“But at the end of the day, we don't expect leverage rates in '25 to be materially different from what we're going to deliver in '24.”

In context

“nal Instruments, it just feels like -- so just to paraphrase the way you've set this up for the second half, third quarter looks pretty flat sequentially on sales, call it, $360-ish million of sales and then we're picking up towards $400 million in the fourth quarter. I just want to verify that, that pickup in the fourth quarter is entirely seasonal. I think when you go back in time, we typically see that coming through in that quarter. So it doesn't feel like we're taking a huge cycle call there. And then with the synergies, do we expect the margins to continue to move higher sequentially through the back half of the year? Ram Krishnan: Yes. I think you summarized it well. Yes, sequentially, margins would be up, correct. And to your '25 question, I mean, it's early for us to plan '25. But at the end of the day, we don't expect leverage rates in '25 to be materially different from what we're going to deliver in '24. Operator: The next question is from Andy Kaplowitz, Citigroup. Andrew Kaplowitz: Well, I know you're still expecting mid-single-digit order growth in the second half after the negative 1% in Q2. So maybe you could discuss how you start off Q3 in April. Give us a little more color into visibility regarding that mid-single-digit growth in the second half. Do you have visibility in the process and hybrid staying at that mid-single-digit level? And then is the mid-single-digit organic growth kind of weighted to Q4, given the turn in discrete then? Surendralal Karsanbhai: Yes. Certainly, Andy. Look, we're off to a good start in Q3. April over April of last year is up double digit, 10%, on orders. Certainly -- and the 3 months has turned positive as well. So we flipped that to the low single”