“if you take a step back and you look at it year-over-year, you're still seeing the second half margins go up by 110 basis points at the midpoint of our guidance.”

In context

“gher sequentially. So I'm just trying to kind of square that circle a little bit and understand why -- what are the puts and takes that actually take margins down 2H versus 1H when revenue is building sequentially. Anurag Maheshwari: Yes. Thanks, Amit. So yes, our first half margin is 24%. We are guiding between $150 million to 200 for the year. So that would imply at the midpoint that the second half guidance would be around 22.5%. And the delta between the 2 is you clearly see a pickup in volume, productivity should do well. It's essentially the tariff impact that we are seeing in the second half, which is more than 120, 130 basis points. and also pick up investments and stranded costs. So that's a big delta between the first half and the second half, but volume productivity better. But if you take a step back and you look at it year-over-year, you're still seeing the second half margins go up by 110 basis points at the midpoint of our guidance. And that's after absorbing tariff after absorbing increase in stranded costs and higher investment. So it's pretty encouraging in terms of the performance of the second half, which is, obviously, as we go into next year, mitigate more of the tariff impact, there's more productivity that will come through. So overall, the momentum in the second half operationally is similar to where we are in the first half. Operator: Our next question comes from the line of Steve Tusa with JPMorgan. C. Stephen Tusa: Just a quick one to start. What's the embedded assumption on ForEx? I would have thought there was maybe a little bit more upside just given your exposure on the euro. William Brown: Yes. So on ForEx, our headwind on the EPS for the year is about $0.05. On revenue, we think it's about flattish”