Hello and welcome to the Second Quarter Earnings Conference Call for Amphenol Corporation. Following today's presentation, there will be a formal question-and-answer session. Until then, all lines will remain in a listen-only mode. At the request of the company, today's conference is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to introduce today's conference host, Mr. Craig Lampo and Mr. Adam Norwitt. You may begin.

Thank you very much. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO. And I'm here together with Adam Norwitt, our CEO. We'd like to welcome you to our second quarter 2017 conference call. Our second quarter 2017 results were released this morning, I will provide some financial commentary on the quarter and then Adam will give an overview of the business, as well as current trends, then we'll take questions. As a reminder, we may refer in this call to certain non-GAAP financial measures and may make certain forward-looking statements. So please refer to the relevant disclosures in our press release for further information. The company closed the second quarter with record sales GAAP diluted EPS and adjusted diluted EPS of $1.667 billion, $0.80 and $0.81 respectively, exceeding the high end of the company's guidance for sales by $47 million, GAAP EPS by $0.08 and adjusted EPS by $0.09. Sales were up 8% in U.S. dollars and 9% in local currencies compared to the second quarter of last year. From an organic standpoint, excluding both acquisitions and currency, sales in the second quarter increased a strong 6%. Sequentially, sales were up 7% in U.S. dollars and 6% in local currency and organically. Bringing down sales into our two segments, our Cable business, which comprise 6% of our sales, was up 16% from the second quarter of last year, primarily due to the impact of acquisitions as well as organic growth. The Interconnect business, which comprised 94% of our sales, was up 7% in U.S. dollars from last year, driven primarily by organic growth as well as the impact of acquisitions. Adam will comment further on trends by market in a few minutes. GAAP operating income and adjusted operating income were $336 million and $340 million respectively for the second…

Well, thank you very much, Craig. And I'd like to take this opportunity to welcome all of you to our quarterly call here with respect to our second quarter earnings. I will spend a few moments just to highlight some of the achievements in the second quarter that Craig just detailed. I'll then discuss the trends and our progress across our various served markets and then spend a few moments at the end to comment on our outlook for the third quarter and the full year of 2017. And of course, we'll have time for questions at the end. In the second quarter, we delivered results above the high end of guidance, as we establish new records in orders, sales, and earnings per share, all while continuing to expand our industry-leading operating margins. As Craig mentioned, revenues increased by 8% in U.S. dollars and 6% organically, reaching that new record of $1.670 billion. We're very pleased that our order bookings were strong with a book-to-bill of 1.03:1, reaching $1.700 billion in orders. And in particular, I think our whole team is proud that our margins continue to increase by a strong 100 basis points over prior year to 20.4% and that's just a really excellent achievement by the whole organization. EPS reached a new record of $0.81, increasing 25% from prior year, and we generated cash as well with cash flow reaching a very robust $280 million. The last thing I'll say is that I'm very pleased that just yesterday our board of directors approved a 19% increase in our quarterly dividend to $0.19 per quarter, yet another sign and confirmation of the strength of Amphenol's financial condition. So I'll just say that I'm very proud of our team. The Amphenol organization's discipline and agility is clearly reflected in the…

Thank you. The question-and-answer period will now being. Our first question come from Amit Daryanani of RBC Capital Markets. Your line is open.

Thanks. I have a question and a follow-up for you guys. I guess to start off with on the automotive segment. I guess, Adam, there has been a lot of concerns around cycle and the slowdown in that marketplace. I think you guys actually took up your full year forecast from high single-digit last quarter to low-teens. Could you just help me understand how much of that uptick was organic versus M&A? And just broadly what are you seeing in the automotive market.

Yeah. Well, thank you very much Amit. I think we had a very strong quarter in the automotive market and we're really pleased with the progress that we've made there. And I mentioned actually in my prepared remarks that one thing that we're pleased in particular is to see strong performance, really organically in all regions around the world. And I think it's a testament to just the continued proliferation of electronics and our ability to capture, maybe a little bit more than our fair share of some of those electronic applications. With respect to our guidance, I would tell you that there was a component of strength organically as well as the contributions from the acquisitions and I think – let's call it roughly balanced between the two of them in terms of the increase in our guidance.

Perfect. And if I could just follow-up on mobile devices, based on what you guys are seeing for 2017, it would mark, I think the second year in a row now that revenues are going to decline in that segment. I'm curious, how do you see this segment structurally as you go forward, is it something that's going to decline I guess manage and maximize free cash flow or is this something unique that you think has driven declines of fairly healthy magnitudes for two years in a row now?

Yeah. Look, I mean, we're not happy to now have that outlook that it will be down two years in a row, but at the same time, we don't put the baby out with the bathwater. I mean, we have had a fabulous position, we continue to have a fabulous position in the mobile devices market and that is not a market where we just say, well, we're going to just maximize the cash flow. We continue to approach that market the same way that we have always done, which is to make sure that we're creating high technology enabling products for our customers across a variety of applications and encompass mobile devices and we will continue to do so without any hesitation. The reality is, is it's a very dynamic market, we have said that in the past, I think there's no question, we were down last year, the year before it was one of our fastest growing market and this year it appears that it will be down again. I mean without getting ahead of my skies on talking about what it maybe in the future, it's hard to do that when we are not even able to do so, so effectively within this 12-month period. I can tell you that we don't back away from that market, we don't consider to exit it, we don't consider to just milk it for cash, we continue to support our customers in that market with a wide array of interconnect, antenna, mechanical products with the full knowledge that always, you will see new things in the market where ultimately the premium put on the hardware will allow us to realize great performance in a market despite whatever near-term challenges that there may be, so we're very committed to the market on it.

Our next question comes from Mark Delaney of Goldman Sachs. Your line is open. Mark Delaney - Goldman Sachs & Co.: Yes. Good afternoon and thanks very much for taking the question. The first question is a follow-up on mobile devices market, not looking for any quantitative view, but are there any technical changes that you're aware that you think could be future opportunities for more content gains, things like 4.5 or 5G and what that may mean for your opportunity in antennas and connectors?

Sure, I mean there are – the thing about mobile devices is there are always technical changes all the time. So we see every year new innovations as well as older innovations going away, and some of those are favorable and some of those are not favorable for us and it's our job to make sure that we're in the forefront with our customers giving them new solutions to help them enable that. As it relates to 5G, there is no doubt about it that 5G has a total new architecture potentially, because it's not yet finalized, but potentially in terms of how signals are transmitted from the infrastructure to the devices. And I can just tell you that we're really working in the forefront of those efforts with customers on both sides, whether that be in the mobile networks market or in the mobile devices market, to ensure that we're presenting them solutions that can really deal with those very, very challenging aspects of what that would be ultimately at 5G. And I think the fact that we have that very broad, in particular, RF expertise, radio frequency, whether that be on interconnect or antennas. It's something that is looked upon very favorably by our customers across really both of those markets. And I know you asked about mobile devices, but you really can't talk about 5G without talking about the holistic system between the networks and the devices. And we're very – I think we're in a very good position, given that we have a strong position across both of those divides, if you will. So what the technical changes ultimately will be, that I have a hard time to tell you, because I can tell you a lot of those decisions have not yet been made by customers. But our team is there at the table with customers on both sides, working to ensure that we're well represented. Mark Delaney - Goldman Sachs & Co.: That's helpful. And a follow-up question on the three deals that you announced this quarter, can you help us understand where the profitability levels are for margins and how much to full-year EPS the three deals are contributing?

Yeah. I think these companies all operate – I think it is the case, all of them operate below the company average. And you can think about them in terms of sort of low-teens EBITDA, highish single-digit operating margin. and I don't know that we're splitting out exactly what the accretion is, but it's only half a year right now. So wouldn't expect – it's not significant accretion, I don't know, Craig.

No, it isn't significant. A I think – as I would think about this is, as we've done with all our acquisitions at these lower profitability levels we certainly are committed to work over time to improve the profitability of these businesses. These are great businesses, it's great technologies and certainly great management teams. And we feel very comfortable that over a period of time that we'll be able to get them up to the profitability levels that we would expect and then drive even additional accretion from that.

Absolutely.

Our next question comes from Sherri Scribner of Deutsche Bank. Your line is open.

Hi. Thank you. It seems like you had some comments in the press release and on the conference call that the demand environment is sort of mixed. And it seems like, if we look at the more traditional industrial segments and GDP exposed segments, those are – appear to be improving and were a bit stronger for you, but the traditional IT segments continue to see some challenges and obviously transitions to different types of business models like the cloud model. Is that a fair assessment of the business, and is that sort of what you're seeing as we move into the back half of the year?

Yeah. I mean, I haven't thought about it that way, but I guess it's not an unreasonable assessment, because if you look at the markets where we really outperformed in the quarter, it was indeed military, industrial, automotive, in particular. I guess, IT datacom, we had very strong performance though. So I don't know that it's a completely true statement to say that it's the more traditional GDP-led industries as opposed to the technology industries, because I think we're really outperforming in IT datacom through capitalizing on that shift to the cloud. But no doubt about it, military, industrial, automotive all very, very strong organic growth. But what I would also reiterate is, this is not just a rising tide. I mean, if you look at our growth in military, yes, there was some component of that, that came from a recovery from the DLA, but our growth even without that was very, very strong in the quarter. And I don't think you have seen for example, military budgets growing high single-digits on a global basis. And similarly with industrial, we grew 14% in the quarter, a very, very strong performance organically, 19% in U.S. dollars. And again, I don't know that GDP is necessarily growing at those rates. Our team has just done a fabulous job in the industrial market, positioning us in areas that we have not necessarily been as present before. And one of the ways we have done that is by capitalizing on many of the acquisitions that we've done. At the time we acquired FCI, FCI was not known actually as "an industrial company" but we were very excited at the time that we acquired with FCI a tremendous range of industrial products, in particular related to embedded computing. And so when we see growth in places like instrumentation, factory automation, in particular, which were two of the fastest-growing segments within the industrial market for us, there is some portion of that which is actually organic growth of some of those FCI products that we would not have had in the past. And I think that's really a great benefit that we start to see from having that broader range of products in industrial. And I think I had talked already about automotive and you have an automotive market which is maybe in units, flat or some even say slightly down on a year-over-year basis and we grew in that market organically by 13%, so I don't know that that's again just a GDP trend.

That's super helpful, Adam, thanks for that detail. And then can I just ask, there has been a lot of commentary about component shortages and some component issues. You didn't really talk about it in the call, but can you talk through any issues that you're seeing and if it had any impact on any of your end markets or any of your ability to deliver products? Thank you.

Thank you very much. We hear some rumblings about this. I hear more of it related to the distribution channel and extending lead times for things like passive components. I can't tell you that we have seen anything material related to shortages that would affect our ability to service our customers, I think even when there is just a slight a sniff of that, I can tell you that our team jumps into action to make sure that we're supporting customers in whatever they want to – whatever they need. And nor have we heard anything material about our customers reducing their procurement of our product because of other shortages. That I have not seen in any real meaningful way over the course of the last quarter. But I certainly hear in the distribution channel in particular that there is some extending lead times on things that are unrelated necessarily to the interconnect world.

Our next question comes from Shawn Harrison of Longbow Research. Your line's open.

Hi, afternoon everybody.

Hi, Shawn.

Hi. Two questions. Going back to mobile devices. Is the dynamic this year being down a function of you walking away from business where the pricing was uncompetitive and competitors decided to undercut it you this year, was there something in the design change year-over-year with the smartphones or maybe you missed that. It sounds like a little bit of both, but I wonder if you could provide any clarity on that? And then I have a follow-up.

Sure. I mean, I'd say, I would love to tell you that there is a silver bullet here, but there is not, you know it's a very dynamic market. So all the things that you mentioned can happen to you or you can – there can be also just overall shifts in volumes and dynamics and – or you don't win everything, as it comes along. What I can tell you is, there is some combination of all of the above that would represent that. I think we've talked about one in particular dynamic, which is that the tablet market continues to be a significant drag on the overall volumes and in the market. In particular, because tablets do have much more significant content and content potential than you would have in just a traditional smartphone. And I think the overall global units of tablets continue to fall. And so, I think, that's more in the category of just the overall market being down and then you have design changes, you have differences of technology, you have pricing pressure, you have all of the above. So I'm not trying to cop out here Shawn, but I would just tell you that there is not just a one driver of that new expectation that we have for the year.

Okay. That's fair. And then on the mobile networks business, Adam, I think you made the comment that the operators haven't stepped up their spending yet was – did you have an expectation be it in any region of the world where you would see an acceleration into the back half of the year and that's falling short or is it just more of – they haven't spent and they're not going to spend?

Yeah, I think, it's more of the latter. I mean, we haven't changed our outlook for this market. I think we continue to have an outlook, which is similar to what I talked about last quarter. So it's not that we had anticipated something to come. Now, I'm an optimistic guy. So I always love to hope that maybe we will be proven wrong on our outlook and that it will be a little bit better than we had expected and I don't think that seems to be in the cards here. This is a market where as you know very well, I mean you follow that market so closely, that goes in waves. And those waves get impacted by a couple of dynamics. One of those dynamics is the generational shift in the product and I think we are this year a little bit in that interstitial period between generations. The second is that you get the sort of corporate uncertainty that can strike the market either someone wants to be sold, someone wants to be bought, companies come together, companies don't come together and inevitably when that happens, especially with service providers and we see that here and in the broadband market, they tend not to overspend, let's say on capital at a time when their corporate future is not fully gelled and understood internally or externally. And I think that those two dynamics seem this year to both be the case, but looking into the coming years, I would just tell you that everything that we hear from our customers is there is a lot of potential with next generation networks. The traffic that is coursing through these networks continues to increase on an exponential basis. The requirements around coverage, around latency, around power consumption, all the things that are so critical to the strong functioning of a network, those do not abate in their importance in the eyes of both our operator and our OEM customers. And thus there continues to be tremendous ongoing work to develop, enabling solutions for next generation. Our team is very much engaged in that.

Our next question comes from Wamsi Mohan of Bank of America. Your line is open.

Yes. Thank you. Adam, your first half 2017 organic growth that you reported is higher than your full-year guidance of 2% to 4%. So for second half, can you talk about where that deceleration is coming from or were there any pull-forward issues, especially given that the comps actually get a lot easier in 3Q on organic basis, and I have a follow-up?

Yeah. I mean, I don't – I think, I've given already our outlook for all of the markets here in the third quarter and the fourth quarter. And I don't know that it would be still helpful for me to go one by one. But I would say on a year-over-year basis, probably the biggest change between first half and second half is IT datacom market, where we had an outstanding second half of last year. You may recall, we grew in the second half last year in IT datacom in the third quarter by 19% organically and in the fourth quarter by 27% organically. And we certainly don't have that same expectation here in the second half for that market, which is actually today our largest market by a hair here, it's 21% of sales. So I think that's probably the market that has to the calculation that you're looking at, probably the largest impact.

Okay. Thanks, Adam. And can you talk a little bit about the geographical footprint for Meggitt and i2S. It seems like they're both like European based and is it pretty – the sale is pretty concentrated currently in Europe and do you see an opportunity to scale and can you also comment on sort of the i2S sensors if those are primarily high pressure sensors and what applications they're best positioned in? Thanks.

Sure. So, obviously i2S is based in Dresden, so you can assume correctly that they have predominance of European. The three companies that we acquired from Meggitt, one of them is based in Europe and the other two are based here in North America. So I would actually say that they are probably a little bit more North America-centric in its totality than Europe-centric. And i2S indeed has just an outstanding position in a broad array of pressure sensors, maybe a little bit tilting towards higher pressure, but in particular really harsh environment. So sensors that can operate at extremely high temperature as well as pressure and not have a degradation in the performance and the function in accurately reflecting the pressure even in a very harsh environment and that's what's quite special about i2S and their capabilities in that area. And you can see those applications in automotive and industrial both equally, actually.

Our next question comes from William Stein of SunTrust. Your line is open.

Great. Thanks for taking my questions. More on the recent M&A, these deals seem slightly more slanted towards or maybe a lot more slanted towards sensors than the overall portfolio, and we know this is a sort of multi-year thing, you started three years ago. Should we think about the pipeline of deals continuing to lean more towards sensor products than connectors or antennas?

No, I wouldn't necessarily thing about that. I've said in the past, Will, that we can't control the timing of acquisitions. I mean, we do our best and we're very quick and lean and responsive with our small team here, but ultimately it comes down to the decision of a seller to sell and when they're going to do so. And it just so happened in this case that there was this sort of coalesce of companies that came together here roughly at the same time within a couple of weeks of each other. But I think, I did say, three and half years ago, at the time that we made our first significant sensor acquisition, which was the Advanced Sensors Business from GE that we saw that as an outstanding platform for both organic and M&A driven growth for the long-term for Amphenol. And that it was a market that we felt was very similar to the connector market circa 15 years, 20 years ago. And if you remember, the way that I thought about that and I continue to think about it, the connector market used to be a market where there were a very few large players, there were a lot of small moms and pops and small to mid-sized companies. And then there were a range of companies that were also owned by conglomerates. And over time, the conglomerates came to the realization that owning a component company of that type was not necessarily in their best interest, and they couldn't really maximize the value and performance of those companies. And the moms and pops came to the realization that in order to grow and get really beyond the glass ceiling that strikes those small companies that also made sense to be a part of a…

I appreciate that. One quick follow-up if I can, we didn't have a specific expectation for the timing of the dividend increase that you delivered today. And you mentioned yield, I think most companies tend to sort of think about this from a capital allocation perspective as a payout ratio, percentage of earnings or cash flow, and that metrics seems to hover around 20% historically. Is that how we should think about capital allocation between dividend buyback and M&A that the dividend should continue to pace around 20% of earnings?

Yeah. Thanks Will. That's a great question. As we – I think I start with that, as we've said in the past, our capital deployment kind of strategy over time is to have about half of our free cash flow as a return of capital to shareholders and as you know, that's kind of a cross between our dividend program and our share repurchase program. We have been and we'll continue to be committed to our dividend program at this 1% yield, we think that's an appropriate yield. And as you point out that has turned out to be roughly 20% or so over our free cash flow. I think – we think about it really more in the 50% return of capital and so I would think about it as that 1% of yield and it just turns out mathematically to kind of turn into that 20% of free cash flow with the rest being kind of share repurchases. This year, year-to-date, we've kind of been a little bit above that, just because of, we have renewed our share repurchase program, we've done roughly $400 million of share repurchases, 5.7 million so far this year. Any quarter could be different in regards to that depending on market prices of the stock and different cash needs, but I would say the way to think about it, is really the 50% going to return of capital and consistently staying at roughly that 1% yield for dividends which at this point based on our cash flow is, you're right, around 20%, but that's not necessarily our target per se.

Our next question comes from Craig Hettenbach of Morgan Stanley. Your line is open. Craig M. Hettenbach - Morgan Stanley & Co. LLC: Yes, thanks. Just a question on the sensors, given that the two tuck-ins as well as the sensor business you already have in place, Adam, can you just touch on just kind of maybe the breadth of the portfolio and where you think you're strong at this stage in the sensor market?

Yeah. No, I would tell you that our portfolio is broader today than it was prior to having completed these acquisitions for sure. I don't mean to be funny about that. We have actually now really an excellent broad portfolio. If you think about sensors from really two dynamics, one is the type of sensor and the second is the markets, in which those sensors are sold. Today, we have an offering that encompasses pressure, temperature, gas and moisture position now, which is the new type of sensing for us, vibration, which is the new type of sensing for us as well as a range of other mass airflow and areas like that. And in addition, we're selling those sensors now in the automotive market, which we have been from the very beginning, and across a number of segments in the industrial market. Areas like medical and heavy equipment and building automation, what you would maybe even think of as kind of traditional Internet of Things, applications, now having also in the military market, which we're very pleased about, that's an area that we have been very eager to continue to make progress in, given our overall strength in that market. And we continue to see other opportunities in the sensor market. As we build that breadth of product portfolio on a global basis, we see further opportunities to expand into the markets where we already have great strength through our other product offerings and we'll continue to pursue that relentlessly. Craig M. Hettenbach - Morgan Stanley & Co. LLC: Got it. And then just as a follow-up, in the industrial space end market, any context between – it feels like the cyclical environment is a little bit better, but also there's some secular tailwinds, be it factory automation, could you kind of give some color around kind of, what you see as driving a little bit better organic growth in industrial?

Yeah. I think I spoke a little bit about that to Sherri's question, but I would just reaffirm that we saw great performance in instrumentation and factory automation. And I think those are areas that are consistent with the trend that you mentioned which is, there is a sort of ongoing and even some would say accelerating drive towards automation and creating sort of smart factories and all what's entailed with that. We were very pleased to see great growth in heavy equipment and I mentioned, albeit from a low base, that we have now started to see growth in the oil and gas market and I don't want to be the one to pick the bottom on that market for sure. But we actually had very strong growth in the oil and gas market from those lower levels in the quarter. We saw continued strong growth in medical, which has been an excellent market for us now for a few years running and I think that medical market is related not just to interconnect, but also to sensors as we described. It's just – the industrial market, the overall trend that you see – and it's a long and sort of cumbersome word to say but the electronification of applications that otherwise would have been hydraulic, mechanical or even didn't exist in the past, is something that we see accelerating with customers really across that market. Whether that be in a high speed train or in a hay baler on a farm, you just see more and more electronics being proliferated into heavy industrial applications. And that's something that I think our company is very well positioned to take advantage of.

Our next question comes from Steven Fox of Cross Research. Your line is open.

Hi. Good afternoon. Just two questions from me, first-off just to be totally clear, you mentioned how you beat the high end of your guidance range by $47 million. If you dissected that beat, can you just maybe rank what was the biggest contributors to the upside and why? And then, I have a quick follow-up.

Yeah, it was almost – virtually all organic. I mean...

I guess I was trying to understand which markets, Adam?

Oh, which markets. Yeah, I think if I go back to what I was talking about, military was clearly one, industrial was another, automotive was one, IT datacom. I think those are the four markets which represented the vast majority of that beat.

Great, that's helpful. And then just in terms of acquisitions and maybe the differences between this one and others in the past, given the size of the businesses, the slope of the improvements that you can make, would we expect to see it pretty quickly, like within 12 months? Or how would you expect sort of to get these businesses up to sort of typical Amphenol margins?

Yeah, I think we don't pin down an exact date. I think what we do when we make an acquisition, the first thing we do is we sit with the management team, and we ask them, what are those areas that you have never been able to approach, what customers, what type of cost reduction opportunities have you not been able to pursue given your size or your position or your ownership or otherwise? And that's really step one. And oftentimes the first step is, hey, I would have loved to go to that customer but they never took my call, or I would have loved to go to that customer but there was a bit of a conflict between that customer and my parent entity, or something like that. And so those are usually some low-hanging opportunities that we take. And then what we do with the management team is we say, look, we can show you many examples of Amphenol organizations who joined at one point through acquisition, had a certain level of performance, and ultimately achieved a higher level of performance at or above the company average. And we introduce them to some of those people who have gone through the very, very same experience that that management is about to embark upon and they learn a lot from that. I mean, sometimes we'll have them go on a little tour to meet some of those organizations. And then ultimately, how they make that roadmap to improve comes back to the management that is in place running those individual businesses. And the timeline can be very different depending on the nature of the business, the type of business that they are in, where they're manufacturing, the ease with which things can be changed if necessary, the geography that they are in, those all affect the timing. But what I can say is that our track record here is not a bad one. If I look at the progress that we made with FCI, if I look at the progress that we've made with others big and small, I mean, ultimately I think we have a very, very good hit rate of bringing those companies over a certain time period to the Amphenol average or above, and that's the mission for all of those companies that have just joined us today. And in fact, as I mentioned earlier, all of these acquisitions, I call them five companies, but it's really three acquisitions. They all join Amphenol with a lower level of operating profitability than we have in the company. So – and I think all the management teams have embraced that opportunity and that potential.

Our next question comes from Jim Suva of Citi. Your line is open.

Thanks very much. A quick clarification question, then kind of a strategic question. The clarification question is on the Q&A earlier, you had mentioned that on the questions about the mobility about kind of what happened, was it a few missed designs, a little bit more pricing, some less connector content in future phones? And you kind of said, the combination of all the above. Did you really mean all of the above or did you mean like all of the above expect more content per phone, because it seems like there is still more content going in for a mobile phone, that's just kind of the clarification question. Or maybe we've reached a saturation point where there's less connectors going into the phone and I'm just not sure. And then the strategy question is, the M&A has been very robust for you guys, especially this quarter, which is great. Are you at a point now where you just need to sit back, not sit back or focus your efforts on integrating them or are you still harvesting and hunting more acquisition targets and have more room to guide just even beyond the flurry that came in this quarter. Thank you very much.

Well, thank you very much, Jim. I think what I mentioned on mobility is that there's different content on every different platform. And one area in particular that we've seen in the past where content has declined and we've talked about that in the past is on a place like a tablet, where tablets went from being very multi-networks like 3G capable to being just Wi-Fi and I think that's the dynamic we've talked about over the years, where actually content did not go up in that case. So it's not necessarily true that always content goes up in every iteration of a mobile device. What is true is that every iteration is different and so, sometimes, there is more and sometimes there is less, sometimes there is different, there is different formats of things, but I don't think one can make just a blanket statement that it's either all going up or all going down. With respect to M&A, it's very true. It was a very active quarter for us and it's been actually a very active year so far for the company, but the way that we're organized is not that we then have to sort of sit back, take our breath and integrate or chew on those companies to digest them, because as you know, very well, we don't do that here at headquarters. We have – I have eight operating groups around the world and we've got multiple teams who're working with those organizations and in fact, they're doing it. It is the companies that joined Amphenol with their existing management teams all of whom have embraced the opportunity of being part of Amphenol and the potential that comes along with that, they're the once actually doing the "integrating" which by the way, is a word…

Our final question comes from Joseph Giordano of Cowen & Company. Your line is open. Joseph Giordano - Cowen & Co. LLC: Hi, guys. Thanks for taking my questions here. I wanted to ask about like the guidance bridge from where you were to where you are today. So in quarters like an $0.08 beat to the high-end and then the tax, the 200 basis points or so in tax that's over a nickel and then you get about $0.11 or so to the EPS range increasing with like a point of organic. So, it's seems like there's an offset somewhere even if we consider the M&A as like – as a zero for this year, I'm just kind of – where – is it on the margin that we have to think about that, it's just – it seems like I'm missing a piece of it there?

Sure, Joe. I think the way to think about it from a bottom line perspective is there are few pieces to that, one of them would be the option on exercise impact that I mentioned and honestly that's really just the $0.07 that I did mentioned in my script, that's really the difference from a guidance perspective for the full year. We were not adding any additional assumption for that other than what we had already included in our guidance, which is some small portion in the second half. In addition to that, certainly we have the acquisition impact. We talked about that being in the single digits from an operating margin perspective. So from an EPS perspective that's really not adding all that much, it is accretive, but it's not adding a significant amount, plus it's only a half of a year. And then after that you have kind of your organic and FX impact, the organic impact really is the majority of that, pretty much, almost all of that really relates to the kind of our beat year in the second quarter. And then there is some incremental related to foreign exchange as well, which added – we don't necessarily define that, but some small amount as well. But those are the pieces that effectively add up to our guidance from last time to the $2.97 on the high-end to where we're now at $3.10. Joseph Giordano - Cowen & Co. LLC: Doesn't the beat and the tax alone get you like higher than that number?

No, it shouldn't. I'm not sure what math you're doing but.

Speakers, we show no further questions in queue.

Okay. Well, very good. Thank you all again for your attention and focus here today and I hope it's a good opportunity to wish you all a good completion to the summer and I do hope that you all get a chance to spend a little bit of time with your families here before the summer is out. And we look forward to speaking to all of you here in just about 90 days. Thanks so much and best wishes.

Thank you Mr. Lampo and Mr. Norwitt. To all participants, the replay of today's conference will be accessible in the next 24 hours until August 26, 2017. To listen to the replay you may dial the toll-free number 866-373-9220 or you may call the toll number 203-369-0279. The replay passcode will 7183. Thank you for attending today's conference and have a nice day.