Thanks very much for standing by, everyone, and welcome to the Itron, Inc. Q4 and Year-End 2011 Earnings Conference Call. Today's call is being recorded. At this time, for opening remarks and introductions, I would like to turn things over to Ms. Barbara Doyle, Vice President, Investor Relations.

Thank you, Abe. And good afternoon to everyone on the call. Today we have LeRoy Nosbaum, our President and Chief Executive Officer; and Steve Helmbrecht, our Senior Vice President and Chief Financial Officer on the call. Also joining us are Marcel Regnier, President and Chief Operating Officer of Itron's Water business; and John Holleran, Senior Vice President and Corporate Secretary. We issued a press release earlier announcing our results. The press release includes replay information about today's call. We also have prepared slides to accompany our remarks on this call, and the slides are available through the webcast and through our corporate website under the Investor Relations tab. Before I turn the call over to LeRoy, please let me cover our Safe Harbor Statement. Please note that our earnings release and financial presentation include non-GAAP financial information which we believe enhances the overall understanding of our current and future performance. We have included all the reconciliations of differences between GAAP and non-GAAP in our financial measures and in our earnings release and financial presentation. Regarding our Safe Harbor, please know that we will be making statements during the call that are forward-looking. These statements are based on our current expectations and assumptions and they are subject to risks and uncertainties. Actual results could differ materially from these expectations because of factors discussed in today's earnings release and the comments made during this conference call and in the Risk Factors section on our Form 10-K, Form 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any update -- any duty to update our forward-looking statements. Now please let me introduce LeRoy Nosbaum, Itron's President and Chief Executive Officer.

Thank you, Barbara. Good afternoon, everyone. Thanks for joining the call. We've got a lot to talk about today, most importantly, the acquisition of SmartSynch which I think really strengthens our solutions portfolio and go-to-market strategy. But before I go there, let me begin with some highlights of our business results, including an update on our restructuring project. Steve will cover the quarter's results in more detail and provide our financial guidance for 2012. I will close the call with my observations about '12 and what I've learned in my first 6 months back at Itron. Then we'll open up for questions. So let's begin. Overall, Q4 was a solid end to fiscal Q11 -- or 2011 and I'm pleased with our results. It was a good end to a tough year in our industry, and let's be honest, a rather tumultuous year for Itron. We ended the year with $2.4 billion of revenue, the top end of our guidance, and non-GAAP EPS of $4.29, above our guidance range of $4 to $4.20. On a full-year basis, our global revenues grew by 8%. You can see on Slide 4 that we had 13% revenue growth in Water, 8% revenue growth in Gas and 13% growth in non-OpenWay electric business. As we forecast, our North American OpenWay sales declined slightly by 2%. But as the graph nicely shows, the 2% loss was more than offset by growth in what we would call our base business represented by the different shades of glue -- blue on the graph. The graph is key to understanding Itron. While we have exciting opportunities beyond our traditional business, OpenWay being one, our strong, steady and profitable base business is significant, and I believe, too often overlooked and undervalued. I'd also point out that our FY '11…

Thank you, LeRoy, and good afternoon. Let's start with Slide 6. We had a very good quarter, with record revenue of $642 million, up 3% from Q4 of '10, driven by strong core operating results in both segments, North America and International. Gross margin was 29.8%, consistent with the year ago. Margin improvement from a more favorable product mix was offset by higher material costs and warranty expense in North America. Adjusted EBITDA for the quarter was $79 million, up 7% from a year ago. We had a GAAP-diluted loss of $1.35 per-share for the quarter compared with GAAP net income of $0.65 a year ago. The main drivers for the GAAP loss were restructuring charges and a goodwill impairment charge, restructuring charges of $65 million related to our reorganization and cost reduction efforts. This amount was higher than our original projection due to higher than expected severance costs at our U.K. locations and additional non-cash charges for asset impairments in 2 of our factories. With these adjustments, we now expect total restructuring charges to be about $85 million compared to our original estimate of $65 million to $75 million. We had a non-cash goodwill impairment charge of $44 million in the quarter related to the finalization of our goodwill assessment testing. Our non-GAAP earnings per share, which exclude the impact of the restructuring and goodwill charges, as well as amortization of intangible assets and debt fees, were $1.19 per share compared with $0.95 a year ago, an increase of 25%. On Slide 7, you can see that unit volumes were up about 1% over the prior year, driven by advanced meter sales. By geography, units sold increased 3% in our International segment and decreased by 1% in North America. In terms of technology trends, we continue to see a…

Thank you, Steve. Let me add just a little color of my own to our guidance comments. Given where we sit today, I think it's the right guidance. Would I like to see revenue higher? Of course. I think the opportunity is there. But in this economic environment, timing of projects can be affected by a variety of forces. So let's get SmartSynch under our belt, see how the U.S. and Europe macro issues are shaking out and we'll give you a mid-year update on our Q2 call this summer. Let me now turn to some final comments. We had a great year in 2011 and a very nice Q4. And as you can see on Slide 4, that growth was built on -- not built on OpenWay, but rather on Electric, Gas and Water business and a lot of it outside the U.S. In fact, worldwide water grew 13% with growth in Europe of 15%. Smart water meters and modules grew 22% around the world with over 2.8 million points shipped. Let me add a few words about gross margins. I'm not thrilled with gross margins of the overall business. But if you back out special warranty charges, we look more like 32% margin versus the 30% shown in our numbers. Looking back 12 quarters, our percent of direct labor has been going down. Our percent of overhead has also been going down. Materials, however, have been going up and special warranty charges have been going up. While nice price increases would fix gross margins, that's not going to happen in this economic climate, we are seeing price pressure. So we're working hard on reducing material costs through global purchasing initiatives. We're working hard on insuring better quality and control over our suppliers who have largely been the cause…

[Operator Instructions] I'll take your first question from Chris Kovacs with Robert Baird. Benjamin J. Kallo - Robert W. Baird & Co. Incorporated, Research Division: This is actually Ben Kallo. Can we just go a little more into your guidance, how much of the guidance is weighted to the International side of the business? And then LeRoy, if you can just give us some idea about your visibility into the international business, that gives you confidence in that guidance. And then on the gross margin front, how do you expect to expand gross margin as your business mix moves more towards the International side where I think we carry lower gross margin?

Well, let me start with the gross margin question and I'll let Steve take the question about how much is International and how much is not. I mean one of the things that we look as we think about gross margins, and I referred to it in my prepared remarks, is you have to back out special warranty. And while I'm not guaranteeing that the special warranty stuff won't crop up again in 2012, I would say that we lost a couple of points on gross margin to special warranty. And we are doing some things to try and get that back under control. Another point I'd make big-time about special or not special warranty but about but about gross margin, is that as we look at Europe, part of our restructuring efforts were a real attempt to put our factories in better shape as we look at 2013 and beyond. So we're closing some facilities. We're moving some production out of some facilities into both facilities with lower cost operations and as well, just bulking up the amount of product that we put through any one facility. That allows us to put more automation in that facility, and accordingly, drive gross margins higher by driving our costs down. So we've got a couple of things going on in there. And lastly, I would say that we really have a pretty substantial effort going on worldwide to combine our purchasing power across the globe and really hit some areas where we can take some costs out by negotiating better prices with our competitors. All of that is on the plus side of gross margins. Now I'd be the first guy to say that in these economic times, everybody's chasing orders, there is a lot of price pressure out there, and as we look particularly at some of the tenders that are going to come forward for smart grid stuff in 2012 late, and on into 2013. I mean, we're going to have to go after some business because other people are going to do the same thing. So I think we've got a nice balance there as we head into '12. Steve, some thoughts about how '12 plays out?

Yes. Ben, just to build on LeRoy's answer, he's covered the margin side of it. Let me talk about the geographic splits. We think about North America, in the last couple of years, it's been hovering at or slightly above 50%. As we look out at the year, we see it more trending in the 40%, 45%, probably higher-end there. EMEA, growing on a relative scale. Again, probably about even with that toward the lower-end of that range. And International, probably about 15% plus or minus. And that is up a couple of hundred basis points as we continue to see growth in both South America and Asia-Pac but particularly in Asia. And then a final comment I'll make is that as we report in 2012, we will be recasting our segments into Global Energy made up of electricity and gas and water. We will also be providing revenue splits by geography starting this year, Q1, North American, EMEA, Latin American, Asia-Pac. We're providing that level of detail as well going forward, but not today. Benjamin J. Kallo - Robert W. Baird & Co. Incorporated, Research Division: Okay. If I may ask one more question, I hear BC Hydro is going very well as far as end points go. Could talk about the actual network deployment, the scheduling there, if there's any deadlines that you got to meet? I saw that the Cisco executive of the smart grid program left today. Does that impact anything with your relationship? And I'll leave it at that.

Yes, we've known for a little while that the Cisco executive was leaving to join another company. We were warned of that and have had deep conversations about how that will be back-filled. So we're comfortable with that, virtually no effect from Itron's perspective at all, a real dedication to smart grid and utility industry on the part of Cisco. I would say that deployment at BCH is going good, both in respects to meters and the network. I would also say that I think it's fair as we move through '12, we'll give you some other updates on that, but at this point, everything going well and precisely as we had expected it to.

Moving on, we'll go to Paul Coster with JPMorgan. Paul Coster - JP Morgan Chase & Co, Research Division: LeRoy, can you just give us a little help on how to shape the revenues for the year? It's not clear anymore what normal seasonality is. So perhaps you can just, sort of, give us a sense of what might happen.

Paul, a couple of things for sure. I mean we're shipping in the front half, a lot of OpenWay to BCH, that goes without saying. In the back half of the year, I think will be again Q4 that's probably tilted up a little bit. I mean, if I had to give you a sense of it across the year, I think it's rather flattish quarter-to-quarter-to-quarter. Paul Coster - JP Morgan Chase & Co, Research Division: Yes, and maybe just a quick follow up on the SmartSynch acquisition. Can you just confirm with us that from a technology perspective, it syncs in with Cisco platform and is there any backlog originating from that acquisition?

Well, I'll let Steve answer the backlog question specifically. But let me give you a couple of thoughts on the technology. First of all, ever since I got back -- so you mean, all the way back at the very front end of September last year. I'm looking at cellular and I'm saying that quite frankly, this is a technology that is coming to its forefront. Pricing of cellular has gotten cheaper. The capabilities of cellular, including the ability to move data in large volumes, clearly, backward compatibility, clearly, security and its general prevalence almost everywhere these days just drives cellular to be a good option to take a look at as a utility. Now cellular is running IP, as is Cisco, and we look at a network and say, "What a great combination to be able to provide where it makes sense, mesh network, where it makes sense, cellular." And together, that's a very powerful product and technology portfolio for Itron. So we don't see any incompatibility there. And in fact, as Itron, we think we're uniquely able to bring our technologies from a communications standpoint as well as meter data collection and meter data management together to form a very powerful offering.

And probably in the second half, this is Steve, we will be seeing some acquired backlog, but what we really see and look very forward to, is the visibility we're getting here because of the signed large contracts that LeRoy talked about at Consumers' and elsewhere go in the future deployment schedule over time, not all of which is contained in -- from backlog as we have defined -- as we define as well. So we're quite pleased with that visibility going forward.

Moving on, we'll now take a question from Sean Hannan with Needham & Company. Sean K.F. Hannan - Needham & Company, LLC, Research Division: So if I could just follow up on some of the SmartSynch thoughts there. Just from a very high-level perspective, can you talk perhaps, LeRoy, what SmartSynch brings to the table strategically when you look at geographies particularly outside of the U.S., given the cellular approach, how quickly are you -- and then also how quickly are you in position to effectively leverage that solution into some other markets?

Let me say that our primary focus was the U.S. as we looked at the acquisition of SmartSynch. But the secondary focus is to what we can do outside of the U.S. So we valued the acquisition wholly, if you will, on its capably and what it brought to us in North America. Now having said that, in many respects, cellular capability outside the U.S., particularly in Europe, is frankly advanced compared to what you see in the United States. For many places in Europe where we believe, as does Stephen Johnston, that the ability to sell SmartSynch technology in Europe is really there and we look forward to exploring those opportunities as we move through 2012. Right now, our primary focus with SmartSynch is going to be bringing them under the Itron umbrella and making sure we do a good job with integration. We'll then make sure that our customers and SmartSynch's customers in the U.S. are getting appropriate attention and they're not lost in the acquisition shuffle, and then we'll turn our eye to opportunities beyond the U.S. And I would imagine that, that would begin in Europe. Sean K.F. Hannan - Needham & Company, LLC, Research Division: That's helpful. And then a quick follow up around the guidance. You've a little bit, both you and Steve about the international versus domestic breakdown. Can you elaborate perhaps on the products' [indiscernible] discussed, as look to 2012 growth in Gas, Electric and Water.

Well, let me say that I think that in general as you look in Electric, and Gas and Water. Our Gas and Water are going to continue to grow, and Electric is the one that is going to be a tougher growth comp from '11 to '12. Part of that is OpenWay in the United States without question. And in fact will be mostly OpenWay in the United States. Having said that, things are continuing to grow around the globe. We are growing in Asia Pacific as we have been for the last several years, and that will continue. We're seeing good, albeit modest growth in Europe in Gas, in Water and tiny bit in Electric, and so I like that. But as our guidance for '12 relative to '11 says, I mean it's essentially flat year-on-year with a little down in '12. The real growth picture for me begins late in '12 and on into '13 and that story is largely a European story, potentially some stuff in South America. And of course, we believe Asia-Pac will continue to do what it's been doing.

And we've got a really long queue of questions and not as much time. So we'd really appreciate it if we could hold to one question.

Well moving on we do have Stephen Sanders with Stephens Inc.

Maybe first, LeRoy, just a follow up on your Europe commentary. France and Spain clearly have some pretty significant macro issues. So what did you hear from the utilities there in terms of the business case drivers that gave you the incremental confidence? And then part B of my question is just the restructuring charges went up to 85. Is the savings still 30 annualized at the end of '13 or do we have something incremental there?

Steve, that one's easy. It's still 13 on an annual run rate and then it'll become full in -- at the end of '13. So full for '14. I met with the head of EDRF, Madame Bayonne, and I asked her straight up, "Is this moving forward or it isn't? And give me the issues." And her response to me is real straight-forward. It's moving forward. Yes, this is France, LeRoy. We always have issues, and we've got a French election coming and that's not going to help just because it takes peoples’ minds away. This is going to move forward, it's going to provide 10,000 jobs when it starts rolling out. There's no way this is not going forward. Iberdrola, same situation, same head of Iberdrola, similar question. Are you moving forward or not? I'm sitting there with them on the day they had released the tender for 1 million points of smart electric meters. It's moving forward. And we just simply have to be prepared. We have to win our share of the orders and I got no different perspective when I was in the U.K. at British Gas or with National Grid in the U.K., nor did I get a different view when I was with Alliander in the Netherlands. I mean one of the thing -- reasons I went over to Europe was to sit down with as many utility heads as I could sit down with and ask that very question. Because as you guys have been skeptical, I have been skeptical and I think that's a reason -- reasonable amount of skepticism. I just didn't find it in reality. Those utilities are well-financed. They have a lot of money, they are willing to spend it. And so I think you have to simply believe them at their word. And by and large, for instance in France, the cost of smart grids are not being charged to their consumer. EDRF also said, "We'll take it. It's our deal. We'll spend it. We are going to get cost savings." That's not universally the case in Europe, but it certainly is at EDRF. So I got to tell you my concern is not whether or not the orders are coming, my concern is participating, my concern, frankly, and I've been leaning all over my factory guys, considering in about 2015, I think we have not enough factory to produce what we're going to need to produce.

And moving on, we'll go to Sanjay Shrestha with Lazard.

That was kind of my question, LeRoy. '12 is what it is, right? It looks like '13 and beyond is really shaping up to be a very big growth year. So how are you guys and the industry if Japan, Brazil, Europe, international markets and even some of these 2 to 4 large opportunities in the U.S. all hit at the same time? How are you planning in terms of sort of capacity for you and for the industry?

Well, Sanjay, that's a question I've been asking my guys a lot and spent a lot of time on it just couple of weeks ago. Because I'm very comfortable in the U.S. We have plenty of capacity, we have too much capacity. And now I'm asking questions about whether or not we can offload some of the stuff that we have to do elsewhere around the world, South America, maybe Europe, although it's harder moving stuff back and forward across the pond, but I think there's probably some things we can do. We have taken some good steps in Europe as we went through the consolidation to both expand capacity in a couple of places and put more automation in some others. So we're expanding capacity in a low-cost country, Hungary. We're increasing capacity with automation appropriately so in France. When we turn to Japan, I think that quite frankly, while I think we have great promise to participate in that business, and we might, in the early days, produce something in -- probably in the United States, we will work in cooperation with a partner in Japan to bring that volume up to speed as that marketplace rolls out. We have the potential of looking at some of the stuff we're doing elsewhere, in Asia-Pac, whether that is Indonesia or elsewhere. So I think we have to be careful to plan for it but I think it's well within our capability. I think the only thing that we have to be mindful of is our global supply chain, including our part suppliers and other vendors have to be ready. And so we're talking with them as to how to make those transitions. But your question is well-found. You guys in subsequent quarters are going to continue to ask me, "Are you sure you can make enough?" That's a nice problem to have.

Now moving on, we'll go to Patrick Jobin with Crédit Suisse. Patrick Jobin - Crédit Suisse AG, Research Division: Just want to do some housekeeping items, actually 3 items. First, the specialty warranty seems to keep popping up here. I guess, what are you doing to address it and how do you see that evolving throughout the quarter -- next few quarters? Secondly is just the FX exchange rate assumption? What are some of the moving pieces there as far as the cost equation, for how it impacts? And then lastly, the $567 million in smart meter backlog. How do you see that hitting the statements in '12 versus '13?

I'll give you the book ends, and let Steve take the FX. Let's start with the $576 million in smart meter backlog. I think about half of that going in '12 and the rest of it trailing out in '13 and the better part of the half will be BCH. As to special warranty, well, I wish I could give you a hard answer, when the hell that's going to quit. And then unfortunately, that's one of those deals where that -- you made the problem but you don't know about it for some days, weeks or months, in some cases, even years, ahead. We'll tell you that we've brought on some quality people and I like the way they're attacking the problem. We're beginning to work a little better with our suppliers in terms of making sure that we understand what they are changing when they make changes. And we're looking across multiple Itron locations to make sure when one location qualifies a supplier, if another location knows something about that supplier, either good or bad, that we are en masse gathering our information and doing a good job there. The unfortunate part about that special warranty is the fact that too much of it was caused by our vendors. Sometimes, we knew that they had made a change, other times, we did not. So we are for sure tightening down on our vendor quality control and we are instituting some new processes and procedures. The tough part about it, frankly, is that we may have done something 6 months ago that will show up 3 months from now. And quite honestly, we don't know. And we think we do a pretty good job on a day-to-day basis. Every once in a while, something comes out. We need to do better. Steve, FX?

Yes, Patrick, we used a $1.37 rate. That clearly, that's a bit high today in terms of the euro dollar rate. So that shapes our thinking on the low end of the range in terms of revenue. In terms of how that flows through EPS, we have a lot of our cost structure in euros, so the change in the euro rates, primarily have impact on revenue, can move that $50 million plus/minus, let's say a little less on EPS. It's the other currencies, if the dollar stays fairly strong, and the other currencies that can have some impact flowing through down to P&L, plus or minus $0.01, let's say. So again we try and take that into consideration in our ranges.

Great. So the low-end of the guidance so is on the revenue side is partially attributable to an FX movement back to spot?

That's correct.

We're now moving on with Craig Irwin with Wedbush Securities.

I know multiple people have asked questions about your restructuring and your guidance. But I just wanted to weave the 2 of those together. Can you maybe shed some light on how much of a benefit from restructuring is included in your gross margin and EPS guidance for the back end of '12? And whether or not the timing of these actions and the benefits of these actions weights EPS to the back of the year? Or if there's potentially a more positive contribution that would push performance towards the higher end of the range if these actions are very, very successful.

Craig, we're going to get to $15 million that we talked about, give or take. So we're comfortable with that. And I think in some respects, it's pretty flat across the year. We were already able to take 140 people out. We dropped that pretty quickly. We've got some great work going on to get rid of some businesses, and we think that, that's not too far down the pike. So I'd say if you look quarter-to-quarter over the 4, I think it's reasonably flat. So I don't think that the effect on EPS is particularly weighted one direction or another. I think it is fair to say that as we consider the $15 million savings, we spent some of it. If you haven't noticed, you'll note that our R&D expenses from '11 to '12 go up. We're going up about $20 million, give or take, in R&D '12 over '11. And the wonderful thing about what we said so far today is that we've got lots of opportunities in Europe, in Japan, in Latin America. The bad thing about all those opportunities, in some form or another, they all take more engineering. And so we're allowing our engineering numbers to go up a bit in various places around the world. We've got a little bit more sales and marketing expense, about -- a little bit in Latin America, some in Europe, as we're making sure we're positioned for opportunities in those places, a little bit in Asia Pacific as well. So while we're getting to $15 million, where some giving it back in a variety of areas. But I think all good investments as we look toward the latter stages of '12 and on into '13 and beyond.

And then moving on we'll take a question from John Quealy from the line of Canaccord Genuity.

The SmartSynch acquisition with CMS, can we sketch out revenue opportunities, is the CENTRON or OpenWay going to be part of CMS, do you think? Just -- We've all been primed to this $100 ASP price in the past. How should we think about this moving forward in timing? And then secondarily, on free cash, excluding the purchase, what should we be thinking about? You had over 1:1 conversion? Should we think a little bit more use of cash to your points earlier, LeRoy?

I'll let Steve take the cash question. OpenWay/CENTRON at Consumers', John, we come into that deal having acquired SmartSynch but with some commitments already made by SmartSynch both to consumers and to other meter manufacturer. We'll see what leverage we can have there. I guarantee nothing. I am hopeful that we can probably participate to some extent in that as to the exact amount of participation I can't tell you today because we have not, as yet, been able to work that aggressively as we will after the acquisition closes. But some help there, I think more promise beyond consumers to be fair about it. And in that realm, we have great synergies as we put SmartSynch communication inside Itron meters and looking very favorably there.

And John, yes, this is Steve. We had a very good free cash flow year, in fact our free cash flow for Q4 was the best ever. If we think about 2012 and we think about it overall, I think relatively a similar cash flow profile and that would be slightly north of the earnings as well in terms of our outlook. So we've talked about, as you mentioned, 1:1, we've had fairly healthy -- very healthy free cash flow the last couple of years reflected as a non-GAAP -- as a reflection of our non-GAAP EPS as well so we see that continuing. And just one other comment that CapEx continues to be fairly modest. We don't see acquisition changing our profile in a major way in terms of capital expenditures.

Operator due to the time let's take one more question. All right?

All right. And that question will come from Steve Milunovich's line with Bank of America Merrill Lynch.

The backlog obviously, has been coming down and the long-term backlog is down quite a bit year-over-year. And you mentioned the Book and Bill business which is going to be very important. Does the backlog concern you much in looking at future revenues or do you have some visibility on this book and bill business that gives you confidence?

As I mentioned in the prepared remarks, we do have confidence in the book and bill business in, for example, in international, where we have not seen a large project-based bookings, we've averaged over 1:1 pretty much over the course of the year. And so that's a reflection, I think, of the stability and the outlook we have going forward.

I would echo that. I am not in the least concerned about the backlog coming down. I mean, we've seen this before, historically, when we get several large orders and, well, they happened to be OpenWay and they happened to be huge. And we're in a bit of a trough here relative to those large kind of smart grid orders. And we'll begin again toward the end of this year on into '13 in a number of locations. So our book and ship capability and our knowledge about that is really, really good. We build up from the ground up every quarter with all of our sales guys and all of our management teams. So I'm very confident with that.

Just one other comment is that our guidance does reflect that our 12-month backlog declined sequentially about $150 million, as I mentioned in my opening remarks. And so we've certainly took that into account as we're looking at 2012.

Okay. Operator, I'm going to make some closing remarks and we'll turn it back to Barbara for a final comment. Everybody on the call, thanks for joining us. Delighted to have you with us today. Sorry to have to cut the questions off, which were great questions. Thank you, appreciate those. We had a great, great 2011, and a strong finish in the quarter. We're pleased with where we are in many respects, positioning both in the U.S., I think you'll begin to see some things happen, both the SmartSynch acquisition and the National Grid announcement today, that make us very happy about our prospects going forward in the U.S. As I said, I'm going to spend more time in Europe. I just think the opportunity there is just fantastic as we look to 13, '14, '15 and beyond. So I'm sitting here today reflecting upon my first bit of time here back at Itron. I like what I see and I like the feel. So I would say to you thanks for joining us, and give you a heads-up that tomorrow, you will see another exciting announcement out of the Water side of our business in the U.S. but I'm not at liberty to share with you yet today. Barbara?

Folks, I got nothing else to add to that one. Thanks for joining us, and we will speak with you during the quarter.

Well, thank you very much. Well, I guess, ladies and gentlemen, that does conclude today's conference for today.