Good morning and welcome to the NCR Corporation Fourth Quarter Earnings Call. At this time all participants are in a listen-only mode. (Operator Instructions). Today’s conference is being recorded, if you have any objections please disconnect at this time. And I will now turn the call over to your host, Mr. Gavin Bell. Thank you. Mr. Gavin Bell – Vice President of Investor Relation: Thanks Dave and good morning everyone. And thank you for joining us for our 2007 fourth quarter earnings call. Bill Nuti, NCR’s Chairman and CEO will lead our conference call this morning. After Bill’s opening remarks, Bob Fishman will provide comments on NCR’s total company financial results, and our guidance for the full year. Our discussion today includes forecast and other information that are considered forward-looking statements. While these statements reflect our current outlook, they are subject to a number of risks and uncertainties that could cause actual results to vary material. These risk factors are described in NCR’s periodic filings with the SEC and our annual report to stockholders. On today’s call, we will also be discussing certain non-GAAP financial information, such as free cash flow and results excluding the impact of pension and other non-operational items. Reconciliation of non-GAAP financial results to a reported and forecast GAAP results and other information concerning such measures are included in our earnings release, and are also available on the investor page of NCR’s website. A replay of this conference call will be available later today on NCR’s website, NCR.com. For those listening to the replay of this call, please keep in mind that the information discussed is as of January 30, 2008, and NCR assumes no obligation to update or revise the information included in this conference call, whether a result of new information or future results. I will now turn the call over to Bill.

Thank you, Gavin and good morning to all of you and thank you for joining us. Today I am also pleased to welcome Tony Massetti to NCR. Tony has now officially been on board for two full days, and so, Bob and I will be handling today’s discussion and Q&A. That said, Tony will be a very active participant in our future investor communications, of course. NCR had a very good fourth quarter. Strong revenue growth continued in each of our main business units as we entered our first full quarter as the new NCR. For the remainder of my comments, I will be comparing NCR’s results from continuing operations versus the prior year. The results for prior periods will not include the impact of Teradata, making this an apples- to- apples comparison. We had several highlights in the quarter including: financial self-service with 14 % revenue growth, retail store automation which grew 28 %, and customer services which once again delivered its best quarter ever in terms of revenue growth and NPOI. This was a very good end of year for NCR, and I would like to share with you, some of the details from each of our major business units. Let’s start out with Financial Self Service. Our Financial Self Service team had a strong quarter, delivering revenue of $537 million which was 14 % higher than ATM revenues in the fourth quarter of 2006. Revenue growth in this segment was aided by 5 points of currency translation. We delivered strong growth in the EMEA region, while the Americas also increased versus the prior year. Q4 non-pension operating income was $79 million, compared to the $84 million in Q4 2006. Operating margin declined to 15% in the fourth quarter of 2007, from 18% in Q4 2006. The decline…

Okay, thanks Bill. NCR’s total revenue from continuing operations of $1.5 billion dollars grew 13% versus Q4 2006. This includes a 5 point benefit from currency translation. We report a GAAP net income of $86 million dollars, or $0.47 per share from continuing operations. This compares with $95 million dollars, or $0.52 per share from continuing operations in Q4 2006. NCR’s continuing ops did have some special items in the quarter. $0.02 per diluted share related to our manufacturing realignment project, $0.02 per share related to additional legal expenses for the Fox River environmental matter, and $0.01 per share related to our realignment activities in Japan. Excluding these items, non-GAAP diluted EPS from continuing operations was $0.52 per share achieved in Q4 2006. We had pension expense of $9 million from continuing operations in the quarter, which compared to $28 million in the fourth quarter of 2006. To analyze NCR’s operational performance without the effect of the special items and pension expense, please see the supplemental financial schedule on the investor page of our website that reconciles GAAP to non-GAAP results. For the remainder of my comments during today’s call, I will exclude the impact of the special items and pension expense. Our Q4 gross margin was 24.1% up 70 basis points from the 23.4% in the fourth quarter of 2006. Driven primarily by productivity improvements in customer service. NCR’s expenses were up $36 million dollars versus Q4 06, in large part due to the higher revenue in the quarter and the impact of foreign exchange. Spending also increased for research and development in our financial Self-Service and Retail Store Automation divisions as we prepare for a busy year of new product introductions in 2008. Selling expense was also higher as we invest in targeted Self-Service growth head count. Total…

And I have our first question here from Mr. Reik Read. You may now ask your question.

Hey, good morning.

Good morning Reich.

Bill, can you talk a little bit more about the product rollouts, the new ATM kiosk. When will you start to bring that out and show it to customers, what is the certification requirements, and will that rollout differ by geography?

We expect certification for the most part, Reich, in general on a global basis to be done by end of the second quarter. As you know, certification depending upon where you are in the world, can take varying amounts of time. So I would say on a general basis, expect us to be done by the second quarter. Interestingly, we have already taken our first orders for this, so we have seen some good demand for it. But I expect the impact of this new product to be felt more so in the second half of this year and of course in 2009.

Okay, and then you also mentioned some retail products that are coming out, and you kind of pointed out that the retail a little challenged when you look at a lot of the statistics out of the bar-coding world which I would argue, you follow reasonably well your business. You know, they are not doing well. Can you talk a little bit about what the interest level is in these new products? Is that driving it or are there some other factors too, like leases coming due, anything like that, that seems to be driving your strength?

You know, our phenomenal growth in retail last year was largely driven by product innovations and new products coming out, particularly the 80 XRT. I can report to you that we have several new products coming out this year as well that were funded in 2007, that we are very excited about. You know, I can only hope today sitting here and not knowing what the future holds, that we can have equal success with some of these new products. We do have a new point of sale product coming out in the second quarter. We also have several new peripherals coming out in terms of bioptic scanners that are designed for manufacturability and serviceability that are pretty exciting, that have significantly higher performance, and of course, our two-sided thermal printing technology which is just beginning to show some very positive signs in terms of customer traction. And all of these platforms got a lot of attention at NRF. Beyond point of sale, we are pretty excited about our new Self-Service products as well. Beyond Self-Checkout, where we have a new product coming out this year as well, in the Self-Checkout domain, we also have several new applications coming out for kiosks. Applications for customer services returns which will help automate returns in retail stores and drive higher productivity, lower costs, lesser lines and improved satisfaction. We have some new applications coming out for assisted sales and this is the first time in a long time I can say that we are beginning to see some killer applications for kiosks and retail and that was pretty much the sentiment of our customers and retail customers that showed up at NRF this year. So I am encouraged by our performance in retail. I am encouraged by some of the new platforms we have coming out, and I am equally encouraged by the interest level, or the increased interest level I saw at NRF relative to Self-Service applications.

Okay. And then, just on the RFID side, it looks like you said that write-down occurred in retail. Can you talk about what that was related to, and with that write-down does that basically get you out of the RFID business in total?

The first, I will let Bob and I tag team, but Bob will give you some of the particulars on the write-down for the company, but I would tell you that, generally in RFID, I still think and feel pretty strongly about the potential for the technology longer term. I do think like a lot of hyped technology as it was a few years back, it’s going to take longer to incubate in the market. We are not out of the RFID business by any means, and we will continue to support solutions in this base on an end-to-end basis. So I also want to make that clear as well. Bob, a little bit of detail.

My general comment, in terms of this business, we sell acid in inventory tracking software and services, and the RFID market has not taken off as expected and we are to be honest, a little bit below our business plan. The prudent action was to take the write-down of the assets, and that’s primarily goodwill. We’re going to scale back our RFID spending until we see an upswing in the RFID market, and that is really the logic behind the write-down in the quarter.

And I take it that these applications are largely focused on the compliance mandates.

Indeed.

Okay, great. Bill thanks so much.

Thank you Reik

(Operator instructions) Our next question is from Mr. Kartik Mehta with FTN Midwest. You may now ask your question.

Good morning.

Good morning Kartik.

How are you Bill? Uh, I wanted to ask you a little about the ATM margins. You talked about geographic mix or deal mix having an impact. And, I just wanted to better understand, is it strictly just geographic mix, or are there a couple of geographies where pricing is aggressive, and that had an impact as well on margins?

The two main factors, one of which we discussed on the Q3 call at length, which is of course geography mix, revenue mix. We hit the nail on the head then, and that’s exactly what occurred in Q4. There was, as we expected, far more of an international mix, more emerging market mix in the quarter, than the Americas. Now I can report that the Americas did pick up in Q4 which is a positive sign as far as I am concerned, but that was off of a relatively low base. The other impact was in professional services revenue which was slightly down and as you know, in that space when your revenue is down and you’re carrying the cost it goes right to the bottom line there. And so, that was one dimension of the margin. The second of course was expense, as we also discussed in Q3, we consciously torqued up the spending on product development, and research and development, and now you know more of the reason why. Part of it was the announcement of our new ATM product family, Self-Serve of which we were funding throughout the year. Another piece of it was funding Oakcheck and our SCPM product which is now out in the market and has been introduced. And another chunk of the expense increase was associated with additional revenue, higher revenue than expected, as well as foreign exchange. So, those were the factors that led to the 15% margin in the quarter and a little bit ahead of where we expect it in Q4, but fairly close.

Bill, you talked about the Americas, I am assuming that it also includes Latin America and some of the other markets. So as far as the U.S. market is concerned, did that also pick up in the fourth quarter?

It did, yes, we saw high single digit growth in the fourth quarter in the Americas.

On the cash flow side, I think you discussed maybe improving accounts receivable, inventory turnover. I am assuming the inventory is, as you transition to your new outsourcing, that probably played an impact on inventory, if that’s accurate. And second, on the accounts receivable, is it just -- you need to pay a little bit more attention to it, and there were so many things going on that maybe the focus was not on that as other issues there.

Three main factors on inventories; one of course, was higher than expected revenues and the need to carry more inventory. One other factor was Foreign Exchange and the mix there. And, the other factor was the manufacturing realignment which caused us to have duplicate inventories being carried in our factories. That being said Kartik, we need to execute better in inventory management and we can make a relatively good excuse that the spinoff took our eye off that ball a little bit, but I can assure you that we are going to focus significantly on inventory management this year and we’re going to do a much better job. On the receivable side, I would say two factors are mainly there. One of course is the fact that we were very focused on a successful spinoff and similar to inventory we took our eye off the ball a little bit, but again a little bit more on the execution front there than I would say on the inventory side, and Tony Mesetti who is in the room with us today and I have had a lot of discussion about this and you should expect, and our investors should expect to see us really focus on this in 2008 and do a much better job on the AR side and in general, working capital.

Great Bill, just one last question. For your 2008 guidance, have you anticipated any FX contribution or share buyback?

I'm sorry. What was that question again?

I'm sorry. For 2008 EPS guidance and revenue growth guidance, will the revenue growth include any FX contribution and have you included any share buyback in that guidance as well?

That's organic growth about 3 to 5%. So it doesn't include any potential FX benefit to the top line, and yes, the guidance does include some share buyback in the mix.

Does that -- I mean, some as in 50 million or some as in 150 million?

It will really depend upon the stock price throughout the subsequent four quarters. The lower the stock price the more aggressive will be in terms of buyback throughout the year. So depending upon how it plays out during the year, it could dramatically increase the buyback or slowdown a bit. That being said, we’re fairly dedicated to a systemic buyback each quarter regardless of the stock price in the range of $75 to $100.

I will mention that we repurchased 4.2 million shares in Q4 and in January alone we've repurchased 2.8 million shares.

Thank you very much.

Thanks Kartik.

And our next question is from Ms. Katy Huberty with Morgan Stanley. You may now ask your question.

Good morning. Going back to cash flow, given this isn't the first time you've discussed the need to focus on working capital and the manufacturing transition is behind you. Is it fair to assume that we'll see better metrics in the March quarter?

I think that’s fair Katie. I think what is fair is that you're going to see us focus on it internally and report back to you on it each quarter with an eye towards a little bit more detail on what we're doing about it. So, for what it's worth, be confident that it's a top of mind issue for 2008 for myself and the team here including Tony.

And then quickly Bill, can you go into a little more detail on where you saw strength in the traditional retail business and whether the pipeline and the conversations you had at NRF suggested that could continue in the near term.

The strength this past year was very balanced Katy. It was both in the traditional assisted point of sale space, terminals, cash registers, peripherals, as well as in the self-service base largely driven by our self-checkout platforms around the world which are gaining momentum as we speak. The general trend in 2007 from a customer point of view in terms of upgrading was really driven by the desire to increase productivity at the front-end of their stores. Of course, the more throughput in a retail store the less likely it is that they will need to increase their capital spending to build out new stores in a local areas or otherwise in particular, and frankly it's productivity/cost improvement if you can speed up the checkout process at the front-end. Our new platforms are with our question at least today unparalleled in the market in terms of performance, innovation, and DFX design for manufacturability, serviceability, quality, and cost. And we saw -- that was a big driver last year. We flat out have a better mousetrap. And, that's what our customers were telling us and the big wins that we had last year were all driven by this need to increase the front-end throughput productivity and alleviate some of the cost pressures that they were faced with. At NRF, I heard that that was going to be a continuing trend in 2008, as well as our focus on Self-Service. I met with about 35 customers at NRF and I think I asked each one of them kind of what were the top-of-mind three items that they were interested in at NRFs and self-service was within the top three for the vast majority for obvious reasons, both from a consumer acceptance point of view and productivity point of view, but also digital signage where we have products and we're excited about that space as well, and point of sale. I was pleased to hear point of sale was still a top-of-mind item because of some of the age of some of those platforms out there.

Thanks. I appreciate it.

Thank you.

And you next question here is from Mr. Matt Summerville with KeyBanc. You may now ask your question.

Good morning. Several questions. First, Bill, did I understand you right that the way to think about the buyback, the quarterly anticipated minimum would fall in a range of 75 to 100 and then you could flex that up if the stock price is low, is that the right way to think about it?

That is the right way to think about it and it will depend upon to some degree the stock price, but you're thinking about it exactly right Matt. We're going to regardless of price buy somewhere between 75 and 100 million a quarter back, and as the year flows if the stock price is lower we will buyback at more aggressive rates.

And then, just can you talk more about what you're seeing or walking into the year with in terms of backlog within the ATM and retail side of the business. How does that compared to last year? And what are you seeing in terms of current ordered tempo in the two businesses?

Backlog is up year-on-year coming into the year in the mid to mid single digits range year-on-year, that's positive for us. Trend vise in the ATM space, clearly deposit automation as we've been talking about the last year. I think timing vise we hit it about bang on. We thought Q407 was going to be production pilots, and 2008 was going to be a year of rollout. I still believe that to be the case. I think companies like JP Morgan Chase is making a significant commitment that they have to deposit automation should help move other competitors in the market. In retail, the trend towards self-service will continue in 2008. New applications will be developed along the self-service dimensions as well beyond self checkout, but I think you'll see in that space – and self-service beyond those two core markets Matt, will continue at a very healthy growth clip in travel and hospitality, in healthcare, and we are starting to see some positive signs in entertainment. For example, our recent acquisition that we made of touch automation, where it's essentially a DVD vending device where you can sell shrink-wrapped for at least NCR solutions, shrink-wrapped DVDs, and do digital download. And, it's not just for retail. I don't think you will find these platforms in a supermarket or just a retailer. I think you will find them in airports before you board a plane. We’ll be able to download music, movies, games, books, and all sorts of digital content, or rent a DVD and drop it off at the far end when you land, to a pen drive, to a flash card, to your PC, to your phone. I think you will see it in universities. I think you will see it in education centers and in schools. We think you will see it in retailers and also gaming as well, and then public sector as well. We are hearing from our customers that self-service trends are improving. So, beyond our growth markets of financial and retail we’re going to continue to pursue these other spaces with the products we have today, I think we are relatively well positioned, as well as some of this recent acquisition that we made and some that we hope to make this year.

How do you see, I guess, based on the customer conversations you're having, deposit automation playing out in the U.S in 2008 compared to 2007. And then, I guess when we think about your Americas business, do you anticipate similar growth in '08 to what you’ve experienced in the fourth quarter?

In terms of deposit automation in the U.S, it’s certainly -- I haven't changed my opinion, I still remain cautiously optimistic even in light of the subprime credit issues in the U.S economy that banks will move forward. And I think its, it really, they are a point that where I don't know if they have a choice to move forward or not, because their competitors, particularly the large banks are moving forward aggressively. The second thing I'd say is there's a clear cut productivity gain, productivity advantage to deploying deposit. We're hearing from our customers who've deployed it in the thousands of units already. They have been pleasantly surprised that even their lower end or higher end or upper end expectations on productivity and consumer acceptance were blown right through the roof. And so, it will help them, not just to remain competitive. It will also help them to drive our cost at the branch, and also help them from a consumer traction perspective with a consumer base that's expecting this service to be delivered. I think that will eventually leak into the mid-sized banks, the community banks market place. I expect to see that more towards the latter half of 2008, not at the front end. I think the large banks will drive them in that direction. It will be far less complex for the mid sized banks to deploy in that timeframe. And my point of view relative to the installed base turnover hasn't changed. I still think it’s a 40, 40, 20, ‘08, ‘09, 10.

Okay great. And then just a question on ATM margins in the fourth quarter, did the -- I think it was in the high 14s range. Should that operating margin include or exclude the manufacturing realignment. The 79 million of reported operating profit that you mentioned in your prepared remarks?

That excludes the manufacturing realignment. We've not put that in the BU results.

Okay, that’s what I would have thought. Alright, as far as the retail business, the growth you saw on the point of sales side I think in the third quarter, Bill you attribute to that to maybe a couple of larger size rollouts. Does that the case again in the fourth quarter or was it more board? And then, does that momentum continue at all in the 2008 or those contracts kind of done at this point?

Q4 is a replica of Q3, in that regard Matt, these are still very large wins that we secured primarily with the 80 XRT platform that rolled out both in Q3 continued in Q4. I expect those rollouts to continue in 2008 in earnest and certainly here in Q1. We have continued to see good interest on the platform and while I'd love to sit here today and claim that we could have another year like that we had in 2007. It's going to depend upon the success of these platforms from an order rate perspective in Q1, Q2.

Okay. And then, can you comment similar to how you did in the U.S with respect to ATM's? What your thoughts are on EMEA and Asia-Pac for 2008?

I expect the U.S market for NCR to grow in 2008 on a year-over-year basis. And I expect the international markets to continue to be vibrant in terms of opportunity. I don't think they’re going to grow as aggressively as we saw in 2007 today. But I think they're going to be, it's going be a solid growth environment for that space as we go out into the 2008 timeframe.

Then going forward, when you report next quarter, I would assume you're going to report on the geographic data. And I guess I'm wondering what we can expect as far as data points regarding the individual product lines, i.e. retail, ATM's and then service. Are we going to get data on that as well or just by geography?

Yeah. Certainly we’re going to report externally on a geographic basis, but I want to assure you and give you as much confidence as I can give on this call. Our goal is to continue to be very transparent and report on how the industries are doing and give you a lot of color about what's driving success in each one of our industry segments. So, we are going to do our best in terms of working towards that goal of external reporting, where it's not just geographic but we give you some color about how the industries are performing on a global basis.

I would agree with that, the move from the old BU model was necessitated by this growth opportunities in the self-service market place, and we’re currently finalizing our segment reporting and we’ll report under the new structure at the end of Q1. But there will be regional reporting, and then we will continue to provide information around industries and the growth areas. So, we heard the message loud and clear as part of analyst day. We want to be as transparent as possible allow you to follow the markets that you've been following over the last couple of years. So I think what we provide in Q1 will meet the requirements.

Okay. And then just last question. Bill, can you sort of talk about the context of what you're seeing in your business? What you're expectations are based on your backlog order activity and how that really lines up with your guidance or doesn't?

Yeah. Obviously we talked a little bit about backlog earlier and I mentioned that backlog was up in the mid single digits year-on-year coming into the year. The current outlook -- I would say Matt, the metrics that we follow you know on a day-in, day-out basis haven't materially changed. They're relatively positive, whether we're looking at order rates or we're looking at revenue outlooks or write-down to the bottom line. So, we are of course, cautiously optimistic about the year relative to these current metrics. We're also cognizant of the same thing you are and everybody is which is that we're maintaining our fingers on the pulse of what's happening economically here in the U.S and globally. And the only thing I can't report to you is that, we’re seeing that right now impacting in the company's business. So I would expect us to come out of the shoot here in Q1 as we typically do every year Matt. I don't see many changes from a seasonality point of view in terms of the performance of the company.

Okay, great. Thanks.

Thanks.

And our next question here is from Mr. Gil Luria with Wedbush. You may now ask your question.

Thank you. First of all to clarify, you said you'd finish the transition at the manufacturing. So that mean all your, the facilities that you had in the Americas are now shutdown and you're entirely out sourcing in the Americas?

That’s true.

That’s correct.

So now that this initiative is complete, what's the next step in terms of cost cutting and increasing productivity? What are the next big initiatives that can give you some of those gains over the next few years?

The focus in the factories now Gil is about productivity improvements and efficiencies largely led by Lean Six Sigma Implementation in the factories. So how do we get more efficient and more productive in these low cost areas? Supplier collaboration is another big piece. How do we continue to build a supplier base around our plants that are more efficient more productive to help us to drive out cost. The constant focus on absorptions and driving greater absorptions in the factories and more efficient way of manufacturing throughout the quarter, which also is going to be driven by the continued focus on linearity on a revenue basis and shipment linearity inside the company as a key metric as well. From another angle, we have, I think a good amount of process improvement work that needs to be done in the company. And I can spend a good couple of hours with you taking you through the various mega processes in our company that cost too much, take too much time and make us less simple to do business with. But 2008 will be the year where we get very focussed on process improvement to drive greater productivity from an enterprise point of view globally, as well as greater efficiencies on the year. So, I would tell you that the foot is still firmly on the brake with regards to expense management cost management, but this is the year where we kick off, and to me it’s a muti-year effort, a lot of initiatives in terms of productivity and d efficiency.

Got it. And in terms of your new product, I want to clarify the bulk checkability. Is that possible on your previous line of ATM products or is that possible only with the new line of ATMs?

It's possible on both. The new line of ATMs, the 20 family and the 30 family, all have the ability to deploy a bulk check today. In fact, bulk check is not only in pilot, it's going into production this quarter. And I would also tell you that, you can upgrade the personas line of ATM. The previous family of ATMs as well. That upgrade will be available towards the middle part of this year for customers who have those products. So we will be in a position where you know after the second quarter of 2008, any and all ATMs out there in the market, most f them will be able to be upgradeable to bulk check.

Which line did JPM or J.P. Morgan buy?

I am sorry.

J.P. Morgan. Is that the new line of ATM that they are buying from you now?

No. It's both the new line as well as upgrades to current ATMs in the base.

So how does hat these products are almost in the market. Can we assume -- and this is, you said, I think the largest upgrade in a while. Can we assume that R&D expenses can start to fade down from this point?

:

Got it. A couple of more questions. You seem to be, I think that over the last few months you have gone from a position of wanting to do the buybacks over two years. Now it sounds like you may be able to utilize that all over year. Does that reduce your inclination to do acquisition? Does that change at all your position that you become a little more open to doing smaller and medium sized acquisitions?

Absolutely not. No. That's the beauty of the strength of this company's balance sheet and our cash position. We not only can buyback more aggressively given some of the challenges in the equity markets, but we can also afford to make a whole host of new acquisitions and frankly, during times like this, companies also can become little bit cheaper to buy. So we are excited by some of the potential opportunities we have to make these smaller to medium size acquisitions in a way.

One last question. You seem to have a larger than usual contribution from the payment, imaging and other line. What happened in that line? I imagine, it's other than may be the larger contribution there. Could you elaborate what that was?

It was timing, more of a timing of transactions that gave us the benefit in payment. I was very disappointed in the payments performance in 2007. Let me be very frank with you. We had a good Q4, but that's only simply because we didn't execute very well in Qs 1, 2, and 3 and some of the timing of larger transactions came to fruition in Q4. We have to do a better job in payments in 2008 in general.

Got it. Thank you very much.

Thank you. And, operator, we have time for one more question.

Our last question will be from Mr. Reik Read-Robert with W. Baird & Company. You may now ask your question.

Hi Bill, I just want to follow up on the product gross margin. When I look at them, both year-over-year and sequentially they were down, can you talk about the dynamic there? I assume some of that is the manufacturing realignment cost, but can you talk about other factors that might have caused that.

Yeah. I think you hit the nail on the head, there we. You are looking at obviously the GAAP reported, so you have a number of one time cost, primarily the NextGen cost, included in there the manufacturing realignment. So, again when you strip those out, you actually see product gross margins improving year-on-year in our businesses.

But unless, I did the math, still roughly flat sequentially and usually fourth quarter a little bit better. Is there another factor in there that accounts for that?

A little of the mix that Bill talked to you about obviously impacts the product gross margin.

Okay

So you have that in Q4.

Okay. Great. Thank you guys.

Great. Thank you, Reik, and I want to thank everybody for being on the call today. We look forward to circling back to you after Q1. Take care.