Good day and welcome to the Snap-on Incorporated 2025 Second Quarter Results Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal Conference Specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch-tone phone. And to withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Ms. Sara Verbsky, Vice President of Investor Relations. Please go ahead, ma'am. Thank you, Chuck, and good morning, everyone. We appreciate you joining us today as we review Snap-on Second Quarter Results, which are detailed in our press release issued earlier this morning. We have on the call Nick Pinchuk, Snap-on's Chief Executive Officer, and Aldo Pagliari, Snap-on's Chief Financial Officer. Nick will kick off our call this morning with his perspective on our performance. Aldo will then provide a more detailed review of our financial results. After Nick provides some closing thoughts, we'll take your questions. As usual, we've provided slides to supplement our discussion. These slides can be accessed under the Downloads tab in the Webcast Viewer, as well as on our website, snap-on.com, under the Investor section. These slides will be archived on our website along with a transcript of today's call. Any statements made during this call relative to management's expectations, estimates, or beliefs that otherwise discuss management's or the company's outlook, plans, or projections are forward-looking statements, and actual results may differ materially from those made in such statements. Additional information and the factors that could cause our results to differ materially from those in the forward-looking statements are contained in our SEC filings. Finally, this presentation includes non-GAAP measures of financial performance, which are not meant to be considered in isolation or as a substitute for their GAAP counterparts. Additional information regarding these measures is included in our earnings release issued today, which can be found on our website. With that said, I'd now like to turn the call over to Nick Pinchuk. Nick? Thanks, Sara. Good morning, everybody. As usual, I'll start the call by covering the highlights from our second quarter. And I'll tell you right now. We're encouraged by the results. Resilience and balance against an environment that's been quite turbulent. It's like one long, mad minute where the commercial ground keeps shifting. But with the resilience of our markets, the balance of our portfolio, our advantages in products and brand and people, we navigated the roller coaster and exited the quarter stronger than when we entered. So that's my view. And as we proceed today, I'll fill you in with more color on our financial results, on our markets, the current environment, the progress we made, and I'll give you another take on what I think it all means. Then Aldo will move to a more detailed review of the financials. Let's talk about the results. Our sales of $1,179.4 million, as reported, were flat to last year, including $8.6 million in favorable foreign currency translation. Organic sales were down 0.7%, and they were mixed, but overall balanced. Opco operating income for the quarter was $259.1 million, 7.6% below last year, which included $11.2 million from the non-recurring 2024 legal win. OI margin was 22.0%, lower by 180 basis points versus last year, which included 100 basis points from that legal matter. Notably, the gross margin was 50.5%, 10 basis points behind last year, reflecting continued resilience. Rapid continuous improvement balanced 50 basis points of unfavorable currency transactions. In effect, our OpCo OI GAAP primarily represented our ongoing investment in maintaining and strengthening our advantages in product and brand and people, believing, as we did in the pandemic, that it's best to emerge from the disruption at full strength, and we believe we're on course to do just that. For financial services, operating earnings of $68.2 million were down 2.8% from last year's $70.2 million, and combined with the OpCo results, the overall OI margin for the quarter was 25.5%, which compared to the 27.4% recorded last year, which included the legal benefits; this time was 90 basis points. EPS for the quarter was $4.72, $0.35 below last year. $0.16 from last year's legal payment was included in the 2024 number, and this year's level included $0.09 impact from higher pension amortization costs. In other words, there were $0.25 of headwinds in the year-over-year comparison of EPS. So now let's speak about the market. So those are the results, but now let's speak about the market. We believe the automotive repair environment continues to be favorable. We did see mixed but improved results with the technician. The Tools Group was up low single digits in the U.S. network, while the international vans were flat. And from what we're hearing directly from the franchisees in the techs, from the grassroots, I believe vehicle repair emphatically remains a very favorable place to operate, and the industry metrics continue to confirm that view. Miles driven, average vehicle age, household spend on repairs, tech talent, tech wages, they're all up. Now, the macro environment is still turbulent. But the tech uncertainty has stabilized. And having said that, it remains significant. In all that, however, the Tools Group pivot does appear to be gaining traction and overcoming the angst. You can see it in our second quarter results. We like the way the numbers are moving. It's a positive sign. On the other side of auto repair, where repair systems and information, the RS&I group is displaying encouraging progress, expanding Snap-on's presence with repair shop owners and managers with particular strength in OEM dealerships. Things are looking okay. Upgrading facilities and the OEM dealerships upgraded facilities and equipment to match the growing complexity of the new models. Now, there are pockets of hesitation on garage projects, with some independent shops thinking that delay in the turbulence is the right move. But in general, the shops know that deeper complexity is rolling and the challenges are coming, and they must be ready. So in general, the segment remains strong, and you can see it all over the RS&I results. And for the critical industries. Now, here. We saw uncertainty and hesitation early in the period. Liberation Day and the weeks that followed created a lot of windage in project planning and execution. Many businesses adopted a wait-and-see approach, waiting to let the trade program develop before pulling the trigger. And we did see postponements. As the quarter progressed, however, the initial shock gave way to what I would call accommodation. Project flow came back, and our order book has grown. So the critical industries built momentum through the quarter, and they remain a very attractive place to operate, despite what we believe may have been a shock blip in the quarter. So overall, I describe our markets as continuing to offer opportunities that we believe display momentum. Challenges do exist. There are headwinds, but we're confident with our advantages in strengthening p roduct lines that solve critical tasks. In our extraordinary brand that marks the serious, the critical, and the professional. And our very experienced team that's capable, committed, and battle-tested will prevail against the difficulties and continue moving positively. So now let's move to the segments. The commercial and industrial group was the place most impacted by the shock early in the quarter. You know it has the largest international presence, and its critical industry division has a substantial slice of project business. So the group's second quarter as reported volume decreased 6.5%, including $4.5 million in favorable foreign currency translation and an organic sales decline of 7.6%. CNI's operating income was $46.9 million, below 2024 levels by $15.3 million. Operating margin was 13.5%, down 320 basis points. But we did see. Upward motion as the quarter progressed, as the customers accommodated to the environment. We're confident in and committed to extending in the critical industries, and we'll keep strengthening our position with CNI as we move forward, observing the tasks, using the insights to create products that make work easier. A great example is our next generation quarter-inch drive 14.4-volt cordless ratchets, increased power and speed, 40 ft-lbs of torque for break-and-loose stubborn fasteners. Once freed, the tools 400 RPMs kick in, and the fasteners fly off. It's a real time saver. Our Murphy, North Carolina plant just released two models with CTR 825 offering a compact frame and a CTR 827 with an extended neck. Two tools to maximize efficiency when techs are working at hard-to-reach, out-of-the-way applications. There are other great features of the tools. The brushless motors provide improved durability and longer runtime. The variable speed trigger gives the tech more control, preventing, in this situation, that over-tighten that can damage components. Our ring of fire creates 360 degrees of daylight, beaming from six LEDs, generating 27 lumens, illuminating even a cavernous workplace. All of this is serving to make work much easier. The CTR 825 and 827 compact frame and long-neck designs, techs love them. They know they need both of them. Based on a strong reception, it's now clear they're destined for our million-dollar hit product list. The specialty torque business remains red hot. It actually had a strong quarter. Part of the reason is that our lineup continues to expand, moving to meet the increasingly complex challenges of essential bolting and tensioning. Recently we introduced the new CTM 550 unit. It joined our growing array of cordless torque multipliers. This tool is 66% lighter and 20% smaller than its big brother, the 1 in CTM 800. It effortlessly delivers torque all the way from 160 ft-lbs to 550 ft-lbs. It's ideal for tackling a range of tasks and a growing number of heavy-duty applications that require precise torque. The new tool enables much greater efficiency and comfort. It replaces the commonly used impact gun and torque wrench combinations with a single tool, eliminating several cumbersome steps, providing a much safer and more ergonomic path to repair. It's a design that combines the efficiency of our extraordinary Norbar gear designs with the brushless motors of our power tools operation to make problem torque, to make precision torque at high output a breeze. The unique Snap-on advanced cooling System, no pun intended, means extended use and increased durability. The CTM also has multiple connection options, enabling the accuracy of the procedure to be documented and reviewed, ensuring that the job was done correctly and that the bus or semi-truck or bulldozer operated as designed and safely and without failure. Our CTM 550, sophisticated, powerful, versatile, with the durability to tackle the harshest environments, servicing the needs of the critical. As you might imagine, it's been well received. That's CNI. Absorbing the shock. Moving forward. Delivering solutions that make critical work easier, safer, and more productive. Now on to the Tools Group. Organic sales were up 1.6%, with a low single-digit improvement in the U..S and the international network flat to last year. The operating income was $116.7 million, and that compares with $114.8 million in 2024, with an operating margin of 23.8%, flat to last year, but still one of the group's top margin levels ever. Achieved against the wind. As I said, technicians are still cash rich, but confidence poor, and they're still hesitant to tie themselves to long-term obligations. Originations were down 4.9%. Sales of items like large tool storage boxes decreased in the quarter, but our connection with grassroots customers indicates that the uncertainty has stabilized, and over the period, the Tools group pivot to faster payback items gained traction against the continuing wars, the rapid-fire announcements in the capital, and the threats of inflation. All through the quarter, we kept working, shifting production, refocusing marketing and promotional campaigns, and most important of all, introducing innovative new products that make an immediate impact, offerings that created a short-term payback. So for tech servicing vehicles of growing complexity, access is big. They need help reaching, squeezing, contorting their way into compact areas, trying to make repairs without dismantling things like components like fenders or grills or dashboards. Every day, we're there in the garage observing these tasks, developing the solutions that make the work easier and more profitable. It's Snap-on's principal value-creating mechanism. During the quarter, the Tools Group launched a number of new products, each delivering unparalleled access and matching the customer's preference for faster paybacks. One is the SGA S102, a two-piece radiator pick set. Each unit is 7 in from handle to the tip and offers a unique design. One is hook-shaped, ideal for pulling hoses away, and the other is straight, perfect for pushing the coolant lines free. The complete set is built in our Elkmont, Alabama facility, and it might seem trivial, but I assure you, modern vehicle engine bays are jam-packed. Hoses are no longer out in the open, and now, even basic repairs, more often than not, require removing fan shrouds or a range of other parts. But with these tools, a tech can extract the hose with ease. Conventional setups have similar geometries, but they require much more space to function. Our new picks give great access, and they do save a lot of time, and the techs have noticed. Another quick payback is our FKC 72, a 3/8 in drive stubby-length hand ratchet, produced in our Elizabethton, Tennessee plant. It's our smallest 3/8 in ratchet ever. I mean, it's tiny. It's about the length of your pinky, and there are a lot of narrow passages in a car. This stubby can go wherever your fingers can reach. But even though it's small, it offers great strength, courtesy of Snap-on's unique dual-pole system, and the 72-tooth design enables a 5-degree swing arc, another access enabler. And the sealed head increases reliability, keeping the debris that can muck up the works from entering the gear mechanism. It's another Snap-on must-have for serious techs, and it helped drive the pivot in the quarter. And perhaps best of all, just released, the redesigned 15 in extra-long needle-nose plier set. Cold forged at our Milwaukee plant. Now, that's a process that's difficult to master. But if you get it right, and Milwaukee's one of the few who can, it results in greater strength and delivers tighter tolerances without additional and more costly machining. The long plier neck reaches through restricted openings, creating access. And the cold forging process and the associated shaft strength enables 85% more gripping power than other models. And that makes this tool a real time saver. I mean, if you drop a part in a recessed area, no need to disassemble the workpiece. These units will navigate through the confined space, and they'll grab the lost component without letting go, making sure of a quick and quick retrieval. That's a great and significant advantage. Each of these new products makes work easier and repairs faster. And all three have already achieved what we call our $1 million hit product status. And meeting the tech in the last quarter, we talked about this, about the bottom end of the bigger ticket items. After meeting the tech's preference for faster payback tool storage, our plant in Algona, Iowa, released a special offering of entry-level KRA 2422 Classic Series Roll Cab. Box is 55 in wide, built from a one-piece welded body, which is with reinforced corners and a 14-gauge steel bottom panel that supports a payload of 2,400 lbs over a ton of tools. It's ideal for organizing a tech's investments with two drawers spanning 50 in wide, one 5 in deep for deep sockets, and a 3 in drawer for storing long pry bars and extensions. The box is functional, rugged, and it's relatively economical. What will get your attention in this array is the array of eye-popping two-tone paint schemes. One, a black case with extreme green doors and black trim is my personal favorite. I can tell you, it is bright. Any tech would stand out with this beaming box in their space. Series just came out, and it's already had significant demand. So that's the Tools Group. Pivoting, gaining on uncertainty, back to growth, exiting the quarter with momentum, and great American-made products were the big drivers. Now, RS&I. Sales in the second quarter were $468.6 million, with an organic gain of 2.2%, a high single-digit advancement in diagnostic information, and strong double-digit improvements in our OEM businesses. Operating earnings for RS&I were $119.8 million, up $6.2 million or 5.5%. And the operating margin of 25.6% was 60 basis points better than 2024. Now, just a little fun fact. The OI margin for RS&I has increased year over year for 12 of the last 13 quarters, six straight. That's the rise of software and the power of RCI. Boom, shack-a-lacha. RS&I shined through the turbulence, leveraging our customer connection and launching innovative products. One example is the home of Triton, born in our San Jose facility, positioned in the middle of our intelligent diagnostics offering. Triton provides a wireless connection between the car and the handheld. Techs can move freely around the bay under the car. Inspecting, troubleshooting, and testing without restraint. And this is important. It does that without losing the lightning speed that's the hallmark of our wired units. And Triton's two-channel lab scope now provides zoom capability. And this is crucial. When a waveform glitches happen in a blink of an eye, as they often do, they're hard to catch on a standard unit. So Triton customers can now record, play back the tests, magnify the pattern, zero in on the abnormality, and identify intermittent problems. The Triton. Its flexibility, speed, zoom capability, 8-hour battery life for extended use, and 4x the memory, handling more procedures and data than ever. The launch easily exceeded prior releases. As you might expect, this gangbusters platform. iIs powerful in tech's hands, and it's a clear winner in the shops. RS&I is on a roll. Great diagnostic units, powerful databases, Mitchell ProDemand repair information, the proprietary power of intelligent diagnostics, effective shop management systems, continuing upward progress, driven by great hardware, significant advantage of the software, and a dedication to RCI. We're going to keep driving to expand RS&I's position with repair shop owners and managers, offering more new products developed by our value creation process, and we're confident it's a winning formula. Well, that's our second quarter. Marked by both challenge and advancement. CNI down, impacted by the shock of Liberation Day and a bout of wait and see. But some recovery is underway as accommodation develops. The Tools Group. The pivot to quicker paybacks, gaining traction. Sales up 1.6% organically. OI margin 23.8%, flat to last year, but representing the third highest in the group's history against the winds. And RS&I, sales up 2.2%, OI margin 25.6%, up 60 basis points, software rising, and RCI delivering again. It all came together for overall sales of $1,179.4 million, flat. Gross margins 50.5%, down 10 basis points. Unfavorable currency transaction and the impact of. Volatile trade policy balanced by RCI. And OI margins of 22%, down 80 basis points, adjusting for last year's legal benefit, primarily r eflecting the conviction to keep investing in product and brand and people. Results demonstrating operational strength, all achieved in difficult conditions. It was an encouraging quarter. Now I'll turn the call over to Aldo. Aldo. Thanks, Nick. Our consolidated operating results for the second quarter are summarized on slide 6. Net sales of $1,179.4 million in the quarter were unchanged from last year, reflecting an $8.6 million organic sales decline that was offset by favorable foreign currency translation. Sales in our automotive repair markets were up, with gains both in our franchise van channel and in activity with OEM dealership and independent repair shop owners and managers. Within the industrial sector, for our CNI group, sales were down year over year, reflecting the economic and geopolitical uncertainty that occurred throughout the period. Consolidated gross margin of 50.5% compared to 50.6% last year and included 50 basis points of unfavorable foreign currency effects, partially offset by benefits from the company's RCI initiatives. While Snap-on is relatively advantaged in the current tariff environment, generally manufacturing products in the markets where they are sold, our costs can be affected by trade policies. In the quarter, we mitigated the effects of incremental tariffs, managing material and other costs so that there was no meaningful impact on gross margins. With respect to the unfavorable foreign currency effects in the quarter, much of this was due to transaction impacts of the year-over-year strengthening of the Swedish krona versus the euro and the U.S. dollar, as we have factories in Sweden serving both the CNI and RS&I groups. In CNI, we manufacture cutting tools for our European and emerging markets, while in the RS&I, our Car-O-Liner facility produces collision products that are sold globally. Operating expenses as a percentage of net sales rose 170 basis points to 28.5% from 26.8% in 2024, mostly due to a non-recurring benefit of $11.2 million from legal payments received last year and increased personnel and other costs, including ongoing brand investments. Operating earnings before financial services of $259.1 million in the quarter compared to $280.3 million in 2024. As a percentage of net sales, operating margin before financial services of 22% compared to 23.8% reported last year, which included a benefit of 100 basis points from the legal payments. Financial services revenue of $101.7 million in the second quarter compared to $100.5 million last year, while operating earnings of $68.2 million compared to $70.2 million in 2024. Consolidated operating earnings of $327.3 million compared to $350.5 million last year. As a percentage of revenues, the operating earnings margin of 25.5% compared to 27.4% in 2024, again, including a benefit from the legal payments. Our second quarter effective income tax rate was 22.5% in 2025 and 22.6% in 2024. Net earnings of $250.3 million compared to $271.2 million in 2024, and net earnings per diluted share of $4.72 in the quarter compared to $5.07 per diluted share last year. When comparing the quarter's earnings per share with the second quarter of the prior year, there is $0.25 per share of headwinds on a year-over-year basis. In the second quarter of 2025, diluted earnings per share included approximately $0.09 per share of increased year-over-year non-service and net periodic pension expenses, primarily from higher amortization of actuarial losses, while the second quarter of 2024 included a $0.16 per share benefit from the legal payments. Now let's turn to our segment results for the quarter, starting with CNI group on slide 7. Sales of $347.8 million compared to $372 million last year, reflecting a 7.6% organic sales decline, partially offset by $4.5 million of favorable foreign currency translation. The organic reduction includes double-digit decreases in the segments Asia-Pacific and European-based hands-on businesses, and a mid-single-digit decline in activity with customers in critical industries, partially offset by a high single-digit rise in the specialty torque operation. Overall, the sales decline reflects a reduction in certain cross-border sourcing activities and the current trade situation, and the slowdown of projects by our customers in some industries and geographies, including U.S. aviation and the military. With respect to critical industries, demand was challenged in April but improved as we moved through the quarter. Gross margin of 40% in the second quarter compared to 41.7% in 2024. This decline was primarily due to the lower sales volumes and 50 basis points of unfavorable foreign currency effects, partially offset by savings from RCI initiatives. Operating expenses as a percentage of sales of 26.5% in the quarter compared to 25%, largely reflecting the impact of reduced sales volumes as well as increased personnel and other costs. Operating earnings for the CNI segment of $46.9 million compared to $62.2 million last year. The operating margin of 13.5% compared to 16.7% in 2024. Turning now to slide 8. Sales in the Snap-on Tools Group of $491 million compared to $482 million a year ago, reflecting a 1.6% organic gain and a $1.2 million of favorable foreign currency translation. The organic increase reflects a low single-digit rise in United States business, while activity in our international operations was essentially flat. During the quarter, we believe our ongoing pivot to shorter payback items was successful in overcoming the continuing uncertainty of technician customers in the current environment. Gross margin declined 50 basis points to 48.3% in the quarter from 48.8% last year, mostly due to 40 basis points of unfavorable foreign currency effects. Operating expenses as a percentage of sales improved 50 basis points to 24.5% in the quarter from 25% in 2024, largely reflecting the higher sales volumes. Operating earnings for the Snap-on Tools Group of $116.7 million compared to $114.8 million last year. The operating margin of 23.8% was unchanged from 2024. Turning to the RS&I group, shown on slide 9. Sales of $468.6 million compared to $454.8 million in 2024, reflecting a 2.3% organic sales increase and $3.1 million of favorable foreign currency translation. The organic gain includes a double-digit increase in activity with OEM dealerships and a high single-digit gain in sales of diagnostics and repair information products to independent repair shop owners and managers. These gains more than offset a high single-digit decline in sales of undercar equipment, including collision repair products. Gross margin improved 130 basis points to 46.8% from 45.5% last year, primarily reflecting increased sales of higher gross margin products and benefits from RCI initiatives, partially offset by higher material freight and other costs, as well as 40 basis points of unfavorable foreign currency effects. Operating expenses as a percentage of sales rose 70 basis points to 21.2% and 20.5% in 2024, largely due to increased personnel and other costs. Operating earnings for the RS&I group of $119.8 million compared to $113.6 million last year. The operating margin improved 60 basis points to 25.6% from 25% reported in 2024. Now turning to slide 10. Revenue from financial services of $101.7 million reflected an increase of $1.2 million from $100.5 million last year. Financial services operating earnings of $68.2 million compared to $70.2 million in 2024. Financial services expenses of $33.5 million compared to $30.3 million last year. The increase is primarily due to $1.5 million of higher provisions for credit losses, as well as a rise in personnel and other costs. As a percentage of the average financial services portfolio expenses were 1.3% in the second quarter of 2025 and 1.2% in 2024. In the second quarters of 2025 and 2024, the respective average yields on finance receivables were 17.5% and 17.7%, while the average yields on contract receivables were 9.1% and 8.9% respectively. Total loan originations of $293 million in the second quarter represented a decrease of $15.1 million or 4.9% from 2024 levels, including a 5% decline in extended credit originations. The reduction in extended credit originations mostly reflects lower sales of discretionary big-ticket items such as tool storage units, partially offset by higher originations associated with the successful launch of the new Triton Diagnostics platform during the quarter. Moving to slide 11. Our quarter-end balance sheet includes approximately $2.5 billion of gross financing receivables and $2.2 billion from our U.S. operations. For extended credit or finance receivables, the U.S. 60+ day d elinquency rate of 1.8% is up 20 basis points from the second quarter of 2024, but down 20 basis points from the rate reported last quarter. Trailing 12-month net losses for the overall extended credit portfolio of $69.5 million represented 3.46% of outstanding the quarter end. We believe these portfolio performance metrics remain relatively balanced considering the current environment. Now turning to slide 12. Cash provided by operating activities of $237.2 million in the quarter compared to $301.1 million last year. The lower cash flow generation as compared to the second quarter of 2024 largely reflects higher year-over-year increases in working investment and lower net earnings. Net cash used by investing activities of $46 million mostly reflected net additions to finance receivables of $26.4 million and capital expenditures of $19.7 million. Net cash used by financing activities of $170.9 million included cash dividends of $111.8 million and the repurchase of 250,000 shares of common stock for $79 million under our existing share repurchase program. As of quarter end, we had remaining availability to repurchase up to an additional $357.9 million of common stock under our existing authorizations. Turning to slide 13. Trade and other accounts receivable represented an increase of $26.8 million from 2024 year-end. Day sales outstanding of 65 days were down one day sequentially from last quarter and compared to 62 days at year-end 2024. Inventories increased by $54.3 million from 2024 year-end, primarily due to $37.4 million of currency translation and some investment intended to mitigate supply chain uncertainties. On a trailing 12-month basis, inventory turns of 2.4 were the same as year-end 2024. Our quarter-end cash position of $1,458.3 million compared to $1,360.5 million at year-end 2024. In addition to our existing cash and expected cash flow from operations, we have more than $900 million available under our credit facilities. There were no amounts borrowed or outstanding under the credit facilities during the year, nor was any commercial paper issued or outstanding in the year. That concludes my remarks on our second quarter performance. I'll now review a few outlook items for the balance of the year. With respect to corporate costs, we currently believe that expenses for the remainder of 2025 will approximate $27 million per quarter. Additionally, during 2025, as previously shared, we recognize and expect to continue to incur approximately $6 million pre-tax per quarter of increased non-service pension costs, largely due to higher amortization of actuarial losses. These non-cash costs are recorded below operating earnings as part of other income and expense, net on our statement of earnings and will have about a $0.09 per diluted share quarterly negative effect on EPS for the balance of 2025. We expect that capital expenditures will approximate $100 million, and we currently anticipate that our full year 2025 effective income tax rate will be in a range of 22%-23%. Our expected range, which factors in the U.S. tax bill that was recently passed, is unchanged from previous estimates. Finally, in 2025, our fiscal year will contain 53 weeks of operating results, with an additional week occurring at the end of the fourth quarter. This occurs every five or six years, and historically, it has not had a significant effect on our full year or fourth quarter total revenues or net earnings. I'll turn the call back to Nick for his closing thoughts. Nick? Thanks, Aldo. Snap-on's second quarter results marked by resilience, portfolio balance, shock, accommodation, and progress. CNI, international markets and critical industries disrupted by Liberation Day. The shock giving way to accommodation and accommodation in the storm. Or to the storm. Tools Group, continuing uncertainty. The pivot gaining some traction. Sales up 1.6% organically. U.S. up, international flat. A return to positive. OI margins 23.8%, flat to last year, but among the group's strongest ever. RS&I, continuing strength. Sales up 2.3% organically. OI margin of 25.6%, up 60 basis points. Rising again. And it all came together for an overall demonstration of performance against turbulence. Sales for the corporation were $1,179.4 million, essentially flat in the difficulty. OpCo OI margin 22%, down 80 basis points, adjusting for last year's legal benefit, with the gap driven primarily by spending to maintain full strength, preserving advantage for when the turbulence abates, and EPS $4.72 against comparisons against a $0.25 headwind. We believe that these results demonstrate our overall strength. They also highlight our relative advantage in the turbulence of the volatile trade policy. Strengths rooted in our strategy of making in the markets where we sell and in our solid structure of broadly based facilities. 36 factories, 15 in the U.S., and in the considerable distributed know-how. We make a version of our products in almost every region, but especially in the U.S. We believe this advantage is clearly on display in our quarter's gross margin of 50.5%, down 10 basis points from last year, but a shortfall more than explained by 50 basis points of unfavorable currency that was offset by RCI. You see, we said we believe we're resistant to tariffs, and we meant it, and we further believe that as we move forward, we have momentum as the shock recedes, and we have advantage rooted deeply in our products, continually matching the increases in complexity of work, making it much easier. Advantage in our brand that really does mark the professional and displays personal and collective pride and dignity, and of course, advantage in our people, dedicated, capable, battle-tested, and wielding the Snap-on value creation processes to improve every day. As they demonstrated in the quarter, so we believe that as we move forward using those strengths inherent in our enterprise, we'll prevail against the difficulty, execute on our abundant opportunities, and move positively through the last half of 2025 and well beyond. Before I turn the call over to the operator, I'll speak directly to our associates and franchisees. I know many are listening. My friends, I know that the encouraging results we just discussed were created by your efforts, past and present. For your progress against the turbulence, you have my congratulations. For the energy you bring to our enterprise every day, you have my admiration. And for your confident and unwavering commitment to our future, you have my thanks. Now I'll turn the call over to the operator. Operator. Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. And at this time, we'll pause momentarily to assemble a roster. And the first question will come from Luke Junk with Baird. Please go ahead, sir. Good morning. Thanks for taking the questions, Nick. I want to start just with the big shift we're seeing in the Tools group, 1Q into 2Q. I guess with the benefit of hindsight, is there anything that sticks out to you as, I guess, what I'd say, less normal in the first quarter in the Tools Group or maybe particular areas where you may have gotten caught a little bit fat-footed in this environment? I guess thinking through the lens of 2Q, now that feels a lot more normal in terms of the company's ability to navigate this turbulence. Just what was, do you think, the most important area of internal execution this quarter? And should we think you can lean into that even more into the back half of the year? Part of it was, I think, the technicians. I think you saw, I think there was some evidence that the technicians had more uncertainty, accelerating uncertainty in the first quarter versus prior quarters. You saw consumer sentiment drop from December to January by, I think it was 20 basis points. The lowest since 2022, since the last big problem with supply chain. It's still down, but it's rebounded a little bit. I would say that the early days of the administration spooked the grassroots. Our pivoting was going better. It's been going, but that spooking, that 20 basis points, reflected in the 20 basis points, and I don't mean to tie it exactly to that, really outran the pivot. It kind of stabilized. They aren't affected so much by tariffs. Liberation Day didn't affect them so much. They're more sitting there and not much happened, really. The bombing of Iran happened, but not so much. We started to gain ground on that. That's what happened. The one learning we learned in the first quarter that we applied in the second quarter, you might remember that I talked in the first quarter about, I think we can nibble into the lower end of the big ticket items like the SOLUS in the first quarter. Salute to SOLUS was pretty successful. We sold some heavy-duty carts in the first quarter that were economical. We did some more of that in the second quarter. I talked about it on the call, the Classic Series box that is cheaper than the other series and holds a ton of tools and has these eye-popping colors. That was pretty popular. I think we learned we can add to the pivoting to what the obvious things are, like hand tools and power tools and other stuff like that. Sort of eating at the bottom end of the big line and focusing on that. I think that's one of the things we did. I'm not sure that keeps working because you always have to do some different things. The pivot is now working pretty well. I think we have momentum. I've said this in this thing. We exited the quarter stronger than when we entered. What about the origination side of things, Nick, and just generating demand for new credit? You mentioned in your script the benefit of diagnostic units that we're seeing in that origination's decline, moderating sequentially. But do you think there's an opportunity to get franchisees to lean into credit a little bit more as we go through the back half of the year? Well, your guess is as good as mine. I don't know. You know what I mean? Look, I think this. Originations were better. For government work, we're down half as much. That's a tough statement. We're down half as much as we were in the first quarter. I think we're down more. This quarter, we're down 4.8%-4.9% originations. And certainly, that would have been the originations were somewhat plumped up by the launch of the Triton. So tool storage was probably down more than that would indicate. But I don't know how that goes forward. I think it's going to take a while for customers to kind of accommodate. But as we saw in the pandemic, which is really, I'm kind of talking about that with the CNI shock question, it's kind of like a pandemic event. Everybody got shocked. I think. The technicians have been shocked for a while. I think sooner or later, when nothing new happens, they start to accommodate. And they start to realize, "Well, I'm worried, but nothing's really happened to me. My wages keep going up, and I start to say I can take a few, I can tie myself to more normal situations." So I would expect that to get better as we go forward. Plus, I do think we're better at the pivot. We're getting better and better and better and better and better. So that works for us. I don't know if I need the originations to come back right away. But I do think that eventually, if nothing big happens, they start to stabilize even more and people start to come back with the refrigeration. But I'm not predicting anything like for the next quarter. As you know, Luke, I'm going to say this again because I said it at every third quarter. The third quarter is always squirrely, harder to predict than anything because the SFC is during that quarter, and that creates a kind of turbulence that you can never predict. So we'll see how it goes. But I like the way things are going. I'll tell you that. You can see it in the numbers. Maybe before I turn it back, Aldo, could you just give us maybe a feel for some of the key end market trends within critical industries in CNI? As mentioned, that momentum was much better exiting the quarter relative to this more COVID-like shock. Can you just give us a feel for where that runway was directionally. Yeah. Relative to getting closer to plan? Broadly speaking, Luke, April was much slower than what the full quarter turned out to be. So, as I said, it improved as the quarter moved out. And we saw the biggest changes, I'd say, would be in the aviation and military-related non-defense sector, things of that nature. But general industry also started to improve. So, again, while down yet in the quarter, we started to see some signs of improvement. Got it. I'll leave it there. Thank you. The next question will come from Gary Prestopino with Barrington Research. Please go ahead. Good morning, all. Morning. Did you call out what the FX impact on earnings per share was for the quarter? In your narrative? I did not. Would you like to know? Yes, I would. Okay. $0.06. $0.06 pop? Negative. Negative. Negative. Okay. -$0.06. Okay. Great. Thank you. Then a couple of questions here. The RS&I growth was pretty strong. And you mentioned something about a new Triton platform. Could you maybe elaborate on that and what the price points are and what are the differences with this platform versus what you had in the market before? Sure. Look, Gary, I don't know if I can say the price point on this. Yeah. Okay. Let's say $4,500, ballpark, ballpark $4,500. I don't know how we can afford to sell it for that number, but okay, around that number. It depends. There's a lot of factors. What's on promotion, what isn't? But let's say $4,500-$5,000, something like that. It's in the middle of the intelligent diagnostic range. It's right in below ZEUS and above APOLLO+, and the differences are that it's wireless rather than wired. And the big deal here is that our wired units, their hallmark was they were like lightning. You plugged them in, you started them up, and they really rolled up. This one comes up right away, and it's wireless. So it gives you both the flexibility of wireless and the speed, the instant on of wired, and that's a cool thing. And then you have the other thing that we have a zoom feature on; these things have two-channel scopes. So what you do is you put the scope on a car and you watch a waveform there. But the thing is, sometimes the problems in the car are very intermittent and very quick. They only happen for a little while, and you can't really see them on the waveform carefully until you zoom right in and look at small glitches, and the zoom feature allows you to freeze it and move it in. The waveform is a dynamic thing at first. So then you record it, freeze it, zoom in, and catch the glitches. That's a big help, and then it has an eight-hour battery life, which is pretty long, and it makes it quite usable, and then the other thing I think that's different is it has four times the memory. So the four times memory means you can store a whole lot of stuff, like a lot of waveforms, a lot of procedures in it, a lot of data from other things. And it helps a lot. Technicians really like it. I just was out with franchisees in Connecticut and Atlanta, having dinner with a bunch of these guys. And they're all franchisees, they're pretty positive. And they love this unit. They love selling it. And the tech seemed to like it too. So we feel pretty good about it. Sold pretty well for the launch was robust. So we'll see how it goes. We like it, though. I mean, it's having an impact. Yeah. That's good to hear. And then just lastly. In the CNI group, I think you called out that the international operations were sluggish. Did the U.S. kind of mimic that? I'm not sure how much you do in U.S. and CNI, but just want to get an idea. Yeah. CNI, roughly. For government work, Gary, the CNI is 50/50. 50 in North America, 50 outside the United States. Europe, tough. Asia. Well, Asia, we ourselves said, "We're not importing anything from China." The thing is, there's 170% tariffs. Remember when they were 170%? We just said, "No." So Asia is very, very discombobulated in this situation. Not to mention, you got some other markets disturbed, like South Korea. They just arrested the old president, and everybody's moaning. And then in Thailand, they just declared the new prime minister a traitor and took her out of office. So things are pretty turbulent in Asia. I was just there. And the markets are pretty bad. You look at Europe, I mean, Europe is, again, a cross-border position. They've got GDP in the UK was 0.1%, GDP in Germany, 0.3%, GDP in Spain, 0.5%. Europe has got problems. At least for us, we're seeing that. And then in the United States, really what happened is that's like the European businesses and the Asian businesses. Our lion's share, which is in CNI. And then you've got the industrial businesses. Industrials got pick-and-ship businesses, which quick, it's off the shelf, a little bit like the Tools Group. And then it's got project business, which is a big sluggard business. And these things, you think about it. Okay. Liberation Day happens. We're going to have tariffs. Well, the tariffs changed three times for China in the month of April. And then they come out with 46% for Vietnam, and then they say, "Oh, never mind. It's going to go to 10% until July 9th." And then July 9th, they come out and say, "Well, it's 40% and 20%, but we're not sure because the 20% is for direct, the standard stuff, and 40% if you have transshipment." So people are sitting there saying, "It's a very interesting phenomenon." It's a little bit like the pandemic, I would say. It's kind of not congruent to the pandemic, but it's similar. If you have projects and you're thinking about doing things, you're saying, "I'm not going to commit to very much because I don't know where the world's going to be." And I kind of have a feeling that there's a pretty close horizon and it's going to resolve itself. So that means that put people back, particularly in the early parts of the quarter. And people just said, "Jeez, I don't want to commit. I'll look like a fool if I make a mistake." And so you saw some of that working through the system, especially in a project. Now, our orders kept getting stronger. People just didn't pull the trigger for delivery. And so we like the order book. It's just that people have to figure out how they're going to accommodate the tariffs, and people are gradually coming, as they did with the pandemic. That's what happened with the pandemic. At first, people panicked. And then everything started to work out. Just so you can see, in the pandemic, we didn't get no protection. Okay. Thank you very much for that. Sure. The next question will come from Christopher Glynn with Oppenheimer. Please go ahead. Thanks. Yeah. A lot on that last topic, but just maybe a little follow-up. Description of upward motion through the quarter. Seemed to center a little bit on critical industries and U.S. project timing. But I think you said it really spanned APAC and Europe. So just wanted to clarify if that motion really spanned all those categories. No. No. What I was talking about. Maybe a little bit in Europe. Asia is kind of a different deal. Asia is going to take a lot longer to deal with, I think, because you got those, just what I said. I mean, they got the political turbulences in a bunch of different places. And you got China, which is a basket case. China is really screwed up. And so you got all that stuff in Asia. And on top of which, you got the cross-border flows, which everybody's trying to figure out what to do, including us. We're not taking tariffs, but we got to figure out what to do with our plants in China if we don't want to use them in the United States. And we sell in Asia, so we got to just help them a little bit. But I don't think that gets solved just by the Liberation Day situation. Europe is more like that. But I really was talking about mostly just in our last discussion, really about the critical industries business and their project-based businesses. That's what I was talking about. When we talk about, Chris, when we say that w e exited the quarter stronger than when we entered, we kind of mean the Tools Group as well, huh? We mean the, in fact, we do mean the Tools Group as well. So we're actually talking about CNI and the Tools Group. But in CNI, it's most pronounced in the industrial business, which, by the way, is the big kahuna engine in the CNI business. Perfect. Thanks. Very clear. And then just wondering about capital. You got a nice net cash position here. Any comments on state of the acquisition pipeline and update on types of focus that inorganic biz development efforts are taking lately? Sure. We got a bunch of stuff looking at. I mean, I think you can, it's no secret that we have a pretty large landscape of acquisitions that we look at constantly. Generally, there's not much to acquire around the Tools Group. Probably you don't look so much at Asia these days because who the heck knows what's going to happen there. And so you're talking about expanding the repair shop owners and managers or extending the critical industries. Those are the areas you're looking at, more or less. And we're looking at several places. Sometimes, as we peel the onion, it looks like, "Hey, these guys are only 20% or 30% off," and we don't like the other stuff sometimes. And in this situation, of course, you want to be pretty careful. You don't want to acquire something and then wake up and figure out, "Oh, the tariffs aren't looking so good for these guys." So you want to be more careful and do due diligence. I'm not saying, I'm not giving you any future view of that. That's just a little color. In this situation, I think you might be able to get some bargains, but you're worried about what you might buy. You want to be very careful and do due diligence. We are. We take care of our money. Great. And then SOT, so it sounds like the sentiment moved off the bottom, a little reconciliation in the mindsets there, and escalating of your pivot work going well. Just wanted to see if any other factors layered in, what's sell-in versus sell-through, and was there any restock or maybe price-related pull forward that came to bear? I don't think there's any of that. Actually, our prices were pretty normal. We might have had a little more pricing in Canada than normal, maybe, because of the situation there. We can always price if we have tariff problems, but generally, we're resistant to that stuff. You might see some of that in Canada, and Canada actually was okay in the quarter, so that wasn't afflicted. I think you saw it. I mean, I think the international business is kind of mixed, and so that was flat. I think the big news is U.S. up, and that was driven by the pivot. The hand tools were pretty successful. The diagnostics business is pretty successful. So those two things made hay in the situation, and we liked that idea, and I think we felt if you look at the structure of the quarter for the Tools Group, we exited stronger. That's simply it. That's no prediction. I've already said that the third quarter is squirrely, but generally, I like the direction we're going there. It seems like, and I think it's simple as this. We've been pivoting. We're getting better at it, but the uncertainty has kind of stabilized. So if the uncertainty stabilizes, every month we gain ground on it with the pivot. Every month. Great. Thanks for all that. The next question will come from Scott Stember with Roth. Please go ahead. Good morning. Thanks for taking my questions as well. Morning, Scott. Just to clarify, I guess there was a question about maybe sell-in versus sell-through, if I thought I heard correctly. But could you talk about tools? I know there's a lot of new products that are out, but sell-in to the channel versus sell-through to the van in the quarter? Yeah. Look, I think they're about the same. I think. The The sales off the van were a little bit lower. But that would be expected when you have the kind of I've described to you exiting stronger than when you entered. So that would mean it takes time for stuff to get through the van. So therefore, you would have that kind of effect naturally. Generally, we haven't seen turbulence. We haven't seen in all this turbulence, really, much variation for if you look at bigger periods. The quarter is a kind of blip in that kind of view. You know what I mean? It depends on what's launched, when it's launched, when it hits our vans, and then when it and so it's a lot of things like that. So. I think they're pretty much in balance this time. I mean, as I said, the actual numbers are a little lower, but that would be natural expectation given how we've described how the quarter went. Got it, and then you talked about some of these higher-ticket items or less expensive higher-ticket category sales that you're seeing. What were the leading- I'm warning you. I'm warning I'm warning you. What were the... That's right. Was diagnostics the leader in tools in the quarter? No. Hand tools was the leader. Okay. Hand tools was the leader. But hand tools, and that's why I spent so much time talking about hand tools because the hand tools are great. Those pliers are great. The Colesworth pliers, unbelievable. The strength of those things. And Milwaukee is probably one of the only places in the world that can do that. So we really like that kind of thing. And see, it doesn't mean much to, if you're like us, like me anyway, who pushes a pencil all the time, but it's important to the tech. And they're liking some of the stuff we're bringing out. Now, diagnostics did pretty well. Don't get me wrong. The Triton was stupendous. But tool storage is down and stuff like that. Every quarter there's a new story about the products. I think, generally, though, the big thing is the overall number. And I don't want to. I don't want to interrupt the call without reemphasizing what we think is the bellwether number. And that is 50.5%. Gross margin, down only 10 basis points against 50 basis points of negative currency transaction. Think about that one for a minute. And you see that, boy, that just lays out what we're doing. We're doing okay. We're winning the battle at the point of sale. But since sales are a little are flattish, we're still spending more because we want to keep building our advantage in product and brand and people. We're hiring more engineers than RS&I. No kidding. Their margins have been up 12 of the last 13 quarters. All right. And just last question on tariffs. Nice job on essentially mitigating everything in the quarter. But could you dimensionalize what the headwind was? And as more tariffs start flowing through, how much bigger that could get in the back half of the year? I'm not—I swore I was not going to do that because I think—No, I'm not going to do that. It's hard for me—We can make changes every day and mitigate. And the thing is, every day something new comes up. I got somebody, Scott, who every day writes a paper on what comes out of Washington. And we have to review it because the tariffs are always changing. Your guess is as good as mine. So we have to move with alacrity against it. So it's impossible to predict. And all I can tell you is I like our position versus any of that stuff. Our position is pretty good. We make in the markets where we sell. Now, we do have some exposures. We got to resist. But we know how to make everything almost everywhere. Got it. That's all I have. Thanks again. Good. The next question will come from David MacGregor with Longbow Research. Please go ahead. Yeah. Good morning, everyone. Congrats on the progress, Nick. Thanks. Hey. Good morning. I guess just on the CNI business, you talked about the project delays and how that led to some order backlog. Just talk about the timing of the realizations there. Are those projects that now that people maybe are feeling a little—I don't know how much more confident, but maybe a little more confident—that we see those projects fulfill here in the second half, or is this just kind of an indefinite push out? No, no. Look, I think this. I think. It's hard to get everything in, all the nuances. But in reality, I was talking about delays. People didn't pull the trigger. And I'm also talking about the orders impacting us. Kept going and doing well in the quarter. So they didn't pull back on ordering so much as they pulled on delays and projects we expected to go. I don't know about that. I do think things, we exited the business stronger than when we entered. And that's an important factor. It's hard for me to predict the structure or, I guess, the slope of that curve. It's hard for me to, but what happens is what happened in the pandemic, and I think this is very similar, thinking people start to look at it and they start to be comfortable with the environment and they start to figure out how to just deal with it. It's sort of like all of us in business. Like you know, things start to happen and the waves are going up and down and you figure out how to navigate the waves after a while. First, you get seasick and then you get used to it and you figure out how to do it. And so I think that's what's going to happen. I think we're sanguine about it, but I can't predict anything like that. I do think that business is strong, though. Anyway. Yeah. Sounds like it. Even despite the numbers. Despite the numbers this quarter. Let me ask about the tools business. There's obviously been a lot of moving parts. There's a lot of tumult in that space. But there was a time when you thought that tools was a 4% grower on a long-term basis. Is that a number that you're starting to feel a little more comfortable with? Is achievable on a sustained basis? Or is that still something? I think so. If you look at our numbers over 20 years, you'll find that that's kind of what we've done in the profitability. But the profitability has gone up regularly. And that's really been the secret to Snap-on. We've been growing in the range we said over quite a long period of time. There's ups and downs. And our profitability is moving upwards. And so I do think the tools business sees that kind of thing. And this was kind of a little unusual because you had this uncertainty go. I think there were good reasons for it, though, if you looked at the environment, particularly now. And so I'm pretty confident about the tools business. I think when I talk to the franchisees, they seem pretty happy. When I talk to the customers, they seem to like our product. And I do think our product is stronger than ever. So I feel okay. We have to keep executing. We have to keep working. I think we're good at it, but we have to keep getting better at it. But I have no doubt that the tools are going to go upwards. Let me just go back to a previous question about cash and capital allocation, and you talked about the M&A funnel looked good. But historically, you've been a—I mean, you've done smaller transactions. You've shied away from large acquisitions. I mean, you've got a net cash balance sheet. You've got strong free cash flow prospects, maybe $1 billion annually. You just completed a large capacity build-out program. You're not a particularly large share repurchaser, although maybe that changes here going forward. Would you consider a special dividend or a tender offer for shares? Or is there a possibility we'll see larger acquisitions? How do you put the cash to work, Nick? Look, I think. Well, I still think we're in an uncertain environment. And so I don't mind having cash. I don't mind having it. I mean, I do think I have confidence in the future, but I still don't, and I do believe. I know we do believe. We at one of these points will find a big acquisition. We just think it's a matter of time. Now, we've been here a long time. We haven't found one because everything we looked at has been a little bit flawed. But we're not afraid to acquire anything big. Our management team is quite capable. The only thing is, I'm telling you, we won't acquire anything that's transformative. We'll acquire things that's consistent with our coherent growth model. And we do think there are things out there that became available, just haven't been available. Yeah. Did you think of- Now, having said that, we always review on a periodic basis and more than once a year. Regularly, we review the capital allocation process. But right now, I don't see us contemplating any of those things. But we'll see. You never know. Good. That's it for me. Thanks very much. Okay. The next question will come from Bret Jordan with Jefferies. Please go ahead. Hey, good morning, guys. Morning. On the collision segment, I think you sort of called out that it remains weak. Is that a structural problem or is that a cyclical problem? Is there lower demand for repair with ADAS? Look, I don't know. Look, I'm not sure. I think, though, that collision might come under the group of. A lot of it is, as you're Mr. Collision, you know this probably better than I do. But the thing is, you've got a lot of those big multi-store operators that have been building up. And our view of the world is they got a little spooked lately. And for maybe a variety of reasons, they're not investing as much as they used to. That's our view of the world. And so that may be true or not, but that's what our grassroots kind of says. And so we kind of believe that's a factor. I think that's in collision. That's the big factor, I think, that's changing that collision, making it a little more tepid. Now, it has been incandescent for a long time, as you probably know. There was a lot of movement. And maybe you're talking about people not so much spooked as saying, "Okay, I'm going to consolidate. I'm going to consolidate my gains for a while and then start to move on." I don't know. We'll see what happens. Okay. And then a question, I guess, as far as the franchise event outlook. I mean, obviously, a slightly harder comparison on Q3 against a pretty strong franchise event last year. Any color as far as what the attendance is looking like? I mean, it's coming up in a month or so. Just the earlier. Look, I think the—I don't know. Look, this is our 250th anniversary. So, 1 05th anniversary, 205th. What am I talking about? 105th. And I think maybe it could be a little bit bigger. I don't know. We'll see what happens. We kind of are planning for it to be slightly bigger. But it is—last year was in Orlando, and this year it's in Orlando for a number of reasons. So you never know how that's going to go over. But we expect a pretty robust—as robust as last year looking now. You never know, Bret, until the last few weeks because a lot of the votes come in at the last few weeks. It's like waiting for an annual meeting. A lot of the votes come in in the last day. So that kind of thing. But I do think it'll be pretty robust. Now, having said that, though, the SFC, it's great. You like that. It's always enthusiastic. You can't go away from the SFC without feeling good about Snap-on. But it's only orders. And so whatever happens at the SFC, you got to realize it's only orders. And therefore, it has to play out in real sales. Getting high orders is better than getting a stick in the eye. Getting a sharp stick in the eye, but they're not definitive. They're not fully definitive. They're just directional. All right. Great. Thank you. Appreciate it. Okay. This concludes our question-and-answer session. I would like to turn the conference back over to Ms. Sara Verbsky for any closing remarks. Please go ahead. Thank you all for joining us today. A replay of this call will be available shortly on snapon.com. As always, we appreciate your interest in Snap-on. Good day. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.