Revenue in 3Q:25 increased 17% year over year to $555 million, beating our estimate of $549.3 million and the consensus forecast of $545 million. Federal Signal continues to drive margin growth across the business, which led to 29.3% year over year EPS growth to $1.14, that also topped our estimate of $1.06 and the consensus estimate of $1.08. Federal Signal continues to see strong demand across both segments of its business, with strong order growth and backlogs providing good visibility to continued growth in both its Environmental Solutions and Safety and Security groups. The pending acquisition of New Way will be funded through cash and the company's revolver. At the end of 2Q:25, net debt was $158 million and net leverage was just 0.4x. After the deal closes, we project net debt will rise to $562 million and net leverage will increase to 1.3x. We maintain our $136 price target, based on 26x our 2027 EPS estimate of $5.22 (from $5.21). The company's track record of growth and profitability, strong cash flow, and low leverage support our Moderate risk rating.