“but then we'll get totally green, as we call it, into Q4 and hence, Q4 margin is very solid, up 80 basis points year-over-year and sequentially flat to Q3.”

In context

“that band of expectation that we have. Nicole Sheree DeBlase: Okay. Understood. Yes, that's fair. And then just a follow up on the margin outlook for 4Q, I think you guys said about 27% EBITDA margins. Usually, margins stepped down a little bit sequentially in the fourth quarter. Is the divergence versus normal seasonality just driven by the moving pieces around tariffs? Ram R. Krishnan: Yes. I think for us, in the fourth quarter, as of -- if you're talking versus Q3, the fact that we're holding at that 27%, clearly is an indication of tariff-related pricing getting more favorable in the fourth quarter versus the third quarter. We always planned it that way that we would implement the pricing actions in Q3. We have a little bit of a headwind as it relates to them fully offsetting tariffs, but then we'll get totally green, as we call it, into Q4 and hence, Q4 margin is very solid, up 80 basis points year-over-year and sequentially flat to Q3. Operator: At this time, this will conclude our question-and-answer session and also conclude today's teleconference. You may disconnect your lines at this time. We thank you for your participation, and have a wonderful day.”