Margin Improvement Guidance
Q: Can you quantify margin improvement for the second half?
A: Adjusted EBITDA margins are up 150 basis points year-over-year through six months [0]. We expect full-year adjusted EBITDA improvement but aren't providing more specific guidance by segment or in total [0]. Anticipate a steady trend of margin expansion as continuous improvement initiatives come to fruition [0].

Second Half Growth Expectations
Q: Given 8% growth in H1, why maintain mid-single-digit guidance?
A: We had 8% organic growth in the first half [6]. Second-half comparisons are more challenging due to higher prior-year growth (Q3 7.5%, Q4 8.3%) [6]. We're maintaining realistic guidance of mid-single-digit growth for the second half [6].

Industrial Segment Growth Drivers
Q: What's driving Industrial's strong growth, and will it persist?
A: The Industrial segment achieved 11.6% organic growth [16], driven by the electrification of everything, strong demand in power and controls, and high market demand from our Korea battery lab [16]. Increased demand in the built environment also contributes. We expect these trends to continue [16].

Sustainability of Consumer Margins
Q: Is Consumer margin expansion sustainable, and how?
A: Consumer margins are durable with opportunities for further expansion [7]. Improved cost structures from expense management actions, better efficiencies, and reduced IT costs support margin sustainability [7].

Industrial Growth: Volume vs. Pricing
Q: How much Industrial growth is from volume vs. pricing?
A: Industrial growth is fairly evenly balanced between price and volume [12]. We saw approximately 8% growth in both certification testing and ongoing certification services [12], with no significant resistance to value-based pricing [12].

M&A Strategy and Acquisitions
Q: What's your M&A approach and revenue from German acquisitions?
A: Our M&A philosophy focuses on gaining intellectual property and capabilities hard to build organically [20]. We coincidentally closed two German acquisitions, expecting a combined annual revenue run rate of approximately $20 million [13]. We aim to be the acquirer of choice and also divest non-core businesses [20].

Software Revenue Trends
Q: Why does standalone software revenue appear flat?
A: The sale of our payments testing business, which included software revenue, offset software revenue growth [14]. This divestiture was the main factor impacting software revenue in the quarter [14].

Investment in New Labs
Q: Will new larger labs be more profitable when utilized?
A: Yes, especially in battery technology [15]. Large labs have high economic flow-through and good capacity utilization over time [15]. Though capital-intensive, we seek rewarding returns and confirm demand before investing [15][22].

Pricing Initiatives Update
Q: Any pushback on pricing initiatives?
A: Pricing is holding strong with no significant pushback [19]. Our Net Promoter Scores are trending upward, and customers continue to perceive value in our services [19].

Growth Cycles and Normalization
Q: Will strong growth normalize, and what's the typical cycle?
A: Serving over 35 industries mitigates cyclical impacts [17]. Historically, we've achieved a 7% CAGR over a decade with mild fluctuations [17]. Ongoing certification services (42% of revenue) help reduce cyclicality [17].