Good morning, and welcome to the Xerox Corporation First-Quarter 2016 Earnings Release Conference Call hosted by Ursula Burns, Chairman of the Board and Chief Executive Officer. She is joined by Leslie Varon, Vice President and Interim Chief Financial Officer. During this call, Xerox executives will refer to slides that are available on the web at www.xerox.com/investors. At the request of Xerox Corporation, today's conference call is being recorded. Other recording and/or rebroadcasting of this call are prohibited without the expressed permission of Xerox. After the presentation there will be a question-and-answer session. During this conference call, Xerox executives will make comments that contain forward-looking statements which by their nature address matters that are in the future and are in certain. Actual future financial results may be materially different than those expressed herein. At this time, I'd like to turn the meeting over to Ms. Burns. Ms. Burns, you may begin. Ursula M. Burns - Chairman & Chief Executive Officer: Good morning, and thank you for joining us. I am pleased to report that at the end of the first quarter, we are on track to deliver on our three commitments for the year. Meeting our guidance, reaching the first year target for our strategic transformation program and completing our separation into two companies. I will begin with an update on our progress on the new path forward for Xerox. Before turning to first-quarter results. In January, we announced plans to separate into two independent publicly traded companies. One comprising our Document Technology and Document Outsourcing businesses and the other our Business Process Outsourcing business. Both will be Fortune 500 scale companies that are leaders in their respective industries. Further demonstrating our commitment to driving shareholder value, we concurrently announced a strategic transformation program to deliver $2.4 billion in cumulative savings…

Thanks, Ursula, and good morning, everyone. I'll start by walking through the income statement and then discuss guidance, before handing it back to Ursula to wrap up. Before I get started, I'll remind you that the information I'm sharing reflects the reporting revisions we announced last quarter. Total revenue of $4.3 billion and adjusted earnings of $0.22 were within our expectations. Services delivered modest profit growth, while Document Technology declined due to revenue and transaction currency headwinds and cost reduction timing. Revenues in the quarter was down 4% in actual currency and 3% at constant currency, an improvement from the 5% constant currency decline in quarter four. Services top-line was up 2% at constant currency with growth in both Document Outsourcing and BPO. Document Technology declined 9% at constant currency and drove the overall revenue decline. I'll speak more about both segments in a moment. Gross margin of 30.3% was down 130 basis points year-over-year, driven by declines in Document Technology and a greater mix of Services, which structurally has a lower gross margin. RD&E was lower by $8 million year-over-year and SAG was down $35 million or 4%. Good expense reductions in absolute terms, but not sufficient to offset gross margin declines resulting in operating margin of 7.2%, down 130 basis points year-over-year and an 18% operating profit decline. Adjusted other net expense was higher by $8 million year-over-year, driven by higher litigation reserves, while equity income of $37 million in the quarter was up $3 million year-over-year. Our first quarter adjusted tax rate of 22.5% was below our guidance range of 26% to 28%, benefiting our earnings by about a $0.01, and reflecting higher foreign tax credits, as well as the geographic mix of profits. Bottom line, adjusted earnings of $0.22 was within our guidance of $0.21 to…

Thanks, Ursula. Before we get to your questions for Ursula and Leslie, let me point out that we have several supplemental slides at the end of our deck which provide more financial detail to support today's presentation and complement our prepared remarks. For the Q&A, I would ask participants to limit follow on and multipart question so we can get to everyone. At the end of our Q&A session, I will turn it back to Ursula for closing comments. Operator, please open the line for questions now.

Thank you. Our first question comes from the line of Tien-tsin Huang from JPMorgan.

Hey. Good morning. Thanks for taking the question. I guess on the – the first one just on the restructuring, I just wanted to clarify the higher restructuring cost. Is the incremental more on the Doc Tech side or the Services side? What is included there? Ursula M. Burns - Chairman & Chief Executive Officer: Yeah, we expect the additional restructuring to span the business, both Doc Tech and the Services business, as well as our central corporate costs. So not focused on either side particularly, spanning both businesses.

Got you. And I'm curious with the plans on the restructuring – I think we talked about this a little bit last quarter, just the impact on Services and signings and renewals. It sounds like nothing stood out this quarter, but how does it feel, Ursula, in terms of the conversation flow? I noted that the margins have been holding up even with some of the healthcare changes, so any additional color you can share there? Thank you. Ursula M. Burns - Chairman & Chief Executive Officer: I think just focus a little bit on your question, yes, what we're seeing in the business and the actions that we're taking is to assure that when we separate these two businesses, and obviously in 2015 as well, that we get the cost structure and operating model right for these two businesses. When we look at restructuring and all of the strategic transformation programs, it's focused on leaning out the infrastructure of the business. So everything from spans and layers to how we approach the market from a selling perspective, how we approach the market from a supply chain perspective, et cetera. All in leaning out cost and efficient operations, not to impact our revenue flow or how we service our customers. And I think that what we've shown in the first quarter is the ability to actually do that, to drive restructuring and kind of fall in our expectation range and hold up our full-year commitments in both BPO and in Doc Tech and in the full company perspective. So, I think you're right; we're trying to balance all these things. There's a lot of stuff going on, but I think we're keeping our eye on the ball and delivering fairly well. In line with separation as well, by the way, we'll do that by the end of the year.

Right.

Thanks, Tien-tsin.

Thanks for the answer (29:38).

Operator, next question.

Thank you. And our next question comes from the line of Ananda Baruah from Brean Capital.

Hey, guys. Thanks for taking the question. So I guess just quickly, a question clarification. You guys mentioned $700 million in annualized savings this year. I was just hoping to get some context around that. How much of that is to the bottom line versus invested? And I guess my quick calc is it's something like $0.60, which is big. So, if you could give us some sense of pass-through versus invested. And then as part B of that, is the tax-free spin, are those tax saves in there as well? Just context around that and how that would hit? Thanks.

Hi, Ananda. It's Leslie. So first of all, with regard to the $700 million of annualized savings this year, it's consistent with what we had previously said and underscores our commitment to deliver adjusted earnings of $1.10 to $1.20 this year. We, as you noted, increased the restructuring, quite frankly we did that in order to underscore our ability to deliver the range even though Document Technology revenues have begun the year a bit softer than we would have liked. So this year we don't anticipate investing any of the $700 million. Any investments of restructuring savings are ahead of us, not in 2016. With regard to the tax-free spin, I think what we've said is it's tax-free from a Federal income tax perspective. Any tax dis-synergies associated with the spin or any one-time tax costs associated with the spin will be explicitly identified post the Form 10 filing, so as we get to quarter two earnings announcement at the end of July.

Awesome (31:50).

Great. Thanks, Ananda. Do you have another follow up?

I was just going to ask quickly, now that you've identified sort of the amounts initially of the cost saves, like where should we think about in the context of Ursula's comments, they lying across both businesses? What are just the major buckets for the cost saves and the efficiencies as we move forward? That would be helpful, thanks.

So you should think about them benefiting both gross margin and SAG. Ursula M. Burns - Chairman & Chief Executive Officer: Right. In both businesses, by the way. In both the BPO and the Doc Tech business.

Thanks, Ananda. Operator, next question?

Thank you. Our next question comes from the line of George Tong from Piper Jaffray. George K. F. Tong - Piper Jaffray & Co. (Broker): Thanks. Good morning. Ursula, can you discuss how you might frame up potential cost dis-synergies that will arise from the split, including how dis-synergies may compare with the cost synergies you originally achieved from the ACS acquisition? Ursula M. Burns - Chairman & Chief Executive Officer: George, what we are going to do on dis-synergies is we're going to try to hold that conversation until the middle of the year when we can get a better grasp on what they are specifically and not kind of dribble it out. But some of the general dis-synergies are what you call independent company cost dis-synergies; setting up a board, those types of things are the general buckets. But we don't want to get too far ahead of ourselves and kind of piecemeal it out. We'll have some very specific clarity in the middle of the year when we file some of the Form 10 documents and start to communicate more. But think about setting up two independent companies and the structures that you need for that.

So, George, it's Leslie. If I could just add on to that a bit, we certainly expect that over time, the benefits from our strategic transformation will significantly outweigh any of the dis-synergies associated with running two companies. As you know, as Ursula just mentioned, there are certainly public company costs, but when you look at dis-synergies that typically impact other companies, there will be less that we face because we haven't done a tremendous amount of integration of BPO with what was the Doc Tech organization. George K. F. Tong - Piper Jaffray & Co. (Broker): Very helpful. And, Ursula or Leslie, Services margins in the quarter came in below the full year guidance range, which means there will be a catch-up event that will have to happen later in the year. Can you discuss your expectations for the cadence of services margin improvement through the year and what those drivers are? Thanks. Ursula M. Burns - Chairman & Chief Executive Officer: Think about expansion throughout the year quarter-by-quarter, that's the expectation, the plan. Services margins came in about where we would've expected them to come in, we expected to be below the – at the lower end of our full year ranges in the first quarter; it's a seasonally lighter quarter for us in general, and second quarter will be better third or fourth, like that. We are fairly confident of coming in, and that's why we're reiterating the guidance on our Services margin for the full year and by the way for our EPS, adjusted EPS for the full year, our cash flow we've adjusted down, and in our Doc Tech we reiterated as well. So it's kind of come in where we expected.

George, a couple of things. You know we took $126 million of restructuring charges in quarter one that should benefit both businesses as we move through the year. We've announced another $100 million of restructuring in quarter two, which should also benefit the margins of both businesses as we move through the year. We called out a specific weakness in quarter one in customer care, where we have new leadership that we've recently brought into the company and we do expect to be able to address some of those operational and efficiency challenges as we move through the year. So we're pretty optimistic about delivering the 8% to 9.5% Services segment margin for the year. George K. F. Tong - Piper Jaffray & Co. (Broker): Thank you.

Thanks, George. Operator, can we have the next question?

Thank you. Our next question comes from the line of Shannon Cross from Cross Research.

Thank you very much. I wanted to dig a bit into the Doc Tech margins and especially given that this is a drupa year and there may be some, I would assume, timing challenges with when the expenses for drupa versus, theoretically, the benefits coming through on the commercial print side. So when we think about the 12% to 14% operating margin target that I assume you guys are holding to here, and you were at 10% this quarter. I know there's a lot of restructuring going on, but can you maybe give us some idea of how we should balance the need to invest in drupa, which only happens once every four years versus sort of the timing of the cost cuts coming through since you did lay off a pretty significant amount of people in the first quarter? Ursula M. Burns - Chairman & Chief Executive Officer: Yeah, so I'm going to start and then Leslie will chime in. And I just I want to start with a level of clarity about what we are reiterating. We are absolutely reiterating full year Doc Tech margins in the 12% to 14% range. That is, we are confident that we can deliver that. We are also reiterating Services margin in the 8% to 9.5% range. We are reiterating revenue – our revenue guidance and we are reiterating our adjusted EPS guidance. All three – all of those things, four or five I just mentioned are not changed at all. We did have lower delivery of margin in the first quarter for Doc Tech but we are very confident. drupa, other product launches, timing of our save (37:55), the flow of currency and how it impacts our margins, they will all come out in the next three quarters, delivering somewhere between the 12% and 14% margins that we spoke about. Leslie can speak more on this as well.

So, Shannon, just to reiterate, the transaction currency costs us about 100 basis points year-over-year in terms of the Doc Tech margin. So Doc Tech margin of 10.2%, down 250 basis points, 100 basis points of that was transaction currency. We believe that $19 million pressure in quarter one turns to essentially negligible in quarter two. And when you add on top of that, the restructuring benefits that we expect to capture, from the restructuring that we did in quarter one and that we're doing more of in quarter two, we're very, very confident of being able to get to the 12% to 14% range for the year. With regard to drupa, you're absolutely right. It is in the investment that we make once every four years but it is relatively modest compared to, for instance, the transaction currency headwind that we faced in quarter one.

Okay. Thank you. That was helpful. And then, Ursula, can you talk a little bit about just philosophically if anything has changed on how you think about the capital structure of the two companies once they're split? How you think about what type of debt pay down might be required on the Doc Tech side given some of the pressures or just has there been any changes as you work through the last few months looking at the split? Ursula M. Burns - Chairman & Chief Executive Officer: So the answer to that in general is no. And I'll answer the question from the combined company perspective. That's the best way to address it and we'll talk about the split companies when we get further in the year. Our ability to generate cash and to have it available to operate the business in 2016 is identical, nearly identical, to our ability to generate cash and have it available in 2015. It's really important that we understand that, you understand that. About $1.6 billion operating cash flow in the year in 2016. We have to spend more on restructuring which we talked about. I think that's a good investment, a very solid investment in 2016 and will benefit us some in 2016 and will definitely benefit the two companies as we separate. We have separation costs which are unique in 2016. We'll have some in 2017 but a very small amount, a very, very small amount. We have normal CapEx of about $300 million. We have an additional $50 million of CapEx associated with separation that is also unique in 2016. That gives us a cash balance, a new free cash flow of somewhere between $600 million and $850 million, but most of that $850 million to $600 million, the reason why we're there is because of things that we don't expect to repeat in 2017. So as we flow into 2017 and leave 2016, we'll have a cash ability, generating ability of the two new companies that will be circa $1.6 billion just like it is this year without these one-time costs associated with the separation and with the bid restructuring that we're taking. So we don't say that – we don't view that a lot has changed over the last four months that we've talked to at all. We're getting more clear which we expect to do. We get more clear as we speak to you throughout the year, but it is important that you keep an eye on the fact that the fundamental cash flow and fundamental operations of the business haven't changed that much.

Great. Thank you.

Thanks Shannon. Ursula M. Burns - Chairman & Chief Executive Officer: You're welcome.

Operator, next question?

Thank you. Our next question comes from the line of Steve Schneiderman with BMO Capital Markets.

Hi. Thank you very much for taking my call. I'm pinch hitting for Keith Bachman today. So my question is regarding capital allocation. We noticed that you reduced the M&A target towards the lower end of the previous range. What I want to ask is, is that more of a reflection of market conditions, a focus on separation or more of a reduced confidence to get the deals in the pipeline over the hump? And as a follow up to that regarding, excuse me, share repurchases can you talk a little bit more about the decision to waive the share repurchase for the rest of the year and focus more on the debt reduction, what some of the puts and takes were and why the focus in that regard? Ursula M. Burns - Chairman & Chief Executive Officer: Yeah, I'll start with the share repurchase – with the M&A and I'll have Leslie take the share repurchase. Last quarter, we guided that we would be in the $100 million to $400 million but at the lower end of the range. What we're doing this quarter is we're narrowing it to the lower end of the range. We don't expect for us to be in the $400 million range, so we've actually take that off. Most of the change is driven by the fact that we're doing separation. It's not really a big indication of any significant change in the market. We are pushing hard for the $100 million, as I said, between both Doc Tech and Services, with a big focus on starting these two companies with the right financial position and capital structures and that's why share repurchase, M&A, debt reduction are all being played against each other to assure that we have good capital structures. For M&A, $100 million towards the lower end of the range was the ruling there. Share repurchase, Leslie will talk about it but we've moved share repurchase off the table. Did $1.3 billion last year, a very large amount of share repurchase last year and we don't think that we'll do any this year with the focus on debt reduction.

So I think Ursula has stolen most of my thunder. As she said, we did do $1.3 billion of share repurchase last year and we have also increased the dividend, which is the other way that we return capital to our shareholders. With modest M&A this year, we are going to prioritize the remaining cash toward debt reduction in order to optimize the capital structure of both companies. So we're pretty intent on ensuring that each of the two new companies starts competitive, start lean and start with an optimized capital structure, and that's where we're focusing our efforts.

Thanks, Steve. Operator, next question?

Thank you. Our next question comes from the line of James Friedman from Susquehanna.

Hi. Thank you. I just wanted to ask about this slide nine and the contract signings. I didn't hear you mention it in the call, but with regard to the 14% decline in contract signings, I was just wondering is any of that a function of your de-emphasis on government healthcare? Like is that really an apples-to-apples number or is there something else going on?

So, it's actually lower renewal opportunities in the quarter. Ursula M. Burns - Chairman & Chief Executive Officer: Right.

So we're really pleased with the renewal rate that we delivered in the quarter of 89%, which is at the high end of our 85% to 90% target range. But there were less renewal opportunities. We're also really pleased that the new business signings in the quarter were up 6% year-over-year. So, strong new business, less renewal opportunities, but strong renewal rate. Ursula M. Burns - Chairman & Chief Executive Officer: We do expect the renewal opportunities for the full year to be essentially the same as it was in 2015, but as you probably know, if you don't know now that renewals come up in the year at various times. So we expect the full year bucket to be about what it was in 2015, maybe a little bit higher.

That was my follow up so that's helpful. Thanks for the clarification.

Thank you. Ursula M. Burns - Chairman & Chief Executive Officer: Thank you, Jamie.

Thanks, Jamie. Operator, next question?

Thank you. Our next question comes from the line of Brian Essex from Morgan Stanley. Brian L. Essex - Morgan Stanley & Co. LLC: Good morning and thank you for taking the question. I was wondering if I could touch a little bit on the BPO side of business, so up 1% constant currency. Given what you see in the pipeline, particularly with the signing of the toll road contract now and then New York MMIS coming, I guess how much visibility do you have into long-term growth? What might you anticipate that growth to be relative to, I think you stated last quarter, the BPO industry growing at 5% and what kind of levers should we look for as we go throughout the year to achieve those benchmarks?

Okay. So it's Leslie. I think over the longer term we are certainly focused on growing at the market. There are clear industries where we participate well, like healthcare, like transportation, like customer care, where over time we, for sure, should grow with the market rate. In the near term, we do have some puts and takes associated with some contracts that we have opted out of, or contracts that we've lost. So we're pleased with the BPO growth in quarter one and believe that for the year. It will enable us – BPO combined with Document Outsourcing, will enable us to deliver the Services revenue growth that we've committed, which is flat to up 3%. BPO will be a little lumpy in certain quarters depending upon the prior year compare. Brian L. Essex - Morgan Stanley & Co. LLC: Any color in terms of those contracts that you've either kind of skipped or opted out of and what the philosophy is around growing the business going forward? What were the dynamics of those contracts and were they issue riddled or pricing related or what might we be able to take away from those? Ursula M. Burns - Chairman & Chief Executive Officer: So outside of the government healthcare space where we've made and Health Enterprise in particular, where we've made a set of very conscious decisions to not complete the platforms. In general, if we move out of a contract it's because the contract profitability doesn't meet our thresholds; that's basically it. We don't have a lot of these, this is not a large bucket of business, but we are being very disciplined in ensuring that as we move forward with contracts that, particularly if they are not in the areas of focus for us, which are transportation and healthcare, if they're not in those areas, and they have very low profitability or marginal profitability, we will move out of those contracts, obviously working with the clients and not leaving them in the lurch.

And as we think about the new business that we compete for, we're also being very measured in ensuring that the new business that we take on has the margin profile that we're seeking longer term for the Services business. Brian L. Essex - Morgan Stanley & Co. LLC: Okay. Thank you.

Thanks, Brian. Operator next question?

Thank you. Our next question comes from the line of Matt Cabral from Goldman Sachs. Matthew Cabral - Goldman Sachs & Co.: Thank you. I wanted to dig a little bit deeper into the impact of currency and specifically the yen on Doc Tech margins. If I look at current spot rates on the yen, it looks like it will be up about 9% year-over-year across the remaining three quarters relative to a 4% comparison in Q1. I guess, with that in mind, why wouldn't we expect the margin headwind to get a little worse throughout the balance of the year relative to the 100 basis point headwind that you saw in the first quarter?

So, Matt, there's a few things that I think you should understand about the impact of the yen. First of all, we have a currency risk sharing arrangement with Fuji Xerox, where they take half the good news or the bad news and we take the other half, that happens over time. Second of all, we do hedge and therefore the impacts of currency movements will be more muted and will flow in over time. The last point that I would make vis-à-vis the yen strengthening in particular is that it tends to lead to a less competitive or a more muted competitive pricing environment; a good thing, and we also have the benefit of translating our equity income from Fuji Xerox at a more attractive rate when the yen is strong. Matthew Cabral - Goldman Sachs & Co.: Thank you. And then, Ursula, as a follow up, you mentioned in your prepared remarks that you've identified some ways to sharpen the business strategy and improve execution post split, is there anything that, at this point, you can share in those opportunities? And related to that, how should we think about the go forward strategy for the two businesses heading into 2017 after this bid is finalized, relative to how these businesses have been over the last few years? Ursula M. Burns - Chairman & Chief Executive Officer: I think we've had a pretty intense engagement over the last, I think, let's say, six weeks or so, that has been refreshing; painful but refreshing in many ways, for both our Doc Tech business, Doc Tech with DO now, and our BPO business. We have found ways to improve three major areas. One is how we approach our customers, how we approach them organizationally and in what areas we dive deep with them and that should help us on the top-line, how do we organize that go-to-market in a little bit more efficient way. Second is how do we adjust our cost base inside, particularly we've talked about this a lot, spans and layers which – where we've done a lot of work, but with the help of some outside resources we've been able to look at to find ways to even be more sharp there. And then as we separate the two companies, we're taking this chance to look at just about every other piece of the business that moves and figuring out a way to lean that out those pieces of the business that move, lean them out and be significantly more efficient. The fundamental strategies though of the Doc Tech business and the BPO business, the fundamental strategies are the same. What we're doing here is we're rounding the edges a bit to make ourselves even more efficient. I was pleased with the work that we've done so far, but we still have some work to do.

Yeah, as Ursula said, I think there's two primary outcomes. One is sharpening the strategy for each of the two businesses and then the second is, for sure, improving our strategic execution. And part of the strategic execution is the transformation that we've been talking about.

Thanks, Matt. Matthew Cabral - Goldman Sachs & Co.: Thanks.

Operator, next question?

Thank you. And our next question comes from the line of Jim Suva from Citigroup.

Thank you very much. Realizing that the separation has a lot of added costs and a lot of those costs are upfront breakup fees, can you help us understand – are 100% of them or the majority of them all going to hit this year? Or do separation costs continue beyond – so I'm talking separation, not to synergy which I believe that your synergy costs are permanent in nature?

So the separation costs are dominated by both cost and outflows this year. There will be minimal costs that are incurred and cash outflows that are incurred in 2017.

Great. Thank you. And then – go ahead, Ursula. Ursula M. Burns - Chairman & Chief Executive Officer: No. I was just asking if you had more questions, so continue please.

Oh yeah, as a follow up, on the Document Technology, it's clear it started off a bit softer than expected in Q1, but you're kind of (54:44) your goals for Document Technology for 2016. Is it through additional restructuring that's going to come in and close that gap there? Or easier comps or some visibility, there's something that you can give us some confidence because it looks like the operating margins, and just the whole segment overall is starting off a little bit not quite where you'd like to, so how do you close that gap? Thank you. Ursula M. Burns - Chairman & Chief Executive Officer: Thanks, Jim. Full year, we were careful to be clear about the full year this year because we know that we have a lot of ups and downs in any given quarter. On a full year basis, Doc Tech margins, Doc Tech revenue we are reiterating our guidance and confident that we'll be able to get there. So no debate there. As far as the margins go and the revenue in the first quarter, they were a little bit lighter than we would have expected but not anything that would allow us that would cause us, as I said, to change our guidance. If you think about what we did in the second half of last year, and actually in the first quarter so far of this year, but in the second half of last year, we took no restructuring in the Doc Tech business. We did all of our restructuring in the Services segment, so we knew that we would have pressure in margins in the first quarter because we had literally no restructuring to offset the revenue declines. We've doubled up on restructuring in the first quarter. We have even more to do and we've announced an additional $100 million in the second quarter and we'll top the year at $300 million of restructuring which is why we are confident that we'll be able to actually hit the margin range for the full company that we talked about, the EPS that we talked about and the adjusted EPS we talked about. And the revenue shouldn't change that much. So it's the way that the business is flowing, no restructuring second half of the year, big restructuring this year help us to maintain and drive the margin range that we talked about in Doc Tech and in Services and no we're not moving away from focusing on the market and we'll be able to actually hit the revenue guidance that we've given as well.

Great. Thank you very much for the details from you and your team. Ursula M. Burns - Chairman & Chief Executive Officer: Thank you.

Great. Thanks, Jim.

That's all the time we have for questions today. Thanks for your interest. Ursula, anything to wrap up? Ursula M. Burns - Chairman & Chief Executive Officer: This is, as you can sense from listening to the call, this is a significant year for Xerox. We have three fundamental commitments that we have made to our shareholders. The first is to deliver our 2016 guidance. We are on track to do that. We are reiterating our full year guidance in EPS and in revenue; we're doing that for both BPO and for Doc Tech and for the full company. Second is to actually implement a strategic transformation that gives us two very strong companies, well-seated companies, on January 1, 2017. And we are well onboard, well on path to do that, and we are very confident in our ability to hit the second. The third is to hit the separation date, which is January 1, 2017. A lot of work on that, going very well. And we're very confident in our ability to do that. So these three things, we are focused on and we're pleased with the progress we are making and very confident in our ability to pull it off. So thank you for joining our call today and we'll see you next quarter.