Good afternoon. My name is Vincent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Trimble Second Quarter 2018 Earnings Call. Thank you. I will now turn the call over to your speaker today, Mr. Michael Leyba, with Investor Relations. Sir, you may begin.

Thanks, Vincent. Good afternoon everyone, and thanks for joining us on the call. I'm here today with Steve Berglund, our CEO and Rob Painter, our CFO. I would like to point out that our earnings release and the slide presentation supplementing today's call are available on our website at www.trimble.com, as well as within the webcast and we will be referring to the presentation today. In addition, we will also be posting our prepared remarks on our Investor Relations website at investor.trimble.com shortly after the completion of this call. Turning to slide 2 of the presentation, I would like to remind you that the forward-looking statements made in today's call and the subsequent question-and-answer period are subject to risks and uncertainties. Trimble's actual results may differ materially from those currently anticipated due to a number of factors detailed in the company's Form 10-K and 10-Q or other documents filed with the Securities and Exchange Commission. The non-GAAP measures that we discuss in today's call are fully reconciled to GAAP measures in the tables from our press release. With that, please turn to slide 3 for an agenda of the call today. First, Steve will start with an overview of the quarter. After that, Rob will take us through the remainder of the slides, including an in-depth review of the quarter, our guidance, and then we will go to Q&A. I would also like to briefly mention that we will be attending the Raymond James SMID Cap Growth Conference on August 21 in Chicago and the JPMorgan 'All Stars' conference on September 18 in London. With that, please turn to slide 4 and I will turn the call over to Steve.

Good afternoon. I will start by commenting on the quarter's results and then report on progress on some of the themes we laid out at the Investor Day in May. I will loosely follow up the content starting on slide 4. This quarter's narrative remains more or less the same as those of the last year, emphasizing strength across both businesses and regions. Reported revenue growth was 19% with organic revenue growth remaining in double digits. Reported non-GAAP operating margins improved by 2.6 points versus the second quarter last year. An even more positive perspective is to look at our fundamental operating performance without the effects of acquisitions made in the last year. This organic view reflects year-to-year non-GAAP operating margin expansion of over 3 points and operating leverage of over 45%. This operational strength reinforces our view that we are both leveraging current market success into a more robust financial model while we simultaneously add strategic muscle through internal developments and selective acquisitions. A current consideration revolves around tariff actions and the associated rhetoric. Although we have been negatively affected by the imposition of U.S. tariffs on imports from China, the effect is not material to overall results. If the environment continues to shift, we are well positioned to deal with changing circumstances. Our robust international supply chain will enable us to flex and mitigate effects. In addition to managing the supply chain, we will also be able to adapt to shifts in international demand patterns. For example, if Brazil replaces the U.S. as the provider to China for certain agricultural crops, we will be able to benefit from the ramp-up of Brazilian farms. Another point of general observation is that the Trimble portfolio has a healthier balance than at any point in Trimble's history, and we'll be resilient…

Thank you all for joining us today. Our second quarter performance was strong and ahead of expectations. Looking at our results for the first and second quarters, we remained favorably positioned in the market and we are raising guidance for the year. Let's start on slide 7 with a review of the second quarter results. Top line and bottom line results came in ahead of plan, meeting or significantly exceeding expectations in all reporting segments. Second quarter total revenue was about $786 million, up 19% year-over-year. Breaking that down, currency translation added about 2% and acquisitions added about 5%. Organic growth was approximately 12%. Second quarter gross margins were 57.1%, up 180 basis points year-over-year, reflecting favorable product mix as well as favorable pricing dynamics. During Investor Day, we said that we would start to introduce some new metrics to investors. Adjusted EBITDA is now on this table and is relevant as it captures the income from our joint ventures and equity investments. We delivered EBITDA of 22.7% in the second quarter, up 200 basis points year-over-year. Operating income dollars increased 36% to approximately $160 million with operating margin increasing 260 basis points to 20.4%. Our non-GAAP tax rate declined from 23% to 19% year-over-year, reflecting U.S. tax reform. Our net income was up about 36% and non-GAAP earnings per share in the second quarter were $0.50, up $0.14 or 39% year-over-year. Reflecting the strong cash flow profile of the company, deferred revenue was up 16% year-over-year and the net working capital including the deferred revenue was less than 3% of trailing 12-month revenue. Cash flow from operations was approximately $185 million and was up 24% year-over-year. To cover our debt profile in anticipation of the July 2 deal closure of Viewpoint, in the month of June, we entered into…

We have your first question comes from the line of Richard Eastman of Baird. Your line is open. Rick C. Eastman - Robert W. Baird & Co., Inc.: Yes. Good afternoon. Steve, could you perhaps address, or Rob; Rob, you had mentioned some of the competitive M&A in this construction space and some newer participants now having bought assets from private equity. But I'm curious, the one observation would be that if you look at the field-oriented software that Trimble brings to the table, it would seem a significant differentiator versus a lot of the M&A and the new participants who are either maybe seemingly heavy on the front or back end. Could you just maybe address the pace of M&A and maybe just reemphasize where Trimble sees its competitive position?

Well, let me answer initially kind of from the 30,000 foot level and then let me turn to Rob, to maybe refer more specifically kind of to the deal flow that we have seen over now the last nine months or so. So I think that from kind of an existential standpoint, Trimble's history is very much field centered in terms of, okay, that is where we really got our start, that's where our strength is, and our relative emphasis on domain knowledge really is in our view very central to this. This is not simply a matter of walking on to a construction site or into a contractors office and selling what's called a horizontal version of the world. It's very, very necessary to understand the intricacies of the construction workflow to really be able to solve some of these problems. So, I think that inherently we believe we have an advantage simply because we are fundamentally better aware of what goes on on the construction site than many of the others are now becoming involved. So I think that from a positioning standpoint and in terms of our field centricity if you, will we feel pretty comfortable. So without a doubt, I think that it's an attractive space. It's a large industry. The technology now enables solutions that were not necessarily possible five years ago. It is attracting a fair amount of attention, but in our view fundamentally we are advantaged from our relative historical positioning there. And the other element is that, if you will, giving a practical example, you know the combination of Viewpoint and our historical position in the machine in terms of machine control, it would be a huge advantage to a contractor to be able to turn on the ERP from Viewpoint or for that matter for anybody else, and see the outcomes from the morning's work in terms of the relative productivity of the bulldozer or the grater or the excavator or whatever and have that actually available in real time in the ERP. And if you look at the elements of that, I would say, Trimble is uniquely positioned to be able to provide that total solution, just as one example. Let me look to Rob to kind of comment on kind of the deal flow aspects of the last nine months.

Well certainly, we've seen activity, an increased level of activity in the space. When we announced the Viewpoint acquisition, one of our talking points was there weren't many scaled assets in the construction technology space and over the last few weeks, there's even fewer out there, fewer out there now. So the active players, I think you know who they've been, between Fortive and Roper and, well probably those two in particular, and actually many of the I'd say the acquisitions that have taken place are potentially more complimentary to what we've done. So not even necessarily competitive. Rick C. Eastman - Robert W. Baird & Co., Inc.: I see, okay. And then just as a quick follow-up, within the Resources & Utility business, could you just sift through the ag exposure in North America and rest of world? Have you seen any knee-jerk reaction on spending in the U.S. relative to China's commentary around soybeans? Or is that still on the come or how should we think about the North America versus rest the world split in ag?

Sure. I mean over the last few years, our business, our agriculture business has become much better diversified geographically as well actually as from a product mix perspective. So the majority of our agriculture business today is outside of the U.S. So we have a geographic diversity that's greater than what we had years ago. We're also more diversified, I'd say, on the machine versus off the machine. So from an on the machine perspective, we're historically known for guidance and our move has been more into the variable space. So there is diversification on the machine as well as off the machine as our software, agriculture software and the construction services business. So in terms of setting context, we basically have a quite a different portfolio than we did years ago. There is also something to keep in mind from the long-term fundamentals in agriculture to put in context of the let's say, the talk of the inactions of the moment. One would be a growing population and then the second would be farm consolidation and we do see farms continuing to consolidate and that actually tends to be a net positive for us where there is the association to the return on investment, the larger the farm. As it relates then to let's say the specific of the question, I'd sort of reference back to Steve's commentary, if the trade is going to let's say geographically arbitrage from one market to the other, you know it's our mandate to then go follow, follow that trade. And in this case Steve's example was Brazil in soy. Rick C. Eastman - Robert W. Baird & Co., Inc.: Okay. All right. Thank you very much and nice, very nice quarter.

Thank you.

For this Q&A session we're allowing participants to have one question and a follow-up only. We have your next question comes from the line of Gal Munda of Berenberg. Your line is open.

Hi. Thanks for taking my question. The first one is just in terms of the way you see now after the acquisition of Viewpoint. How can that integrate with the other software assets that you have and how high is that on priority list in terms of technological implementation? Would you think about integrating it with Vico potentially to get a full 5D bin solution and if there are plans to do that, what's the kind of the timeline you're thinking about it?

Sure. So, if I take the integration and I take it holistically between the existing Trimble business, Viewpoint and e-Builder. I would think – we think about it both opportunistically as well as strategically. From an opportunistic perspective, the first things we look at are where we have shared customers and many of the shared customers are coming to us with potential ideas or quick win product ideas and letting customers drive the integration that's going to make sense at a product level. Also opportunistically we happen to have let's say each business, as it were, having three user conferences coming up in the next few months. So there is a great deal of messaging that we're working on as it relates to talking to those customers and being in front of those customers gives us an opportunity to further talk about the product synergies that we see. From a strategic perspective and how we approach the integration, we start with segmentation, so segmentation of the customers. The Viewpoint example is a good one to reference back to the 8,000 customers that the business has. We have that split a third, a third, a third between general contractors, heavy civil contractors and specialty trade contractors, specifically MEP contractors. So, it's mapping at a segmentation level with the product offerings. And then going to your point, Gal, or your question about taking Vico as an example, fundamentally Vico is about enabling scheduling and that as a feature and to build that into the products on the industry platform that we talked about is certainly something that's top of mind for us. You know we have project management solutions in the respective businesses and one of the activities we have from a cost synergy perspective, which we also think will lead to revenue synergies, is to rationalize our efforts in project management so that we can be better focused. And in doing so, if we add let's call it the IP, the intellectual property from the Vico 5D scheduling aspect into the greater business in the portfolio, then we definitely would be bullish that there's opportunities for us. Because this really comes back to the idea of enabling this information transparency between owners, general contractors and the trade contractors.

Perfect. And just as a follow-up, you mentioned a bit of customer overlap. Can you talk a bit more between the e-Builder and between Viewpoint what the customer overlap is and what's the cross-selling opportunity between these two? I'd imagine that there might be some overlap but probably not significant in terms of.

Actually it would be a very small overlap, Gal. e-Builder focuses on owners, managing the capital programs for owners, whereas Viewpoint is managing the construction management system for the general contractors and the trade contractors. Where it makes a really nice fit is that the owner is ultimately working with a general contractor in order to build out the capital program. And so, the nature of the effort we would have in those two businesses is to make a more seamless connection of the data flow between the owner and general contractor. So, the example I have is one of the big general contractors who reached out to us very positively saying, okay, I am going to be able to integrate my data to get it to the owners better than I am able to do so today, so this is a great combination. So very little overlap. Actually really opportunity if you think about playing that out, taken if you're a general contractor working with an owner who is already in the e-Builder system, we believe that will give us a stronger value proposition to those contractors to be able to communicate better with the owners that they're serving today.

Okay. Thanks, guys.

The next question comes from the line of Ann Duignan of JPMorgan. Your line is open.

Yeah. Hi, good afternoon. Perhaps you could share with us some more details on the actual integration planning and what's going on there. And how do you drive cross synergy sales? Do you have to integrate all the back office systems, all the ERP systems, or how do you actually generate revenue synergies from one group to the other? I'm just curious how that all happens behind the scenes.

Sure. So the first order priority for us I recall with the as-is (00:36:55) business is to continue the momentum in the business and not to distract the operators and the teams from what they're doing today. These are businesses that are growing double digit. You heard me refer to the strong double digit bookings growth in both of the businesses. So first order of business is not to upset the apple cart with the business that we have and to continue to enable them on the growth path that they're on. So this is an, I call it an and, not an or, so that's priority one. From more specifics at the integration level, think about it at a people level and then revenue synergies and cost synergies. At a people level, it's really as we get to know one another in the teams and reinforcing the cultures and reinforcing or I should say, ensuring that we keep the teams, keep them focused. And from a revenue synergy perspective, you look at the early sharing of the pipelines, the customer pipelines, where do we have the existing relationships. If you take an example in the Trimble world in our civil construction world, a Department of Transportation, a state Department of Transportation in the United States is an important let's say customer user of technology. We would want to use that door to be able to come in and talk about e-Builder, about how e-Builder is relevant to managing the capital programs in the civil construction space. So it's really finding the pipelines and getting the right people together to talk about that and some of those conversations have already been taking place. And like anything, start with what can be the lower hanging fruit to go after before making it too complicated and going through 10,000 customers. On the cost synergies specifically, so we have a team that's – we have a number of teams that are working on various aspects of the integration. But one of the teams is looking at cost savings opportunities. The first place we look would be in software licensing, hosting, IT infrastructure costs where we can create leverage through Trimble. At a, you asked about kind of at a systems level, we would look more at a CRM than an ERP. From a CRM perspective, that's where you're able to mine the customer, databases, and look for the opportunities. That's where we would look to make sure that we can communicate more seamlessly between the organizations. At the ERP or the actual transactional level, we'd be more cautious and look at that over time to see what's the right thing, see what the right thing is to do. So, does that help, Ann?

Yeah. And I should have said CRM obviously. But is there a risk that you end up with a plethora of different systems that are tied together, or will you be forced at some point to consolidate CRM systems and invest significantly in IT?

Oh, I think that we would look to consolidate some of the system activities over time. And the really the more, I'll call them, customer centric, customer facing it is, that's going to be higher up on the priority list. Elevate to a Trimble company level, less than 2% of our revenue is invested in CapEx. So it's not a CapEx type investment that would, I'll call it, break a model. I think would actually be one about enabling a model and I think it is one that is relevant. In fact, not really even – and just within, while whether we're talking about Viewpoint or e-Builder, but across all the businesses we have in the construction technology space, I'd view that as an enabling technology to help us go after the market opportunity. The more it's the transactional side in the ERP system, there we would just I'd say kind of wait and see as to what's going to make sense. You have to look at the fact that we sell both hardware and software. We have business that goes through dealers. We have business that goes direct. And so I tend to not believe that there is such a thing as one ERP system that can do all of that.

Yeah. That's helpful. I just wanted to understand the strategy or the thought process particularly on the CRM side and how we manage all of these acquisitions when the integration happens down the road. So I appreciate that. I'll leave it there. I've taken enough time. Thanks.

Okay. Thanks, Ann.

Your next question comes from the line of Jerry Revich from Goldman Sachs. Your line is open. Jerry Revich - Goldman Sachs & Co. LLC: Good afternoon and good evening.

Hi, Jerry. Jerry Revich - Goldman Sachs & Co. LLC: I wonder if you could talk about Müller organic growth performance. How has that been tracking this year and how effective have your cross-selling efforts been in terms of pushing the product through your core distribution?

Sure. So technically I wouldn't pull organic yet. It came into Trimble in July of last year. So, but of course we could look at how was the business performing before we acquired it and what does that look like. Jerry Revich - Goldman Sachs & Co. LLC: Yeah, please.

And that's a double digit increase. Actually pretty strong double digit increase in the business over that time. So the business is doing very well would be the punch line to the answer. And then in terms of where we look for the leverage points, I reference back to Steve's commentary. One of the nice let's call it fits between the Trimble agriculture business and the Müller business is, as Müller historically has been OEM centric and European centric, and Trimble with the global, I'll say global centric and aftermarket centric, so it's the opportunity therefore is to bring Müller into the Trimble aftermarket global dealer channel and for Trimble, for us to build access more OEMs. And I think both of those are bearing fruit at this point. Jerry Revich - Goldman Sachs & Co. LLC: And can you just provide some more context on that last point, Rob? Any examples stand out and what could that mean for cross-selling opportunities as we enter 2019?

Yeah. In terms of the OEMs themselves, so we're not able to disclose the OEMs. So I wish, it would be easier probably for this conversation if I could. But places like Brazil and really and elsewhere, we're seeing positive momentum there. In terms of where it could go on an ongoing basis, well that would be net new upside for us if we're able to create business out of it. So I would call it a favorable tailwind opportunity for us. Jerry Revich - Goldman Sachs & Co. LLC: Okay. And then for transportation, you folks have been looking for a real acceleration in terms of back office investment among the freight industry after the ELD investment over past couple of years. Is that playing out? Can you just give us a sense for what you're seeing in that part of the business year to date?

Yeah so, Jerry, that one's played out a little different than the hypothesis we had coming into the year and appears to be maybe a quarter or two behind where we thought it would be. We have a number of, somewhat anecdotal, but a number of the trucking companies are so busy right now and I think you would know that and be able to see that from the data. And many of which are also facing driver shortages and we see that in the spot market rates on freight and the inventory levels. Where we've got, it basically turns into a number of companies that are too busy to go into bigger implementations at the moment. And so that's played out a little different than we thought. Having said that, the enterprise side of the business was up double digit year-over-year in the second quarter. But I would also say has been a little less than what we thought it would be at this point in the year. Jerry Revich - Goldman Sachs & Co. LLC: Okay. Thank you.

Your next question comes from the line of Rob Wertheimer of Melius Research. Your line is open.

Hey, good evening everybody. Mine is sort of a general question. You've built a really, really, interesting platform in digital construction. It's an area that's obviously hot right now. Others are acquiring and so forth. And I'm just curious as you've gotten a little bit closer look at e-Builder and Viewpoint, I mean do you see that you have years of acquisition activity ahead where you can fill in different niches and where acquisitions or innovations bubbling up and you're continuing to really, really start to build out? Or do you really feel like you've acquired the scope and platform that you need and you'll sort of see how you can drive revenues through internal?

Well, again. I'll make a general statement and there will be exceptions to it, but I think in general, as Rob pointed out is what's called the big game is effectively disappearing in terms of the assets that are available to acquire. There aren't that many left. There never were that many, and they're a diminishing breed at this point in time. So certainly nothing large, but I think what you're suggesting is kind of, let's call it, a wave of entrepreneurship and small companies that might be acquirable. I think that's actually a more relevant model for agriculture than for construction. Yeah there is innovation occurring in construction. There are startups. But I think that in general I would say in general, and I'm sure that there will be exceptions over time, but in general I would say is that we're now looking to internal development as the primary vehicle for progression going forward. Will there be potentially opportunities big and small, possibly. But I would say is that there, I think there is not let's call it a wave of small venture-backed companies that are likely to emerge. This is a scale business, which is kind of the point for doing both Viewpoint and e-Builder and I think it requires a certain amount of scale to be successful here. So, there may be some of that, but I would say by and large that we're going to focus on internal product development as really being the vehicle to take us forward. Possible exception to what I just said is maybe looking more globally, is that work does tend to be done differently around the world, so that if there's something that's going to drive acquisitions, as likely to be kind of international, filling in the gaps internationally more so than from a product standpoint.

That's helpful. Thank you.

Your next question comes from the line of Jonathan Ho of William Blair. Your line is open. Jonathan F. Ho - William Blair & Co. LLC: Hi, good afternoon. Just wanted to start out with some other commentary around the portfolio effects that you're seeing around your solution. Is there any way that you can maybe quantify for us like whether you're seeing more bundled sales or multi-product sales versus kind of standalone point solutions at this point?

So, I'd give you a couple. Hi, Jonathan. I'd give you a couple of examples and then I'll let you see where you want to go with the question or the follow up on it. In the construction, we'll start in construction technology. So we have the SketchUp business, as you know, which is an architectural and design software. We have a content business. So a 3D warehouse that feeds content, 3D content into the SketchUp product. Those two have a synergy between one another. The SketchUp product can also be sold with the Tekla Structure. So, if you were to move from a conceptual design into engineering level detail, you start out with the conceptual design, move into the engineering detail and you can move data from SketchUp to a Tekla Structures product. Our Trimble Connect, it's a solution, our platform. So Connect is the enabling technology to bring together the data and move the information flow across the ecosystem in construction. We have literally integrated elements of connect into SketchUp. So as you actually log in to SketchUp, you're coming through Connect and thereby having access to the file sharing which enables the data to move throughout the project, and this is coming in at the beginning of the project. And there is levels of product integration as well as solutions offerings. In terms of quantifying it let's say beyond that, I would actually characterize us as being in the early innings of really getting after the, and achieving the opportunity we have for the product bundling, the solution bundling. You know if you think about what's possible and literally possible, literally doable, like taking our field layout technology. That's the hardware and the software that's bringing that, connecting that physical and the digital world. That's the kind…

Sure. Let me start with the software one, that would have probably at this point be more meaningful than taking hardware as a service, as a business model. If we look at software, we have well over $500 million of software in services today and that's mostly perpetual software. So if you look at that basket of revenue and think about that and a transition to subscription, here is a rule of thumb that we think about. If you were to move $100 million of that perpetual revenue to subscription revenue, by definition you'd create a headwind to growth and margins. And so think about that $100 million and think about that, call it, divide by 3 and think about that at a subscription pricing level, is rough math, but think about dividing that by 3 and then how does that $100 million that converts over, how does that impact the total company model. And that level of business converting that $100 million of perpetual would be approximately 1 percentage point to growth and 1 percentage point at the company level and 1 percentage point op margin at the company level. So by definition would have an impact to the operating leverage. That math was, we took that into consideration in the model we put forward at Investor Day. To the extent that math plays out, it would really be a function of let's say how fast we turn the dial on the movement on that basket of revenue. Jonathan F. Ho - William Blair & Co. LLC: Thank you.

The next question comes from the line of Colin Rusch of Oppenheimer. Your line is open. Colin Rusch, your line is open. Colin Rusch, your line is open. Your next question comes from the line of James Faucette of Morgan Stanley. Your line is open. James E. Faucette - Morgan Stanley & Co. LLC: Great. Thank you very much. I had a couple of just I guess housekeeping questions and then a broader question. But first, I just want to be sure that in the formulation of your guidance that we'd previously built in completely that Viewpoint and e-Builder acquisitions were already completely in. And then I guess more broadly, I mean you've kind of touched on it already with what you're looking at for transportation, et cetera, but what are we seeing from a buying habit or process standpoint? It came in below a little bit with what we had modeled and hardware sales were – are hardware, and so I guess I'm wondering, are hardware sales falling off some? Or is there a mix shift that's happening there that maybe isn't apparent to us? And if you could call out a little bit what's happening in that segment, we'd appreciate it. Thanks.

So, on the guidance question, are you asking if the guidance we made for the third quarter in the year includes e-Builder and Viewpoint? James E. Faucette - Morgan Stanley & Co. LLC: I'm actually asking if the previous guidance that you had given, if that had previously included Viewpoint and e-Builder?

It had, yes, the guidance we gave at Investor Day on the year. Yes, it included Viewpoint and e-Builder. James E. Faucette - Morgan Stanley & Co. LLC: Right. Okay. Okay, I just want to confirm that.

Okay. James E. Faucette - Morgan Stanley & Co. LLC: Yeah and then my question on transportation.

Transportation, yeah sure. So, on the transportation business, actually the transportation business came in at about our expectations, so I'm not sure, obviously I'm not sure exactly how you modeled it out. In terms of how the let's say the mix played out in the business, for the last couple, well, it's the last two or three quarters now, we talked about the rate of growth that we would expect on a year-over-year basis given the surge in demand we had last year leading up to phase one of the two phases of the ELD mandate. So, that's actually been doing better than we expected so far this year, so the revenue has been ahead of where we expected. So from an overall I'd say level of business, that's been up. In terms of the mix shift, what we start to see and this would reflect in – okay, you don't see the gross margins. But what we saw in the gross margins in the transportation business is more of a shift to the subscription software kicking in and the hardware is a lower margin business at a gross margin level. And as the subscriptions kick in, that's at a higher gross margin. So we did see some mix in the revenue. That would, I would characterize as expected. So from my point of view, it came in about where we expected. Maybe a follow-up you'd want. James E. Faucette - Morgan Stanley & Co. LLC: Okay. Yeah. No, that's great. Thank you very much.

Next question comes from the line of Colin Rusch of Oppenheimer. Your line is open. Kristen Owen - Oppenheimer & Co., Inc.: Hi. Thank you. Sorry about the technical difficulties earlier, but this is Kristen on for Colin. Can you guys hear me?

Yes. Kristen Owen - Oppenheimer & Co., Inc.: Fabulous. So it's sort of a follow-up to a prior question but I was struck – Steve, one of the comments that you made about some of the cross-segment collaboration that really feels like a new conversation for Trimble. So I'm just wondering if you can provide some light on that and maybe where there are revenue opportunities across the segments and maybe even some R&D synergies. Just any color you can provide on that.

Yeah I think it probably is a point of emphasis that has grown over the last five years. And I think maybe the most significant change in enabling the conversation has been that really the technology has advanced to the point within the last five years, so that Trimble 5 to 10 years ago was talking in a construction firm to the equipment manager and the equivalent to a corporate farmer. We were talking to a whole different level management. Because technology has become so central to these enterprises, the conversations we're having have been elevated to the C-level suite. So we're now talking to CEO, COO, CIO, that class of people, and both in agriculture and construction and in a different way maybe transportation. Technology has become strategic whereas 5 to 10 years ago it was kind of an add-on. Today it is a central consideration. So we are having conversations at a level of the company where they're looking for transformative effects on the enterprise. And therefore, for example my visit to Brazil, that was the core of every conversation in Brazil, which was not just about farming or specific aspects, how can you help me transform my entire enterprise. And I still find it amazing in terms of the points of relevancy for Trimble right across the enterprise, whether it be logistics, whether it be infrastructure, whether it be the point solutions in the operations. So I think that we're now having these conversations and I think they've been enabled by kind of access to the C-level suite and the transformation in the sorts of conversations we've been able to have. So I think we need to improve our capabilities for talking, having boardroom conversations. We need to pick up our game and be able to do a better job of account management which has been kind of a recurring theme fairly publicly over the last five years in terms of things we need to get done. But I would say it's really access, the centrality of technology to the strategy of these enterprises and the fact that Trimble has many touch points of relevancy to that really, really is the change. Kristen Owen - Oppenheimer & Co., Inc.: That's helpful color. In the interest of time, we'll leave it at that and take the rest offline. Thank you so much.

Thanks, Kristen.

We have no further questions. Michael, presenters, do you have any closing remarks?

Yeah. Thank you, Vincent, and thank you everyone for attending today's call. We look forward to speaking to you next quarter.

This concludes today's conference call. You may now disconnect.