“Finally, regarding the AspenTech transaction, while the effect of the pending AspenTech transaction is not part of our adjusted EPS guidance today, if we had assumed a successful close in the first half of calendar 2025, the minority buy in would not have changed our current guidance range of $5.85 to $6.05.”

In context

“ntially and better on a year-over-year basis compared to the Q1 year-over-year change. We expect adjusted segment EBITDA margin of approximately 26.5% and adjusted EPS between $1.38 and $1.42. Consistent with November's guide, our current guidance includes safety and productivity and a 57% ownership of AspenTech. We have provided the contribution of safety and productivity as a reference for investors to understand when an exit of this business could look like. For the year, we continue to expect safety and productivity to contribute approximately $0.48 of adjusted EPS and approximately $200 million of free cash flow on flat underlying sales. Regarding AspenTech, we are expecting $0.11 in our Q2 adjusted EPS guide and $0.44 to $0.46 for the year, also the same as communicated in November. Finally, regarding the AspenTech transaction, while the effect of the pending AspenTech transaction is not part of our adjusted EPS guidance today, if we had assumed a successful close in the first half of calendar 2025, the minority buy in would not have changed our current guidance range of $5.85 to $6.05. And with that, we will now turn the call back to the operator for Q&A. Operator: We will now begin the question-and-answer session. [Operator Instructions] The first question comes from Jeff Sprague from Vertical Research. Please go ahead. Jeff Sprague: Hey, thank you. Good morning, everyone. Just – and Lal thanks for the color on the geographic and congrats on the anniversary. I didn’t realize today was the day. Could you just be a little more specific on Mexico? Maybe the size of your COGS down there and what parts of your business are most highly exposed? Lal Karsanbhai: Good morning, Jeff. Thank you. Good to hear you. Now, look, I think we feel very comfortable obviously with the understanding of the exposure related to potential tariffs in Mexico. We’ve done the work with our busines”