Welcome to Teledyne's Second Quarter Earnings Call. Here's our first speaker, Mr. Jason VanWees. Good morning. This is Jason VanWees, Vice Chairman. I'd like to welcome everyone to Teledyne's second quarter 2026 earnings release conference call. We released our earnings earlier this morning before the NYSE opened. Joining me today are Teledyne's Executive Chairman, Robert Mehrabian, President and CEO, George Bobb, EVP and CFO, Steve Blackwood, Melanie Cibik, EVP, General Counsel, Chief Compliance Officer, and Secretary. After remarks by Robert, George, and Steve, we'll ask for your questions. Of course, before we get started, attorneys have reminded me to tell you that all forward-looking statements made this morning are subject to various assumptions, risks, and caveats as noted in the earnings release and our periodic SEC filings. Of course, actual results may differ materially. In order to avoid potential selective disclosures, this call is simultaneously being webcast and a replay, both via webcast and dial-in, will be available for approximately one month. Here's Robert. Thank you, Jason. This morning, we were pleased to announce the strongest quarterly orders, sales, and operating profit in the company's history. Specifically, sales increased 9.8% and non-GAAP earnings increased 20.8%. Orders have now exceeded sales for the 11th consecutive quarter, and we ended June with approximately $5 billion of funded backlog. Organic growth was greatest in our Digital Imaging segment, where infrared detectors and systems for space, airborne, and marine unmanned systems, as well as counter-unmanned applications, increased significantly. Furthermore, we achieved mid to single high digit growth in our other segments, as well as each product line within the Instrumentation segment. Our second quarter performance reflected strong execution of the backlog we've been building for almost three years, also the strength of our business portfolio and what Teledyne is today, a company with a broad set of sensors and vertically integrated platforms from space to deep sea. For example, we possess a unique range of precision sensors and devices across the electromagnetic and acoustic spectrums. These include imaging sensors and optics from X-ray to infrared and transducers and sensor systems across the ultrasonic and acoustic frequency ranges. Furthermore, while we continue to be a reliable merchant supplier of these products for applications in space, defense, healthcare, safety, and energy, we'll also use these products in our proprietary products, sensors in our vertically integrated subsystems and platforms. Examples include unmanned aerial systems, subsystems for counter UAS, unmanned air systems applications, vision systems for in maritime unmanned surface vessels, like the ones used in the Strait of Hormuz, and completely autonomous underwater vehicles. Largely based on the strong Q2 performance, we now believe 2026 annual revenue will be $120 million greater than we forecast in April. We're also raising our full year non-GAAP earnings outlook by $0.55 per share at the midpoint of our prior outlook to reflect the additional organic growth. Notwithstanding the acceleration of our organic growth, we will continue to compound earnings and cash flow through acquisitions. In fact, approximately 90% of today's earnings are from businesses that Teledyne has acquired over the past 25 years. With leverage at its lowest level in six years, we have more than ample flexibility to deploy significant capital. George will now briefly comment on the performance of our four business segments. Thank you, Robert. In the Digital Imaging segment, second quarter sales increased 12.7% and 11.9% organically due to well-balanced growth among our defense and commercial businesses. Sales of infrared detectors for space-based imaging increased more than 20%, as did revenue from infrared subsystems and cameras for our customers' unmanned air systems and unmanned maritime surface vessels, as well as our products for border security and drone defense applications. In addition, segment sales increased in each of our larger commercial end markets. That is sensors and cameras for industrial and scientific vision applications, X-ray products for healthcare, commercial thermography cameras, electronics for maritime navigation, and micro electromechanical systems or MEMS. Non-GAAP operating margin in the segment increased 353 basis points to 25%, despite a 39 basis point increase in R&D expense within the segment. While tariff refunds contributed to the strong margin, the impact of refunds was nearly offset in dollar terms by the increase in R&D expense, inventory reserves, and other accruals. In the Instrumentation segment, which consists of our Marine, Environmental, and Test and Measurement businesses, second quarter sales increased 5.5% versus last year. Overall sales of marine instruments increased 5.7%, primarily due to strong defense-related sales of unmanned subsea vehicles for applications such as anti-submarine warfare and mine countermeasures, and interconnects for U.S. Virginia and Columbia submarines, which collectively increased approximately 20%. Instrumentation for offshore energy exploration and production also grew modestly. Sales of environmental instruments increased 6%, due in part to a strong first full quarter of DD-Scientific, which we acquired in January, as well as organic growth of gas and flame detection instrumentation, partially offset by lower sales of laboratory and life sciences instruments. Sales of electronic test and measurement systems increased 4.3%, with greater year-over-year orders of both oscilloscopes and protocol analyzers. Instrumentation non-GAAP operating margin in the second quarter decreased primarily due to product mix. That is the greatest year-over-year sales growth coming from autonomous underwater vehicles and marine, which carry lower margins. However, segment margin increased 160 basis points sequentially as sales of test and measurement instrumentation increased 14% from the first quarter. In the Aerospace and Defense Electronics segment, second quarter sales increased 8.2%. Organic growth was relatively broad across defense electronics, but highest at Qioptiq, which we acquired in early 2025. Commercial aerospace sales also increased slightly, despite some delays in larger avionics retrofit opportunities. Non-GAAP segment margin increased 11 basis points year-over-year, even though there was a greater mix of defense electronics, which as a whole have a lower operating margin compared with commercial avionics. For the Engineered Systems segment, second quarter revenue increased 8.4% and segment operating margin increased 166 basis points, driven primarily by greater sales and execution related to commercial nuclear power and U.S. missile defense programs. I will now pass the call back to Robert. Thanks, George. In conclusion, I'd like to be more specific about what drove the positive change in our full-year outlook for both sales and earnings. As noted earlier, we believe 2026 full-year sales will be approximately $120 million greater than our forecast in April, resulting in an annual increase of just under 7% to over $6.53 billion. After our first quarter results, we said certain markets, such as industrial inspection and healthcare, which had seen headwinds, were beginning to inflect. This has indeed begun. Where we previously forecast flat to low single-digit growth for our short-cycle businesses, we're now comfortable with mid-single-digit growth collectively across our commercial portfolio for the year. Furthermore, orders and sales in our defense businesses have accelerated. While many of our first and second quarter bookings were multi-year in nature, we think 2026 defense sales should increase at the high single-digit rates with pockets of double-digit growth. Finally, the balance of our portfolio across markets and geographies has always been one of Teledyne's greatest assets. I should note that this is not a result of undue complexity, but because many of our individual technologies and products, from sensors to platforms, serve multiple markets such as defense, energy, and healthcare. Right now, most of our markets are moving in a direction that's positive. That is a combination of our investments in growth will help Teledyne to excel. I will now turn the call over to Steve. Thank you, Robert, and good morning. I will first discuss some additional financials for the quarter not covered by Robert, then I will discuss our third quarter and full year 2026 outlook. In the second quarter, cash flow from operating activities was $315.2 million, compared with $226.6 million in 2025. Free cash flow, that is cash flow from operating activities less capital expenditures, was $284.7 million in the second quarter of 2026, compared with $196.3 million in 2025. Cash flow increased due to favorable operating results in the second quarter of 2026 compared with 2025, as well as lower income tax payments. Capital expenditures were $30.5 million in the second quarter of 2026, compared with $30.3 million in 2025. Depreciation and amortization expense was $85.7 million in the second quarter of 2026, compared with $86.5 million in 2025. We ended the quarter with $1.69 billion of net debt. That is approximately $2.03 billion of debt less cash of $340 million. Turning to our outlook. Management currently believes that GAAP earnings per share in the third quarter of 2026 will be in the range of $5.10-$5.25 per share, with non-GAAP earnings per share in the range of $6.05-$6.15. For the full year 2026, we believe that GAAP earnings per share will be in the range of $20.73-$20.99, and non-GAAP earnings per share in the range of $24.45-$24.65. I will now pass the call back to Robert. Thank you, Steve. We would now like to take your questions. Christine, if you're ready to proceed with the questions and answers, please go ahead. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Thank you. Our first question comes from the line of Amit Mehrotra with UBS. Please proceed with your question. Hi. Thank you. This is Zach Walljasper on for Amit. I have two questions. First, between unmanned and space, I think both those businesses were pegged to grow through 10% this year. At this point, how are we tracking relative to those targets, and what is the latest outlook for those two? My second question is around orders. It seems like orders are up 20% of the quarter versus revenue growth of 10%. Could you just talk about the nature of the orders and backlog increase, how much of it is near-term book and ship versus multi-year, and what this can mean in terms of a very early framing for next year? Thank you. Thank you very much, Zach. Let me start with the second question and then move to the first. In Q2, we had really good orders. Overall, our book-to-bill was 1.23x, led by Digital Imaging, which was higher than 1.4x. In terms of multi-year versus annualized, a lot of our longer-term orders, especially in defense, are multi-year. Having said that, the increases that we are projecting for this year, as I mentioned, the $120 million in revenue versus April, are really broadly across our various products, including defense and commercial. To break down exactly what is one year and what is multi-year, I don't have those numbers in front of me, but Jason can provide those at the later time. On the unmanned versus space, both of those increased greater than 10%. That answers, I think, the first question. Yeah. Okay. Thank you. Our next question comes from the line of John Godyn with Citi. Please proceed with your question. Hi, this is Bradley Eyster on for John Godyn. Thanks for taking our question. I just want to dig in a little bit on the defense side of your business, particularly in missiles and munition side. I know you have exposures on loitering munitions, but I just wanted to ask, what kind of opportunities do you guys have on the programs that are tied to the MAC framework agreements? Stepping back a little bit more broadly, I was hoping to provide a little bit of color, what percentage of the business is tied to missiles and munitions today? How should we think about the runway through the medium term, just given the strong demand globally? Thank you. Thanks. Let me just see if I can answer that. Missiles and munitions, which would be microwave and energetic components and subsystems, comprise about, I would say, somewhere between $200 million and $250 million of our revenue on a run rate basis. On the other hand, we do have a large number of other programs in the electronic warfare and radar, which are kind of complementary to both of those. Now, our various programs range from AMRAAM to PAC-3 to Hellfire to Javelin, and some new work for hypersonics that we are undertaking. With the use of missiles in the conflict, especially in Middle East, we're getting a lot of inquiries from our customers on increasing our production. In some cases, we've even had government investment in manufacturing upgrades to be able to meet those needs. As example, in our Engineered Systems, we had over $30 million commitment to increase our manufacturing capabilities from the government, specifically for those areas. The other thing that's happening is some of the European customers are also, like MBDA, we are also getting increases in all of those areas. It's very hard to say what is specific about missiles and munitions. I said 250, but there are a lot of associated programs that feed into those, which make up the bulk of what is now about 30%-35% of the company's sales that go into defense worldwide. Got it. I appreciate all that color. That's super helpful. With that, I'll just pass it along. Okay. Our next question comes from the line of Sheila Kahyaoglu with Jefferies. Please proceed with your question. Hi, it's Adam Samuelson on for Sheila. Thank you for taking the question. I guess first, I was hoping to maybe disaggregate some of the margin drivers in the quarter. Clearly, with this level of organic growth, there's going to be good volume leverage. Can you just help us think about the specific tariff impact, kind of the impact of kind of cost inflation, kind of broadly within your production base, and looking ahead, kind of how are you seeing cost inflation trends prospectively? Thanks. Let me start with, Adam, just the tariffs. I'm going to ask George to answer that question directly for Q2. George? Sure. The tariff benefit, net of some other one-time items, was about a $10 million pickup in the quarter, mostly in Digital Imaging. From a margin standpoint, Digital Imaging had a 353 basis point improvement in margins year-over-year, and the tariffs contributed a little more than 100 basis points of that, call it 120. Let me go back to the other question, the overall margin. Total margin, in our segments, for Q2 was 25.1%. Once you put the corporate expenses against it, the total company margin was 23.4%, and that's 120+ basis points better than last year. The segments themselves were 156 basis points better. These were primarily led by Digital Imaging. As George said, the margins grew 353 basis points. Even if you take the tariffs out, the margins grew almost over 200 basis points. Also, we had some increases in our Engineered Systems, and we had some headwinds in our Instrumentation business, but we still had a 27% margin in our Instrumentation segment. You're right. The increase in revenue, obviously, with a cost basis that we're very consciously controlling, has led to improved margins across our portfolio. I should add that margins in Digital Imaging both at FLIR, especially, and also our DALSA e2v systems increased significantly. Okay. I guess just as a follow-up to that, as the strength in the quarter, maybe the top line implied decelerates through the balance of the year somewhat, but has your outlook for margins? Does it seem like the outlook for margins has really changed from where you were three or six months ago, if I'm backing into the math correctly? I think, for the year, we're kind of being a little cautious. We think the margins will stay the same as we projected before. If the revenues keep increasing, right now, we're projecting overall revenue increase for the year of about 7%. Which is, by the way, 200 basis points above what we projected in April. If that goes up, our margins will improve. Right now, we're thinking overall margin improvement across the company in 2026 versus 2025 of 56 basis points. That's very helpful color. I'll pass it on. Thank you. Sure. Our next question comes from the line of Jim Ricchiuti with Needham. Please proceed with your question. Hi, thanks. Good morning. Robert, I apologize if you may have given this, but in terms of the growth by business segment, how should we think about it looking out for the full year? Just given the nearly overall 7% growth you're talking about for corporate as a whole. Thanks, Jim, and good morning to you, too. Let me start with Digital Imaging. We're right now thinking about 7.5% for the year, with FLIR growing over 9%. Instrumentation, we think about 5.7%. Aerospace & Defense, 7.2%, followed by Engineered Systems, about 5.6%, which added together are just under 7%. We hope that we'll do better than that. As you well know, we always have to be a little cautious to make sure the numbers that we mentioned are numbers that we can meet. Got it. Helpful. I know the question of sizing the unmanned business, and you know as well, it comes up a lot. I was wondering, you have talked in the past about $500 million or so in unmanned. I am wondering if there is an update to that. The other question I had on that is, in rough terms, how much of that comes in Digital Imaging and how much in the A&D bucket, if you can? I think, in 2025, when we looked at year-end, Jim, the unmanned was about $500 million altogether. That includes air, ground, and underwater. This year, we think that number is going to be more like $575 million. A significant growth, about a 12% growth. If you separate out air versus ground versus underwater, in 2025, about $400 million of that was in Digital Imaging, and that includes air, primarily air, but some ground. Underwater, at the end of 2025, was about $100 million. Having said that, we have had some really good progress in both air and underwater, and we are introducing new products. As you know, Jim, we really excel in our nano drones. Our Black Hornet 4, which is now being sold, is very successful. We will probably introduce a whole series of new products in that domain. In other underwater vehicles, we had some very good revenue and orders, especially in the U.K. and Europe. We are competing for some very large programs in that area. If successful, those should exceed the 2025 numbers. Finally, I should say, we do supply subsystems for unmanned surface vessels. For example, our cameras were on board the unmanned surface vessel that saved our two helicopter pilots in the Strait of Hormuz. They were also on the unmanned surface vessel that was used to attack a submarine in the Gulf. It is not just our underwater vehicles, but as I said, we try to sell everything that we have, from sensors to platforms. Some of them, while they are not very visible as final unmanned products, are used in a lot of other unmanned products. I hope that answers your question, Jim. It does, Robert. One maybe very quick one. Were there any pull-ins from Q3 or Q4 that added to the strength in Q2, or is this basically just a pick-up in activity across the board? I would say a little bit of pull-in, very little. When you come to the end of the quarter, two things happen. First, you have book and bill that you have to do, book and ship. Sometimes, for various reasons, including sometimes you're worried about making sure you get paid, so you might withhold some shipments. You may have some things on the shelf that you can ship. There's a little bit of a trade-off between what you pull in and what you don't ship. Eventually, that kind of flattens out because what you don't ship, you ship early the next quarter. There's always a little balance of that, but it's not something that's a significant contributor to our revenue. Got it. Thanks very much. For sure, Jim. Our next question comes from the line of Andrew Buscaglia with BNP Paribas. Please proceed with your question. Morning, guys. This is Ed Magi on for Andrew. You mentioned in the prepared remarks that we're at the lowest point of leverage since before the FLIR acquisition. You guys didn't seem to be that active on the buyback front this quarter. Going back to last quarter, I believe you characterized some of the prices paid for deals in the market as particularly crazy. I'm curious if you'd give an update on what you're seeing in the pipeline and potentially what industries may be screening as more attractive versus where you may be not so keen to step in on a relative basis. Thanks. Well, thanks, Ed. That's a very good question. First, let me talk about our leverage that Steve outlined. At the end of the quarter, Q2, our leverage was 1.1x. Net leverage was 1.1x. Net-net, we owe, after cash, about $1.7 billion, roughly. Interestingly enough, that $1.7 billion has an interest payment of about 2.5%. It doesn't start until 2028 and subsequent. With the cash that we're generating now, we're projecting for the rest of this year, if we don't do anything else, by the end of the year, our leverage should drop to close to $1 billion, which is about our annual free cash flow. That's the leverage part. We also have ample capability to make acquisitions. We have a $1.2 billion of untouched credit facility. Plus, if we were to go up to what our debt to capital, debt to EBITDA ratio was when we acquired FLIR, we'd probably have close to $4 billion or more in capability. Our M&A's interest is really broad. It's across all of our portfolio, including both defense and commercial. Even though it appears like we haven't done many deals recently, in the last, I would say two years, we've spent over $1 billion in acquisitions. We are currently, then to answer your last question, we're currently looking at acquisitions, both small and what we call mid-range, which would be out the order of $1 billion or more. We're active in the market. On the other hand, we are not willing to pay some of the crazy prices that we see out there. Some people are outbidding us in some very simple acquisitions by 30%-33%. We feel in the long term, that's not gonna benefit anybody. In some cases, we drop out or drop. We are active. That is for sure. Very helpful color. I appreciate that. I was wondering if you could spend a few moments on the short cycle side. You spoke to industrial and commercial having an inflection, and you took the guide up for overall short cycle. I was hoping you could dig a little bit more specifically into end markets that are screening positively and whether the growth is broad-based or a little bit more isolated. Thanks. I'll have George answer that question if I may. I think it's more broad-based. If we look in the quarter, we saw growth across the short cycle. The industrial and scientific vision applications, which are in our DALSA e2v business grew in the high single digits in Q2, a little over 8%. In areas like semiconductor inspection, for example, which is a strong business for us, very active now. Electronics inspection, for example. Our healthcare business, where we do both X-ray sensors and radiotherapy equipment, also high single-digit growth. Grew a little over 8.5% in the quarter. Seeing good demand there on the medical X-ray detector side of the business. Test and measurement's another good example. Grew about 4% in the quarter. Continue to see strong demand on the oscilloscope side of the business, in high bandwidth applications and power applications, including people designing power supplies for data centers. Also started to see, we've been talking about pickup in the protocol solutions business. I saw really good orders year-over-year in that business and quarter-over-quarter growth and sales quarter-over-quarter. Starting to see more demand in terabit Ethernet tests and PCI Express solutions. Overall, good breadth in the short cycle. If we look for the year in areas like that, industrial and scientific vision systems, thinking that's gonna be a solid mid-single-digit growth of on the order of 5%. Healthcare, as I mentioned, the X-ray detectors, et cetera, strong in Q2. Still looking kind of low single-digit growth for the full year at this point. In test and measurement, also low single-digit growth. Good Q2, breadth in the demand, and pretty positive outlook for the rest of the year. Ed, I hope that answers your question. Absolutely. Great color, guys. Thanks again. Thank you. Our next question comes from the line of Joe Giordano with TD Cowen. Please proceed with your question. Hey, guys. The fourth quarter, even if I take the high end of the full year, I mean, it is barely up year-over-year, we are talking about all these businesses accelerating here. How much of that is conservatism? Is there some sort of thing in the comps that we have to worry about? When I hear, space better than we thought, the unmanned accelerating, test and measurement accelerating, all these things, it just seems very conservative into the end of the year, and maybe that is just a conservative guide, just curious for your color there. That is very good, Joe. You want me to be less conservative? Okay. I just want color. I do not need you to do anything different. That is good. Well, one of the issues that we face, let me just go to the heart of your question, Q4. We do have a little tough comps with last year's Q4, especially in Digital Imaging. Having said that, to move the needle significantly, I cannot do that. On the other hand, it could be an upside of $30 million, $40 million in various businesses. We are counting on it. On the other hand, the short-cycle businesses, as George just elaborated, they are doing well. We expect to be in the mid-single digits, versus April, where we were saying zero to two or three. Those are coming along. Part of the other part is, we have to be cognizant of the fact that there are some headwinds in the supply chain. Let me be more specific. There is a good chunk of our revenue, annual revenue, over $1 billion, that depends on things like germanium supply and rare earth magnets. We haven't talked about these issues before, but we've been working on these issues very hard since over a year ago. We've even set up some machine shops to be able to capture, for example, scrap in germanium, which is 50% of the products you make lenses, going to scrap. We have those headwinds that we're worried about. Finally, besides these, the oil prices keep jumping up and down. We have this whole new set of tariffs that are being proposed. Hopefully, they'll be proposed and withdrawn like they've been done before, but you never know. Being a little conservative at this point, Joe, is not a bad thing. On the other hand, I hope we'll have an upside to what we're saying. No, I think there's a big difference between being conservative and prudent and actually seeing real cause for deceleration. It sounds like it's more the former than the latter, which is totally fine. If maybe I could just ask on space, that's growing faster than we maybe initially talked about. How big do you think that business is by the end of the year? I think it's going to be about over $400 million, maybe $450 million. We are doing really well in that domain, both in Tranche 3, but we are the primary supplier to just about everybody in the Golden Dome. We have great leadership in that area, and we're very bullish about our space business because we have really very unique capabilities in our mercury cadmium telluride detectors that go in all of those systems. We're also, of course, trying to add more electronics to go with it. I'm very bullish about that domain, and I think so is George. Thanks, guys. Our next question comes from line of John Siegmann with Stifel. Please proceed with your question. Hi, good morning, guys. This is Sebastian Rivera on for John today. Given the lengthening orders and awards you're seeing in the defense business, does this impact how the company's kind of thinking about incremental investments in this portion? Do you think the mix of government commercial will sort of flex in the medium term? Let me pass the first part of the question, Sebastian, to George. Yeah. I think the answer is yes, it is affecting the way we think about investing in the business. We're investing more CapEx this year than we did last year, probably about a 30% increase in CapEx year-over-year. Why is that? It's because we have really strong demand in areas like infrared camera modules and radars and other sensors that go into surveillance and border protection and counter-UAS, unmanned sub-sea vehicles, for example, and unmanned aerial vehicles. Certainly seeing the demand and working to meet that demand with higher CapEx. We also are getting investment, and Robert alluded to this earlier, getting investment in certain areas from the government, and even actually on the commercial side in certain businesses where we're seeing higher demand. We've got some customers investing in their particular programs to increase capacity as well. Sebastian, on the inflection issue, right now Defense altogether is about 30%, 35% if you include the foreign defense of our portfolio, and 65% of our business is commercial. We don't think there's going to be an inflection there. It'll take a lot more defense to do that. On the other hand, the good thing about our portfolio is that of the remaining non-defense business, 26% of our total portfolio in commercial is in the U.S., and almost 49% is across the world. That balance helps us have some assurance that we will have a good non-defense portfolio going forward. An inflection would have to grow defense very significantly, which I don't think it's in the cards. 10% or a little less, in some cases double-digit, is about what we're thinking the defense growth would be. Got it. That's helpful color. Maybe a quick follow-on, it might be a bit early, but is there any more color you can share on the Canadian fabric manufacturing partnership contract you guys won? Were you able to quantify the size of that MEMS foundry business, and do you guys plan on providing more color around that in the future? Well, that's been a really long-term, very good plus for us. As you know, the MEMS foundry, the Canadian government has invested significant amounts of money. We're talking about over a number of years, another $300 million investment. That's called the C2MI, in Canada, near Bromont, in Bromont. We're co-investing a little bit, but that takes a lot of pressure on new equipment, new space, and we're going to larger wafer sizes. It's really good. It's been a very helpful program for Teledyne from the Canadian government. Thank you. Congrats on the quarter. Thank you. Our next question comes from the line of Rob Jamieson with Vertical Research Partners. Please proceed with your question. Hey, good morning. Thanks for taking my questions. Just on the industrial scientific machine vision, nice growth in the quarter, 8% accelerating from the prior quarter. Just looking at some of the end markets in which you're exposed, whether that's semi inspection, OLED inspection, and food sortation, logistics, CapEx outlooks there are pretty healthy. I was just curious, in your customer conversations there, are you seeing that optimism reflected? Then also, how would you characterize where we are right now in the industrial machine vision cycle compared to prior cycles? Well, obviously, as you well know, Rob, both in the semiconductors and inspection of other devices, that's a hot area, and everybody wants to be able to inspect things as they go. On the other side, some of the life science businesses that we're in are relatively flat. There's some headwinds because of the China trade. Overall, I would say, in general, our industrial businesses are moving up. We find that the full year would be as high as, let's say, mid-single digits. We have some pockets that are associated with semiconductors of obviously data centers, et cetera, that are moving faster and some other areas that we participate in, but they're not moving as fast. Overall, I think mid-single digits is what we're projecting right now. Okay. Thank you. Just on Qioptiq, as that's rolled into organic performance now and was flagged as one of the strongest growth areas in Aerospace and Defense Electronics. Just curious, where are you in the integration curve there, just from some of the margin opportunities that we've talked about and discussed previously? I guess also, are you seeing any cross-selling wins from Qioptiq or Micropac, and is that starting to show up in the order books? Well, Qioptiq's been a great acquisition. Let me start there. It's grown 20% organically in Q2. Margins, I think we mentioned before, just like everything else, when we start, the margins are not comparable to what Teledyne's margins are, but their margins have been consistently improving. It's a well-run set of businesses and a great presence in the U.K. We're very bullish about Qioptiq. On Micropac, George, do you want to say something about Micropac? I think it's a similar story on Micropac. We're seeing margin improvement, seeing good opportunities there in areas like power distribution, for example, where we are seeing some cross-selling opportunities, for example, with the rest of our space business. Yeah. Qioptiq has brought some capabilities to us that make it possible to compete in programs we couldn't, especially space programs in Europe, where kind of there is a bias towards European production, a capability to make products in Europe specifically. When you take some of the Qioptiq capabilities with some of our e2v capabilities in Europe, we're very successful in space programs. Thanks, George. That's great. Very helpful. Our next question is a follow-up question from Joe Giordano with TD Cowen. Please proceed with your question. Hey, thanks for seeing me back on, guys. Curious on the test and measurement outlook. I think the growth there was a little bit better than expected in the quarter. I know you have the tough protocol analyzer comps from late last year, but curious, the reason on the scope side are very positive at competitors and stuff into the second half. How should we frame second half into 2027 for a market that seems to be kind of hitting its stride here? Yeah, I'm gonna let George answer that, but let me start by just kind of laying the groundwork. The oscilloscope business is doing well, but it could do better, especially as we make more products at the very high end. The protocol business is a kind of very interesting business, and I'll let George discuss it as to the sequence of events that take place before people adapt the new protocols. George? Yeah, that's right. On the protocol side, really what you have is developers buying our protocol instruments as they develop new silicon. When those go into production, you've got integrators, then kind of pick up that next wave of equipment purchases. I think in the protocol business, in the first half of the year, it's been a little slower, given some of those PCI Express and other devices getting to market. We started to see some of those devices come to market, as we got through Q2, and we expect that to continue in the back half of the year. Areas like memory devices, CPUs, et cetera. I think the big picture here is, as Robert mentioned, the oscilloscope business just been hitting its marks solid, doing well, growing at a healthy rate year-over-year. The protocol business, slower in the first half. I'm kind of optimistic that in the second half, we're going to continue to see that pick up. Given Q1 and the contraction in Q1, still think the full year is perhaps kind of around 3% overall for test and measurement. I would say the trend headed into the back half of the year is more positive than the first half. Yeah. I think, Joe, if you look at PCI Express, which is our primary product, PCI Express 6.0 has got twice the speed of PCI Express 5.0. Speed is not everything. We know that's going to be adapted broadly. It's just a matter of at what point does that break through. When it does, it'll be very healthy for us. Thanks for the color, guys. Thank you, Joe. Thank you. We have no further questions at this time. I'd like to turn the floor back over to management for closing comments. Thank you, Christine. I would like to now ask Jason to conclude our conference call. Thanks, Robert, and thanks everyone for joining us today. Of course, if you have follow-up questions, you can feel free to call me at the number on the earnings release or send me an email and I'll be happy to get back to you. Again, thanks everyone. Goodbye. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.