Nigel Coe
Wolfe Research, LLC

Started with the team from Gates and great pleasure to have Ivo Jurek on stage, CEO of Gates. I think this is the first time we've done a fireside chat for a long time, Ivo. So I'm looking forward to this. And Richard Kwas, Head of IR as well.

So Ivo, I don't think you've got opening remarks or anything, but maybe I'll just ask you. Do you have open remarks? Anything to say before we kick into the Q&A?

Ivo Jurek
CEO & Director

I really don't have anything specific prepared outside of the situation around the globe is actually reasonably constructive despite all of the turmoil that we see on the front pages of new news on a daily basis. And so I'm happy to go to the Q&A.

Nigel Coe
Wolfe Research, LLC

Great. Well, that's a great place to break the ice because lots of questions around how sustainable is the strength that we've seen. We've now had 4 months of ISM above 50%, global PMIs are actually in coordinating expansion for the first time in a very, very long time. So is this real? Is it prebuy? I mean, is it a head fake? Or do you think this is more sustainable?

Ivo Jurek
CEO & Director

Yes. Look, I think that we spoke about this a little bit in our Q1 earnings call. But when you take a look at POS, and as everybody knows, we have a large aftermarket business, about 65% of our revenue comes from aftermarket. So when we look at the POS data, the