With this note, we transition TNC to our Company Sponsored Research platform. We raise our 2H:25 and 2026 EPS estimates to reflect continued order strength and the expansion of TNC's product lineup. Despite ongoing economic uncertainty amid global trade discussions, orders grew 8% year over year in 1H:25 (4% year over year in 2Q:25), as TNC launched its fifth autonomous scrubber and unveiled an outdoor sweeper. 2Q:25 EPS of $1.49 missed our $1.62 estimate, despite revenue modestly topping our forecast, on a softer-than-expected gross margin. Asia Pacific revenue exceeded our forecast in 2Q:25 on strength in Australia, while EMEA was ahead of our projection as FX tailwinds and healthy demand in parts of Western Europe offset ongoing weakness in Germany. Management maintained full year EPS guidance of $5.70-$6.20 with margins expected to improve in 2H:25 on order growth, pricing and cost outs. Tariffs have been largely offset by pricing, with the company expecting current tariffs to remain manageable in 2H:25. Revenue declined almost 4% ($12 million) year over year to $319 million entirely due to about $26 million in Covid-era U.S. industrial backlog reduction in the year-earlier quarter. Robotic scrubbers accounted for about 6% of revenue in 2026. We expect continued market acceptance of the higher priced units will be a key driver for the stock. 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. Our $115 price target is based on 20x our unchanged 2025 EPS estimate of $5.76. Our moderate risk rating reflects the healthy balance sheet and strong cash conversion.