CEO David Huml highlighted 7% year-over-year order growth through 1H:25, despite ongoing economic and tariff uncertainty, supported by continued product development and innovation. While management cautioned about continued customer uncertainty as tariff policy evolves, company guidance and our model project stronger sequential EPS in 2H:25, supported by cost outs and mix. The company launched its second next generation robotic scrubber, the X6, in 2Q:25, while expanding the product suite in small space cleaning and rolling out a large outdoor cleaner. We model R&D as a percentage of sales increasing 50 basis points to 3.4% this year. Robotic scrubbers accounted for about 6% of revenue in 1H:25, we expect continued market acceptance as the company continues demonstrations of the expanded features of the next gen scrubbers, including 3D LiDAR and high definition cameras. Comparables get easier in 2H:25 as a higher percentage of Covid-era backlog was converted in 1H:24, with about $50 million remaining to lap in the second half. We anticipate multiple expansion as TNC begins reporting year-over-year EPS growth, driven by ongoing order improvement. The balance sheet provides options, with net leverage under 1x even after completing two strategic transactions last year. We model cash conversion of 100% or more of net income in 2025-2026. TNC says it is focused on potential M&A to support channel expansion, technology development or entry into adjacent markets. Our $115 price target is based on 20x our 2025 EPS estimate of $5.76. Our moderate risk rating reflects the healthy balance sheet and strong cash conversion.