Good day, ladies and gentlemen and welcome to the Stratasys First Quarter 2016 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Shane Glenn, Vice President of Investor Relations.

Thanks, Latoya. Good morning, everyone and thank you for joining us to discuss our first quarter financial results. On the call with us today are David Reis, CEO, and Erez Simha, CFO and COO of Stratasys. I'll remind you that access to today's call, including the prepared slide presentation, is available online at the web address provided in our press release. In addition, a replay of today's call including access to the slide presentation will also be available and can be accessed through the Investors section of our website. We will begin by reminding everyone that certain statements in this press release regarding Stratasys' beliefs and its comprehensive new strategy will help grow its markets and the statements regarding its projected future financial performance including under the heading Financial Guidance are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is by its nature subject to rapid and even abrupt change. Due to risks and uncertainties associated with Stratasys business, actual results could differ materially from those projected or implied by these forward-looking statements. These risks and uncertainties include but are not limited to any failure to continue to efficiently and successfully integrate the operations of Stratasys, Inc. and Objet Ltd. after their merger as well as MakerBot, Solidscape, Harvest and GrabCAD after their acquisition or to successfully establish and execute effective post-acquisition integration plans; changes in the overall global economic environment; the impact of competition and new technologies; changes in the general market, political and economic conditions in the countries in which we operate; any underestimates in projected capital expenditures and liquidity; changes in our strategy; changes in applicable government regulations and approvals; changes in customers' budgeting priorities; lower than expected demand for our products and services; reduction in our profitability…

Thank you, Erez. As Erez mentioned, our visibility into the timing and magnitude of a market recovery remains limited. This uncertainty is reflected in our revenue projections and operating budget, which assume no significant market improvements throughout 2016. Our guidance for 2016 remains as follows. Total revenue in the range of $700 million to $730 million, with non-GAAP net income in the range of $9 million to $23 million, or $0.17 per diluted share to $0.43 per diluted share. GAAP net loss of $84 million to $67 million or $1.60 per basic share to $1.28 per basic share. Non-GAAP earnings guidance excludes $59 million of projected amortization of intangible assets; $25 million to $27 million of share-based compensation expense; $7 million in merger and acquisition related expenses; $4 million to $5 million in reorganization and other related costs; and includes $5 million in tax expenses related to non-GAAP adjustments. Additionally, we are providing the following information regarding our company's potential performance and strategic plans for 2016. Gross margins to improve modestly to a range of 54% to 55% Operating margins of 3% to 5%. Tax expense of $10 million to $11 million, which includes the negative impact of the planned accounting treatment for deferred tax asset valuation allowance. Capital expenditures are projected at $60 million to $70 million, with approximately $45 million designated for completing the company's new facility in Israel. Our tax expense guidance, and relatively high estimated non-GAAP tax rate for 2016 is a function of the ongoing non-cash valuation allowance against deferred tax assets we expect to record throughout the year. As Erez mentioned, these deferred tax assets have expiration dates many years into the future, and we do anticipate being able to ultimately recognize their value to offset prospective tax liabilities. The company believes that it…

Thank you. Our first question is from Wamsi Mohan of Bank of America. Your line is open.

Yes, thank you. Good morning. David, can you elaborate on your comment on desktops being used for prototyping? I mean, do you view this as an opportunity or threat in the long run, especially given that the desktop space is more competitive than higher end machines? And is this happening in some specific verticals and regions? Or is it pretty broad based? And I have a follow up for Erez. David Reis - Chief Executive Officer & Director: I think it's a – first of all, it's a natural trend. Desktop printing is advancing. Printers in this segments are becoming better all the time and they're giving a good solution today for concept modeling. Historically, people have wanted to get into 3D printing, both higher – typical higher end printers also for concept. So basically we believe the market in both areas will grow. On one hand, the adoption of desktop printing will accelerate and we see it and you are familiar, I'm sure, with the numbers. At the same time, people which are adopting desktop printing soon after will have also need for more advanced rapid prototyping, which I think will push – we hope are going to push our historical core business even farther. And like I said in the script, I think that the Stratasys is very well positioned. I mean we are, I think, the undisputed leader in rapid prototyping at the high end and MakerBot is number one brand and the leader in desktop. So we need to manage those two trend, but I think that in general it's a positive move of the market.

Thanks, David. And Erez, the cash flow was pretty strong in the quarter. There was a significant benefit from receivables. Can you talk about the linearity in the quarter and how you're viewing the sustainability of cash flow through the course of the year? Thanks. Erez Simha - Chief Operating & Financial Officer: Yeah. So Wamsi, good morning. You are right in your comment that part of the positive cash flow that we faced in Q1 was due to a significant effort to reduce accounts receivable in the quarter. I think that as long as we progress throughout the year, we will continue, a) to try and manage our cost structure and CapEx investment in order to support and improve positive cash flow. But I don't think that further significant reduction in accounts receivable is something that we will face again in future quarters. We are focusing ourself on managing our inventory at (27:15) items in order to try and reduce – and even reduce significantly the level of inventory that we have today on our balance sheet.

Thanks, Erez.

Thanks, Wamsi.

Thank you. The next question is from Troy Jensen of Piper. Your line is open. Troy D. Jensen - Piper Jaffray & Co. (Broker): Yeah. Thanks for taking my question. Maybe just start off with David. I wonder if you could dive a little bit into aerospace and medical? What are you doing in those verticals that's working well? Or is there just the space kind of high? It seems like a lot of firms are calling out those two verticals. David Reis - Chief Executive Officer & Director: Yeah. Good morning, Troy. First of all, I think both medical and aerospace are a good example for industries which are very well suited for additive manufacturing in the way – in the state of their technology today and in the future, typically short run, high level of customization. So naturally those two industries are a very good fit, specifically in Stratasys, that we talked about it in previous calls. We established already, I think, 2 years, 2.5 years ago, a very strong team within Stratasys which is dealing specifically with vertical markets such as aerospace and medical. And I think a very good job that was done there, pushed sales and like I said in the script, in both markets we experienced growth year-over-year as a result of those efforts. More specifically, if you just want more point about aerospace, I think the opportunity for Stratasys in aerospace is very, very big. I think our current technology is very suited for a lot of applications, specifically within cabin application and manufacturing. And putting all this together is the reason for the success and continued success in those segments. Troy D. Jensen - Piper Jaffray & Co. (Broker): All right. Understood. And then a follow-up of Erez here, just on the…

Thanks, Troy.

Thank you. The next question is from Ben Hearnsberger of Stephens, Inc. Your line is open.

Hey, thanks for taking my question. This is Brandon in for Ben. Just real quick on the core revenue growth, what kind of assumptions are baked into the guidance? What's your outlook here for core growth? Thanks.

Ben, this is Shane. We don't break it out between the core growth being – all the revenue excluding the MakerBot and SDM, so I think it's generally speaking the comments that we've made around the business really apply to all components of our business. Obviously, as we mentioned on the call, we saw some improvements in MakerBot in the quarter, but we don't really break out the two segments.

Got it. And then just a quick follow-up on MakerBot. Given your outsourcing to Jabil, and the changes to cost structure, what internal run rate I guess, ballpark, are you guys trying to hit to kind of get your margin targets in that line? Thanks. Erez Simha - Chief Operating & Financial Officer: Again, we didn't provide a standalone revenue guidance to MakerBot. But the move is more strategic one and longer-term rather than a short-term impact on next quarter. It provide us flexibility. It shifts the cost structure from a fixed cost to variable cost. It will probably provide lower cost of operation and higher quality of product once we finalize the move.

Got it. Thank you much.

Thanks, Ben (sic) [Brandon].

Thank you. The next question is from Patrick Newton of Stifel. Your line is open. Patrick Newton - Stifel, Nicolaus & Co., Inc.: Yeah. Good morning, David and Erez. Maybe just to ask Troy's gross margin question from earlier differently is, one is in the near term, if we look at 2016, can you help us what would cause gross margin to actually decline from Q1 levels back into the range of 54% to 55% for the full year? Because it just seems like you have mixed tailwinds, benefits from operational improvements in that product gross margin, so there's room for upside. And then the longer term, you posted close to 60% full-year gross margin in the past. Is that – is there anything structurally within Stratasys that would preclude you from working towards that level over the next couple of years? Erez Simha - Chief Operating & Financial Officer: Hi. Good morning. It's Erez. Again, in Q1 we saw a product mix that was highly favorable toward high-end product and higher margin product. And if I'm looking at 2016 and looking at the gross margin result, I'm sure that a) we will continue to do improvement on efficiency and production flow. However, in order to maintain those current existing gross margins, we would have to face the same mix of product and consumables versus hardware that I cannot say today that this would be the mix. This is one. The second one is the move up in some of the production outside cost money. Before we see the benefit it would cost us money. It's not yet reflected in the Q1 gross margin. It will have an impact in Q2 probably and Q3 until we finally finish the move. As for the future, traditionally, historically 60% gross margins, we're…

Thanks, Patrick.

Thank you. The next question is from Paul Coster of JPMorgan. Your line is open.

Thanks for taking my question. David, I just want to drill down into this apparent focus on desktop and prototyping. I'm just wondering, is this an observation about Stratasys' business or about the industry? If it's a shift, what is it a shift from? Is it a shift from the Objets and Dimensions back to MakerBot? And if that is the case, it might not be, then is this good or bad? I mean, it sounds like we're going into lower ASPs, more competitive environment, less consumables. Your thoughts on all of the above, please. David Reis - Chief Executive Officer & Director: Okay. So, first of all, I tend to believe and if you read the last, for example, Wohler's report, the growth in desktop is impressive, and it's covering all the world globally, number one. We don't – I think we mentioned on the previous call that when we analyze the overall penetration into rapid prototyping, our conclusion was that the penetration, although is impressive, is still very, very low, if you look on a global basis. Going forward, the market will continue shifting. There will be a lot of desktop printers which will be used by engineers and designers and students as a desktop device. Nevertheless, we believe that if we – they try it and we expose the synergies between desktop users and high-end product users, there's still a lot of room to grow also for the high-end product that traditionally was sold by Stratasys, like the Objet printers, the Connex printers and the Dimension and uPrint-like printers. So I think if you look at the analogy of the printing industry, you see a lot of desktop printers in the industry and you see a lot of professional printers which are doing the most sophisticated more demanding work. I think that this differentiation in our market is going to be more significant because I think the difference between the basic jobs and the high-end jobs is more dramatic in compared, for example, to the printing world. So I think that if managed correctly, and I said it on the script, I think that we are by far the company with the highest potential to benefit from this trend as long as we do it right because we are leading on both sides. Okay? So this is basically my answer.

And then so I still don't know if I understand what it means in terms of product mix, but it sounds like there's a shift back to MakerBot. And then if that's true, what does that do to your channel strategy and how you incentivize the channel's to take inventory and so on? It sounds like it's going to require a shift. David Reis - Chief Executive Officer & Director: All right. First of all, I'm not sure I agree with you, with your statement that there's a shift to – both markets should grow. Obviously, and you see today in the numbers, the desktop market, from point-of-view of units, is growing dramatically faster than the high end 3D printers, which I think is natural. Like I said earlier, I believe both should grow. To your question regarding the channel, today MakerBot has its own channel, or channels. Stratasys with the high-end products has its own channels. But nevertheless, we are exploring today synergies between those activities because as I said I think that we believe that desktop printers are very good candidates for buying high end machines as they explore the technology and they understand that they have more need what desktop can provide today or in the future.

Okay. Thank you.

Thanks Paul.

Thank you. Yes, the next caller is Shannon Cross of Cross Research. Your line is open.

Thank you very much. Good morning. My question is basically on to start with for David is on the competitive environment. There have been a number of changes and obviously some coming. New CEO at 3D Systems, launch of carbon printers, and the coming of HP at some point here. Curious as to what you're hearing from customers? How you are thinking about sort of positioning yourselves to save some of the new competition and some of the unknown out of 3D Systems? David Reis - Chief Executive Officer & Director: If it's okay with you, I prefer not to talk about the competition. I think Stratasys is well positioned to deal with the increased competition. I think we're doing the investments in the right areas to have the best products from desktop to high-end rapid prototyping to end-use parts manufacturing products. The market will become more competitive. On the other hand, the market is very, very large. So I think there's a space for everyone. As I said, we are leading today in almost every segment and we're doing the right investment to continue leading.

Okay. Great. And then I guess for Erez, can you talk a bit about channel inventory? I'm just curious as to within the various distribution channels that you have in consumables versus printers, just how are you feeling about the channel inventory? And perhaps if you could give us some color on how some of your new systems are helping you manage it, especially from a MakerBot perspective? Erez Simha - Chief Operating & Financial Officer: So good morning. We manage channel inventory relatively close and tight. I don't think that there's any issue with the channel inventory in Stratasys business. We do not allow, do not permit to keep our inventory above any level that we think is the right one to the business. And if this is by any chance being done, it's not part of our revenue report. And in general what we saw in the last few quarters is reduction in channel inventory which is in line with the business result that we see in the market. Meaning we see lower activity, and lower demand, and lower inventory in the channels, which is in line and makes sense to us.

Thank you.

Thank you. The next question is from Sherri Scribner of Deutsche Bank. Your line is open.

Hi. Thank you. I just wanted ask a big picture question. It sounds like you commented that the macro challenges remain and demand is still uncertain, there's not a lot of visibility, but you reiterated your guidance. Can you – it really sounds like things are about the same as they were three months ago and we haven't seen a substantial improvement in demand. Is that fair? Erez Simha - Chief Operating & Financial Officer: Yes, Sherri. Good morning. It's Erez. It is fair, and we said it also in the guidance of 2016. We do not plan for a better 2016 compared to 2015 in terms of top line, and there is no change in our planning. But we do communicated that you should expect a better performance in term of profitability and cash flow compared to 2015 even though the business environment is without change (43:42).

Okay. Great. And then thinking about the addition of adding Jabil to manufacture the printers for MakerBot, when should we start to see some cost improvement as a result of the Jabil partnership? And are we going to mostly see that in cost of goods sold? Or are there any opportunities in operating expenses? Thanks. Erez Simha - Chief Operating & Financial Officer: So it will take time to see the Jabil impact on our financial report. I guess as of the beginning of 2017, so the first quarter of 2017 we'll have the opportunity to enjoy a better profitability margins on the MakerBot product. It's mainly, Sherri, it's mainly not only but mainly around the cost of goods sold. There is some G&A leverage here around facility and other items, but not significant ones. The entire or the majority of the improvement is going to be on the cost of goods sold.

Thank you.

Thanks, Sherri.

Thank you. The next question is from Jason North of Jefferies. Your line is open.

Hi. Congratulations on a good quarter. When I'm looking at the full year guidance, especially where GM is now and looking at the midpoint of revenues, would it imply that OpEx would be flat to up from here throughout the rest of the year? Is that the right way to look at it? Erez Simha - Chief Operating & Financial Officer: Yeah. Jason, I would look at relatively flattish OpEx numbers for the remainder of the year.

Okay. And then diving into it, for Q1 for Asia-Pac was pretty strong for you. Can you give any additional details? Erez Simha - Chief Operating & Financial Officer: I wouldn't say pretty strong. All the regions were according to our plan. We didn't see any significant change neither positive nor negative in the business activity in none of the regions. Again, I wouldn't say it was relatively strong. It was in line with our plan and we do not see any different market behaviors in APJ compared to, for example, North America and EMEA.

Okay. Thank you.

Thank you, Jason.

Thank you. The next question is from Ananda Baruah of Brean Capital. Your line is open.

Hey. Thanks, guys, for taking the questions. I guess, just two quick ones, if I could, with regards to the prototyping dynamic sort of shifting downstream that you were referring to. So David and Erez, are you guys actually saying that you're beginning to see in a bigger way MakerBot capture sales or be purchased and used for prototyping activities that the higher end machines were previously used to? So are you saying that you're actually losing some higher end sales while picking up some incremental MakerBot sales? And then I have a follow-up. Thanks. David Reis - Chief Executive Officer & Director: Yeah. Let me clarify. The desktop printers, including MakerBot, are becoming over time more and more suitable for what we describe as maybe lower end rapid prototyping application, mainly concept modeling. Okay? And some customers that would like to experiment with the technology might start their journey with the desktop printers and doing concept modeling in a reasonable good quality. Okay? Like I said, I answered earlier, we see it as a challenge and an opportunity because we know for fact that customers which are buying desktop printers are electing many times, sometime after the beginning of using this technology to buy higher end printers because they realize that they need more functionality, they need color, they need speed, they need different materials. There are many, many advantages for the higher end printers. So it's a kind of a new maybe market environment. But because of the overall low penetration of rapid prototyping in general, we believe it's an opportunity. And as I've said already a few times during the call, I think we're the best suited to enjoy it.

That's helpful. And just as a quick follow-up, can you remind us if MakerBot is recognized, if you recognize the revenue on sell-in or sell-through. And then what specifically are the challenges in that dynamic, David, that you've referred to a couple of times? Thanks. Those last two and that's it for me. Thanks. David Reis - Chief Executive Officer & Director: I will start with the second part of your question. The challenge is to be able in a smart way work together on the go-to-market between MakerBot and Stratasys to identify those customers that are a good candidate to buy high-end machines. On the other hand, make sure that MakerBot is continuing to be the number one brand in the industry and make sure that they capture the opportunity in the desktop segment. And if we do those well, we will definitely continue leading this segment, the rapid prototyping segment of the industry.

And then the sell-in versus sell-through on MakerBot, rev recognition. Erez Simha - Chief Operating & Financial Officer: It's revenue recognition according to sell-in, so once we ship it, we ship the product to the resellers with a very tight control on the level of inventory held at the channel.

Thanks so much, Erez. Thanks, guys.

Thanks, Ananda.

Thank you. The next question is from Brian Drab of William Blair. Your line is open. Brian P. Drab - William Blair & Co. LLC: Hi. Thanks for taking my questions. First within services, could you give us any color on what you're seeing in the paid parts business and whether that grew year-over-year or sequentially? Erez Simha - Chief Operating & Financial Officer: Yeah. So we didn't break out the number of the service business, but I think that a) you have to understand the environment we are coming from, when we compare it to the previous year which was extremely busy in term of integration and post-merger integration for the entire service business. I think that our focus on long-term growth and the integration of this business with our broader strategy of combining our wide ranging capabilities into a solution based business model is what we are looking at in SDMs. It's difficult to compare SDM to different or other businesses given the size of SDM, a very large business today. What we saw in Q1, better margins as a result of more profitable job that flied in (51:01) to SDM. Brian P. Drab - William Blair & Co. LLC: Okay. Okay. Thanks. I'll leave that one for now. And could you just talk a little bit about what your goal is in the outsourcing of Maker manufacturing? I doubt that you'd want to tell us where Maker gross margin is today and where you're planning to get it to, but that's what I'm looking for. So maybe you could tell us just roughly how many basis points of gross margin expansion you think you can get from this initiative? Erez Simha - Chief Operating & Financial Officer: Again, we didn't break down the gross margin of MakerBot. I can tell you in very high-level two reasons for the move. The first one, cost reduction. In a significant cost reduction around the cost of goods sold, too. And a higher flexibility to the business model of MakerBot and Stratasys, providing that this is a business which probably will help to deliver high amount of boxes in the future, we want to make sure that the entire business model is focused on the right things and allow us to deliver high quality product in the right time. And those quantities and expertise, I think, we found with Jabil as a partner to this outsourcing activity. Brian P. Drab - William Blair & Co. LLC: Okay. Thank you.

Thanks, Brian.

Thank you. The next question is from Jim Ricchiuti of Needham & Company. Your line is open. Jim Ricchiuti - Needham & Co. LLC: Hi. Thanks. Just a question on the growth that you're seeing in the medical and aerospace and in general the focus on the vertical markets. Are you seeing the same trends in these markets? That is, are you seeing an acceleration in desktop units within this market as well for concept modeling applications? Or are you seeing more traction on the higher volume additive side? David Reis - Chief Executive Officer & Director: The increased or the growth in both medical and aerospace, and the other – by the way, other verticals that we're focusing on such as auto and others, is more and more driven by our move, which is part of our strategy to be able to manufacture end-use parts and to move into manufacturing, okay? So this statement is not related to our previous statement talking about the great expansion in desktop. It's more a very industry-oriented, focused on a very large variety of applications which are targeting end use parts. Jim Ricchiuti - Needham & Co. LLC: Okay. So as we see this continued acceleration and as you expand this vertical market strategy, presumably you're going to see a shift again toward higher volume machines? David Reis - Chief Executive Officer & Director: Yes. This is my expectations. Again, the growth is going to be driven by our increased penetration into manufacturing and end-use part applications. Jim Ricchiuti - Needham & Co. LLC: Okay. And Erez... David Reis - Chief Executive Officer & Director: Sorry. While growing also rapid prototype. It's not contradicting? I mean, the same companies will adopt also desktop printers to do concept, and will adopt high-end Connex and J750s for their high-end prototyping. It's not one on the account of others. It's an area which is growing faster. It does not mean that other areas are not going to grow. Jim Ricchiuti - Needham & Co. LLC: Understood. Erez, just on the R&D side, it sounds like you've given some guidance for OpEx. How should we think about the R&D component this year given where you're starting from? Erez Simha - Chief Operating & Financial Officer: So I think it will be relatively flat compared to the level in Q1. And again, we made some changes in R&D, moving money and focus on some product to other direction, focusing on really strategic project that we see in front of us and are important for the strategic long-term direction of the company. I wouldn't expect a significant increase or decrease in R&D in the rest of the year. Jim Ricchiuti - Needham & Co. LLC: Thank you.

Thank you. The next question is from Kenneth Wong of Citi. Your line is open.

Hey, guys. Thanks for taking my question. I guess, a follow up on the impact of desktop printers on the business, have you seen that particular trend play out on your services business at all? David Reis - Chief Executive Officer & Director: I don't have the numbers to answer this question. But I think it's a fair assumption to say that basic concept modeling, again, will move to the desktops. So I think over time it will have also impact on the service bureau, not only on our service bureaus. Nevertheless, the service bureaus, like the rest of the industry is growing more and more into manufacturing applications, which I think will be able to compensate even more for the small decrease in the work which is done today for concept modeling. Erez Simha - Chief Operating & Financial Officer: I would add maybe that at least the service bureau that we run today is more focused on more complex applications. David Reis - Chief Executive Officer & Director: Right. Erez Simha - Chief Operating & Financial Officer: Weighted toward end use parts, and as David say, it's really difficult to calculate, to measure and to quantify the impact of desktop on concept modeling, and as a result on the service bureau. But the service bureau in Stratasys is more weighted toward complex applications.

Got it. That fair. And then on the Jabil relationship, I guess beyond MakerBot, do you guys see an opportunity to outsource production of any of your other product lines? Erez Simha - Chief Operating & Financial Officer: So outsourcing is part of our strategy in Stratasys. We started in MakerBots. We are, I would say, in the process of evaluating the ROI and the benefit from outsourcing other activity in Stratasys. We have some outsourcing activity going on in Stratasys today, but in order to develop it further to significant activity, we want to make sure what's the ROI, what does it mean? And if it makes sense with – and where it makes sense for Stratasys today.

Yeah. Got it. And the last question from me, guys. You guys saw a nice little inflection on the consumables growth. That popped up from flat in the back half as you mentioned. Should we look at the growth in consumables as a good way to measure whether or not you guys have started to work off some of that excess capacity that you guys have spoke of in the past?

David? David Reis - Chief Executive Officer & Director: I'll take it. It's a very difficult question. I think the growth in consumables is a good indication to the utilization of machines. The breakdown in allocating the gross utilization between the – sorry, the ability to break down the increasing consumption between the natural growth of the installed base and the increased utilization stuff . From our analysis we see both. We see both increase in – which is resulting from the increase in installed base and increased utilization. It might be, because the numbers are small, it might be an indication that customers are using the machines more, yes.

Okay. Great. Thanks a lot.

Thank you. We have time for one more question. The last question is from Rob Stone of Cowen and Company. Your line is open. Robert Stone - Cowen & Co. LLC: Hi. Thanks for fitting me in. A follow-up for Erez. You mentioned that transition of MakerBot to Jabil is going to cost you some money (58:34). Is that something that's reflected in gross margins? Or is that part of the restructuring that's noted in the guidance? And then I have one follow up. Erez Simha - Chief Operating & Financial Officer: It's part of – it's going to be part of the cost of goods sold and the gross margin guidance that we provided. Some of it – small amount is part of the restructuring cost guidance that we have provided for 2016. Robert Stone - Cowen & Co. LLC: Okay. And you've highlighted the impact on taxes (59:06) from the valuation allowance. Can you provide any color on what you think your effective tax rate will be beyond 2016? Erez Simha - Chief Operating & Financial Officer: Currently I would assume that the tax valuation allowance will continue to take place beyond 2016. Again, I want to mention that this is purely accounting provisions. We have a tax asset that we will be able – a tax process that we are able to use in the next I would say 20 years. And we think that we'll be able to utilize them. But again, the assumption for beyond 2016 as we see it now should be that we will continue to record a tax valuation allowance. Robert Stone - Cowen & Co. LLC: Okay. Thank you.

Thank you. And at this time, I'd like to turn the call back over to David Reis for closing remarks. David Reis - Chief Executive Officer & Director: Thank you for joining today's call. We look forward to speaking with you again next quarter. Thank you, and goodbye.