Good afternoon, and welcome to the Bruker Fourth Quarter and Full Year 2015 Earnings Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Joshua Young. Please go ahead. [06B44C-E Joshua Young] Thank you very much, Amy. Good afternoon. I'd like to welcome everyone to Bruker's fourth quarter and full year 2015 earnings conference call. My name is Joshua Young. I am the Vice President of Investor Relations and Corporate Development for Bruker. And joining me on today's call are Frank Laukien, our President and CEO; and Tony Mattacchione, Bruker's Senior Vice President and Interim Chief Financial Officer. In addition to the earnings release we issued earlier today, we will be referencing a slide presentation as part of today's conference call. The PDF of this presentation can be downloaded by clicking on the earnings release hyperlink on Bruker's Investor Relations website. During today's call, we will be highlighting non-GAAP financial information. A reconciliation of our GAAP to our non-GAAP financial statements is included in our earnings release and in our webcast presentation. Before we begin, I'd like to reference Bruker's Safe Harbor statement, which I show on slide two. During the course of this conference call, we will be making forward-looking statements regarding future events or the financial performance of the company that involve risks and uncertainties. The company's actual results may differ materially from the projections described in such statements. Factors that might cause such differences include, but are not limited to, those discussed in today's earnings release and in our Form 10-K, as well as other subsequent SEC filings. Also note that the following information is related to current business conditions…

Amy, if could you please assemble the Q&A roster.

Thank you. Our first question comes from Brandon Couillard at Jefferies. And I may have mispronounced the name, I am sorry.

Thanks. Good afternoon. Frank and Tony, could you give us a sense of what you've embedded in terms of the organic growth guidance for the year by division? Any color you can give us sort of between BioSpin and the other units? Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: We don't usually give that granularity. Obviously at the end of the year to help everybody with their models we give sort of the full year revenue for each of the three groups. But I don't think we're going into the granularity of providing growth rates for each of the group or divisions. Frank H. Laukien - Chairman, President & Chief Executive Officer: As we mentioned in our prepared comments, we will see strength in our NMR products. The second half of the year was strong from a revenue and an order perspective, but that will be offset of course by continued prolonged weakness in our industrial markets and some of the semi and data storage businesses as well. So that color gives some thoughts on the revenue guidance.

Super. And then one more. Tony, in terms of the 100 basis points of operating margin improvement in 2016, could you help us bridge that sort of between OpEx and gross margin in terms of contributors? And just to make sure I understand your comments correctly, did you indicate that free cash flow would actually be down year-over-year versus 2015? Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: Yeah. So most of the operating profit expansion will come from gross profit margin. With a 3% around market revenue growth rate, we believe that leveraging our production costs and benefiting from the initiatives that we've put in place in the last few years as well as some pricing effects will generate most of the operating profit margin expansion in gross profit margin. With regard to the free cash flow, the implication was, yes, that we don't expect 2016 to be the same in terms of free cash flow generation level; and that's really because of we had a very large amount of customer deposits this year that are very typical with the nature of our long lead time products, particularly in the NMR; and we can't count on that repeating year-over-year. So, yes, that would be the way to look at the cash flow.

The next question is from Steve Willoughby at Cleveland Research.

Hi, good evening. And kind of a two-part question for you. I guess, first, and I apologize if you did say it, but in 2015 what was the impact from FX on your gross and operating margins? And then I have a follow-up. Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: So EPS will be impacted about $0.09 for the full year year-over-year. Frank H. Laukien - Chairman, President & Chief Executive Officer: On FX, I think we've stated that it's minus 8% from FX and minus 2% from portfolio, if I recall.

Okay. I was just trying to see if the 310 basis points you guys expanded operating margins, what the impact from FX was within that number. Because I am just trying to figure out here, when I move into 2016 I see the positive momentum in your NMR business; you're just now starting to benefit from the BioSpin restructurings. I presume that FX is less of a headwind in 20 – like you said, less of a headwind in 2016 than 2015. And so, I am trying to see why operating margins expansion won't be more than the 100 basis points you're guiding to? Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: Well, it's off a much higher level. Obviously, we came in at 300 bps improvement or 306 bps improvement in 2015. So we benefited from some of the BioSpin restructuring already in Q4 and also some of the pricing. Actually, we did expect to – did start to flow through in Q4 of 2015. So I think if you look at it over two years, I think it makes a lot of sense probably. But we really were able to accelerate some of these things already into 2015 and Q4 2015. And I think that – I think if you take a two-year view, I think it actually will probably match your model pretty closely.

Okay. Thanks very much.

The next question is from Dane Leone at BTIG.

Hi. Thank you for taking the questions and congratulations on a very strong finish in 2015. Frank H. Laukien - Chairman, President & Chief Executive Officer: Thank you.

Yeah. I know that's great. You gave a little bit of color on how we should think about the pacing of the year as it relates to the first quarter. Generally speaking, it's always helpful, especially given the large order nature of your business. Should we be kind of thinking about that mid-teens, if we think about the EPS pacing as a percentage of the total year for 2016 kind of that mid-teens for the first quarter and then kind of 20%, 20% and roughly 40% for the fourth quarter again? Or are we thinking a little bit weaker on the first quarter versus the pacing at 2015? Frank H. Laukien - Chairman, President & Chief Executive Officer: So, Dan, the trend will be very similar to what we saw in 2015; meaning that if you look at the operating income generated in the back half of the year, it'll be almost identical – at least that's what our plan is – from what we saw this year in 2015.

Okay. All right. So it's pretty much the same pacing is what we've seen in... Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: Yeah.

Is there anything that we should kind of call out? There was just a question on kind of the segments, but is there anything that you see in the pipe right now that you call out as kind of a big quarter you expect in kind of any specific quarter next year that we should contemplate in our modeling? Frank H. Laukien - Chairman, President & Chief Executive Officer: No. There really isn't anything. This is Frank. There really isn't anything major; and none of the 1.2 gigahertz systems will go into 2016. That may be late 2017 or 2018. There is no ROSATOM pilot line and things that you may be kept track of in the past. That's done. Some of the big contracts at BEST are done. So really nothing discreet that will likely really stick out. And I would add a little bit to the previous comments that our Q4 2015, good results, people really were working very, very hard to make that happen. And so they probably pulled in a little bit from Q1 2016. So Q1 2016 probably will be a relatively weak start to the year and not much of an improvement. But we're very comfortable with the full year guidance, which of course implies an acceleration in Q2 and in the second half of the year. I think that's sort of maybe a useful prospective. Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: And I would just add quickly that in the second half, some of the growth comes – a lot of the growth comes from new products. So that's a big part of the growth story in the second half of the year.

The next question is from Derik De Bruin at Bank of America Merrill Lynch. Frank H. Laukien - Chairman, President & Chief Executive Officer: Derik, are you offline?

Can you hear me? Frank H. Laukien - Chairman, President & Chief Executive Officer: Okay, carry on.

Okay, great. Thank you. So a couple of questions. So on the NMR business, nice pickup in orders there. Can you give us some sense on just the mix of those orders? Whether these are like Bruker replacements or people upgrading system, people that are new to NMR, and one that you think that are like Agilent upgrades? I'm just sort of curious on the mix? Frank H. Laukien - Chairman, President & Chief Executive Officer: Derik, this is Frank. Yeah. I mean all of these things do play a role. Don't really have any quantitative insight for you. But I mean of course we picked up some business from Agilent. Some of it may have gone to our competitor. We've had the price increases that we needed to deliver adequate margins in this business that we implemented a year ago and then we thought would come out in 2016, 2017. About two-thirds of our backlog in NMR probably will be delivered in 2016 and another third goes all the way into 2017. Turns out we picked up a little bit of that pricing benefit already in Q4 of 2015. Of course, there are some new customers, people that go into clinical metabolomics research eventually into laboratory developed tests by IVD-by-NMR and people that use the food screeners, honey screeners, wine screeners, those are entirely new customers,. And quite honestly, it's nice that they can use an NMR even though they're not at all NMR experts. So some of these new applied market areas are also contributing to the growth of NMR. So the answer is sort of all of the above that you mentioned have contributed to the order growth in 2015.

Great. That's helpful. And the multi-biocipher had a nice 10% growth in 2016. How should we think about that in 2017? I believe you have some new modules coming online and should we think about that as still sort of maintaining a sort of double-digit growth rate for next year or for this year? Frank H. Laukien - Chairman, President & Chief Executive Officer: So maybe just to comment on 2015 briefly, Derek. The 10% was including consumables and service, so the systems business is therefore not growing at 10% quite anymore as you might expect. Now that it's a much larger basis, its growth rate for systems business is now in the high-single digits. But the business overall including service and consumables and database upgrades grew at about 10%. Roughly it's the same for bookings and revenue actually. Until the high value resistance assays and maybe even susceptibility assays of the more distant future, until they play a significant role in maybe a second S-curve, that will be 2017, 2018. So I think in 2016 we'll be continuing to grow the multi-biocipher for identification, in clinical applications, of course, also in some pharma and food and non-clinical applications. So given that it's a larger business, you might expect a growth rate that gradually slows down and probably ends up being in the high-single digits for 2016. And any reacceleration of that probably is more of a 2017, 2018 story then.

The next question comes from Tim Evans of Wells Fargo Securities.

Thank you. Within your 3% revenue growth guidance for 2016, can you talk about what you're embedding in there for price? Frank H. Laukien - Chairman, President & Chief Executive Officer: We are not disclosing that, Tim. If you look at prices primarily around NMR, we've said that it was one of several drivers for Q4; and no question it's an important driver for us as we get into 2016. And I'll also point out that some of the pricing increases we've taken already in the backlog will hit not just this year, but also 2017. So really spread between this quarter and into probably the first half of 2017 as well.

Okay. Let me just try a follow-on to that then. Across your portfolio, not just BioSpin, but your entire business, what percentage of your portfolio do you feel like you have room to push a little bit on price? Frank H. Laukien - Chairman, President & Chief Executive Officer: Well, I think we're trying to be pretty price disciplined everywhere. And so in NMR, there was a one-time discrete step. I mean there are other areas where we have incremental price increases annually simply as a matter of commercial habit now. And, of course, I think the biggest driver on the pricing side tends to be when you bring out entirely new system or major new capabilities. And, for instance, we had some very significant new capabilities in some of the products that were introduced last year by our Bruker Daltonics Division relatively late in the year, which is why it didn't help with bookings or revenue anymore. We introduced some pretty exciting products for our preclinical imaging division at the WMIC Conference in September of last year. So as you provide entirely new capabilities like PET/MR or very, very fast MALDI imaging systems, that's when you obviously can do some value pricing rather than increasing prices significantly at least on the existing products. But on existing products and services, we tend to have sort of annual at least inflation adjustments. I think maybe that gives you the various levers that we have.

Thank you. Frank H. Laukien - Chairman, President & Chief Executive Officer: Thank you.

Our next question comes from Ross Muken at Evercore ISI. Luke Sergott - International Strategy & Investment Group LLC: Hey, guys. This is Luke in for Ross. I guess just to start off, can you just give us a little more color on the APAC region and what you're seeing there among your various customer classes? And call out any particular areas of strength or weakness and if you're starting to see a turnaround in those weak areas? Frank H. Laukien - Chairman, President & Chief Executive Officer: APAC is really many different stories. The Japan, relatively weak. Last year in terms of revenue was quite weak; in terms of bookings it was a little better. And don't really see any particular pickup in Japan this year. Currency isn't doing us any favors. China on the other hand has been relatively healthy with academic and research markets being healthier than industrial markets in China as you would probably expect. And some of the rest of APAC, Korea, Southeast Asia, Taiwan, they've been clearly pockets of weakness. And I guess some of these countries depend on exports to China and are becoming a little more cautious. So anything you'd like to add, Joshua, on?

No. I think the key message is that in China for bookings for 2015, we saw bookings expand in the mid-to-high single digits. So as we think about China for 2016, if that bookings trend continues, we're incrementally more positive versus what we saw in 2015 for revenue. Luke Sergott - International Strategy & Investment Group LLC: That's great. Thanks. And I guess to follow up with that, you guys talked about your four strategic areas of growth that you're investing in. I guess if you can give us a little more top level thinking about like why you think that now is the best time to invest for this growth. And what kind of additional investments should we be looking at for in 2016? Frank H. Laukien - Chairman, President & Chief Executive Officer: Well, we've been investing in this growth all along in our transformation. Our transformation was never just a cost cutting exercise, but of course cutting out cost and getting to a reduced footprint and changing the portfolio; and all of that did take place. But there was also already a significant reinvestment in some of these new product and market opportunities; and that will simply continue. There is no discontinuous additional investment in 2016. The reinvestment trends over the last three years are simply continuing and everything that you've heard is in the guidance and in our budget and business plan. So it's nothing brand new there in terms of investments, but it's been an reinvestment story all along and that continues.

The next question comes from Steve Beuchaw at Morgan Stanley. Steve C. Beuchaw - Morgan Stanley & Co. LLC: Hi. Good afternoon, and thanks for taking the questions. Just a really simple question on NMR. After a year of very strong order trend, some price, some volume – there are number of drivers behind it, right. Academic is a little bit better, Europe is a little bit better, and you have the opportunity to gain share. How did you see over the course of the year that funnel evolving now? As you come out of the year and come into 2016, how do you think 2016 sets up in terms of the potential to maintain a double-digit order growth pace? Frank H. Laukien - Chairman, President & Chief Executive Officer: I mean, I don't think the long-term growth rate in NMR is not double-digit, so it will slow down for sure on the booking side, because the 2015 strong bookings of course had to do something with Agilent leaving the business and with us raising prices. But it also came right after a pretty significant double-digit drop in 2014 or call it a correction of whatever it was in 2014, so some of that we made up for that at least in part. So longer-term growth rates for NMR, as I've said at some conferences maybe a couple of years ago or three years ago, I might have still expected them to be in the low-single digits. But given some of the new applied markets, some of the new ultra-high field trends into intrinsically disordered proteins and so on, I am actually now more optimistic that long-term growth rates for the NMR market are in the mid-single digits, but no, double-digit growth rates in orders are not sustainable. Steve C. Beuchaw - Morgan Stanley & Co. LLC: And then just thinking about the backlog progression, would it be safe to say a pretty significant chunk of what we had in terms of the NMR backlog build in 2015 will drive 2017 revenues? Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: We convert about 60% or two-thirds of our backlog in any given year. So about a third of the backlog well – revenue or – will revenue in 2017 and two-thirds in 2016. Frank H. Laukien - Chairman, President & Chief Executive Officer: And that's clearly an NMR comment. I think that's what also your question drove at. It's obviously different for other product lines. Steve C. Beuchaw - Morgan Stanley & Co. LLC: Got it. Thanks so much. Frank H. Laukien - Chairman, President & Chief Executive Officer: Okay.

The next question is from Doug Schenkel at Cowen & Company. Chris Lin - Cowen & Co. LLC: Hi, this is Chris Lin on for Doug today. Thanks for taking my question. I think in the past the sustainability of margin expansion has been an issue, but it does look like recent results and guidance demonstrates solid sustainability going forward. Could you just talk about some of the things that you give confidence in the sustainability of margin expansion over the next several years? And then, Frank, I believe you recently talked about your longer term margin expansion target. Could you just help us think about how dependent that target is on revenue growth versus realizing the benefits from all the restructuring initiatives you put in place over the past several years? Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: Yeah. I'll take the first part of that question. So we're very confident with the restructuring initiatives and the transformational initiatives we put in place over the last few years. The focus on price and incremental volume at market growth rates that we can effectively with good operating leverage grow our gross profit margins and our operating profit margins by leveraging our production cost and distribution cost and not letting SG&A grow faster than the growth rate on the revenue line. So we feel even at the market growth rate that we're seeing that we can deliver strong operating profit margin expansion, given the way we've landed on our operating model going forward. And we feel like there is few years of runway in that regard as well. Frank H. Laukien - Chairman, President & Chief Executive Officer: I agree. So, for 2016, I mean a lot of what will drive 2016 operating margin expansion were the actions we took in 2015. And I think that simply summarizes what all the different points that Tony has made. Of course, to drive that into 2017, 2018 and beyond, we'll have to do more things in 2016. But I think between all the actions that we have been taking and continue to take, I really don't see any reason why we wouldn't have really quite a few years of continued margin expansion ahead of us.

The next question is from Tycho Peterson at JPMorgan.

Hey, thanks. Maybe, Frank, on that last point, you've obviously done a lot of the restructuring at this point. Can you maybe talk as to how much of a focus and how much benefit you think you can get this year from supply chain maybe leaner manufacturing, things that are beyond kind of the initial heavy lifting on the restructuring you've done? Frank H. Laukien - Chairman, President & Chief Executive Officer: Yeah. Tycho, we think obviously from the restructuring at BioSpin, which is really just finished by the end of 2015, that will have a big effect on 2016. And of course there are some minor restructurings that are going on. Now really as an ongoing process and management process, we're probably not going to outline those or talk about these at the headline news level very much anymore, because they're not quite of the magnitude of a CAM restructuring or the sizable Bio restructuring last year. So there is ongoing footprint consolidation and also lean initiatives and more outsourcing going on as part of our operational excellence base. So we haven't really quantified that externally of how much we're going to drive that. And quite honestly what we're driving in 2016 really will have more of an effect on 2017. I think it will be fewer discreet items to track separately and it will just flow into this obviously ongoing goal of having 50 bps to 100 bps operating margin expansion. Hopefully, it's just about each year. And this year, 2016, we're signing up for the 100 bps from everything that we've implemented already and intend to do. Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: Just a short addition.

And then... Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: Yeah. Sorry, Tycho. Just a short addition. With the heavy lifting kind of behind us, we're really focused on the continuous process improvement and leaning out the production and the supply chain. That clearly is a focus. But what we'll also focus on is marrying that up with smart tax planning as well. So as we advance on continuous process improvement in our supply chain and production processes, which is a lot of opportunity, we'll add to that smart tax planning, which will give further benefits going out in terms of EPS expansion.

And then if we look at some of the businesses, where you had headwinds, preclinical imaging obviously continues to be a bit of a drag. You talked about some of the new products that were introduced last fall. And maybe can you just talk about how you think about potential recovery in that business? And then similarly in NANO services, where things have been tough, do you see any hope there? Frank H. Laukien - Chairman, President & Chief Executive Officer: Yes, we see hope. So good questions. Preclinical imaging in the BioSpin Group with the products – first of all, we really had it – it had – 2014, it had record bookings and revenue. So it's a little bit even in the preclinical MRI just its own little mini cycle. So we expect a recovery there, a modest recovery there. And then the new product cycle with NMR and a new cryo-free 3 Tesla, a new optical molecular imaging system and a very exciting new PET system. Those are all going to – none of those contributed to 2015 anymore, but we all expect good contributions from that new product cycle in PCI in 2016. Especially in 2016, beyond the MRI cyclical recovery, we're expecting quite a bit of a drive from the new product cycle. At BNS, it's a little the academic setting. Actually they do a lot research systems, they sell a lot of systems also into areas that are well-funded by NIH, such as cell biology and neuroscience. So those are all good growth drivers. We're actually somewhat hopeful that this year finally that this the year where semiconductor tools may become healthier and healthier as the year progresses. We see that a little bit internally, but then by simply looking at the larger pure plays in that space, we're encouraged, whereas this maybe 15% of Bruker that are really traditional non-semiconductor industrial markets and that are somewhat concentrated in the NANO group. But of course they also exist elsewhere. For those, we expect relatively weak markets this year. So BNS is not only industrial, it's also semiconductor, which we think will pick up; and life sciences which we think will pick up including benefiting from a tailwind from NIH funding and similar funding elsewhere in the world. So it's a much more positive mix picture than perhaps sometimes people assume and they think that BNS is all industrial. It luckily is not. We've changed that portfolio quite deliberately over time.

Next question is from Bryan Brokmeier at Cantor Fitzgerald.

Hi. Thanks for taking the questions. Frank, you just mentioned a little bit about new products and you talked earlier about it. Could you quantify the impacts in 2016 that you're expecting from new products and how that compares to 2015? Frank H. Laukien - Chairman, President & Chief Executive Officer: We don't quantify that for competitive reasons and there's too much granularity there, but we expect a healthy benefit from the introductions of 2015. And of course while we don't discuss what they are, we expect some exciting product introductions again in 2016, which then, however, typically end up being 2017 drivers. And I think the rate of meaningful innovation in products and in getting with new products or new applications into adjacent markets such as explosive trace detection and other examples, I think, continues to be very, very healthy.

Okay. And you used $65 million to buy back shares during the quarter and you also acquired Jordan Valley. How should we think about your cash use in 2016 and what cash balance level are you comfortable maintaining? Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: Yeah. In terms of capital allocation from a CapEx perspective, there is no major need right now. We have guidance of about $50 million, and that allows for some maintenance spending, ERP and CRM, additional footprint consolidation if necessary. So no major CapEx there. M&A, we have a great technology portfolio. So we don't need significant M&A for that reason. We're very pleased with the collection of businesses that we have and we've done some portfolio trimming with CAM. So we like the three basis businesses we have. So the M&A would be focused more around bolt-on – to bolt through those great technology positions we have, but nothing transformational would use capital. And, of course, the share buyback program, we have quite a bit left on the share buyback. And given where the stock is trading at now, we'll like buying it back at the lower levels that it's at. And if more uncertainty causes it to be lower, then that's where we'll deploy capital.

The next question is from Miroslava Minkova at Stifel. Miroslava Minkova - Stifel, Nicolaus & Co., Inc.: Hi. Good afternoon, guys. Congratulations on the quarter. Frank H. Laukien - Chairman, President & Chief Executive Officer: Thanks. Miroslava Minkova - Stifel, Nicolaus & Co., Inc.: Let me start maybe with the CALID Group. It had very strong growth over the course of 2016, I think it even might have strengthened in the back half of the year, and there were some strong orders in detection there. So I was wondering if you could give us a sense for what are you expecting for CALID heading into 2016 and what would be the drivers for this year? Frank H. Laukien - Chairman, President & Chief Executive Officer: Yeah. So clearly detection was a bit exceptional in 2015. So we expect lower volume in detection in 2016. Bruker Optics we think will be somewhat steady. And I think the Daltonics business, we're expecting healthy bookings increases this year, probably nothing extraordinary, but we expect that that business in terms of bookings will grow roughly with the markets. And I think the mass spec markets are generally healthy markets. So I mixed probably revenue and bookings a little bit here, I apologize. But did that address your questions or... Miroslava Minkova - Stifel, Nicolaus & Co., Inc.: Yes. I was just trying to get a sense for – again it continued to grow and relatively it has been sort of above corporate average pace for the past several quarters or so? Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: Yeah. We're planning market base growth. Miroslava Minkova - Stifel, Nicolaus & Co., Inc.: Okay. Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: And that's…

The next question is from Isaac Ro at Goldman Sachs. Isaac Ro - Goldman Sachs & Co.: Hi. Good afternoon, guys. Thank you. Question on pricing. I know you guys talked about – or was it you didn't want to talk too much about 2016. But I was curious if you could maybe recap for us, just to give us a little bit of a baseline, what pricing contribution was in 2015 and then specifically in 4Q given your earlier comments? Frank H. Laukien - Chairman, President & Chief Executive Officer: Yes. So as we mentioned earlier, we're not going to break that out separately. I think if you look at our portfolio, clearly in I'd say parts of our portfolio we're able to take price, but in other parts, particularly those in the industrial or semiconductor markets, price is a lot more competitive right now due to the fall in volume. So as you think how that flows through to the corporate P&L, most of what will flow through will be those NMR pricing increases in 2016 and in 2017. Isaac Ro - Goldman Sachs & Co.: Okay. Thanks, and just a follow-up. I think we've all been encouraged by the execution in the course of 2015 played out and looking to get a little more comfort that that will continue this year. I was hoping you could maybe give us a little bit of an update on specifically the CFO search kind of status there, when we might get some clarity? And then secondly, internally, some of the operational programs that you have in place that you need to really focus on to hit some of your guidance. So whether that's IT or back office systems, anything that's really outstanding I'd be interested to know kind of what…

The next question is from Dan Arias at Citigroup.

Afternoon, thanks for the questions. Frank, to your last comments, roughly speaking, what percentage of the business is now fully under the umbrella of your ERP system? And maybe how should we think specifically about ERP cost this year relative to 2015? Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: Yeah. I'll answer that, Dan. It's Tony. There's about 60% of our business is on the two major platforms that we have on SAP, and we just completed the merger of those two platforms. So that's the basis for our ERP template going forward. So we're really working on – now that we have a common platform, we're really working on harmonizing the underlying business processes and then embedding those in a template that that platform will carry and we'll roll that out into our commercial businesses and production entities over the next few years.

Okay. That's helpful. And just on BioSpin, I am curious whether you think maybe the pricing increases and the restructuring that you've done in NMR are enough to bring the BioSpin gross margins in line or close to in line with the other businesses? Or is there still enough of a gap there to have maybe a bit of a dilutive impact from that business being a bigger part of the mix? Frank H. Laukien - Chairman, President & Chief Executive Officer: We're obviously as we – the BioSpin gross margins are moving in the right direction for sure. Our operating margins are above the corporate average anyway, but I think we can do more on gross margin of the BioSpin Group over multiple years. We're not giving multi-year guidance, but as Tony said earlier, of our 100 bps operating profit margin improvement that we're signing up for in 2016, the majority of that has to come from gross margins. It will be more gross margin improvements than OpEx leverage. And, of course, BioSpin is a significant part of that. BioSpin has – it has margins, gross margins that are maybe a little bit lower than the average. But on the other hand, its SG&A cost tend to be a little bit lower as well. And, of course, for the smaller systems in BioSpin, they're more comparable with the smaller systems of Bruker Optics or mass spectrometry. But I don't see BioSpin as a drag. I think I see BioSpin this year and last year very much as one of our drivers, and I actually expect that to continue for several more years. I am not worried about BioSpin as a drag. I was a little bit worried in 2014 when the orders came down and it was a drag, but it's recovered really very nicely; and I think it's going to be one of the healthy drivers in 2016 and beyond.

Okay. That's great. Thank you.

The next question is from Shawn Bevec at Deutsche Bank.

Yeah. Thanks, guys. I know it's still quite early in the year, but have you guys seen any of the recent intensifying macroeconomic concerns weigh on orders so far this year? Frank H. Laukien - Chairman, President & Chief Executive Officer: It's too early, so I'm not aware of it. But of course everybody is watching what's going on around us and what you read in the papers with some concern. And I think we're going to maintain cost discipline and I think we're trying to get leverage on reasonable growth. We're not betting everything on growth, only growth will give us operating margin leverage. So I don't have any internal data that gives me concern. But as I look at the macro picture all around us like everyone else I'm wondering. But as we update, as we report Q1, then in early May we'll perhaps have a somewhat better read on that. At this point, I don't really have anything that's going to be meaningful. Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: Hey, Shawn, just to put a little bit more color on that. If you look at the pharma, biopharma and academic and government markets, that's probably about 65% plus of our business. So the most exposed piece would be the industrial part of the business, which is somewhere between 15% to 20%; and that's one of the areas we're watching closely. Frank H. Laukien - Chairman, President & Chief Executive Officer: And within that, I think the biggest piece within industrial is semiconductor; and I think semiconductor and tools, we're actually more optimistic than you heard us in a while based on what we see in that space and Intel and others committing to more CapEx this year and of course us having a bigger footprint with the – and a very relevant footprint with the Jordan Valley Semiconductor acquisition that gave us some of the key X-ray metrology tools for going to smaller nodes and 3D structures. So...

Okay. Frank H. Laukien - Chairman, President & Chief Executive Officer: Yeah. I think those are the drivers.

And quickly on the operating margin, just going back to that real quick. What do you think the operating margins for Bruker can look like much longer term? Do you believe that a 20% plus operating margin more in line with your tools peers is achievable? Frank H. Laukien - Chairman, President & Chief Executive Officer: We're not going to comment on that. We just haven't given the long-term guidance. At this point, we again have just given one year guidance. We have obviously said at various conferences and I'll say it again that we think we have a lot of runway ahead of us. We have not given a target of where this will end up; and we may do so later this year if we were to hold an Analyst Day. But for right now, we're comfortable. And obviously, we're very glad. We made a big step forward. We kind of skipped the year last year by doing two years of progress in one year in operating profit margin, if you like. And I think we're going to – from everything that we've put in place already, and of course we're not done managing the business, I think we'll have a decent year of operating margin improvement. But we have not picked a target number and I won't do so right now. But for now we'll simply go with the annual guidance. And hopefully we can deliver that again as we did last year.

The next question is from Eric Criscuolo at Mizuho.

Thanks. Good afternoon. Frank H. Laukien - Chairman, President & Chief Executive Officer: Hello.

Tony, what was the outstanding share count at the end of 4Q? Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: It was around 163 million before the dilutive effect of stock option exercises.

Thanks. And then just getting back to the macroeconomic question. What kind of impact, if any, are you guys seeing from the oil markets? And has that changed in any way since the divestitures? Frank H. Laukien - Chairman, President & Chief Executive Officer: Yeah. Thank goodness. I mean, we didn't see that coming. But in fact a lot of the divestitures in ICP-MS and GC and GC single happen to have energy markets, oil markets as a particularly important market. And coincidently – I wish I could take credit – but coincidently we divested of these for other reasons and then it turned out that the markets for those things are really hurting right now. We have some relatively minor involvement in energy markets. Of course, some of our instruments are sold into energy markets. Some big oil companies and national oil companies or oil research institutes sometimes buy a $2 million FTICR MS, FTMS system for petroleum mix research; and that's not so much effected anyway by the otherwise somewhat abysmal economic situation in the energy market. So in short that has very little effect on us. Of course, some secondary effects perhaps, but overall that has very little effect on us.

The next question is from Sung Ji Nam at Avondale.

Hi. Thanks for taking the questions. I have two quick ones. First of all, Tony, I understand why the tax rate was lower in 2015 versus 2014. But for 2016 guidance why is it higher, what's driving that? And second question is, is preclinical imaging still roughly 20% of BioSpin revenue? Thank you. Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: The higher tax rate is simply because we are now a tax payer in the U.S. The reason why the rate is lower is because we reversed some valuation allowances against future tax benefits because we had tax losses in the U.S. We now are tax payers, so more of the mix of our jurisdictional pre-tax income will be in the U.S. and that carries a higher tax rate. And if you don't – could you repeat the second part of your question. Frank H. Laukien - Chairman, President & Chief Executive Officer: Yeah. The second part, preclinical imaging is just a little bit under 20% of overall BioSpin revenues for FY 2015. Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: Okay.

The next question is from Aurko Joshi at William Blair. Aurko Joshi - William Blair & Co. LLC: Hi. Good afternoon. Can you hear me? Frank H. Laukien - Chairman, President & Chief Executive Officer: Yes, we can. Anthony L. Mattacchione - Interim CFO, Senior Vice President of Finance & Accounting: We can hear you. Aurko Joshi - William Blair & Co. LLC: Yeah. I just had a quick question regarding some that discussed upside drivers on leverage and organic revenue growth. I know you went kind of group by group, but where do you see an end market which you think may surprise investors in general as discussed? Frank H. Laukien - Chairman, President & Chief Executive Officer: Well, if you're getting at the biggest source of upside as we think about 2016, obviously whenever we have large NMR deals that close that is one source of potential upside; and then the new products as well is also going to be a potential source. So some of the ultra-high fields, when you get above 1 gigahertz is 2017, but some transactions could still be in the multi-million dollars for 2016 as well.

That is all the time we have allotted for today's call. I would like to turn the conference back over to Joshua Young for closing remarks.

Thank you very much everybody for joining us this evening. Bruker will be presenting at the BTIG, Cowen and Barclays healthcare conferences in the first quarter. We invite you to meet us at these conferences or visit us at our headquarters in Billerica, Massachusetts. Thank you, and good night.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.