Good morning and welcome to the Regal Beloit First Quarter 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 Mark Gliebe. Please go ahead.

Thank you, Andrew. This is John Perino. Good morning and welcome to the Regal Beloit first quarter 2015 earnings conference call. Joining me today are Mark Gliebe, Chairman and CEO; Jon Schlemmer, COO; and Chuck Hinrichs, Vice President and CFO. Before turning the call over to Mark, I'd like to remind you that the statements made in this call that are not historical in nature are forward-looking statements. Forward-looking statements are not guarantees, since there are inherent difficulties in predicting future results and actual results could differ materially from those expressed or implied in forward-looking statements. For a list of those factors that could cause actual results to differ materially from projected results, please refer to today's earnings release and our filings with the SEC. We also mention that we are presenting certain non-GAAP financial measures in this presentation. We believe these are usual financial measures for providing you with additional insight into our operating performance and for helping investors understand and compare our operating results across accounting periods and in the same manner as management. Please read this slide for information regarding these non-GAAP financial measures and please see the appendix, where you can find reconciliations of these measures to the most comparable measures in accordance with GAAP. Now, I'll turn the call over to Mark. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Thank you, John. Welcome and thank you for joining our first quarter call and thank you for your interest in Regal. Before I begin today, just a quick comment. You may have noticed during our introductions that John Perino's title has changed. John has been recently promoted to the role of Vice President of Financial Planning and Analysis, reporting to our CFO, Chuck Hinrichs. John will continue to support the investor relation needs of…

Thanks, Chuck, and good morning, everyone. I'd like to give you some updates on the end markets, customer demand, new products and our simplification efforts. I'll cover two of the three reporting segments, Commercial & Industrial Systems and Climate Solutions, and then Mark will comment on the Power Transmission Solutions segment. Let's start with Commercial & Industrial Systems. Overall, sales were $456 million, a 1% increase from prior year. Foreign currency negatively impacted sales by approximately 5%, offsetting the acquisition growth of 5%. We experienced strength in our Global Power Generation business, as well as our North American motors business. However, that growth was partially offset by weakness in oil and gas and China. In North America, our motor sales grew for the second quarter in a row with strength in distribution, commercial HVAC and a number of general industrial end markets. This was similar to what we experienced in the fourth quarter of 2014. However, we did see the order rate soften as we progressed through the first quarter. Adjusted operating margin was 8% of sales, declining 50 basis points from the prior year. The impact of the lower oil and gas volumes and foreign currency combined to create a 100-basis-point headwind on our operating margin in this segment. However, our self-help activities allowed us to claw back 50 basis points. Given the increased pressure from currency and oil and gas, we're accelerating a number of actions to reduce cost and further simplify the business. The largest of these moves is the restructuring of our Kentucky-based motor parts making operations where we're exiting two facilities in Kentucky and shifting those operations closer to our assembly facilities in Mexico. We're at the halfway point on this transition and we're targeting to be substantially complete by the end of the third…

We will now begin the question-and-answer session. At this time, we will pause momentarily to assemble our roster. The first question comes from Samuel Eisner of Goldman Sachs. Please go ahead. Samuel H. Eisner - Goldman Sachs & Co.: Yeah. Good morning, everyone. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Good morning, Samuel. Samuel H. Eisner - Goldman Sachs & Co.: On the comments that you made in the press release and then also just now regarding the slowdown in March and the continuation in April, can you talk a bit more about the different segments of your business that have seen that dynamic? And was April a further kind of deceleration from the March rate or did it kind of flatten out from March to April? Thanks. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Yeah, no problem. I would say April was similar to March – they didn't get any worse. And primarily where we saw the slowdown was in the Commercial & Industrial segment, and I would say that was – further deterioration in oil and gas as we burned off the backlog and then also an impact in China and also in our legacy PTS business. So, we had very strong performance kind of across the board, and that probably took a step down in the month of March. Samuel H. Eisner - Goldman Sachs & Co.: Got it. And then when you look at the expectations for PTS and you commented that the synergies in the back half of the year are going to offset some of the, I guess, volume weakness that you're seeing, do you expect that that business – have you changed your expectations for accretion for either the 12 months or the impact on 2015? Just want to…

The next question comes from Josh Pokrzywinski of Buckingham Research. Please go ahead.

Hi. Good morning, guys. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Good morning, Josh. Charles A. Hinrichs - Chief Financial Officer & Vice President: Hi, Josh.

So, just a question on the outlook in some of the revisions you guys have made. If you had to think about how you came in this quarter versus your own expectation, I know you don't give quarterly guidance anymore, it sounds like a few things trended better than you would have expected. Should we think of that $0.05 reduction at the midpoint as maybe a $0.10 or $0.15 reduction to 2Q through 4Q? I guess – any way you guys can dimension that would be helpful. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Well, the $0.05 of reduction is largely an impact from currency. If you think about currency impact on the year, the currency got worse from the time that we provided our guidance. And that would be the biggest contributor which would kind of impact evenly throughout the year.

Okay. So, the core outlook for 2Q through 4Q then isn't changing? I was just trying to tie back to the comments that March and April were a little more sluggish and trying to determine what of that is in guidance versus not in guidance. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Well, yeah. I mean, no question. From the point at which we started the quarter, things got slower. No question about that. So – but I would say the biggest contributor to the $0.05 decline was certainly currency. There's a little bit in there from volume – lower volume expectations for the year as well.

Okay. And then just on the free cash flow from here, I understand there's probably some moving pieces with the close and how D&A steps up from here and certainly the working capital impact of the timing. But can you help us, Chuck, with D&A run rate kind of quarterly from here? And then is there anything else on the working capital side we need to kind of watch for to hit that 100% conversion? And just, I guess, you guys are starting out a little bit more in the hole than usual, given the timing of the deal. And I'm just trying to get back to that 100% and having a hard time. Charles A. Hinrichs - Chief Financial Officer & Vice President: Sure, Josh. Thanks for your question. Yeah, the free cash flow in the quarter was negative because of the increase in sales and then the required investment in working capital. On the PTS side, we had also the seasonal increase, but because of some of the accounting adjustments and transaction costs, op profit and contributing cash flow for PTS was impacted. So, it's normal for us to see that kind of an increase in working capital. And I have no concern that we're not going to be back on our normal pattern of generating free cash flow throughout the year and continue to make reductions in our debt as planned.

And what was the – what's the run rate for D&A kind of after this quarter? Charles A. Hinrichs - Chief Financial Officer & Vice President: I don't have that number in front of me, Josh. We'll have that in the 10-Q that's filed later this week for the full year. There was a modest increase in D&A as we continue to finalize our purchase accounting.

Okay. That's helpful. I'll get back in queue. Charles A. Hinrichs - Chief Financial Officer & Vice President: Okay.

The next question comes from Julian Mitchell of Credit Suisse. Please go ahead. Julian C. H. Mitchell - Credit Suisse Securities (USA) LLC (Broker): Hi. Thank you and congratulations, John, on that move.

Thank you. Julian C. H. Mitchell - Credit Suisse Securities (USA) LLC (Broker): I guess my first question would be on the C&I margins. Does the midpoint of your earnings guidance embed that those C&I margins are up for the year? They were down slightly in Q1. Just wondered how we should think about that margin maybe turning back up and how quickly that could happen. Mark Joseph Gliebe - Chairman & Chief Executive Officer: So, I would say for the year, Julian, the big contributor was the lower oil and gas volume. That was the big contributor to the decline in the quarter. Secondarily, we had a currency change – currency headwind in the quarter. We don't see either of those two things changing for the quarter, so I would guess there will be pressure on margins in the C&I segment through most of the year. Julian C. H. Mitchell - Credit Suisse Securities (USA) LLC (Broker): Thanks. And then just on the restructuring charges, looked like the charges was taken down from sort of $0.21 to $0.16, maybe just talk a little bit about the background there. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Yeah. So, we actually had a good guy in the quarter relative to the closure of our Springfield facility. We actually had to give back in the quarter that it was $1 million less than we had originally anticipated, which is good news. We had to spend less than we thought. So, that was the principal change in the quarter. Julian C. H. Mitchell - Credit Suisse Securities (USA) LLC (Broker): Thanks. And then lastly, should we expect organic sales to probably be down year-on-year in Q2? Mark Joseph Gliebe - Chairman & Chief Executive Officer: Well we don't typically provide revenue guidance. However, the color around it is, as we go into the second quarter, on the Climate side, we still have headwinds around the SEER 13 pre-build, that'll be the big headwind there. On the C&I side, we'll have headwinds from oil and gas. Currency is a headwind. So, we had 1% in the first quarter. And with that color, I think you should be able to think – that's the color we can provide on the second quarter. Julian C. H. Mitchell - Credit Suisse Securities (USA) LLC (Broker): Thanks. That's very helpful. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Thank you.

The next question comes from Mark Douglass of Longbow Research. Please go ahead.

Good morning, gentlemen, and congratulations, John.

Thank you, Mark. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Morning, Mark.

Regarding the facility closures in C&I, I might assume that that was already embedded in prior guidance, it just wasn't announced yet until you were ready to make the moves, or is that incremental?

Mark, this is Jon Schlemmer. That's correct. We had made – we had planned those in our forecasting, but we had not yet announced those. That's why we weren't able to talk about it on the last call with any specifics.

Okay. Thank you. And then the $15 million impact of the pre-build in Climate, you said $15 million in the first half?

Correct. $15 million of headwinds in the first half, and then the $15 million comparison, difficult comparison in the second half. Mark Joseph Gliebe - Chairman & Chief Executive Officer: And I'll just add, Mark. As we came out of Q3 and Q4 last year, that was our best estimate of what was pre-build.

Right. Mark Joseph Gliebe - Chairman & Chief Executive Officer: And so, therefore, we believe that that has to come up. Most of our customers are telling us that they believe the pre-build will be – pre-build sell-off will be complete by the end of the first half.

Okay. Is it fair to assume that most of that $15 million was in the first quarter? Mark Joseph Gliebe - Chairman & Chief Executive Officer: Yeah. It's tough for us to know for our own planning purposes. We're thinking about evenly split, but it's difficult for us to know.

Okay. That's helpful. And then finally, Chuck, on the free cash flow, I understand why the first quarter was a little light. You're still expecting 100% of conversion. But I know a little while ago, you talked about potentially you've seen $300 million. What's changed between, I think it was December when you were talking about $300 million of free cash flow and now where I'm thinking probably closer to $250 million, $260 million? Charles A. Hinrichs - Chief Financial Officer & Vice President: Well, Mark, no real change. Thank you for your question, but we have always ranged that free cash flow and potential debt reduction at $250 million to $300 million. And so, to the extent our guidance effectively for 2015 has not changed, we are still committed to generating that free cash flow for debt repayment in 2015. It's just the first quarter where we typically see a large increase in working capital to support the sales growth.

Okay. Then my last question probably. So, with that, the debt repayment, there's enough of debt on the books, you can repay $200 million plus of debt in the year, it's not all fixed. Charles A. Hinrichs - Chief Financial Officer & Vice President: No, it's a term loan with prepayment abilities that we can access.

Great. Thank you. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Thank you. Charles A. Hinrichs - Chief Financial Officer & Vice President: Thank you.

The next question comes from Jeff Hammond of KeyBanc Capital Markets. Please go ahead.

Hey. Good morning, guys. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Good morning, Jeff.

Hi, Jeff.

So, just first, can you just talk about what the core growth rate was for the Emerson PTS business in the quarter and how that kind of trended similarly into kind of March, April in terms of kind of order trends within the acquired business? Mark Joseph Gliebe - Chairman & Chief Executive Officer: Yeah. If we did look at the business on a pro forma basis, obviously, we didn't own – we only owned it for two months. But if we look back on a pro forma basis how the business performed, the two key headwinds were FX and oil and gas. And in that particular business, about 10% of its sales are in the oil and gas segment, and about half of that is upstream. So, there was certainly some headwind there. And then we had FX headwinds. So, it pushed us slightly down in the quarter, and we expect that to continue through the year.

But if you strip out that noise, was the base business – if you strip out the FX, was the base business growing similar to the legacy PTS that was up 10%? Mark Joseph Gliebe - Chairman & Chief Executive Officer: No, it was not. We did not have that kind of performance. Remember, while we had some real strong growth in the oil and gas segment of the legacy PT business, driven by backlog that we shipped down during the quarter, that drove up solidly. Now, we did have lesser growth in the rest of our businesses. And I would say that with the PTS-acquired business, we had similar performance in a few of those businesses as well.

Okay. And then just back to Josh's question on the guide, I mean, is it fair to say your 1Q was ahead of expectations and maybe some of the offset is some of the slowing in March-April? Or your guidance originally contemplated that kind of those robust growth rates would have slowed and you would have seen some of this slowing in March and April? Mark Joseph Gliebe - Chairman & Chief Executive Officer: Well, obviously, as you know, we didn't provide guidance in the first quarter. But with our own internal expectations, we performed kind of on par with what we thought was going to happen. Obviously, currency was a little bit more of a headwind as we got through the quarter than we had thought. If you recall back to our first quarter earnings call, we made a comment that orders were robust near term, but we weren't sure that that was going to continue.

Okay. And then just finally, what should we think about for interest expense for the year just given, interest rate, debt pay down kind of year-to-date? Charles A. Hinrichs - Chief Financial Officer & Vice President: Yeah, Jeff. We modeled that at kind of current interest rates of around 2% to 2.25% on our bank term loan and then the $250 million to $300 million debt reduction obviously more weighted towards the second half of the year. So I think that...

Okay. So, what's like an all-in interest expense number for the year? Charles A. Hinrichs - Chief Financial Officer & Vice President: Let me see if I can dig that up for you.

Okay. Thanks. Charles A. Hinrichs - Chief Financial Officer & Vice President: Shall we go to the next question and then I'll give some feedback on the full year interest expense number?

The next question comes from Christopher Glynn from Oppenheimer. Please go ahead. Christopher D. Glynn - Oppenheimer & Co., Inc. (Broker): Thanks. Good morning and congratulations, Mr. Perino.

Thank you, Chris. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Morning, Chris. Christopher D. Glynn - Oppenheimer & Co., Inc. (Broker): Good morning. So just the comments on the Middle East and India's strength in Climate Solutions. Just wondering if you could build on those comments a little bit. What's strategic, what's market and how important are those geographies to the segment?

Chris, this is Jon Schlemmer. I'll comment on that. While they're not nearly as large as the North American market for us, they are important geographies for us. The residential HVAC markets are – we have a strong base with our production in India to support the India domestic market and then also to support the HVAC market in the Middle East. They – both markets performed very well. There is very strong demand in those markets and our teams have done a nice job, as I mentioned, developing some new products that are helping our customers meet some new standards, and that's really helped us this year. So, we're seeing very good demand across both markets and that – we saw that in the latter half of 2014 and it's continued on to 2015. Christopher D. Glynn - Oppenheimer & Co., Inc. (Broker): Okay. So, it sounds like some favorable share dynamic there. And then just with PTS, a decent-sized business coming from a long-term home in Emerson. Anything interesting culturally coming together that – opportunity, challenge, et cetera? Mark Joseph Gliebe - Chairman & Chief Executive Officer: Well, the good news is, first, we're three months or four months into it here and the good news is there's been no surprise. So, that makes us all feel very good. Culturally, we felt good from the get-go. For the first time we met the leadership team, we felt good about the cultural alignment, and I would say that that's just been continually reinforced. So, we love the leadership team, as you know. The acquired business, the leadership team from the acquired business, which was running a roughly $600 million business, is now leading the entire PTS segment which is closer to a $750 million or $800 million for the company, and that's going quite well. Christopher D. Glynn - Oppenheimer & Co., Inc. (Broker): Sounds good. Thank you. Mark Joseph Gliebe - Chairman & Chief Executive Officer: And, Chris, our team looks forward to participating in the conference. So they'll be leaving here later today to head down. Christopher D. Glynn - Oppenheimer & Co., Inc. (Broker): I'll try to beat them there. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Okay. Thanks. Charles A. Hinrichs - Chief Financial Officer & Vice President: And if I could just jump in, Jeff Hammond, to answer your question about the interest expense, we would expect the full-year interest expense number to be around $59 million on a gross basis and about $56 million on a net interest expense basis.

The next question comes from Walter Liptak of Global Hunter. Please go ahead.

Hi. Thanks. Good morning. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Morning, Walter.

Wanted to ask about the slowing in the PTS business and your comments on accretion for the year and just some clarity on it. Are we saying that the Emerson business is slowing a little bit more than your original projections and you're expecting to make it up with better cost reduction or better synergies this year? Mark Joseph Gliebe - Chairman & Chief Executive Officer: What's changed for us since the time that we put together the pro forma has been the decline in oil and gas and the decline in currency. So, yeah, we run it like any other business, which is when things impact your – impact the business, you're going to go find ways to offset it. And whether that's costs or synergies – and on the synergy side, we have a lot of place to go mine it, in operations, procurement, cross-selling, tax, et cetera. So yes, we're going to go after everything we can to offset anything that we didn't expect at the time that we bought it.

And Walt, this is Jon. As I mentioned, on Commercial & Industrial Systems, we are accelerating those cost reduction actions as well, especially around our simplification initiatives. That is exactly what we're doing given some of the additional pressures on the top line.

Okay. Okay. Sounds good. On that slide that you – number 6 where you talked about the green status, what does that mean exactly? And the two plants that aren't there with green status, are those larger plants, I guess what does that mean exactly? Mark Joseph Gliebe - Chairman & Chief Executive Officer: No problem. So, this was – of all the deals the company has ever done, this was a little bit more complicated just because of the number of locations around the world that we had to unplug from Emerson and plug into Regal. When we used the term 26 sites, it's not necessarily a manufacturing location. It's often a – as an example, we'll have an office in Manila where we house roughly 120 employees that were part of a much larger substantial facility that Emerson runs with thousands of people. And we need to get out of their facility, get into our own facility, get our own lease, get under our own payroll systems where we had no operations. So, what red, yellow, green means is that the employees on the Regal payroll system, have we changed the legal entity and do we feel like there's no retention risk or issues facing us? And so, I'm very pleased with our progress, 24 of the 26 sites are green status. The other two I put in the category of yellow status, which means we're just not done yet. We got to get people into our own facilities. And so, we're working on that right now and I don't expect any big problems. We'll be done by the end of the third quarter.

Okay. I get that. And then just one last one on – just some of the trends, you comment on oil and gas slowing. But what about residential HVAC for 14 SEER and above, if there's any trends that you can discern there? (45:26) talked a little bit more positively about systems. And then on commercial HVAC, did you see a slowdown there, too, or is that doing okay?

Walt, this is Jon Schlemmer. On the – I'll start with the residential. So on the residential market, other than the headwinds from the SEER 13 pre-build, we feel pretty good about just the overall market strength in North America right now. Most customers are talking about the market growing at a kind of a mid-single-digit rate. So, that seems like a pretty good outlook for the business. And so, the underlying performance is good in the business. Also, we had – it wasn't significant, but we had a good demand for energy efficient products in North America in the first quarter as well. So, that's positive to see in the business. That's similar to what we saw in the fourth quarter last year. On commercial HVAC, we haven't seen a slowing. So, that's what I would say on the commercial side.

Okay. All right. Thank you. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Thank you, Walter.

The next question comes from Scott Graham of Jefferies. Please go ahead.

Hey. Good morning. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Morning, Scott.

Where were you guys on price costs, were you positive or negative this quarter? Mark Joseph Gliebe - Chairman & Chief Executive Officer: I would say it's probably a push for the quarter, not significant impact on the quarter. We had some benefit from deflationary, either materials or projects where we picked up deflation. So – but overall, it was probably not an impact.

And the indexing affects all of your motors businesses, not just HVAC, right? Mark Joseph Gliebe - Chairman & Chief Executive Officer: Well, about 30% of the company – when you say indexing, I'm assuming you're referring to material price formula. I think that's what you're referring to. So, on material price formulas, we have about 30% of the company has agreements with customers that are two-way and are driven by material price formulas. And that would cost the Climate business and the Commercial & Industrial business, most of it in Climate.

Okay. So, I guess that's a smaller number than I would have thought. And so, why would you have been flat? Why wouldn't that have been a positive for you? Mark Joseph Gliebe - Chairman & Chief Executive Officer: You're referring to currency – I mean, I'm sorry, you're referring to commodities?

Well, price cost, right, because steel prices were pretty noticeably down. And if you held price for 70% of your business... Mark Joseph Gliebe - Chairman & Chief Executive Officer: Yeah. So, first of all, in the case of 30% with material price formulas, the big driver was copper. The big driver – and remember, you get timing issues here where you're looking in the rearview mirror one quarter in some cases, so – not in all cases, but in some cases, you're looking back a quarter to determine what happens this quarter. So, there's that moving part. Now, the other point I'll remind you is that we do hedge copper out five quarters. And so, that – all we're trying to do is get certainty on the commodities on copper and aluminum. And so, some of those hedges were underwater during the quarter.

Okay. So, away from the 30%, you're saying then that you did hold price? Mark Joseph Gliebe - Chairman & Chief Executive Officer: Yes.

Got you. Thank you. The other question is about the refi of the Emerson deal which you're in a great position where you don't need to, which is great. But at some point, with more acquisitions or otherwise, you will, and particularly in this rate environment. Mark, what's the trigger to have to refi? Is there a certain level of EBITDA, net debt to EBITDA you just won't go over? Is it a decent-sized acquisition to get you there? What's the trigger there? Charles A. Hinrichs - Chief Financial Officer & Vice President: Hey, Scott, it's Chuck. Thank you for your question. I wouldn't say that there is a triggering event. It's an issue that we continue to study and talk to our board about. So, the – our thoughts, our current thoughts are that number one, it would only be for a partial amount of the bank debt term loan. So, it wouldn't have that material of an impact on the interest expense, but when it does, we'll have an announcement to that effect. And it takes some time to prepare ourselves for that decision and then the execution of that. But our free cash flow will be strong and we expect to be able to make sizeable debt reductions on the term loan and it's a five-year maturity. So, as you said in your introductory comment, it's not something we have to do. It would just be a question of reordering a little – our bank term loan, putting it out into a longer-term maturity and freeing up our availability in the bank debt market.

Got you. Last question. As you see, and this is partially adding to an earlier question. Mark, the slowdown that you see in the order book, what does that mean for mix, the next couple quarters? Mark Joseph Gliebe - Chairman & Chief Executive Officer: Well, I'll take it by – I'm going to take it by segment, Scott. So, first I'll talk on Climate. Scott, Jon mentioned the fact that we had higher volume in India and the Middle East. That business would be slightly lower mix for us. However, we had a positive offset, Jon just mentioned in the North American piece of the market, where we had slightly better mix more towards energy-efficient products. So, that was helpful. And both the PTS and C&I segments, I don't think the downturn really affects our mix to the point where it would materially impact our margins.

I would agree, Mark. I'm just thinking about that. It's a good question. I think where, we've seen from an order standpoint, where we've seen the downturn, I don't think it's a significant impact, good or bad with mix. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Good question.

Understood. Thank you. Nice quarter. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Thanks, Scott.

The next question comes from Liam Burke of Wunderlich. Please go ahead.

Thank you. Mark, talking about the synergies with Emerson, the revenue synergies, how are they progressing? And how do you see that rolling versus how you thought about it prior to the acquisition? Mark Joseph Gliebe - Chairman & Chief Executive Officer: Morning, Liam. Yes, we did have selling synergies in our estimate. It was roughly 20% to 30% of the total, if I recall correctly. And the good news is we've already seen a little bit already. We had a customer recently give us a big order that he told us had it not been for your capability with PTS, we probably wouldn't have got that order. So we're already seeing a little bit of that. And we expect more going into the future. I could promise you we are targeting every opportunity across both businesses. And it goes both ways. We'll see benefits on the PT side where we'll be selling our gearing products to a larger customer base and also on the electric motor side where we'll be trying to use the strong footprint of the acquired business to sell more of our electric motor. So, we absolutely see opportunities there, and we expect more in the back half of this year and into next year.

Great. And you kind of had a lot going on in the first quarter, how does the new product pipeline look? Mark Joseph Gliebe - Chairman & Chief Executive Officer: Well, nothing's changed from our – as you know, we're pretty passionate about that. We believe innovation is key in our businesses here. So, Jon mentioned one of the very exciting SyMAX product line. We're expanding that product line into higher horsepower motor, so we're quite excited about that opportunity. But we've been on a pace to do roughly 50 to 70 new products a year, and that won't change. We still believe innovation is key for this business moving forward.

Great. Thank you, Mark. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Thank you, Liam.

This concludes our question-and-answer session. I would like to turn the conference back over to Mark Gliebe, Chairman and Chief Executive Officer for any closing remarks. Mark Joseph Gliebe - Chairman & Chief Executive Officer: Thank you for your questions and for your interest in Regal. Have a great day.

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