Good day and welcome to the Hexcel Corporation Second Quarter 2016 Earnings Conference Call. Today's conference is being recorded. Hosting today's conference are Mr. Wayne Pensky, Chief Financial Officer; and Mr. Nick Stanage, Chairman, Chief Executive Officer, and President. At this time, I would like to turn the conference over to Mr. Pensky. Please go ahead, sir. Wayne C. Pensky - Chief Financial Officer & Senior Vice President: Great. Thanks. Good morning, everyone. Welcome to Hexcel Corporation's second quarter 2016 earnings conference call on July 21, 2016. Before beginning, let me cover the formalities. First, I want to remind everyone about the safe harbor provisions related to any forward-looking statements we may make during the course of this call. Certain statements contained in this call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. They involve estimates, assumptions, judgments and uncertainties caused by a variety of factors that could cause future actual results or outcomes to differ materially from our forward-looking statements today. Such factors are detailed in the Company's SEC filings and last night's Press Release. Lastly, this call is being recorded by Hexcel Corporation and is copyrighted material. It cannot be re-recorded or rebroadcast without our expressed permission. Your participation on this call constitutes our consent to that request. With me today are Nick Stanage, our Chairman, CEO and President; and Michael Bacal, our Investor Relations Manager. The purpose of the call is to review our second quarter 2016 results detailed in our press release issued yesterday. Now, let me turn the call over to Nick. Nick L. Stanage - Chairman, President & Chief Executive Officer: Thanks, Wayne. Good morning, everyone, and thank you for joining us today. As you have seen in the last night's release, we had a strong…

Thank you. We'll take our first question from Myles Walton with Deutsche Bank.

Thanks. Good morning. Good quarter. Nick L. Stanage - Chairman, President & Chief Executive Officer: Thank you. Wayne C. Pensky - Chief Financial Officer & Senior Vice President: Thanks.

Hoping I could touch on the growth of the new programs for a second. Greater than 50% growth year-on-year again both in the quarter and the first half, and you comment that the A350 had led the growth. I just want to clarify, is that A350 was growing more than 50% or it was the biggest dollar contributor to growth? Nick L. Stanage - Chairman, President & Chief Executive Officer: It was the biggest dollar contributed to the growth.

Okay. Nick L. Stanage - Chairman, President & Chief Executive Officer: And certainly, we saw growth in other platforms, probably next was the A320neo, and to a smaller extent, the MAX, because it's further out.

Okay. Good. And then, on the Defense side of the business, it does look like maybe most of the pressure is coming through in the Engineered Products group, is that the location of the A400M inventory stocking as well or is it across both segments? Nick L. Stanage - Chairman, President & Chief Executive Officer: It is across both segments. I have to look, but I don't think the A400M impacts Kent at all, to speak of. But we are seeing some softness in the rotorcraft which does affect Kent.

Okay. The other one, so now that the 777X fiber source has been extended to Cytec Mubadala, is there anything bigger, Nick, in terms of wins that you have that you can't speak about or that you could win that would kind of divert or change the $1.1 billion CapEx budget you've talked about through 2019? Nick L. Stanage - Chairman, President & Chief Executive Officer: Well, specifically on the 777X, we have engine to sell, and just because Mubadala and Solvay announced their agreement which was expected, don't assume that we're not continuing to work with Boeing on new technologies for both primary and secondary materials which we are. Having said that, we have good insight into probabilities, and it's a little early for us to go there yet given that EIS isn't for two or three more years on the 777X. But I would say, the incremental gains we'll get will have a minimal impact on our CapEx as compared to what we provided when we gave our 2020 vision.

Okay. Great. That's it. Thanks. Nick L. Stanage - Chairman, President & Chief Executive Officer: Thanks, Myles.

Our next question is from Mr. Gautam Khanna with Cowen & Company.

Hi, thanks, guys. I was wondering if you could talk a little bit about FX as we look into next year, how much the year has hedged and how much of a positive lift the pounds weakness might in fact be? Wayne C. Pensky - Chief Financial Officer & Senior Vice President: Yeah, Gautam. In terms of going into next year, as when we give guidance at the end of the year, we'll give a little bit more details but in – generally speaking, when you're looking out three quarters to eight quarters from now, three quarters to six quarters I guess would be, we're probably in the sort of the 60% to 70% hedged ratio. The pound exposure is roughly about $50 million worth, so that 10% movement for a full year is worth $5 million, so that's – so the opportunity is the part that's unhedged in terms of gaining on it.

Got it. Okay. On the... Wayne C. Pensky - Chief Financial Officer & Senior Vice President: And just to be clear, for the second half of this year, the benefit's probably in the hundreds – it's just a few hundred thousand dollars because we're already fairly well hedged for this year.

Got it. Thank you. I was wondering, Wayne, if you could also speak to what you anticipate incremental margins will be as we move through the next couple of years with Formax. Wayne C. Pensky - Chief Financial Officer & Senior Vice President: Yeah, the reason we don't talk about Formax for this year because we're bringing their whole business, and just like us, they're not at a 21st (16:55) 5% margin for the whole company. So going forward, in terms of the incremental basis, we're not changing our target because of that – because of them.

Okay. So, ongoing in 2017 and beyond, you're still targeting mid-20s? Wayne C. Pensky - Chief Financial Officer & Senior Vice President: Yes. Correct. Correct.

Okay, all in. On the A400M, could you – and on the A380, could you talk about – well, first on the A380, when do you anticipate you start to see a reduction in your demand and the pull-through to you for the first rate cut to 18 and then to 12, how does that phase and when do we start to see it? Nick L. Stanage - Chairman, President & Chief Executive Officer: So, as you would expect, we had anticipated that the rate was going to go down because we have line of sight and very close communication with Airbus, so basically for this year, we see minimal impact. Next year, certainly we'll start to see the impact of the one per month as we ship materials at least six months in advance for that...

So it's already at 18? Nick L. Stanage - Chairman, President & Chief Executive Officer: Correct.

All right. Okay. And the 400M, what is the level of rate cut you're anticipating? Wayne C. Pensky - Chief Financial Officer & Senior Vice President: So, we're not thinking of a rate cut. I think we just – what we're seeing this year is just some inventory. Our customers had too much inventory and they're just getting back to levels they should be at. So, it's more of they've over ordered in the past and catching up, this isn't about rates.

Okay. And can you quantify what that impact is in terms of sales? Nick L. Stanage - Chairman, President & Chief Executive Officer: Yeah. Whether we will is another matter. When you look at a – it's one of the big contributors to – we went in the year thinking we're going to be stable and we're going to not get that number, and that'll be one of the big contributors to it.

Okay. That explains the clip off of the high end maybe of the sales range. Wayne C. Pensky - Chief Financial Officer & Senior Vice President: Right. Nick L. Stanage - Chairman, President & Chief Executive Officer: Correct. Wayne C. Pensky - Chief Financial Officer & Senior Vice President: Right.

Okay. And just last one, if you could give us any color on progress in the automotive composite space, if any – if anything has changed in the past three months? Nick L. Stanage - Chairman, President & Chief Executive Officer: Well, I don't know that there's any big awards that have changed. I would point out that certainly Formax has added capability and revenue into our automotive segment. I would say, we continue to work with key customers including BMW and others on new opportunities and platforms. So, we certainly are working the technology around snap cures and processing improvements and finding niche areas where we can differentiate. But in the scheme of things, it's still a very small number, and I don't see the mix or makeup of Hexcel changing anytime soon.

Thanks a lot, guys. Wayne C. Pensky - Chief Financial Officer & Senior Vice President: You're welcome.

Our next question is from Howard Rubel with Jefferies.

Thank you very much. Nick, it sounds like everything's just like falling off a log and it's easy to do, yet when I read Wayne's language in the Q concerning Engineered Products, it sounds as if there's a change in the pricing and in the challenges. So, could you elaborate a little bit on how you can either improve that business going forward or is this structurally the new levels of returns? Nick L. Stanage - Chairman, President & Chief Executive Officer: Well, for starters, Howard, you know me well enough that we're constantly pushing across the board on productivity and efficiency to improve our margins. Kent and our Engineered Product business is no different. Now, we do have some things going on in Kent with respect to rotorcraft being down, and roughly 20%, in that range, of their business is rotorcraft. So, the volume obviously has an impact to our overall operating income. And we have some legacy programs that have sunset, and we're bringing in new business. So, there is a learning curve in the Engineered Products business. Having said that, the cost to serve and the investment in this business is low compared to our Composite business, so at 12%, although it's not where I want to be, I still like the business and we like the opportunities we see to grow it.

But you haven't gotten a lot of tooling, at least we haven't seen any announcements about you getting any tooling business there and that's been sort of what I'd call another one of the hallmarks and sort of qualities that operation. I mean, what do you see in terms of a potential there? Nick L. Stanage - Chairman, President & Chief Executive Officer: Well, you're not seeing us announce tooling, but I can tell you we've got multiple programs very successful. It's pretty yearly with our HexMC and HexTOOL. We've had great success with CFAN who use our composite tooling. We continue to work very closely with Boeing. But again, remember, Howard, tooling for the Aerospace segment is very, very lumpy. And there's always a very risk-averse approach, especially until composite tools make a real position and prove their way on the large tools where Invar is prevalent today. So, the fact that we're not announcing any big tooling changes or awards, I'm still excited about that business. I think it will be lumpy, and I think it will be niche. And again, it's just a nice addition to our overall offering. Wayne C. Pensky - Chief Financial Officer & Senior Vice President: And Howard, the content – the new content within the cells for the neo and the MAX, a lot of that is in our Engineered Products segment.

Okay. That's very helpful. Just two more questions. One on cash flow, you articulated a little bit of improvement in working capital for the year. I mean, so are we talking maybe $40 million to $50 million from this level or – I mean I know sometimes year-end can be weird, but can you quantify it a little bit? Wayne C. Pensky - Chief Financial Officer & Senior Vice President: Sure. Yes, I will agree that year-end is weird. If you look in terms of our target our goal is to be free cash – our target is to be free cash flow positive by about $40 million for the full year or minus $20 million going in – after the first half of the year. And so, we're expecting to generate about $60 million in the second half and that includes working capital, generally speaking, should be a positive during that second half of the period. Our receivables are cleaned, and that one is – it really moves with sales, and that's why you see the big fluctuations between how it winds down at year end and how it winds back up at – in the end of the first quarter. That's why we have such a big use in the first quarter. I think there's one area where there's still opportunities is in the inventories area but that's a lot of hard work, and we're clearly focus in pushing on, but that's probably the biggest challenge. But having said all that, we're comfortable with getting the $40 million of cash flow for the year.

I know, I was – I mean I'm trying to get a range of what – the language meant, it's pretty clear. I mean, I'm in the ballpark. And then, last, Nick, just to go back to these two M&A deals with Luminati and OPM, can you elaborate a little bit more on the technology? I think the first is kind of a UAV type opportunity and does that mean there is open doors to a lot more UAV suppliers and you want to try to pursue that in some fashion? And then, the other I know is a 3D approach. When I look at the price sales that you theoretically paid for this, it's pretty large. So, could you provide some market definition or color on the opportunities? Nick L. Stanage - Chairman, President & Chief Executive Officer: Yeah. Absolutely, and I'll start with OPM or Oxford Performance Materials, and just as a reminder, we acquired 10% interest. And given certain milestones, we have the option of going up to 16% ownership. So, they have developed a proprietary technology to produce PEKK thermoplastic carbon fiber reinforced 3D printed parts, and that's primarily for aerospace. And I'd also say they use our fiber. So, that's how we got close to them. It's certainly a growing market. The applications are numerous. They have qualified their material already and are working on multiple platforms where they have products line. So, we think this is a tremendous entrée into this segment. We think we can take that technology and help lever our technology and increase our portfolio. And we're just excited about it. They're a small company, about 65 employees in Connecticut, but it was the right move for us. On the Luminati, it's a little bit different. They're really new. They're not much more than a year old, and it's basically if you think about material science experts working on light-weighting solar powered aircraft. And what they're doing is very applicable to the things we're trying to do both for military and commercial aerospace, and that is come up with technologies, with processes to allow us to make our materials even lighter, more efficient, more cost effective. So, it's a small investment, but it's very targeted to get some technology and enhance our portfolio in an area that we see is a growing opportunity.

Thank you, gentlemen, very much. Nick L. Stanage - Chairman, President & Chief Executive Officer: Thank you, Howard.

Our next question is from Robert Spingarn with Credit Suisse. Robert M. Spingarn - Credit Suisse Securities (USA) LLC (Broker): Good morning. Nick L. Stanage - Chairman, President & Chief Executive Officer: Good morning. Robert M. Spingarn - Credit Suisse Securities (USA) LLC (Broker): Could you talk a little bit about the movement in both the legacy large aircraft sales that you talk about, it sounds like there's just some volatility in that revenue line up and down? And then as well, I want to ask about business in regional jet which looks like – it looks like it troughed in the second half of last year, but I'm not sure that's correct. How do you think about that going forward as new programs come online? Nick L. Stanage - Chairman, President & Chief Executive Officer: Okay. So I'll start with legacy, and Wayne, jump in here, if I get off track. But a couple of things to point out. Number one, when we track legacy as compared to new programs, it gets tricky on the derivatives, specifically the A320 classic moving to the neo. Some of the parts are identical, yet when they convert, we move them from what's classified as legacy over to new programs, same thing for the 737 MAX. So, it may look like legacy in that area is going down when, in fact, it's not. And as you know, the narrow bodies are both in the middle of ramp-ups with both Airbus and Boeing. So, the legacy – the real decline is coming from the wide bodies. The 747 dropping from 12 to 6 starting in September; the 777 from 8.3 going down to 7; and the A330, which was at 10 a month a year ago, dropped down to 6 and it's going to…

Our next question comes from Chris Kapsch with BB&T Capital Markets. Christopher J. Kapsch - BB&T Capital Markets: Yeah. Hey, Nick, just a follow-up on the comments that you just said regarding insights into some of these legacy programs, and as you laid out your longer-term forecast, actually I think you referred to it as a commitment more than a forecast or an aspiration, presumably had some insight into, say, the fading relevance of the A380 or 747, the inevitable transition from the 777 to 777X and maybe as you alluded to – some of the other, I guess, rate reductions that are happening. So, just wondering, as you think about that long-term forecast that you laid out in Salt Lake City in early 2015, how is it now playing out relative to that commitment that you foresaw and conveyed to investors? Nick L. Stanage - Chairman, President & Chief Executive Officer: So basically, we still maintain our position. We continue to see things move up, move down, I mean there's a lot of puts and takes. But overall, we feel comfortable with where we are, inside of what we communicated back in Salt Lake City in early 2015. Wayne C. Pensky - Chief Financial Officer & Senior Vice President: And Chris, if you think about it, all the things you mentioned happens between 2015 and 2020, so by the time you get to 2020... Nick L. Stanage - Chairman, President & Chief Executive Officer: You're at a run rate. Wayne C. Pensky - Chief Financial Officer & Senior Vice President: You're at the run rate. So, how we get from here to 2020 may be different. But once you're at 2020, the outlook hasn't changed much. Christopher J. Kapsch - BB&T Capital Markets: Got you. And then, if I…

We will take our next question from Ronald Epstein with Bank of America.

...Liwag calling in for Ron. Nick and Wayne, regarding your sales target of 27 – in 2017 of $2.5 billion, can you talk about maybe how much of that you have clear line of visibility to at this point today? And then, also to give us an idea how much contingency you have in place should there be additional changes in production from the OEMs? Nick L. Stanage - Chairman, President & Chief Executive Officer: So, again, just as a reminder and I had to go back and look. But when we communicated our 2017 view, it was in 2012, and I would remind you, if you look at foreign exchange rates in 2012 versus where they are today, it's a material difference. So, the line of sight to $2.5 billion in 2017 is no longer valid. Having said that, Space & Defense is lower, Commercial is pretty much where we expected it in the range. But we really aren't looking at 2017 as much. We're really focused on 2020 and will provide 2017 guidance in December most likely this year.

And then I guess with that as a follow-up, right, in 2012 you provided your 2017 outlook, and then in 2015 you provided your 2020 outlook. Should we think about your 2020 outlook that you gave in 2015 similar to now how we're seeing the 2017 outlook that you provided in 2012? Nick L. Stanage - Chairman, President & Chief Executive Officer: Well, I can't tell you how to look at it. But the way we look at it is the $3 billion still looks achievable. There are some headwinds. No question. But there are also wins that we continue to gain that will help offset that. So, with respect to our top line sales, our cash flow and our – especially our EPS, I feel very confident on the $4.50 per share that we communicated back in 2015.

Great. Thank you. Nick L. Stanage - Chairman, President & Chief Executive Officer: You're welcome.

We'll take our next question from David Strauss with UBS.

Thanks. Most of my questions been asked. Wayne, you had talked about earlier cash taxes increasing $25 million, $30 million in 2016. Is that still where you're tracking? Wayne C. Pensky - Chief Financial Officer & Senior Vice President: David, actually we hope to do a little bit better than that. There's been a number of tax changes that have actually – which should help us in terms of cash taxes, so we do expect to be a little bit better than that number.

Okay. SG&A as a percent of sales has come down pretty nicely now at 7%, 7.5%. What – how are you thinking about the margin improvement from here, gross margin versus SG&A improvement? Wayne C. Pensky - Chief Financial Officer & Senior Vice President: We are looking at each other. So, with respect to SG&A, that's something we take great pride in managing that well. I mean, we do have to add infrastructure and costs as we get larger, but on the other hand, we don't expect it to go up nearly the same level of sales. So, we do expect to continue to get leverage from that. Nick L. Stanage - Chairman, President & Chief Executive Officer: Yeah, we drive volume leverage with the team. We talk about it all the time. As you know, we are investing in a couple of new sites that are in process, one in France in Roussillon and one in Morocco to help us expand our positions and growth with customers, but overall, we're pushing to increase SG&A a fraction of what our top line growth is.

Okay. And the last one, I don't think you've updated your share count assumptions since you gave it (41:38) I think was 96 million shares, can you tell us what you've got assumed in your guidance now? Nick L. Stanage - Chairman, President & Chief Executive Officer: It would be lower.

Right. I got that. Nick L. Stanage - Chairman, President & Chief Executive Officer: So, we're at like 94.6 million, but generally speaking, to hit our guidance, we're expecting it to hold flat at this point at that level.

Okay. Wayne C. Pensky - Chief Financial Officer & Senior Vice President: It might pick up a little. I would say for rounding purposes, I'd use 95 million.

All right. Thank you. Nick L. Stanage - Chairman, President & Chief Executive Officer: Thanks, David.

We'll take our next question from Noah Poponak with Goldman Sachs. Noah Poponak - Goldman Sachs & Co.: Hey, good morning, everyone. Nick L. Stanage - Chairman, President & Chief Executive Officer: Good morning, Noah. Noah Poponak - Goldman Sachs & Co.: So, back to the new programs that are ramping in the large commercial aerospace sector. Some others in the supply chain that are also a relatively long lead suppliers have reported that the consternation in the ramp of some of those programs has disrupted their business and their results and outlook this year. And you're not reporting that. And actually, you're reporting that you're actually ahead of your plan. So, can you maybe speak to why or how that could be different between you and others in the chain? And then, also just how much risk is there that eventually what's happening, I guess, specifically with A350 and A320 being slower than one would've thought, the rest of that eventually does impact you? Nick L. Stanage - Chairman, President & Chief Executive Officer: I'll take a shot, Wayne. So, again, if you look at the supply chain that we ship to, Noah, you mentioned we ship in advance, and on average, we calculate at roughly six months. Some areas, it's further out. Some areas, it's shorter. A350 alone, we have 45-plus ship (43:39), and there's no question within the supply chain that there are some suppliers that are probably ahead of schedule, some that are behind and some that are right on. What we do across the board is, we make sure we understand what's going on in the OEs plant, what their build rate is. We do sanity checks to check how are we shipping against that, and obviously, there are some noise in the supply chain…

Our next question comes from Mike Sison with KeyBanc.

Hey, guys. Nice quarter. Nick L. Stanage - Chairman, President & Chief Executive Officer: Thanks, Mike.

Nick, when you think about – I continue to hear that folks kind of be worried about peaking orders and aerospace cycle and stuff. Maybe highlight why you think Hexcel can continue to grow in an environment where the orders are peaking and maybe some of the legacy stuff, just kind of a general – what drives Hexcel here through the next couple of years? Nick L. Stanage - Chairman, President & Chief Executive Officer: Well, I'll start with the backlog and just looking at the sheer volume of the backlog, even if it's overstated by, pick a number, 10% or 20%, it's still years and years. But really what I would focus on, Mike, is composites, the technology, the secular penetration opportunity on new aircrafts or derivative wings for next new airplanes or engines and the cells, if you look at the weight advantage, if you look at the life advantage and the overall lifecycle cost, especially now we're getting more productive. The efficiencies are getting better. Our customers are getting more efficient with it. I just look at this as a great opportunity to continue to grow and position our materials and products going forward, so we clearly look at build rates. We clearly make sure we stay aligned but boy, I feel pretty good given the backlog, given the air passenger traffic and the projections that I see going forward.

Great. In industry, you said Wind was pretty solid for the quarter, do you expect that business continue to hold up as you go into the rest of the year? Nick L. Stanage - Chairman, President & Chief Executive Officer: Yeah, actually Wind. We came into the year thinking it would be stable, and it was a actually up mid single digits and we feel good about it for the year. We think it will finish up a little bit.

Okay, great. And last one, in Space & Defense, has the JSF started to perk up for you, guys? Nick L. Stanage - Chairman, President & Chief Executive Officer: Well, the JSF is growing, maybe not to the level we put in the original plan, but it's a great program for us. It's in the top three, and we're certainly following Lockheed and looking at build rates because we want to make sure we stay aligned with that program as well.

Great, thank you. Nick L. Stanage - Chairman, President & Chief Executive Officer: Thanks, Mike.

Our next question comes from Richard Safran with Buckingham Research.

Nick, Wayne, Michael, good morning. Nick L. Stanage - Chairman, President & Chief Executive Officer: Good morning.

Nick, I wanted to follow up on your comments about the A350, the comments you also made about visibility with Airbus and line of sight, so at Farnborough, Airbus was making note of the fact they were still having problems getting lavatories for the A350. It seemed to be they were a little bit concerned about what that would do to the rate ramp next year. So, I'm gathering from your comments, Airbus is not expressing any concerns to you about the A350, either rate 10, at 18 or the rate ramp next year is, is that a fair read of what you said? Nick L. Stanage - Chairman, President & Chief Executive Officer: It's absolutely fair. They – you keep in mind, they've provided data that end of 2015, they're going to be at 5 per month and 2018 they are going to be 10 per month, and they have stuck to that. They may make some tweaks in between that based on supplier capacity and making sure they manage the risk. But we're right in the middle there and not hearing anything different.

Okay. And then on your comments about the impact of the A380 – okay, got you. So, with the rate changes, the rate down on the 777, the 47 that you mentioned while ago on the 330 and the A380, when you have a change in write-down, is there any adjustment made to your pricing? Nick L. Stanage - Chairman, President & Chief Executive Officer: Typically not.

Okay. And then finally here, I just had a long-term strategic question for you because there was a lot of talk at the Air Show about a new airplane. And I thought maybe you would talk about technology trends going forward, for example, do you think – and I know Boeing hasn't announced anything and I know we're just talking generally. But I mean, for example, do you think a new airplane could be 50% composite? Do you think, for example, the next generation of composites might not use autoclaves, that sort of thing? Nick L. Stanage - Chairman, President & Chief Executive Officer: Well, I think all those things you mentioned are potential. And I can tell you, we're working on multiple technical solutions in, out of autoclave, out of autoclave in various product forms in anticipation that, different customers may choose different approaches. So, we're working with Airbus and Boeing just like we are with Safran and GE and a host of others on the next technology. I think at the end of the day, the market is focused on performance – mechanical performance end processing and overall cost. And we're aligned with them and trying to make sure we can position our next-generation materials to be the leader as they are today.

Thanks very much. Appreciate it. Nick L. Stanage - Chairman, President & Chief Executive Officer: Thank you, Richard.

Our next question comes from Ken Herbert with Canaccord.

Just first, wanted to ask on the 777, as you look to the migration of the – or the evolution of the 777X can you – are you still looking at content step-up opportunity equivalent to what you saw on the re-engined narrow bodies, especially when you factor in the nacelles and the engines, and the upside there? Nick L. Stanage - Chairman, President & Chief Executive Officer: Well, we've never really set a target on what our growth would be on the 777X. We're at – on the legacy model, we're at $1 million per shipped set, just slightly over $1 million. There's no doubt in my mind we will exceed that on new platforms, and I would tell you, we're still working on multiple applications that I think have meaningful contribution. Now whether or not we can approach a 50% increase, that's probably on the high end, but I can tell you, we're working engines, nacelles as well as structures.

Okay. That's helpful. And is there a timeframe, I mean, this seems to have pushed to the right a bit, but a timeframe when you might have more visibility or be able to speak a little bit more concretely about sort of what you've ultimately captured on this program? Nick L. Stanage - Chairman, President & Chief Executive Officer: Well, it's hard to give you bits and pieces because I like to get the market to stabilize like it did on the A320neo. Once it went into production and we pretty much knew what we were going to have and we achieved the $450,000 per ship set, which was 50% incremental increase over the legacy, then we talk about it. Clearly, there are certain awards that we have already won on the 777X. But there's just too much that's still being worked for us to declare where our end ship set is going to land.

Okay. Thank you. That's all. Nick L. Stanage - Chairman, President & Chief Executive Officer: And really you have to think about it. Next year, the – end of the year, next year, the 330neo will enter service. We are still working multiple opportunities on that. The 777 is even further out in that, it's 2019, 2020 timeframe. So, it's not going to be anytime soon that we'll be able to say, okay, here's our ship set content on the 777X.

Okay. All right. That's helpful. And then just to follow up, one final question on the – a few of the earlier questions. I mean, clearly, lot of opportunity with any clean sheet plane out there. Clearly, it looks like the recurrent cost of composite manufacturing still sort of 2x on the metal side, but there is a lot of technologies and everything you're looking at, expectations of pretty significant improvement coming when you look at – you don't lay down rates and other sort of metrics that you're following, is there a certain number, Nick, that you think you need to get to, to maybe significantly open up more doors on a new narrow body for you in terms of potential? Or how do you think about the evolution? I know it's obviously a long-term opportunity and I know you're pushing in multiple directions, but how should we think about the potential opportunity opening up on these new aircraft with what you're pursuing. Nick L. Stanage - Chairman, President & Chief Executive Officer: Well, I think to start with the 2 times number that you mentioned is an acquisition cost on base material and it really doesn't look at lifecycle costs where you take advantage of the improved inspection intervals and the life expectancy and on and on with respect to the infinite life on composites. So, I think one of the areas we're focused on, and it's been talked about before and that is the narrow-body fuselage. That's an area where we have to come up with some innovative solutions to position composites to compete in that segment. I think the wings and the wide bodies. There is my perspective that they will continue to be 50% and an opportunity for even further secular penetration, and we've heard that from our customers.

Okay. Thank you very much for the color. Nick L. Stanage - Chairman, President & Chief Executive Officer: Thank you, Ken.

And that is all the time we have for questions today. This concludes today's conference and thank you for your participation. You may now disconnect.