Vontier Corporation with us today. We've got Mark Morelli, who's the President and CEO, and then Anshooman Aga, who is the SVP and CFO. So guys, as I kind of walk over here, I'll start with my first question. I think, you know, you guys have talked about connected mobility for a while now, and it does seem to be gaining additional traction, particularly in year 2025. I think we've seen how Invenco seems to be helping to bridge your two segments, two largest segments in EFS and mobility, with innovations such as FlexPay 6. So could you talk a little bit more about the progress you've made? How are the solutions you're offering going forward different from what exists today? Yeah, thank you for the question, Andy. Thank you for having us. Look, I think, 2025 was a good proof-point year for the connected mobility strategy, as you asked in your question. And the reason why is that really, for the first time, you're seeing some of our innovation read through and at scale. And, a great proof point of that for us was our investor event we had at the NACS show. NACS is National Association of Convenience Stores, which showed real concrete examples of how we're solving high-value problems with some of the, the products we're introducing. But this is- you know, it is a, a point of a departure for us, if you will, because when we spun, we had a bunch of decentralized operating companies. We spun with what we had, and we used to talk about our business the way we ran our business, which was in these very discrete, siloed businesses that didn't necessarily have a lot of connective tissue between them. And if you look at the progress that we've made, we've really oriented our business into three verticals, convenience retail being the biggest, where overall, you know, 70% of our businesses really lie on that. And then our fleets and fleet depot and operators is about 10%, and 20% is in repair and repair solutions. So those are really centered around the connected mobility strategy. And more importantly, last year we did a reorganization around these verticals so that we bring to market our solutions, not in a siloed fashion, but also in an integrated fashion. We're really excited about the setup for 2026, because not only is the strategy differentiating with our positions being number one or number two in the market for each one of our product offerings that we have, but the way to bring the connected mobility strategy forward through our new organization that is really centered around the customers in these three verticals, really enables us to bring these integrated solutions forward. I think FlexPay 6 and iNFX is a great example, where we talked about unified payment, where each of our technologies can work together to accrue to the same payment system architecture. That makes it a lot easier for our customers to be able to manage their infrastructure and enable things like loyalty. So, we're really excited about the progress we've made, and we're really excited about the setup we have for 2026. It's helpful, Mark. And then, on the EFS and mobility side, as these connected solutions become a larger share of the mix, how are you thinking about pricing power over the next couple of years? Are you seeing opportunities to expand value-based pricing as customers adopt, you know, more of these integrated solutions? Yeah. So we operate in competitive markets. They're also very disciplined markets, and we've been able to maintain price cost, you know, ahead of that curve. As we bring these other solutions to the market, they really enhance productivity. They grow our addressable market opportunity at a healthy rate, at really good margins. Got it, and then maybe let's click on 80/20. Like, you guys have talked about 80/20, I think, since 2020. And maybe you don't get enough fanfare on it, but, you know, you've significantly reduced fuel dispensers from, I think, 32 to 14, and software platforms from 30 to 20, and you've talked about further room to go. So, you know, I understand that you're guiding to greater than 60% incremental margins for 2026, which seems pretty good, but you've talked about sort of a normalized, still 30%-35% incrementals. So is that conservative? Does that not anticipate bigger productivity improvements? Can you talk about sort of where you are in the process? Yeah, we're very proud of the 80/20 journey we've gone through so far. 80/20 is a very important part of the Vontier Business System, and Vontier Business System is how we do what we do. We've really incorporated the 80/20 thinking in multiple layers of how we go about doing our business, starting off with portfolio. We've made decisions around portfolio based on 80/20. For example, we just this past year, in 2025, got out of our European services business and really followed the U.S. model, where we're servicing our customers, where they're rolling trucks through partners, but we're selling the higher margin spare parts. We also got out of oil and lube point-of-sale business, and we added Sergeant Suds, which is part of the brands of the car wash, where we now have the whole brands of the car wash. Also, when you go down to the SKU level, we've been rationalizing our portfolio from a SKU perspective. You gave the examples of going down from 32 dispensers to 14, reducing the number of software platforms, and that has material benefits for the business. For example, we've already taken out 1 million sq ft of real estate. It gives us leverage as we have more standardized components from a supply chain perspective, both from a pricing and from a cash flow perspective. So we're going to continue to see these benefits. Next year's margins are greater than 60%, as you said, very attractive. Continuous improvement is part of our culture. Lean is a journey we're on, and from a longer framework perspective, 30%-35% incrementals are still valid. Obviously, we are never happy with our results. It's the constant drive to get through break through performance, so we'll continue to try to do better, but 30%-35% is the way to think about it longer term. You've got to set a reasonable bar, and Anshooman, right? So maybe just, like, you also... You have simplification savings that you've talked about, $15 million, I think that you're targeting for 2026, and, you know, a lot of it comes from lower R&D spend as you've made improvements in the velocity of product development. I think you guys have talked about using AI to do that and maybe been one of the early adopters on AI. So maybe talk about what you're doing from an efficiency standpoint in that respect. Yeah, let me start with this, and then Anshooman can certainly jump in here, too, with some examples. But look, the AI journey for us really started both in two camps. One is the productivity, which we'll elaborate on a little bit further, but also how do we help our customers do business better? And in both those camps, we really started with some pretty broad-reaching piloting, experimentation, going back a couple of years. And now what you really see is really deeply embedded into our industrial software, some capabilities around AI that are really being valued. But on the productivity front, you want to give some examples, Anshooman? Yeah. So over 90% of our software engineers, and we have over 1,000 software engineers as a company, over 90% of our software engineers are using AI in their day-to-day work. It comes to code generation of code, where we've significantly increased the velocity of the R&D efforts. It also is coming through in automated testing. We're using AI for all our testing, and we've seen the cost of poor quality go down by 20%-25%. So really, when you look at what we're doing with higher velocity, we measure epics, which is a series of sprints from R&D perspective. We've seen well into the double-digit increase in the velocity of our epics of sprints. And so you really, in the beginning, you could speed up R&D efforts and bring products to market faster, and with our integrated offerings, like unified payments, we've really seen traction. But at a certain stage, the incremental velocity starts converting into savings, which is what we're going to start seeing this year, in our results. So we'll see R&D velocity continue to increase, costs go down, and fall to the bottom line. But we're also using AI in other aspects of our business. For example, we're basically in the process of rolling out AI for internal IT helpdesk support. We conservatively expect 30% of all tickets will be handled by AI, taking out human intervention. We're using AI in terms of cybersecurity. The benefits of AI are going to continue to compound for us as we continue to look at new ways to get more efficient, drive more productivity, and then, as Mark said, also continue to embed it in our products to provide better outcomes for our customers. It's helpful. And Anshooman, just to get it out of the way, your bookings were up low single digits exiting Q4. You're guiding to 1% core growth, I think, for Q1 2026, which seems to line up with your bookings. But you're guiding at 3% organic revenue growth for 2026. So do you need to see a bigger pickup in any of your markets to get that higher growth? And could you talk about what you're seeing so far in Q1 with the understanding that you did just report? Sure. So when you really think of most of our products that we sell, the book-to-ship cycle is not that long. But when you really step back and really understand our customers' cycle, where they're buying these products for, these are longer cycle projects. So some of our customers are actually planning out the 2028, 2029 CapEx plans right now because they're in the process of building out new stores, renovating existing stores, building out new car washes. These are longer cycle projects that we're selling into. Just when they place the order to us to the time we ship it out is pretty short duration. You know, we also had some wins in 2025, which both around payments and the vehicle identification system, which serves fleet customers that will add revenue in the back half of the year. So we feel pretty good about it. January was actually a very solid month of bookings for us, just in line with our expectations, so we had a strong start to the year. We're feeling relatively good, around our guide for the year. We also were at a recent NACS event meeting with a lot of the leadership of our customers, and Mark can probably add some comments from there. Yeah, this was what they call a leadership forum. This is where C-suite officers from the convenience store operator space come, and we have the opportunity to meet with some of the more blue-chip names in the space. And, you know, one of the questions that we always want to understand is: What's their visibility on their growth plans, whether it be new to industry sites, so they're building out new storefronts, whether they're scraping and rebuilding on that, what's the M&A activity for buying up sort of the mom-and-pops? As you know, the mom-and-pops are about 60% of the overall industry itself in North America. And, you know, the-... The area that's difficult for us to show to investors is that we are relatively short cycle in our bookings, as Anshooman said, but the visibility these folks have in their planning cycle is pretty long-term out. I mean, they're building out their footprints for 2028 and 2029 in terms of the real estate that they buy, in terms of the how you get permitting for sites, and this is pretty robust in terms of how they're thinking about growing their successful storefronts, and these folks are winning in the marketplace. So when you look at what's really driving our growth, it's not necessarily the total growth in the industry, but it's the growth in the segment of this industry that we're serving, which is the successful regional, national, multi-oil, national oil companies that are building out these successful storefronts, and they have really good secular drivers behind them, and that creates a level of comfort for us in terms of what we're bringing to market and the anticipated adoption rates. Also, I'll add, I haven't had the opportunity to sit in with Mark on some of these meetings. It's really their pain points, which we're serving through our integrated offerings. That really came across, and that also gives us confident that they'll continue to deploy solutions like unified payment. Guys, I wanted to ask you sort of a related question, right? Because you're-- if I look at environmental and fueling solutions, you're guiding to low- to mid-single-digit growth. But the last couple of years, you did seven in 2025, and six in 2024, 6% growth. So maybe talk about what's contributed to the higher growth. I think you kinda answered that, Mark. It seems like connected mobility, integrated solution, all that kind of stuff. But why shouldn't I think that this is a multi-year cycle, you know? It seems like it. Well, I think we do believe it is a multi-year cycle. I think the uptake on the integrated solutions that we're offering is clearly there. I think real evidence for folks is go back, look at what we broadcasted from our NACS investor event last fall, and some of the real concrete examples. That's what we're talking about is unified payment, order at the pump, a digital hub for remote monitoring for underground equipment, new innovations around the automatic tank gauge for the 450+, new 4-horsepower. I mean, all of these innovations are providing real growth, you know, 6% on EFS, as we spoke about, with, you know, overall mid-single-digit growth last year in dispensers and low teens growth for environmental, which is the underground. And so I think we're really showing legs to it. I think we're offering responsible guidance. You know, some of these orders are large- Mm. 'Cause now you're talking about large technology adoptions for folks. Mm. These have been a little bit harder to exactly call the timing on some of those order uptakes. That's also a bit of a difference in the business model that we've had historically. Yeah. We're not selling, you know, replacement dispensers. Here, you're really doing larger technology infrastructure rollouts with people, like we did with Shell on 13,000 sites, 8,000 sites with Chevron, as an example- Right ... or Costco Canada, which was a large rollout of FlexPay 6 with iNFX. And so as we sort of predict the timing there, we've also had India tenders that were part of that growth last year, and, and those tenders, how they come to market, can also be a little bit uneven. So I think the backdrop is really strong on a year-over-year basis, and I think we, you know, feel really good that you're seeing real proof points on growth. We're at in-industry average or better for MI, and, and I think, you know, we have, you know, certainly opportunities to do better on that, but it certainly, you know, has to be responsible guidance that we're offering based on, on the timing that we see. Right. So you're reserving for timing when you put it in low single digits as part of low to mid, basically? Right. Yeah. Okay. And then turning to DRB, the turnaround here, you know, seems to be pretty encouraging, first in Q3 with low single-digit growth and high single-digit growth in Q4. So to start with, you know, talking about the 60% recurring revenue, particularly with continued Patheon adoption, you've just been at NACS, as you said. So can you give us a flavor of what you heard about, you know, existing potential customers on that side, and remind us where current penetration rates sit with Patheon? Yeah, so we really have four streams of recurring revenue when you think about it. We have the software subscription, we have maintenance and support, we have aftermarket parts, and we have payment. Mm. So, you know, even if the tunnel new builds is flat or like last year, it was down slightly, their install base is growing. So as the install base grows, you're going to continue to grow your software subscription, you're going to continue to grow your maintenance, aftermarket parts, and your payments revenue that you're generating. On top of that, you know, you layer on Patheon, and Patheon, just as a reminder, is a cloud-connected solution, moving the old technology from on-prem to the cloud, but also adding significant functionality, which provides benefits of simplifying operations for our customers, but really adds revenue. We actually looked at over 150 sites, over 15 customers for those sites, and benchmarked that with our legacy solution, and our customers have seen an uptick of revenue north of 10% based on our new platform. The penetration of Patheon is about 10% in the market right now of our installed base, so we have a long journey ahead of upgrading our installed base. The good news is, with the additional functionality comes additional fees for us. The recurring revenue on Patheon is higher, and as it drives more revenue for our customers, we get a small cut of the transaction, which drives higher payment revenue for us. Really, a win-win for both our customers and us. We see a long opportunity of potential growth in the car wash market, based on our market position and our technology and innovation. Got it. And then, and Chiman, like, just on the other 40% of DRB, I mean, you just talked about tunnel builds being relatively flat. You know, there are some tailwinds out there. Rates are obviously a little bit lower, accelerated depreciation under OBBA. Are you seeing anything in the early-stage project pipeline that would suggest that you begin to get better, on the tunnel side? And how should we think about the timing of those projects converting into orders? I think there's typically a 12- to 18-month lag tied to customers, dealing with permits and stuff. Yeah, we don't have any assumption on uptick based on the big, beautiful bill in our guidance. You know, when you really think about it, the interest rates and the lower tax rate or accelerated depreciation is definitely helpful for build-out of new tunnel car washes. But really, when you think about the duration, you know, our customers, it'll take them roughly up to four months for the site acquisitions. Then you go through permitting and zoning, which could take eight months, then construction, four months, and then basically the installation of the equipment on site. So it is a longer cycle, so by the time we get our orders, it's towards the tail end. So I would expect more of the benefit to be in 2027 based on the cycle of the build-out of car wash. Our customers that are good operators continue to build out car washes. But also, going back to the Patheon opportunity, there's the opportunity, as they focus on running better existing car washes and improving the revenue yield on those car washes. We've proven with our Patheon solution that helps drive revenue for our customers. We actually like where we are positioned in the car wash space. That's helpful. And then just focusing on Invenco for a bit, you know, even with tough comps in the first half of 2026, you've reiterated the business should still grow in 2026. So I think you've talked about significant recurring revenue after delivering these large equipments to... significant equipment to large customers. So can you unpack that for us, and what gives you visibility toward growth? Do you see any other large rollouts, like the original Shell and Chevron deals? Yeah. You know, when you really think about the Invenco part of our business and mobile technology, there's growth coming from two aspects. The first aspect is unified payments, and just as a reminder, unified payments is the actual payment terminal. It might be outside, which, it could be on the dispenser, but also moving more and more. Why do they have different payments on the car wash? Why do they have a different payment on the EV charger? And, also, why do they have a different indoor payment terminals? So it's bringing together all the payment terminals. One, it reduces operating costs because it's not only the cost of spare parts you have to keep getting because of regulation changes around the payment card industry standards, and changes to the internal systems. They have to keep getting recertification. If you have four different payment terminals, that's payment certifications times four for everything you do. But also, when you have these different payment terminals, it's a bad consumer experience. How do you bring together one transaction for the consumer, bring in loyalty, bring in media, all of that? And central to all of this is the iNFX solution that we talked about, with Shell and Chevron being the early rollouts. But we've deployed Shell, Costco Canada, where the use case was slightly different, where for them it was the speed of the transaction because they can increase the throughput at their pumps. So we continue to see great traction around our unified payments, and that revenue is going to be significantly up this year, offsetting some of the difficult compares we had, which were mainly on a vehicle identification system, also. And on the vehicle identification system, we had a pretty large rollout last year. Now it goes into recurring revenue, which is a little less. But we also have potential new opportunities out there, including one win we had last year, in the vehicle identification system. So we still feel that there'll be growth in Invenco. It won't be at the, you know, teens or 20% that it's been growing the last six quarters. It's probably more mid-single digits kind of growth this year of pretty strong compares for the last two years. It's helpful. So I want to open it up to the audience in a minute. Let me just ask you one more question before I do. So, you know, we have been getting this software resiliency question quite a bit lately, so I just wanna ask you up front. You've talked about there being no option to buy a GVR dispenser without your payment system, but could you elaborate on how you approach the software topic? What is the percentage of software at Vontier and/or software that isn't tied to hardware? And are you concerned that AI could be a threat to any of your specific offerings? Yeah, thank you for that question. So we can hopefully dispel any misconceptions here. So first of all, our software offerings are about 10%-12% of our total revenue, and the software that we do is not a generic enterprise software. It's not a thin SaaS layer. It's it's deeply embedded industrial software with a very strong linkage to hardware. But most importantly, it really controls, automates and optimizes the physical layer, and this is very durable industrial software. Many times we, if you look at the Invenco acquisition, this was a hardware and software acquisition. It was not just a thin enterprise layer. And one of the key reasons why we find this particularly so attractive, and have found it attractive, is that the regulatory drivers in our industry are really deep. And just to certify a new payment kit offering with the software takes three levels of certification. It's very complicated for our customers to manage. We take on that complexity and manage that complexity and that certification, which is why it adds value to the industry. But it also means that it also is a collection point for data. It's a foundational layer that is really, important to, one, aggregate the data there, but also add value through the software. And it's also a basis by which AI is a real tailwind for us because we can incorporate AI into that foundational layer to be able to provide that. Now, it's also an open system architecture, so it can also enable AI from outside of what we might write to add value into that microservices architecture, but we'll also charge for the API, so it's a real win-win. So, we sit on a ton of data for the industry, and we also manage that complexity and that application in this foundational layer. And, and hopefully, if there's any misconceptions out there, we'd love to get more questions around it, but I think it's very clear in our minds. Helpful. Any questions from the audience? Anyone want to ask a question? Well, you know I have more questions, so let's move over to repair. So you're seeing sellout improve in Q4. You talked about that. Could you touch on how have you seen delinquencies trending in Q4 and as we move into 2026? And, you know, with comps getting meaningfully easier, car park age quite elevated, as you know. What do you need to see in the underlying trend indicators to gain confidence the business could actually grow rather than the roughly flat that you've guided to? Yeah. So delinquencies have stabilized. And, you know, how do we see the market and the market evolution and the evolution of our business? Let me just sort of double-click on this just for a second. So the backdrop for repair is attractive, is what you just said, Andy. I mean, look at the age of the car park. That's the fleet of all vehicles on the road, and that's getting older. You know, the new cost of a vehicle on average is $45,000, $55,000 for ICE... Excuse me, for EVs. And, you know, folks are buying less new cars, so they're buying more used cars, and that's 12.8 years is the average age. And why is that relevant for repair? The sweet spot for repair is a vehicle anywhere from 5-7 years old to the end of life of that vehicle, is the sweet spot for the repair market. So as that fleet of vehicles on the road gets older, that repair market size grows, so that's one. The second is complexity of repair is up. Vehicles are more complicated to repair. Hybrids are coming on the road. That's a great vehicle to repair. EVs actually, while they don't offer, you know, maintenance opportunities, they absolutely offer repair opportunities. And if you look at the cost of insurance for EVs, that's really being driven by the cost and complexity of repair, is one of the fundamental things there. And then ICE vehicles have more sensors on them. They're more complicated to repair as well. So that, in conjunction with a shortage of repair technicians, means that repair technicians in the United States are under more pressure than ever to be productive. The way that repair technicians and shops make money is they have a standard rate by which they do business. They charge that standard rate. If they're able to get that repair done more quickly, they can pocket the difference. If it takes them longer, then, you know, they have to eat that cost. The area for Matco that is differentiating for us is we have market-leading vitality, which means that we're not trapped into a backward integration. We have a nimble supply chain base, so we can bring the products to market more quickly, and we are bringing them in the fashion of better productivity for technicians. So the area that we got some uplift in Q4 was on the diagnostics. We have a great lineup of diagnostics that help reduce the complexity of repair. The issue is that we don't sell diagnostics completely through our distribution the way we'd like to. We're fairly thinly penetrated, and as we expand our competencies to be able to sell our offering, our lineup better, we'll get an uplift. You saw a little bit of that in Q4. Also, on what we call productivity carts, where you can bring your tools right into the job site from your large installed, you know, toolbox you might have, you can bring those right into your repair site. They're really organized in a way to be more productive. We got an uplift there. So we're really looking at more productive solutions. We don't see the K-shaped economy helping us here. You know, certainly, technicians are under pressure for the amount that they can spend, but what we are seeing is there is a great ability for them to spend money on things related to productivity, and that's- Mm-hmm. what we see going forward. I don't think there'll be any dramatic change in, or improvement in the economy that might bolster, you know, the buying behavior there in a way. There is a possibility that the income tax refunds that people might get, they might put to work. We're not putting that in our guidance, but that is a possible upside. But I think more importantly, it's staying on this theme of enhanced productivity to continue to stabilize and continue the momentum we're seeing in the repair space. It's helpful. And then, you know, just a few years ago, you were getting lots of questions on your EV strategy, and here we are, and I'm asking it toward the end, but maybe update us on Driivz and sort of what it's doing and the period toward profitability. How are you thinking about potential growth on that side of the business? Our Driivz platform is making real measurable progress on the profitability front and is continuing to seeing really solid growth. We've been really excited about the traction that we're getting in the EV space. I know it's not a real popular theme to talk about right now, but if you remember, Andy, we were talking about petrol-based dispensers. At the time, it wasn't popular either. Mm-hmm. I think it's really difficult to be able to predict what any area in the world will favor based on government incentives and consumer preferences, but I think more and more our portfolio now is really balanced to be able to offer what is needed in those geographies and those markets. But Driivz, our big idea from Driivz from the beginning is: How can any EV driver have the same experience they have with, with a petrol-based dispensing? Mm-hmm. You know, it should be frictionless, it should be easy for them to be able to have a transaction, and it should also be, you know, something that is very capable to manage the available energy that's on site. You know, the grid is more constrained than ever. We have real proprietary capabilities to do energy management very efficiently. We've done some acquisitions on that technology front, incorporated that into our platform, I think in a differentiating way. And, you know, the third element of this is that, you know, all the EV drivers that are out there are really looking for very high uptime, and 20% of drivers outside of China use our network, which is a staggering number, and we have about a terawatt of energy that's going through that. So think about all that data and how can you create a higher uptime? We have nearly 100% uptime on that network, and we use AI for self-healing networks, and we're leveraging that data now at scale. So I think EVs are in their infancy globally. Some areas in the Nordics are highly penetrated. Other areas in the U.S. are very thinly penetrated. I think overall, we've got the right offering for us to continue to build out a really attractive business model for the long term. It's very interesting. Anshooman, I wanted to go over to free cash flow for a second. I think at the Convenience Retail Showcase we went to last year, the analysts went to, you modestly tweaked your adjusted free cash flow conversion to greater than 90%. Over a longer term, you're targeting 100% conversion before that. This year, you've got 95%. All pretty close, but can you talk about what drove that change and how you characterize working capital opportunity at Vontier? Yeah, we're very proud of the cash generation profile of our business. We're capital-light, and we throw off a lot of cash. Now, whether it's 95 or 100% in a year, it's in the noise. I think a good way to think about it is 1 minus the growth rate for a multi-year period. So, we'll throw off a lot of cash. If you really look at elements of our working capital, I'd say our days sales outstanding and days payable outstanding are probably near industry-leading from our profile perspective. Inventory, I'd say we do have some opportunities over time to reduce, but it is deliberately a little elevated right now, given the fact that, while not too much noise in the market, some electronic components, like memory, because of the data center build-outs, are longer cycle to get in from a supply perspective. Prices are tending up a little bit on memory components, so we're just mindful and have a little extra electronic components on inventory to manage through, so we don't have any supply chain disruptions. Got it, but you're not worried about availability of memory chips or anything like that? No, we're managing through it. You know, I think there was a lot of lessons learned coming out of COVID when we had supply chain disruptions. We put in a lot of processes and mechanisms to work around it, so we continue to work around it. You know, the one constant we've had since COVID is there's some disruption every year- Yep ... whether it was COVID, whether it was the supply chain, whether it was tariffs, and, you know, I think we can be very proud of the entire team of how we've managed through it, and it's a real testament to our employees. Sure, and you guys seem pretty happy with focusing on share purchases, debt paydown. Obviously, there is M&A out there. You know, maybe talk about the funnel. Would you say it's relatively static for you guys? Is it improving? Are there any white spaces that would help you expedite your journey toward connected mobility? Yeah, we're really happy with our balance sheet. It's in a great position. We have dry powder. You know, our capital deployment is... we describe as dynamic, i.e., we always go towards the highest return option. We are evaluating and continue to evaluate, in our pipeline, a bunch of M&A activities, more bolt-on-ish, near adjacencies, fit in what we do. But again, it's, really, it has to be a meeting of, minds between a buyer and seller, and sometimes, there's a bit of spread, and we remain very disciplined in how we deploy capital and the price we pay for acquisitions, because we are committed to delivering great returns for our shareholders. We've deployed since spend, north of $1 billion on acquisitions. We've deployed about, just under $1 billion on buybacks. The cumulative return is about double digits on that combined capital deployment, and we remain committed. Given our current stock price, buybacks remain extremely attractive to us, and we see that as a great use of capital deployment. So all that sounds pretty good, and Anshooman, so maybe Mark or Anshooman, I'll ask you, like I do not ask this question of most companies on this stage, but what do you think investors are missing about Vontier? You know, Vontier trades at, like, half of its multi-industry peer set, and if you just look at P/E, and it seems like you've got a relatively good outlook you put on the stage here. Just this year, it's mid- to high-single-digit EPS growth. There are companies that have lower than that with much higher multiples. So what do you think we're missing, or how do you attract more interest? You know, I think that if you look at some of the headwinds we've had since spin, you know, we've done a great job at really cleaning that up. Mm-hmm. As a consequence, I think getting past some of those challenges and also solidifying our portfolio around three very easy-to-understand verticals with really strong secular drivers, where we're able to point towards solving customer high-value problems. I think, you know, events like our next show and the investor day that we had are prime proof points for that, and I think folks who are following the story, they see the traction that we're getting. And that, you know, all that we ask is that people do work on the company. If you do work and follow what we're saying, I think you can start connecting the dots. I think it was a lot harder to do in early innings after spin, given all the work that we've done to help clean things up. I think we're really excited about what we're being able to show folks based on the progress we're making, and hopefully the folks doing that work will see that as well. Last question. What are the top two or three innovations and structural changes affecting your company over the next five years? Are there any emerging industry trends that are perhaps being overlooked in the current discourse? Yeah, I think that's a great question for us. I think one of the hallmarks of Vontier, as you can see it, is we've really bringing industry, and we're bringing innovation to our industry. It's been historically a fairly sleepy, under-managed infrastructure. We call this the mobility ecosystem. I think people have kinda got Industry 4.0, and what you can do with industry you know, how do you connect, manage, and scale that through better asset management? People get that fully. Look at the mobility ecosystem, $30 billion market. Look at all that capital that's going in there. Look how challenged they are with labor turnover and the ability for this infrastructure to work in a connect, manage, scale way, is what we call the connected mobility strategy. And look at great examples on unified payment that we've been talking about. Look at fleet operators and getting everything on a single pane of glass as they try to manage their fleet operations out of their depots. And all this, when you look forward, it's a deeply embedded foundational layer of software with connected hardware that is really... and also, AI-enabled, which is a real tailwind for us. This is an open system architecture where we can charge for the APIs, but we can also bring our equipment and software together in a really value-added layer that is very differentiating for what we have to offer, and we're really excited with where we are. Thanks, Mark and Anshooman. Appreciate it. Thank you. Thanks for having us.