“I do not expect any significant rationalization impact of the order and kind of the way you defined it where things stand down with large one-off payments.”

In context

“ing shut down, maybe you get a big onetime payout and then the business disappears. I guess how should we be thinking about that? Sanjiv Lamba: John, I'd say to you that the rationalization has been something that we have looked at. And to some extent, we internally had kind of mapped out what we thought the pace of that would be. All of that's playing to exactly how we thought it would be. So I'm not seeing any surprises in there. I would also say to you that there are a few customers that are below mTOP at the moment in Europe, largely around steel and chemicals. And I think we still are being paid. The thing that I look at when I look at these large customers is whether we're getting paid the fixed fee, and that's what contractually protects us from any exposure. So we see that happen. I do not expect any significant rationalization impact of the order and kind of the way you defined it where things stand down with large one-off payments. We are just seeing -- again, it's the pedigree of the customers we have, the cost positions that they have, which ensure that these Tier 1 customers in the chemical sector that we serve will remain. They will be much, much the last man standing, if you will. And I feel good about that portfolio. Operator: And our next question comes from the line of Josh Spector with UBS. Joshua Spector: I had a follow-up just on the manufacturing comments. I mean, I think if you look at the declines you're calling out in Europe and then the growth in the U.S. side or Americas broadly, I mean you're doing much better than the PMI metrics than what we're looking at. So just curious if you could comment maybe in a little bit more detail by market or wins and how that is driving itself the quarter maybe some”