Good morning. My name is Angela and I will be your conference operator. At this time, I would like to welcome everyone to the Terex Corporation Second Quarter 2015 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. Mr. Ronald DeFeo, Chairman and CEO, you may begin your conference. Ronald M. DeFeo - Chairman & Chief Executive Officer: Thank you and good morning, ladies and gentlemen. We appreciate your interest in Terex today. On the call with me this morning is Kevin Bradley, our Senior VP and Chief Financial Officer; also Kevin O'Reilly, Vice President of Operational Finance; Tom Gelston, Vice President of Investor Relations; and several of our leadership team members, including our business segment presidents. As usual, a replay of this call will be archived on the Terex' website, www.terex.com, under Audio Archives in the Investor Relations section. I know everyone's busy this morning. We appreciate the early start to the conference call, and I'm going to begin with some comments and highlights. Kevin will obviously follow with a little bit more detailed financial report. I will provide some segment information and overall summary before we open it up to your questions. We will be available following the presentation also for your questions. I'd like to request during the question-and-answer period that you limit your question to one question and a follow-up to give everyone a chance to participate. Let me direct your attention to page two, which is the forward-looking statement. This is the presentation that we'll be following, which identifies the non-GAAP measures and explains them as well as risk factors. We encourage you to read this as well as other items in our disclosures because the…

Your first question is from the line of Ted Grace with Susquehanna. Ronald M. DeFeo - Chairman & Chief Executive Officer: Hello, Ted.

Ron, I was hoping to start on Aerials. I mean, you have consistently and clearly talked about the challenges in the environment, but I was wondering kind of in that vein, could you talk about, one, for the full year revision, how much of that ties to Aerials at the EPS line and the revenue line? And then when your competitors today talked about 2016. I know you haven't talked about 2016. But they kind of framed an outlook of down 5% to 10% for their own business at this point. And I was just wondering if you could give us some kind of framework or handholding on how you think people should be thinking about Aerials in 2016 and kind of where we sit in the cycle? And I'll kind of leave it at that. Ronald M. DeFeo - Chairman & Chief Executive Officer: Okay, Ted. Thank you. I'd say an important but small piece of our overall adjustment for 2015 relates to Aerials, maybe 25% to 35% somewhere in that range. I don't want to be that precise about it, because there's moving pieces. And actually, our AWP team is doing a great job on productivity. And I got to tell you, in this environment that team is working very hard. The team is getting more done with less than they've ever done before. And while last year, we had productivity challenges, this year we're going to have productivity gains. And I'm really looking forward to the second half from that team. So revenue challenged, but productivity driven, exactly what you want to see in a business, where you don't really expect a lot of revenue growth, which gets me to the second part of your question, looking toward next year. You know, unfortunately, the market has its challenges. We anticipated those challenges going into this year. And in fact, we anticipated challenges for the next couple of years in part because of the obvious and clear 2009 and 2008 issues. And 2008, 2009 were very different years; the market declined so much. So obviously, there'll be a bit of an echo effect there, but we've been planning for this. So while the market maybe a tad bit softer in 2016, I'm sure a lot of our initiatives, both the product initiatives as well as some of our own productivity and improvement initiatives, will help to offset that. I'm not prepared to give 2016 guidance at this stage, but I am prepared to say that I believe our AWP team will be more productive and will be focused on the customer satisfaction issues that they're known for and will continue to drive market share improvements. We've got a great AWP team under the Genie brand, and I think we'll be more competitive in 2016 than we have been in 2015.

Okay. And so maybe the last thing before I jump back in queue, can you just talk about, kind of, channel inventory and the dynamics that you think are effecting pricing in kind of the immediate environment?, Ronald M. DeFeo - Chairman & Chief Executive Officer: Well, overall, I think, our inventory is okay. If I look across the industry, there's pockets where there's excess inventory. We know some of our competitors, whether it's in the crane business or among some of our customers in Cranes or some of our AWP competitors have a substantial amount of inventory. Obviously, this is the business we're in. And this is the issues that we have to face and everybody's got to make adjustments. And the best way for those adjustments to be made will be to take production rates down. Okay. That's what we did last year. That's why our AWP margins were way down in fourth quarter and in first quarter of this year, because we took production down; we paid the piper. But the alternative is to lower pricing. I will tell you, we will respond, if pricing gets lowered. We're not going to lose a lot of market share, but I don't see that as the prevailing attitude out there in the marketplace.

And your next question is from the line of David Raso with Evercore ISI.

Two questions: One, first on the cadence for EPS for the rest of the year. I'm just trying to square up the third quarter to fourth quarter, I assume likely implied EPS decline sequentially with the cautious comments on the fourth quarter for Aerials. Just given Aerials' operating leverages as big as it is, I'm just sort of running numbers, that seems like there's a lot of pressure 3Q to 4Q on EPS from Aerials alone. I mean a magnitude of maybe $0.30 plus. Maybe MHPS is a bit of the offset, but can you just walk us through the cadence for the rest of the year, squaring up the Aerial sequential decline 3Q to 4Q? Ronald M. DeFeo - Chairman & Chief Executive Officer: You know, David, we don't give Q-by-Q guidance by segment. And you do a really good job of analyzing the pluses and minuses of the quarters. What we did provide you with was is our sense that Q4 will be a little bit softer for AWP from a revenues point of view. What we didn't provide you with is some of our cost reduction initiatives and how they're going to offset some of that softness. And we see real opportunities in steel costs. We see real opportunities in productivity in AWP. So you're right, our Q4 will likely be a meaningfully lower quarter from an EPS point of view year-over-year. That is where one of the biggest challenges are. But I don't know, Kevin, if you want to provide any more perspective on this? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Yeah. I think, Ron, you summed it up appropriately. Certainly, where we see pressures, you look at the drop in the guide, its largely targeted towards Q4 from our expectation standpoint. But the mix is probably in the – I'd call it 55% Q3; 45% Q4. That's pretty rough, David, but that's what I would share at this point.

I guess a key there then to make those numbers, it's the margin in the fourth quarter for Aerials despite a big sequential revenue decline is the offset, is, you know, the margins are going to hold up better due to some of the cost initiatives you just outlined. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Better year-over-year, yes. Ronald M. DeFeo - Chairman & Chief Executive Officer: For sure, I mean, that's where we've been working. I said earlier, our fourth quarter margins last year were the disappointment, but were understandable because we were pulling back production, we were taking our headcounts down, we were out of balance somewhat. And we paid the piper last year as we did in the first quarter of this year. And I think the encouraging thing about – to me about our Aerials business is we achieved a 15.3% operating margin in Q2. And we needed to do that to demonstrate that we, both, had that margin capability in this business as well as could be productive and planful and return this business to a level of margins that I had indicated for a full year will be in the low teens.

Thank you. And the second question about 2016 in Aerials. I mean in the channel, you hear about basically the returns on capital on the Aerials aren't what they were, pricing's up more than rental rates are up over the last five years, six years, seven years. But you're trying to fill some of those holes. I hear there's prototypes out there on lower cost machines, cost out, filling some of the height-lift sizes that maybe you can offer a unique ability to outgrow the market next year, if you can get those products to market quickly enough, so that's one question. And two is that being – do you have the ability you think to catch some of the better return products out there, early enough to make 2016 maybe not down as much as your main competitors? I was just curious by that issue in the channel off late. That maybe gives you a little bit of leg up. I don't know if your competitors have moved as far along with some of the prototypes. Ronald M. DeFeo - Chairman & Chief Executive Officer: Well, we don't want to comment, David, on prototypes, just to start with because I don't want even guess what kind of prototypes you're talking about. But we will say we are an inventive group, we are a smart group of people and we are close to our customers. And I know my competitor is a tough competitor, thoughtful and planful as well. I do think, as we look forward, we're going to hustle and we're going to try and meet the needs of our customer base. I think it takes time to counteract certain trends and industries – certain trends and issues in the business, but we'll listen. We'll listen to whatever is out there. Matt, do you want to comment further?

Yes. I think that – I guess all that I would add, David, is that the way we're viewing 2016 is similar to the way we viewed 2015. In other words, the market's going to be a bit tough. We're going to have to focus on the internal initiatives. We don't see it as doom and gloom. I think that the rental companies this year, they've been paying attention to their fleet. They handled the oil and gas and the redeployment of fleet around the country and a short season. And so they've been able to stomach that. And we were planning for a moderate decline this year and had our focus on the margin improvements and we're going to continue that through next year. As you've alluded to, we've got new products; not only new products that are going to come out but the new products that have come out over the last three years are really getting their legs underneath them. And that's been a bit of the disruption that we've had over the last two years is we've been putting a lot of the new products out. That's going to help us. The other thing I would add is our global footprint and the teams that if we have in China and in Europe, we've got full-fledged teams there that are paying attention to those markets. And everybody's laser focused on the North American market, which we should because it's the biggest; but there's other opportunities out there. So when we look out it at 2016, we know that we have the re-fleeting requirements are going to drop, but we've been working to offset that over the last couple of years, it's not like something that we're all of a sudden pulling the ripcord on. We know exactly what to expect. So we're pretty optimistic about what we see over the next couple years. Ronald M. DeFeo - Chairman & Chief Executive Officer: Okay. Thank you. Kevin, did you want to add something? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Yeah. I guess just wanted to add, David, as Matt focuses on total cost of ownership for the customer from a product and product design standpoint, AWP and Matt's team has really been working much more closely with TFS. So not just on total cost, but on kind of targeted custom financing programs that allow the customer to kind of acquire the equipment in a cash flow format that works for them. So it's really kind of helping the customer not just on total price, but on cash flow.

Great. Ronald M. DeFeo - Chairman & Chief Executive Officer: David, anything else? Okay. Thank you.

Your next question is from the line of Jamie Cook with Credit Suisse. Jamie L. Cook - Credit Suisse Securities (USA) LLC (Broker): Good morning. I guess, just, Ron, I know you don't want to talk about 2016 and you gave some color with regards to how you're thinking about Aerial's, but I feel like what continues to weigh on the stock is the market's view that Terex would have a hard time remaining profitable assuming Aerial's is starting to roll. So, can you just talk broadly about 2016 across the different segments or that you feel most optimistic about? Or are you the assumption that over the next year or so, we're in a no growth environment and I guess under that scenario, how do you feel about the $200 million in restructuring benefits? I mean, are you at the point where you feel like there's more that you could do – you know what I mean – to offset what appears to be over the next couple of years a pretty glim top-line environment? Thanks. Ronald M. DeFeo - Chairman & Chief Executive Officer: Okay, Jamie. Well, the environment – just to begin, in general, is as we expected. So when we talked with investors last year, perhaps we were a bit of an outlier in how we were thinking about the environment. But, and I think we probably got punished a little bit because of that. But it caused us to really focus internally on a bunch of initiatives that we think are still not only appropriate, but we're beginning to see the real benefits for – or from rather. The $202 million of improvement initiatives really doesn't even include the substantial material cost savings that we also are benefiting from because of things like steel. So…

Your next question is from the line of Nicole DeBlase with Morgan Stanley. Nicole DeBlase - Morgan Stanley & Co. LLC: Hi, guys. Good morning. Ronald M. DeFeo - Chairman & Chief Executive Officer: Good morning, Nicole. Nicole DeBlase - Morgan Stanley & Co. LLC: So my first question is around MHPS margins. I guess you guys talked about a little bit of what drove the weakness in the quarter, but do you still think that you can grow margins year-on-year in 2015 in line with your prior guidance or do you think that the second half will still be a little bit of a struggle? Ronald M. DeFeo - Chairman & Chief Executive Officer: Steve, do you want to comment on that? Stoyan Filipov - President-Material Handling & Port Solutions: Yeah, sure. Hi, Nicole. No, I think we'll see margins come up. I mean, we mentioned in Q2 MH actually improved over Q2 last year. So, on $40 million revenue less this quarter we generated a profit of about 1% operating profit versus a 1% operating profit loss last year. So as Ron said, we're starting to see the cost reductions come through on substantially less revenue. And on the other side, we're seeing some pickup in the order intake, as also – as Ron also mentioned. And the Port business is always a second half story. And it's looking pretty good because – I'll mention the mobile harbor crane business as an example. At the middle of last year, we had, I'd say, less than 20 mobile harbor cranes on order and today we've got over 40 mobile harbor cranes on order. So we've doubled basically the backlog in the mobile harbor crane business. So, that's really starting to turn around. Now, on the negative side, we're not…

As a remainder, in order to allow everyone to ask a question, please limit to one question and one question only. Your next question is from the line of Steven Fisher with UBS.

Thanks. Good morning. Ronald M. DeFeo - Chairman & Chief Executive Officer: Hi, Steven.

In terms of the process around determining guidance this time, you know, last year you had a reduction in guidance in September. It seemed to follow sort of a big internal session in August. Can you just talk about how this year's process is different, maybe you have some different systems that you're working with? How was this year different? Ronald M. DeFeo - Chairman & Chief Executive Officer: Do you want to comment on that Kevin? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Well, yeah, I can certainly comment. We're certainly trying to be much more kind of planful, and I think our planning process in general is – we're trying to do a better job of anticipating negative headwinds as best we can. Obviously, we came up a little short this year, but I think we're improving in that area. It's a pretty volatile environment from a macro perspective. And I think it's difficult for us and I think for most of our peers to anticipate the negative headwinds that we're going to run into. So I'd say that's probably the biggest change we've had kind of in our SG&A and forecasting processes, anticipating the negatives and trying to flow them through full year guide. Ronald M. DeFeo - Chairman & Chief Executive Officer: I don't want to be defensive here, but and this might appear a bit defensive. So in advance, I apologize. But there are a couple of big changes that impacted our company that I don't think many of us would've been smart enough to be able to see the inflection point – no one. The price of the oil drops in half or more. That's an inflection point that impacts our business, okay. Maybe, if I was an oil trader, I would have seen that. When the currency drops the way it's changed, that's a huge inflection point for our business. We lost $600 million plus of revenue between the month of November and the month of January, that changes the dynamics of our supply base pretty remarkably. But this is the business we're in. So I don't think, we should make any excuses for it. So it is not an easy business to forecast, and we took the attitude in the middle of last year admittedly that we were tired of anticipating recovery and we weren't going to forecast to recovery until we saw it. So we were going to focus internally. And that was the change that took place. And while we're taking guidance down a bit now, we're really in the low end of what we had said. And I can't promise that we still have this forecast completely right, but we're doing the best we can to concentrate on the things we can control.

Your next question is from the line of Ann Duignan with JPMorgan.

Good morning, guys. Ronald M. DeFeo - Chairman & Chief Executive Officer: Good morning, Ann.

Morning. Ron, you were taking about lower input costs and it has kind of surprised us that more people aren't talking about this is an opportunity for margins going forward. If I look at your cost of goods, would it be fair to say that roughly 65% of cogs is materials/components and 35% labor overhead? Is that about the right mix to think about? Ronald M. DeFeo - Chairman & Chief Executive Officer: I think it's in the ballpark, Ann.

And then, if we look at the 65% materials – this might be too much detail for us to call – but any idea from the team about around the materials portion, how much is actually steel versus components? Ronald M. DeFeo - Chairman & Chief Executive Officer: Well, you know, Ann, steel is in almost everything. And so you can get clear steel cost reductions on the products that we buy that are fabricated on the raw steel that we get, and that is a real opportunity immediately. The rest is hard work, because you've got to go back to your supply base, and they're benefiting from lower steel but they're not taking their prices down voluntarily. Okay. So you have to go back and renegotiate with every one of your suppliers. That's a lot of hard work, but that's where you're going to get your margin improvement. And we've got very dedicated teams working on this. I think it's not an unreasonable expectation for us to get 2% to 3% reduction in material costs over the next 12 months to 18 months. And that's the kind of thing that changes the – changes the outcomes, changes the financial performance of the company. And I've always said that there – through this cycle, there's different strengths and weaknesses. In a recovering market, the supply base has the leg up. They can take prices up. They have a diversified customer base. But in a flat-to-declining environment, then the OEM, like ourselves, we have a little bit more leverage. And you know, when I say leverage, it's not on a nasty or negative basis because our component suppliers want to grow their business too, want to grow their share and they know that price is a component of that and steel is a component as well. And the last thing I wanted to point out is we have a brand new AWP factory. As I say brand new, it's about five years plus or old, but it is performing really well for us. And it is also a source of low cost materials in China. And I got to recognize that team, because that team is making a substantial profit and a substantial contribution to our AWP margin improvements and will contribute the some of our other segment operating margin improvements in the years to come.

Perfect, Ron. I'll leave it there. Thanks for the color. I appreciate it. Ronald M. DeFeo - Chairman & Chief Executive Officer: Okay, Ann.

And your next question is from the line of Ross Gilardi with Bank of America.

Hi. Thank you. Ronald M. DeFeo - Chairman & Chief Executive Officer: Hello, Ross.

I just had a couple of questions. I wanted to go back to that the pricing pressure in AWPs. I mean, clearly, your biggest competitors got too much inventory, is having a cut production and that's what we're seeing today in their announcement. So with that, are you seeing intensified pricing pressure as they try to unload that inventory or is this the same level of pricing pressure that you've referenced in some of the more recent quarters? Ronald M. DeFeo - Chairman & Chief Executive Officer: I'd say, Ross, that it is similar to what we've experienced in the recent quarters, but we're always a little bit concerned when someone has a bit too much inventory. But I'll turn it over to Matt to give you more specific color.

Yeah. All right. So the pricing environment over the past few years has been, for the most part, rational. The currency swings that we saw in late 2014 created opportunities for the non-U.S. manufacturers to lower the prices, and we felt that starting at the beginning of the year. And then as we move through the year and the rental companies were so focused on rate expansion and they slowed down on some core models that are now sitting in some people's yards as inventory, we're starting to see an increased level of activity around pricing on moving that inventory. It's not out of control. We are – we're seeing that people are doing some deals to move product. But our focus on margin improvement is allowing us to fight back when we choose to. And the other thing I think is important to note is that longer-term, we're going to continue to leverage our global manufacturing footprint to reduce the impacts of these currency swings. So there is kind of short term, let the inventory work through the system and get it balanced out, but then there is also a longer-term play on how we're going to handle the FX link. So hopefully that helps you.

Yeah. Thanks, Matt. So kind of a follow-up to that, I mean, it sounds like at the very least pricing powers – pricing pressure is picking up a little bit, and you seem to be acknowledging that the outlook in the next year is kind of similar to the way you're looking at going into this past year. So it kind of feels like the best case scenario is that you can hold margin into next year rather than actually increase margin. Would you agree with that?

Well, we're certainly going to try to continue to improve our margins. It's completely volume driven. There's huge opportunity that we've been talking about over this call as far as productivity and materials. That's where we're focused. And we know that it's going to be a flight for the revenue, but we've got enough initiatives in it and they have had two years of – they've been underway for (53:13) see the fruits of that. Ronald M. DeFeo - Chairman & Chief Executive Officer: But I think, Ross, that your characterization is not unreasonable. Okay. I'd be pleased with low-teens margins from our AWP business on an ongoing basis.

One other comment I would add is that the – our inventory levels, I'm comfortable with. We managed our inventories starting fourth quarter – third quarter, fourth quarter last year. We were a bit cautious about – we didn't want to get ahead of ourselves this year because we saw that the year was going to be slightly down. So where we're sitting coming into third quarter, we're very comfortable with the inventory levels that we have.

Okay. Thank you. Ronald M. DeFeo - Chairman & Chief Executive Officer: Next question.

And your next question comes from the line of Jerry Revich with Goldman Sachs. Jerry D. Revich - Goldman Sachs & Co.: Good morning. Ron or Matt, I'm wondering if you'd just flesh out a little but the demand trends that you're seeing in Aerials in Europe? How much were your deliveries up in the quarter? And a couple of other folks have the same currency headwinds that you folks face, I know you had a July 1 price increase announcement in Europe. Were you able to achieve any of that? Any color there? Ronald M. DeFeo - Chairman & Chief Executive Officer: I'll turn that over to you, Matt. But I will say this, that we expect the currency trends to continue to be an issue for Europe. We have a reasonable manufacturing footprint in Europe, and we think we're going to continue to move some production to Europe because of that to help us. But, Matt, go ahead.

Yeah. Europe market continues to be very strong. We had a slow start in Q1 due to the port issues, but that was corrected in Q2. If you adjust for currency in Q2, we were up 38% year-over-year. A lot of that was catch-up from what we missed in first quarter. So, for the full year, we're up 10%, which is fantastic, and the sentiment in Europe continues to be good. As far as the price increase that you referenced, we did go out with a price increase at the end of June for products that were manufactured in the U.S. We manufacture a significant chunk of our products for Europe in Europe. And that pricing, we did pull some orders forward based on that. So jury's still out on what happens with – how much we can get that to stick. We will fight back. We know that there is inventory out there, but we're – as we move through the balance of the year, we're going to have to go get that price increase in Europe. And we'll-we realize that we may take a little bit of a hit, but we think it's a right thing to do for the health of the business going forward. And then like Ron said, we will also continue to move manufacturing over there. And we're positioned to do that. We've got space, we've got teams and they're actively working on it today. Jerry D. Revich - Goldman Sachs & Co.: And I'm wondering if you can comment on MHPS in a little bit more detail on the pickup in order and inquiry levels in Europe? Any additional color that, Ron, you or Steve could give us there? Ronald M. DeFeo - Chairman & Chief Executive Officer: Steve, go ahead. Stoyan Filipov - President-Material Handling & Port Solutions: Okay. Yeah, Jerry. I'm not going to go and cry victory yet, but the bookings on the new equipment in Western Europe picked up around 10%. So that's a good sign, but it's coming off of a low base. So there's some momentum there. On the services side, you know, it's when you back-out FX, it's pretty much flat year-over-year, with really some big drops in Brazil and places like the Middle East. So kind of a mixed bag from that perspective on the material handling side. And then on the port side in Europe, as I mentioned, the mobile harbor cranes, the straddle carriers and our reach stacker product is selling well into Europe. So hopefully, that gives you a bit more color. Jerry D. Revich - Goldman Sachs & Co.: Thank you.

Your next question is from the line of Eli Lustgarten with Longbow Securities.

Thanks for taking the question. Just, can you talk a little bit about the Crane business and what you're seeing? What kind of cadence we should expect in the second half of the year? And more importantly, is there some structural downsizing that has to take place given that a large part of the market maybe dormant for an extended period of time at this point, especially with the collapsible of the commodities that could require a new normal adjustment in the business? Ronald M. DeFeo - Chairman & Chief Executive Officer: Let me comment on that first and then pass it over to Tim. The Crane business over the years has been a feast or famine kind of business, and we're in the famine period of this business. There historically have been manufacturers that have been – have entered the business, added capacity during the times when things are good and it's difficult to have manufacturers go out of the business. I think, structurally, we're not being challenged by a lot of the Chinese players coming into the developing markets, and so that threat isn't there. But I do see a continued need for consolidation in this business, but I don't see any of that really happening in the near term. But I think people should pay attention to that, and I think there should be opportunities harvested over a extended period of time. But in general, I don't think plant property and equipment is a huge drain on the business. It is still a business where the variable costs can be managed somewhat. But obviously, when the environment is soft like we see it, it's a bit of a struggle. But that's why you globalize. That's why you broaden your footprint. That's why we've made substantial sales and marketing investments in the BRIC countries and in other places. But frankly, that – we got a lot of growth from those places, but right now, that growth isn't happening. So for the next couple of years probably, it's going to be a focus on internal initiatives and kind of concentrating on those few markets where there is some growth. Tim, you want to comment anything different.

Yeah. No, I would just add, Ron, that if I think about the Crane business on three dimensions; volume, margin and mix, volume is challenging. But as you stated and went through with the improvement initiatives, there's a lot of opportunity that remains in the Crane business for continued margin improvement. And frankly, from a mix standpoint, I see improving opportunities for us as we bring our Jinan China factory onboard, as well as some of the cost activities that you referenced in your comments earlier. So the volume is tough, but there is margin expansion opportunities for us both on what we do, both on product development and from a mix standpoint as we move forward.

Yes, thank you. Just one quick follow-up and it's pretty obvious, when do we get Phase 2 of the internal cost reduction program? You do a $100 million this year. You're accelerating the $200 million. There's obviously so much more that can be done in this company. So I mean we should be expecting a Phase 2 coming shortly, shouldn't we? Ronald M. DeFeo - Chairman & Chief Executive Officer: You know, I – yes, there's always a Phase 2. There is always a Phase 2. So when? I'm not sure. But trust me, we'll work on it.

All right. Thank you very much. Ronald M. DeFeo - Chairman & Chief Executive Officer: Okay.

Your next question is from the line of Vishal Shah with Deutsche Bank.

Hi. This is Chad Dillard on the line for Vishal. Ronald M. DeFeo - Chairman & Chief Executive Officer: Hey, Chad.

So what are your customers telling you about how far along we are in fleet rebalancing in the oil patch, and I'm mainly focused on the Aerial Work Platforms and cranes. I mean, is it something that can extend to the end of 2015 or could it potentially move toward – through to 2016? Ronald M. DeFeo - Chairman & Chief Executive Officer: I think that's a great question, I know, Matt has spent a lot of time on this, so I'll just turn it over to Matt.

Yeah. I would say, Chad, that I think most of the rebalancing has been done. I think it took pretty much up through Q2 in order for it to happen, but I think they've moved the fleet to where they want it, and they're waiting to see where they can get the rates and where they need fleet, so they've been a little bit cautious. But I expect there may be a little bit more that tails into the back half of this year, but for the most part I would estimate that that's been done.

That's helpful. And then, just moving to Material Handling and Port Solutions, I think on the previous quarter call there was some commentary about some large bidding opportunities. Just want to get an update on where you guys are with that. Is there something we should expect in the back half of 2015 or is it something that we'll see more so in 2016? Ronald M. DeFeo - Chairman & Chief Executive Officer: Steve? Stoyan Filipov - President-Material Handling & Port Solutions: Yep. Hi, Chad. So this is the way I kind of – it's tough to really forecast when these big projects are going to hit. We've got, I'd say, very good visibility to about half a dozen projects, and about half of them are in Western Europe and the other half are kind of around Asia-Pacific – don't want to go into too much detail where they are. And the total scope of those is probably about $100 million worth. In our plan, we obviously want to sign one of those deals, I'd say, by the end of this year, but it tends to move around, so it could be the end of this year, beginning of next year, I think we're – we'll sign the next one. But there's opportunity out there and that's just kind of the short to medium term. I mean, every time I go and talk to customer in port, they talk about automation and the plans that they're starting to make to really move more to automation. So we're automating more and more products. We have our automated guided vehicles. We have our automated stacking cranes. We're launching a new automated stratocarrier in Q1 of next year, followed by an automated rubber tired gantry. So there's opportunity out there. I'm sure we're going to get another one. It's just tough for me to tell you when I'm going to get it and, kind of, the scope of it. But there's over $1 billion of opportunity out there to get, really through the next five years to six years, when you talk to customers. So we're working it and we'll see when we get the next one.

Your next question is from the line of Joel Tiss with BMO.

So the one I wanted to ask has been answered. But is the corporate expense – Kevin, is the corporate expense, is there a new run rate closer to $5 million a quarter or this quarter was more of just a one-off? Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Yeah. I think, we talked about the three kind of equal contributors. I'd say two of them so – roughly 60% is something that we think is a sustainable benefit.

Okay. And then, Ron, I just wondered, we talked about everything to death on the businesses, I just wondered if you could talk a little bit about what else you could do in terms of growth from capital reallocation. Obviously, as you're shrinking, you're generating a ton of cash, and that's something we haven't talked much about. Ronald M. DeFeo - Chairman & Chief Executive Officer: Okay, Joel. I think managing our capital is a critical part of doing what we do here. We have a meaningful amount of share repurchase still left to do. We obviously spent $130 million or so in Q2 on taking the convert out. We're going to continue to look at returning cash to shareholders and targeted bolt-on acquisitions, small in size, are things that we will continue to look at. Although, I don't think we have anything kind of in the hopper at this stage. But – so expect us to continue to try and manage the balance sheet and capital allocations intelligently, I guess is what I would say.

All right. Thanks.

And your final question is from the line of Seth Weber with RBC Capital Markets.

Yes. Thanks for keeping the call going. So just kind of following up on that last question, wow should we think about Terex's financial from both the liquidity perspective and where you're targeting that business to help support revenue growth? Ronald M. DeFeo - Chairman & Chief Executive Officer: Well, Kevin Bradley's been waiting for this question, Seth. Kevin P. Bradley - Chief Financial Officer & Senior Vice President: Yeah. Thanks, Seth. So we've been talking about expanding the use of TFS across the company. We've been kind of underwhelming the opportunity. We've built a very capable and, I'd say, diligent function. And right now, we're at – historically, we've been at about 12% to 13% in financing on TFS sales globally. We see plenty of opportunity to expand that, more than double it over the next couple of years and beyond. So we think, that's going to create incremental sales growth, even in kind of flat markets for Terex, as we provide better solutions to acquire our equipment. From a liquidity standpoint, our philosophy is still to use kind of other people's money. So for the most part, whether it's a syndication, straight referral, we're getting into more sophisticated funding techniques like the recent securitization conduit. I think the idea is we don't want to be a very large burden on liquidity as we grow profitably. I would say the way we've looked at TFS historically has been kind of a value-added function that tries to cover most of their cost through some fees – referral fees to our funding partners. Going forward as we get into the capital markets, we see the real opportunity to treat this business like a real P&L, not unlike most of our peers do with their captives. So we're kind of excited about the growth opportunity it can present as well as the P&L upside that we'll enjoy over time.

That's helpful. Thanks, Kevin. And then maybe just a last one for Steve, should we expect, in MHPS, the big service contribution to help margin in the – like last year I guess you did about a 6% margin third quarter, fourth quarter. I mean, is that still kind of the way we should think about the service impact on the MHPS business? Stoyan Filipov - President-Material Handling & Port Solutions: Yes, Seth. I mean, this is – Q3 is obviously our big services -

Right.

... quarter, with all the shutdowns. So with what I see kind of in the backlog coming through, I don't see a big change from that perspective. So I think, we'll pretty much be in line with what we saw last year. Now, obviously, FX is going to have a certain effect on us, but I don't see the margins changing very much year-over-year. So we've got a big quarter ahead of us to get the service techs out there and get into the facilities and service our equipment, so.

Okay. Thank you very much, guys. Ronald M. DeFeo - Chairman & Chief Executive Officer: Thank you, Seth. Ronald M. DeFeo - Chairman & Chief Executive Officer: Well, I think this is it. Thank you everyone for your interest in Terex today; we appreciate it. Please follow-up with us if you have any additional questions or concerns. We appreciate your interest in the company.

This does conclude today's conference. You may now disconnect.