented as if we had operated as a standalone company for the first half of 2026, coupled with our standalone outlook for the remainder of the year. This outlook includes sales to ADI as an external customer and approximately $80 million of full-year corporate costs allocated to standalone Resideo. The full year of sales to ADI are anticipated to be approximately $175 million. In our earnings press release, earnings presentation, and financial data workbook, all of which can be found on our website, we have included a revenue and EBITDA bridge from reported segment results to a standalone basis. During this short transition period, the standalone outlook we are providing is for revenue and adjusted EBITDA only. We intend to provide our outlook for adjusted earnings per share and cash from operations upon completion of certain activity, including the post-closing cash adjustment under the separation agreement with ADI that is to be calculated in the coming weeks. We intend to once again provide outlook on these metrics starting with our third quarter earnings call. With that, our standalone outlook for 2026 is as follows. Revenue in the range of $2.9 billion-$2.95 billion. Adjusted EBITDA in the range of $605 million-$625 million. Our standalone outlook for the third quarter of 2026 is as follows. Revenue in the range of $705 million-$730 million. Adjusted EBITDA in the range of $145 million-$155 million. Looking forward, I'd like to reiterate some of our key themes from our recent Investor Day. The new Resideo is focused on its mission as a pure-play building technologies company. We believe we have tremendous market momentum from the recent introduction of new differentiated products that strengthen our customer value proposition and in turn will fuel the near and medium-term financial targets we laid out today and at our Investor Day. Those targets reflect a business with higher gross and operating margins than the historical Resideo, coupled with continued strong cash flow generation. We're very excited about the launch of new products in the second half of 2026, including our new smoke and CO detector platform and our new video surveillance and intrusion security products, to name a few. As we discussed at length during our Investor Day, we have several levers we are pulling that are intended to strategically optimize our operations throughout the remainder of this year and beyond. With our track record of execution, our stellar team, and our focused go-forward strategy, I am extremely confident in our profitable growth path ahead. Now let's open the call for questions. Operator. The first question comes from the line of Erik Woodring with Morgan Stanley. Your line is now open. Super, guys. Thank you very much for taking my question, and congrats again on the spin. Tom, I just want to make sure we are doing a like for like comparison here. If I go back to last quarter, the guide for Resideo hold co 2026 revenue growth was 5% year over year at the midpoint. There were remarks that P&S and ADI revenue would grow at roughly the same rates. Again, call it around 5% year over year. I think if I take your new standalone P&S revenue guidance of $2.925 billion at the midpoint and compare it to standalone revs in 2025, we are now getting to P&S revenue growth of 2% year over year in 2026. First, can you just comment, is that math correct? Then if so, why are we guiding down relative to 90 days ago after just beating the second quarter? What is changing about the second half? Then a quick follow-up, please. Okay. The math is a little bit off. I would have to go through exactly how you did your calculations, but no. The assumption, what was said was, that the two segments would have similar growth for the year. We did not specify that it was P&S coming up in its revenue growth versus ADI coming down. But the projection that we have for P&S, the growth is higher than the number 2% that you have stated. So overall, for the year, it is almost 3%. Now, in terms of if you want to talk about exactly your math, we can go through that, but generally that is in line with what our expectations had been. Now, in the second half of the year, we do have the issues that we described about OEM security, which were something that came about in the mid part of the year. It's business we've talked about before. It's one that's determined by a third party, so we have to respond to that. Hey, Erik, it's Chris. The one other thing I'd like to add, is if you look at the first half performance for Products & Solutions at the segment level, we outperformed our expectations, given growth across most channels. We still anticipate growth in the second half of the year across many of our channels, with the exception of the OEM security channel, like Tom just mentioned. Okay. All right. We can do the math offline, but I appreciate all that color, guys. Thank you. Then just a quick follow-up, Tom or Chris. Can you maybe help us better understand how to think about the linearity of gross margins over kind of the next six months or two quarters. There's a number of moving pieces when we think about seasonality, input cost inflation, pricing, mix, and market softness, NPI. Just any way that you can help us understand how to think about that kind of trajectory would be super helpful. Thanks, guys. Yeah. I think because of the input cost that we've talked about, the biggest challenge for us is Q3. We always said it was never going to be linear, and it's going to be step functions. I think Q3, we're going to see probably the most of these temporary input costs going up before all of the pricing catches up to it. So it's probably going to hit us most in Q3. But we're not talking massive here. Most of this is going to be recovered by pricing, but there will be some. I'm not sure that we will get gross profit for a 14th consecutive quarter. It's well within the possibility, but it's not something we're focused on right now just because of those activities. And one other thing to mention, Erik. Remember last quarter when we talked about the price increase that we were implementing in Q2. We did implement that price increase, but we also said it would have a lag impact because of certain customer provisions that we have with certain customers in terms of a notice period. So, while we have increased pricing, and as Tom just said The price increase is helping to offset some of the inflationary costs. It is not a dollar for dollar offset. Okay. Awesome. Thank you guys very much. I really appreciate the color. The next question comes from the line of Dan Stratemeier with Jefferies. Your line is now open. Hey, gentlemen. Congratulations again, Tom. Congratulations on your first call as a CEO. Let me follow up on Erik question and ask it a little bit differently, but maybe tie it back in. Tom, can you help us understand the cadence and the number, actually not the exact number, but looking at your NPIs that are going to be coming out over the next 18 months. It's obviously being a big part of your growth, your growth margin expansion. How would you compare what you have upcoming over the next 12, 18 months to what you rolled out over the last 18 months, and maybe like the magnitude of what's coming versus what already came out? To Erik question, I think someone also asked this at the investor day, when you had your build up to your five-year CAGRs, and your projections at the investor day, you only had 1%-1.5% pricing. Seemingly there's a lot of inflationary pressures, and it seems like 1% and a 1.5% seems low or out of place, especially with the mix of new products coming in. Can you just help us understand the pricing philosophy and how you came to that 1%-1.5% number? Then I have a follow-up. Sure. Sure, Dan. Thank you. Let's deal with the NPI. So we're pretty excited about the second half of the year, but for instance, on our smoke and CO detector platform that we're introducing. That product will first go into the American market, replacing the eighth edition UL products that are out there. It has a better cost profile to it. It'll have a better margin profile to it. We think it performs well. We think it'll continue to drive revenue growth, but it's really about creating that global platform that allows us to build even further out. Second, we're introducing the Fortis platform to the marketplace and bringing that all the way across all of our products. That's going to be very important. It's a major effort. It doesn't necessarily in and of itself drive revenue immediately, but long term, it's a very key part of our strategy. Some of the security products that will be built out are brought to the market. I think that they will help drive the revenue, but I think the best thing to think about overall is excluding OEM security products. We are expecting revenue growth across all of the other product areas. So that's the first piece, and the cadence of the NPI, we are seeing momentum. Generally, yes, we are continuing to see more products coming out with shorter development cycles, and we continue to have a very healthy pipeline for thereafter. In terms of your second question, the pricing. You're right. If we experience the conditions that we have experienced recently, memory costs going up 4x, metal costs going up 35%, and now these shortages of things like low thermal expansion fiberglass driving printed circuit boards, and all of these shocks from the data centers, 100% that would be significant costs. They are able to be currently absorbed by pricing offsets and certain other efforts to try to reduce the cost of our products. But they do have an impact. That said, we do not believe that these will be long-term cost increases. Some of it will stick, but I think long-term, we will see these basically roll back up. We are seeing more memory coming online from some of the suppliers related to especially the generations and the geometries that we consume. We kind of have a good visibility of what will be happening. These prices are going to start unwinding as the competition comes to the market and capacity comes available. I don't think that we are going to see a long-term shortage on thermal expansion fiber. I don't think we are going to see a long-term contraction in the memory supply market. Metals and fuel, those are shocks from what is going on in the world. So those things, yes, they impact the short term, but over a five-year term, they shouldn't be considered a trend. All right, great. You threw one line in there at the end that caught my attention, which was strategically optimize our operations throughout the remainder of the year. What does that mean? What is the magnitude of it? Can you help us understand the drivers of that, if you don't mind, please? Yeah, we have to be a little, in terms of discussing some of these things, there is certain sensitivities. But we have spoken about always reviewing our manufacturing footprint and our costs. How can we optimize those things to reduce our product costs, and we can pass that up both on to the customers as well as improve our margins. That is something we are actively doing. We are looking at all of our operations worldwide to take those actions that we think will benefit the company long term. Is this like above and beyond what you've always been doing? Yes. Yeah. Again, Dan, just in terms of this is a long-term plan. When we talk about this, we're talking about things that we want to do over the next five years and thereafter actually. But certainly in the next five years, we have specific actions that we want to take that will make a material impact to the company, and we are executing. We talked about the closing of the Tianjin facility. We talked about the closing of the Latrobe. We're reviewing our manufacturing footprint. We're optimizing our product manufacturing and the execution in all of our factories. Yeah. Then just to pile on, this also is thematic to the re-platforming that we've talked about, moving from tens or hundreds down to one to a handful by product line. I think these are all levers that are really under our control. I think that's important to understand, and ties back into what Tom said, this is part of the long-term plan. Yeah. Those actions improve the efficiency of our operations, but they in and of themselves are only to do that. We talked about platforming, but there's other actions related to the efficiency of our operations. The next question comes from the line of Ian Zaffino with Oppenheimer & Co.. Your line is now open. Hi. Great. Thank you very much. Just wanted to drill down a little bit on the Air & HVAC. Maybe help us understand what the environment is that you saw in the second quarter, and then how do we think about the rest of the year? I know we had some softness last year. What is the magnitude of the comp benefit we should get? What is the timing of that? Also, just what happened in the second quarter. Thanks. Sure. Second quarter for us, we were relatively flat year over year. We believe the general market was down. We believe that our volume, since our sales revenue dollars represented increased volume, but flat revenue. We believe that we did well in the marketplace, in our position in the marketplace. When we look forward, what happened last year related to a transition related to the gases and refrigerants used in the marketplace and the inventory that had been built up in the channel and some shocks related to that. We do not see anything like that happening this year. I think what we are going to see is a more normalized marketplace. I do not expect large growth right now in HVAC because there are no fundamental drivers for that. I think really it is on us to create great value products that are able to increase the volumes and our share in the market. And look, as we talked about in Tom's prepared remarks, the adoption of our new products, be it the thermostat, be it the dehumidification product, be it the water filtration product, continues to be positive, and we're going to continue that NPI focus, as Tom mentioned. When you combine that with pretty healthy channel inventory, I think we're well positioned. Okay. Can you maybe just talk about as a follow to that question then, I just have another question after that. What are we thinking about as far as comps going into the back half of the year? Your confidence in that. Can you maybe just give us a broader discussion on price versus volume? I know you said that a lot of the gains in the quarter were volume. There's references to price benefits on the gross margin side. Just trying to understand what's actually going on. Thanks. Okay. You broke up a bit there, Ian. I didn't catch all of it, but you were talking about the comps? Comps for the- Yeah. The comps in HVAC. Second half. Correct. Our expected second half versus last year's- Prior year. Yep. We expect growth in the second half of the year in our HVAC market, in summary. In terms of price and volume, looking at that, you made a comment. I just want to correct a perception that you thought that the improvement in gross profitability was because of pricing. I would not say that was a correct assumption. If you look at actually what happened in the prior quarter, price was not a contributor to margin at all. Okay. Thanks. On the HVAC again, is this a benefit in the third quarter and the fourth quarter? Can you quantify it for us? Hey, Ian. I think we provided a guidance in totality. We don't get down to the product level or channel level type of guidance. Look, I think Q3 of last year, those numbers are out there. You can set your estimates on what you think the growth is going to be. But I think, what Tom just said is the market is still a little bit muted. Okay. Thank you. The next question comes from the line of Tomo Sano with J.P. Morgan. Your line is now open. Hello, Tom, Chris. Congrats on the spin. Thank you. Thank you, Tomo. Thank you. Nice having you on the call. Thank you. Thank you very much. Could you talk about P&S gross margin again. If you look at the 70 basis point year-over-year, could you break down a little bit more color contribution from volume manufacturing, supply chain, executions, productivity mix, and pricing, and so on? Tom, if you could add some color, what would you believe you did better than expected? Thank you. We haven't really gone into that level of detail in discussing our margins. I did disclose and just talked about the fact that pricing was not the contributor. The volume in itself is a major contributor. If you really look at what happened in the profitability of the business, it was the execution and the efficiency of the operation. It's really the conversion cost and the conversion efficiency that drove the gross profit improvement. In the period, there were these inflationary costs that were offset generally by a little bit of tariff refund. Most of the pricing inflationary costs will actually start hitting us Q3, Q4. In Q2, though, net was somewhat everything offset each other. All these one-time events kind of offset all of it. So we saw, at the net of it, a pretty natural level of gross profitability. What really drove the improvement was the efficiency of the operations. Thank you. A follow-up is Pro channel's health. Tom, if you could talk about Pro channel health, how should we look at second quarter performance and the second half expectations? If you could give us more color on active pros, retention, install time reductions, and any color, appreciated. Thank you. Sure. The Pro buys through all of the channels that we have, and really all of our revenue is driven by the Pro. We do have some retail products. We believe that the primary customer, even at retail, is a professional. So I think you are talking about the distribution channels probably more so than the retail channel. We expect in the second half of the year for there to be growth in the distribution channels overall. I think we expect continued performance in retail as well. I think the one channel which we mentioned before that we expect the headwinds is that OEM security channel. Thank you. I appreciate it. Okay, Tomo. Nice talking. The next question comes from the line of Jay Goldberg with Seaport Research Partners · Contract Hi, guys. Thanks for taking my question. I just wanted to follow up on a few comments on the last questions and also you made in the prior remarks. I was hoping you'd give us more color on what you're seeing in the end market. I get that OEM security is not good, but it sounds like some of the other end markets are looking much more positive, and I was hoping you could talk about those. Thanks. Sure. Thanks, Jay. Nice to also have you on the call. Okay. We think the market is kind of being a continuation of what we've seen today. We're not expecting the rising tide for the market to drive our performance. We're going to execute to drive our performance. Whether it's the housing market, we're certainly not seeing much change in the sales of existing homes. We're not seeing any improvement in the new home construction levels. When we look generally into the market of what people are expecting in the either HVAC or security market, it's fairly muted, and I think that's probably the best characterization we can put on it right now. Our goal is to out-execute the market, and that's what we're trying to do, and that's what we expect to do in the second half, again, with the exception of the OEM security market. Again, just to be clear, the lean into the OEM security, the commentary is about a large customer. Let's not paint the entirety of the opportunity in that channel negatively. It's one customer who's large that we're talking about. Got it. That is it for me. Thank you. The next question comes from the line of Dan Stratemeier with Jefferies. Your line is now open. Hey, guys. Thanks for the follow-up. Just a question on the OEM customer. Is this a one-off? What is the overall relationship like, I guess, with that customer going forward? Yeah. Dan, this is Tom responding. The relationship with the customer I think is healthy. I think they just have a different direction they are going. They are going to pursuing vertical integration. I think the products that we offer to them are still well accepted in the marketplace. I think that they like the product. I think they are just trying to do something different with their own business model. In terms of, you asked a little bit about the outlook. It sounded like you were trying to understand the trend. This clearly is going to have an impact, Q3 somewhat, Q4 more so. And then as we go into Q1 of next year, it will be a little more like the Q3 level, and then by Q2, we would expect it to plateau. But long-term, this is not a strategic business for us. This is a lower margin business that's not branded Resideo or First Alert or Honeywell Home. It's sold by a third party, and it competes in a market where we create our own products. It competes in the general market with our own branded offerings. We expect this to have a little bit of a stairstep. We are under contractual obligations to execute with this, and we're going to do our best to provide great products to this customer, and the relationship is healthy. In terms of how we get along and everything is very positive on that. There's no problems at all related to that. It's just a strategic decision they've made in how they want to execute their business. Dan, just one other point to clarify. This activity that Tom just mentioned is already baked into our medium-term financial targets that we presented at Investor Day. Oh, that's helpful. Thank you. This is sort of separate from your refresh that I believe is gaining momentum in your security line of branded products. We should think about this as completely separate than that, correct? Totally separate, yeah. I apologize for- Yeah, Dan, you got it. Totally separate. Okay. Understood. Thank you, guys. Sorry for the follow-up. I appreciate it. No, no. It was great. Thank you, Dan. We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.