“Three out of the four, we see good momentum that supports the recovery plan that we've laid out to drive growth in the second half of 2025 -- orders in the first half of '25.”

In context

“over to Baughman on the second question. So, on discrete, certainly, we saw discrete turn positive in the fourth quarter, which is encouraging to see that bottom out and set for recovery as we go through '25. The elements of discrete in Test & Measurement sequentially were up as well quarter-over-quarter, down 7% orders in the last quarter, but that's a significant improvement. So, we continue to believe that we're seeing the early shoots, the green shoots of that market recovery, which gives us the confidence in the forecast that we put for the second half of 2025. Ram, any color? Ram Krishnan: Yes. And to add on the Test & Measurement, we're equally balanced across four markets: Semiconductors, ADG, transportation and our portfolio business, which addresses a broad spectrum of markets. Three out of the four, we see good momentum that supports the recovery plan that we've laid out to drive growth in the second half of 2025 -- orders in the first half of '25. The transportation piece, which is about 20% of our sales in Test & Measurement, which is exposed to the EV markets is one we're watching. That's where we haven't seen the turn, but three out of the four markets have turned. And if you saw some of the results are order pace reported by some of the players in Test & Measurement, the -- space, you can see that market has turned. So, it's supportive of a broad recovery in the industry. Mike Baughman: And Nigel, on your second question, just to be clear, you were asking about the comment with respect to AspenTech being neutral to '25? Ram Krishnan: Yes. Nigel Coe: Yes, neutral. Mike Baughman: Yes. Great. Let me do a couple of things to think about there, and we're obviously not going to talk specifics. But looking at models that have been out”