Revenue and mix: Net sales of $452.5 million, -4.5% YoY and -1.45% QoQ. Gross margin: 18.9% in QQ2 2025, down 290 bps from 21.8% prior year due to weaker manufacturing leverage and higher input costs (materials, labor, freight). Operating margin: 9.41% (operating income of $42.6 million on $452.5 million revenue). EBITDA: GAAP EBITDA $51.37 million (11.35% margin); Adjusted EBITDA $60.2 million (13.3% margin). Net income: $27.69 million; EPS (GAAP) $1.81; Adjusted EPS $2.08 (note: adjusted EPS definition excludes mark-to-market FX hedges per management). Leverage and liquidity: Net leverage 1.4x as of QQ2 2025 end; cash $56.7 million; revolver capacity ~$313.2 million available; new senior secured debt facility established Oct 2024 ($500m revolver and $200m term loan). Cash flow: Operating cash flow $11.92 million; free cash flow $1.11 million for the quarter’s year-to-date; cash balance declined from $89.3 million prior year to $56.7 million, reflecting working capital needs in a softer demand environment. Capital allocation: Stock repurchases of 620,000 shares (~4.1% of shares outstanding) in the first half; management re-emphasized a capital-allocation framework prioritizing digital transformation/ERP investments, automation, and share repurchases, with debt repayments deprioritized while leverage targets are pursued.