Good day and welcome to the Second Quarter 2018 Zebra Technologies' Earnings Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Mike Steele, Vice President of Investor Relations Please go ahead.

Good morning and thank you for joining us. Before we begin, I need to inform you that certain statements made on this call include forward-looking statements, which are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect the company's current expectations concerning future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially. A detailed discussion of these factors and uncertainties is contained in the company's filings with the Securities and Exchange Commission. During this call, we will make reference to non-GAAP financial measures as we describe business performance. You can find reconciliations of our GAAP to non-GAAP results in today's earnings press release and at the end of this slide presentation. This presentation will include prepared remarks from Anders Gustafsson, our Chief Executive Officer, and Olivier Leonetti, our Chief Financial Officer. Anders will begin by discussing our second quarter 2018 highlights. Olivier will then provide more detail on the financials and discuss our third quarter and full-year 2018 outlook. Anders will conclude with progress made on Zebra's strategic priorities. Following the prepared remarks, Joe Heel, our Senior Vice President of Global Sales, will join us as we take your questions. Also, throughout this presentation, unless otherwise indicated, our references to sales growth are year-over-year and on a constant currency basis. This presentation is being simulcast on our website at investors.zebra.com and will be archived there for at least one year. Now, I will turn the call over to Anders.

Thank you, Mike. Good morning, everyone, and thank you for joining us. Our team delivered excellent second quarter results. We executed well, driving strong profitable growth and further extending industry leadership. As you can see on slide 4, we reported net sales growth of 13%, nearly 11% on a constant currency basis; an adjusted EBITDA margin of 19.7%, a 200 basis point year-over-year improvement; non-GAAP diluted EPS of $2.48, a 64% increase from the prior year; and $150 million of cash flow from operations. We achieved double-digit sales growth in EMEA and North America. We also saw solid growth across all of our major product and service categories, including data capture, mobile computing, our specialty printing portfolio, supplies and support services. The investments we have been making in our best-in-class products and solutions are paying off. Our broad suite of purpose-driven products, enhanced with the smartest software and security features, is resonating well with enterprise customers. Our operational discipline and lean cost structure enabled us to significantly expand profit margins and drive improved operating cash flow. Our strong results and robust order backlog gives us confidence to significantly increase our full year outlook for sales and free cash flow. With that, I will now turn the call over to Olivier to review our financial results and to provide the details of our revised 2018 outlook.

Thank you, Anders. Let us begin with the walk through the P&L. As you can see on slide 6, sales grew 10.6% in the second quarter, driven by solid results in each of our reporting segments and across all major categories. Enterprise Visibility & Mobility segment sales increased 10.9%, led by strong demand in data capture solutions and mobile computing. Asset Intelligence & Tracking segment sales increased 9.9%, driven by strong growth in printing solutions. Turning to our regions, sales growth in North America was 11%, driven by outperformance in our data capture, printing and supplies categories. We saw particular strength in our transportation and logistics and manufacturing verticals. EMEA sales increased 14% with broad-based strength across all geographies and all major product categories. We saw especially strong demand in the transportation and logistics space as well as in retail as investments are made to improve omni-channel capabilities. Sales in our Asia Pacific region were up 8%, driven by broad-based strength across Asia, including China. As a reminder, Asia Pacific sales in the prior-year quarter were positively impacted by 3 percentage points related to the release of a reserve for price concessions related to previously imposed duties on printers in China. We had solid Q2 sales growth in China, despite this challenging comparison. Latin America sales decreased 1%, primarily due to temporary softness in Mexico. Adjusted gross profit increased $60 million or 15% (sic) [14.5%] (06:15) from the prior-year period on higher sales volume. Adjusted gross margin increased 70 basis points, primarily driven by improved go-to-market execution, favorable business mix shift and the appreciation of the euro over the past year. Adjusted operating expenses increased $20 million from the prior-year period, primarily reflecting growth in the business, higher incentive compensation expense due to improved business performance and investment in growth…

Thank you, Olivier. We are pleased with the progress we made in the second quarter and the opportunity to raise our full-year outlook. As you see on slide 11, we remain focused on our key priorities to build upon our industry leadership in 2018 and beyond. First, we continue to extend our leadership through our innovation, unmatched scale and strong relationships with customers and partners. We saw strong demand for our products and solutions, both the direct and through the channel. Several areas that have recently been driving solid growth include our families of Android mobile computers, our best-in-class wearables, our tabletop and mobile printers, our next-generation bioptic grocery scanner and our Personal Shopper Solution. Second, we are focused on driving growth in attractive markets where we can leverage our competitive advantages. We continually evaluate organic and inorganic opportunities to strengthen or augment our position in the adjacencies as well as attractive businesses that advance us as a solutions provider. As a proof point, in July, we launched a tender offer to acquire Xplore Technologies, which will enhance our product lineup and provide a complete enterprise tablet portfolio. Xplore's offerings will serve existing vertical markets for Zebra as well as provide an inroad into new markets, including oil and gas, utility, government and public safety. The addition of Xplore will provide access to a great team and outstanding products in an attractive market that should enable us to grow our tablet sales double digits. Third, we are advancing our Enterprise Asset Intelligence or EAI vision by leveraging Zebra's deep knowledge of workflows and capitalizing on key technology trends, including the Internet of Things, cloud computing and mobility. Our aspiration is to enable every frontline worker and asset to be visible, connected and optimally utilized. Lastly, we have enhanced Zebra's financial…

Thanks, Anders. We'll now open the call to Q&A. We ask that you limit yourself to one question and one follow-up, so that we can get to as many of you as possible.

We will now begin the question-and-answer session. And our first question comes from Jim Ricchiuti of Needham & Co. Please go ahead. Jim Ricchiuti - Needham & Company, LLC: Thank you. Good morning. I was wondering – I have a question on the transportation and logistics and manufacturing markets. What I'm wondering is whether the strength you're seeing in these markets is the result of new capacity additions or increased investments going into existing infrastructure and facilities. And you may not have that clear a pipeline into that, but I'm just wondering if that's what you might be seeing in those markets that's driving the strength.

Yeah. Thank you. I'd say, first, our solutions are foundational to our customers executing on their strategies and digitizing their businesses across all our verticals. Across all the markets we serve, we help them increase workflow efficiency, provide real-time guidance to frontline employees and enhance customer or patient experiences. And we deliver all of this through our specialized partner ecosystem. So, specifically, for the transportation and logistics and manufacturing markets, I'd say, first, with T&L, there's some strong secular growth trends that are in play there. E-commerce and the on-demand economy are driving a lot of investments by T&L companies. Historically, they've delivered many – say, many boxes to a few corporate enterprise customers. Today, it tends to be much more – a few boxes to many consumers. So, it puts a lot of strain on their supply chain and that's translating into additional investments and business for us. So, our Android portfolio, our wearables, our printing, particularly mobile printing, are all seeing accelerated growth rates from the T&L space. And we see some of our newer solutions, like SmartPack and Location Solutions, demonstrate the thought leadership within the T&L industry. So, it helps also provide a bigger umbrella from how we can operate with those customers. And in manufacturing, it's a strong growth vertical, particularly for printing, and we have released a number of new printers over the last several quarters, new tabletop printers and desktop printers, some new mobile printers too for that matter. And they have been very well received in manufacturing. We also see manufacturing as being the highest Windows conversion opportunity, so Windows to Android. They've been so far, I think, the slowest to adopt Android, but we are having a lot of programs and solutions in place to help make that transition as easy for them and help accelerate that. Manufacturing is also the primary vertical for our Location Solutions business. Jim Ricchiuti - Needham & Company, LLC: Got it. My follow-up question, Anders, is on M&A. Just with the successful integration of the Enterprise business and now this announcement with respect to Xplore, I'm wondering if this signals that the company is going to be more active on the acquisition front. And along those lines, what's the deal pipeline look like and maybe some criteria for doing M&A going forward. Thank you. And congratulations on the quarter.

Thank you. Yeah. Well, we now been – spent last three years aggressively paying down debt and that's giving us a lot of financial flexibility. So, we're now, as we said in our prepared remarks, at the high-end of our targeted net-debt-to-EBITDA range of 2 times to 2.5 times. We are seeing number of good opportunities for us to invest in our business both organically and inorganically. And these opportunities would deliver attractive ROI for our shareholders. I think Xplore is a great example of this. It's the first acquisition we made since 2014. So, it's basically four years. All our investment opportunities, organic or inorganic, have to drive attractive ROI and attractive growth rates for us, both on the top and bottom lines. We always start by looking at the highest risk-adjusted returns for shareholders. So, we consider all options when it comes to our capital allocation priorities and investment opportunities that we will be particularly excited about would be things that would help advance us as a solutions provider that would bolster our sense, analyze, and act value propositions, also opportunities to strengthen or augment our position in near adjacencies, which will be – Xplore will be a casing point. So, for us, M&A is a vector of growth, but we will always start with looking at the highest risk-adjusted return for our investors. Jim Ricchiuti - Needham & Company, LLC: Thanks very much.

Our next question comes from Keith Housum of Northcoast Research. Please go ahead.

Good morning, gentlemen. Congratulations on a good quarter. Anders, last quarter, I think you guys offered a little bit commentary that the pipeline into large deals for the rest of the year just wasn't that great. Not that we weren't there, but you just didn't have a great pipeline to it. Did things change over the quarter that the large deal pipeline just seems to grow or you (25:49) have more visibility there?

Yeah. I'll start and then, I'll have Joe Heel help out here also. But, yeah, when we started the year, I think we had limited visibility to larger deals and larger pipelines. That has – we put a lot of emphasis on both driving our run rate business, which has also been growing very nicely over the year here, as well as making sure that we paid attention to larger customers and that we could win new refreshes or new deployments with them. And I'd say over the last three, four months, we've seen a meaningful improvement, the strengthening of the large deal pipeline also. And that's reflected in our Q3 guidance. Joe?

Not much to add. I think we have been pleasantly surprised by the ongoing momentum in terms of the conversion of Windows to Android, not only in retail, but as we mentioned earlier also in other segments like T&L. And we have seen an ongoing trend by our customers to make those transitions and the visibility we've gotten into those transitions has given us both very good results in Q2 and the confidence for some of our outlook that we've shared.

Great. I appreciate the color. I guess a brief follow-up if I can. R&D went up by about $10 million this quarter. I guess Olivier or Anders, can you just talk about the strategy for R&D going forward? And what does the growth that you are having now, what does that give you the ability to invest in it perhaps you weren't able to invest in before?

So, let me answer to the OpEx trend in general rather than only R&D, Keith. So, first of all, you're right, we have increased the OpEx year-on-year by about $20 million. We're investing in organic investments and also in high incentive compensation based upon the performance of the business. And when we deploy capital in OpEx specifically, we have three key principles in mind. First, we want to scale OpEx as a proportion of revenue. And as you saw in Q2, we have increased OpEx as a proportion of revenue by 140 basis point year-on-year. We had the same kind of scaling last year. So, principle number one. Principle number two, we want to be prudent in the way we invest and we want to generate, obviously, profitable growth and we have been able to do that nicely over the last two years, Q2 being not an exception. And we also invest in a viable cost, we want to be able to nimble. And maybe, Anders, you have other points to add.

Yeah. Just briefly, I'd say we have lots of very attractive investment opportunities across all our product portfolios. And we have a productivity program going on to help make sure that we free up as much investment capacity as we can to put that money to use in a most productive way. So, product development and sales and marketing are the three areas that tend to get the most of that, but also some of that we let flow through to shareholders to make sure we have a good balance. But we have lots of good opportunities for investment that will drive growth for 2019 and beyond.

Great. Thank you very much.

Our next question comes from Jason Rodgers of Great Lakes Review. Please go ahead.

Yes. Just wanted to talk a little bit about the AIT segment. You had very strong organic growth there versus what you've done in previous quarters. You mentioned the benefits from new products, but I was wondering if there are any especially large deals that contributed to that growth and how sustainable that growth may be in the second half.

Yeah. First, we're driving growth across all our business segments now or product segments now and I'd say our innovative and broad portfolio product solutions is a major differentiator and strong driver for us. Also our deep understanding of the vertical workflows within our customers' operations is helping us be much more of a partner to our customers. And we're excited about all our products here this quarter. We had strong performance across all major product categories. On the printing side, we saw – AIT had particularly strong performance in North America and in Europe. The new portfolio – the new products we have come out with have performed very well and we have a very strong and fresh and differentiated portfolio of solutions today. Things like Link-OS provides an unrivaled manageability of our printers that is very difficult for others to emulate. You can now scrape off data from labels and use that as intelligence – or to drive intelligence, you could say. Our desktop and mobile printers did very well in Q2. We also launched a new card printer in the second quarter, one of our entry-level models, which was performing very well and got very good feedback from customers. Supplies we think of as a very attractive business, but it is an underpenetrated market from Zebra's perspective and we believe we have good opportunities to continue to grow there also. And overall, I'd say our printing and supplies business were the biggest beneficiaries of One Zebra of the combination of the traditional printing business with the enterprise business. And let's see if Joe has anything to add.

Well, perhaps only on your specific question around large deals, I would say there isn't a single large deal or a grouping of large deals that has influenced our results in Q2 that we share disproportionately. We did have a number of areas that had very nice growth. For example, the manufacturing in Asia, which is one of our big customers, as Anders mentioned, healthcare where we do have a strong presence with printers and supplies, all have contributed very nicely with growth, but not in any one concentrated deal or group of deals.

And then, as a follow-up, with debt no longer the priority for cash flow, just looking specifically at share repurchase, should we expect that to at least offset the future dilution? And also, I wanted to get your thoughts on initiating a dividend.

So, as Anders indicated, we are very excited by the end-markets we are serving and by the competitive position of the company. And our first order of priority is going to be to invest in our business organically or inorganically. And we think that is the best way today to deliver good return for our shareholders. Now, buyback and dividends are not off the table. We will evaluate all our options. But first order of priority is going to be organic and inorganic investment opportunities.

Thank you.

Our next question comes from Brian Drab of William Blair. Please go ahead.

Thanks. This is actually Joe Aiken on for Brian this morning. I was wondering if you could talk a little bit about the winding down of 3G and how large an impact that could have on the business looking ahead to 2020 or 2021 and beyond and more specifically with the transition away from Windows taking place, won't most devices already be compatible with 4G or LTE by that time?

Yes. The first, the transition from the Windows to Android, that continues to be a key driver of growth for us. We are approaching 50% market share overall for our mobile computing platform or portfolio and our market share for Android is substantially higher than that. So, that's a driver for our market share increases. We see continued good potential for continued growth in Android. There's still, we estimate, at least 10 million legacy Windows devices out there that remains to be updated or refreshed to Android. And we now see continued expansion of the vertical markets or the use cases where Android is being used. So, started off in retail, transportation logistics is clearly helping now. Healthcare is doing well. And we see Android having a somewhat shorter lifecycle than Microsoft devices. So, that will also be a help. Specifically, for 3G, so for those who aren't as familiar maybe with 3G, that's – as the service providers in North America will start rolling out 5G, they will have to do some frequency reharvesting and the 3G service will be turned down over the next, I can't remember, I think it's 2021 is the end date for when 3G service will disappear. And we have and the industry has a number of 3G-only devices, Wide Area Net devices in service today and those obviously will not work on the 4G network. So, we think there's probably about maybe 3 million devices or so in the market from us and others that would need to be refreshed as part of that upgrade also.

Great. Thank you. And then just a follow-up, can you give any more granularity around the software and service segment, specifically what percent of sale the software account for in that and what was the growth of each during the quarter, if you can?

Of course. So, services and software represent about 10%, a bit more of the company revenue. And the growth has been in the mid-single digits. We are pleased with the performance of this particular segment. It has been an area of focus for us. The first order of priority was over the last few quarters to raise customer satisfaction and as a result, we in-sourced North America operations. We in-sourced that in the U.S. and we have seen, as a result, as indicated, sales benefiting from that transition. So, we are pleased with the result and we think that this is actually the start of a new trend for us.

Maybe two things I would add is the segment that you referred to also includes professional services and software. And we see those as critical to the EAI solutions that we're bringing to market and they are enabling those very nicely.

Great. Thanks for the color there. I appreciate you taking my questions.

Our next question comes from Richard Eastman of Baird. Please go ahead. Richard C. Eastman - Robert W. Baird & Co., Inc.: Yes. Good morning. Perhaps, Anders, could you just kind of speak to the second half sales outlook, whether it'd be the third quarter and certainly the implied fourth quarter and full year? I'm curious we're now talking about full-year core growth of 8% to 10%, I think, is how the math works out. Could you just zero us in a little bit on where that increased confidence is driven either by end-market, is there – again, we talked a little bit about large deals in the retail segment, but I'm curious, is there any cyclical uptick – you mentioned manufacturing, but maybe just zero us in a little bit on where the increased confidence is over the second half either by end market or perhaps by geography?

Yeah. I think, firstly, we are forecasting now 8% to 10% organic growth. We think that's a prudent forecast based on the visibility that we have today. And I'd say the growth we are seeing now is very broad-based. Right? You see in Q2, three out of four regions had solid growth, all our product categories had good growth. So, we expect to see continued growth from our channel and we had good visibility now also into a large deal pipeline that we'll convert, we believe, in the second half of 2018. I would say the drivers for this are similar to what we talked about before on the vertical side – within each vertical market. So, in retail, you have the shift to e-commerce and omni-channel. That's a big investment that I would say pretty much every brick-and-mortar retailer and e-commerce provider is embracing and they are adopting our type of technology to be able to execute on those strategies. We also are seeing some of the newer technologies around RFID or smart infrastructures like SmartLens to help drive growth there. And similarly in healthcare, the continued efforts to digitize healthcare, so going from having a manila folder with hand-scribbled notes to electronic medical records, where you can now type patient data directly in real-time, say, to – from reading something about a customer, client or that – into those records. And the value proposition in healthcare is very compelling for us around stronger care, better care, but also more – better efficiencies which is our normal value proposition. We talked earlier about transportation and logistics with some strong secular trends supporting growth around e-commerce and on-demand economy. And manufacturing similarly is a big opportunity for us as they've been the slowest so far to convert into Android. So, we see growth across all the verticals, all the products and, graphically, we continue to see all regions expecting to grow in the second half. Asia Pac, we talked quite a bit about in the prior year. We put a lot of emphasis on Asia Pac and Asia Pac is now delivering very strong growth and I would expect Asia to be the fastest-growing market for us for the foreseeable future. Richard C. Eastman - Robert W. Baird & Co., Inc.: Okay.

Let me give you two other data points underpinning our confidence for the second half. One is we look very carefully at a business that we transact in small sizes, what we call run rate business, and we have seen a good and steady growth of that run rate business in Q2 and we see that continuing. That's quite predictable into the second half. So, that underpins our confidence. And the second is we've talked about visibility to large deals. And we were, of course, particularly prudent about our second half, because, as you remember, last year in the second half, we did have a good number of such large deals and we wanted to make sure that we can repeat that. And we do have good visibility to large deals in the second half. So, those two data points, in particular, would underpin our confidence. Richard C. Eastman - Robert W. Baird & Co., Inc.: Great. And then, just as a follow-up question, Anders, should we be concerned or thinking about any tariff-related issues on Zebra, whether it'd be on the cost side or just on the demand side? Anything to think about there?

I'll let Olivier start.

Yeah. So, this is a dynamic environment and we don't know what would be ultimately enacted and it would be premature to speculate on the call. The tariffs, which have been enacted to-date, the minimal impact on the company, they're included in our guide. And, going forward, we are looking at all options today and our objective will be to minimize the impact of those tariffs on the P&L of the company. And we have a flexible supply chain, which will allow us to achieve that over time. Maybe, Anders, you have additional comments?

Yeah. Maybe a couple of comments on the demand side there. So, we certainly haven't seen or heard it from customers today that they are concerned about tariff from the demand side. The one mitigating factor for us will be also that we tend to be a smaller part of a large network or a large rollout. So, even if there were to be some impact, modest impact on our solutions, it would not necessarily put the ROI at risk for our customers in a bigger rollout. Richard C. Eastman - Robert W. Baird & Co., Inc.: Okay. Okay. Very good. Well, thank you. Thank you for your time.

Thank you.

Our next question comes from James Faucette of Morgan Stanley. Please go ahead. James E. Faucette - Morgan Stanley & Co. LLC: Thank you very much. I wanted to ask just in terms of your investment, et cetera, should we expect that the impact will be entirely to OpEx as you continue to invest in the business or should we expect that there may be some gross margin impact either as you secure footprint with new big customers or as you introduce new products?

Do you want?

Yeah. We have outsourced our supply chain. So, most of the investments we made would be in the OpEx category. But again, we expect, as we have demonstrated, to be able to scale OpEx as a proportion of revenue, James, and the company as the team has done a good job on that particular dimension. So, mainly in OpEx.

But when we look at where we're making the investments and some of the investments start to show up in OpEx, but we are investing in building capabilities and other ways of reducing the cost of goods sold in our products to make sure that our gross margin can hold up or increase over time. James E. Faucette - Morgan Stanley & Co. LLC: Got it. And then, my other question just related – was related to debt. Obviously, you've done a lot of refinancing there. But given the changing interest rate environment and just what your debt levels are coming down to, is there any incremental that can be done on debt refinancing to further bring down interest rate expense? Thanks.

We are looking at all opportunities and we are surprised ourselves to keep finding opportunities. We believe we have some additional levers indeed to reduce the debt and would probably deploy those initial odd (45:37) ideas in the coming two to three quarters. But we think we still have opportunities, James. James E. Faucette - Morgan Stanley & Co. LLC: Thank you very much.

Thank you.

And our next question comes from Paul Coster of JPMorgan. Please go ahead.

Yeah. Thanks for taking my questions. First up, Anders, I'm wondering if you can hazard a guess of what you think the long-term growth rate is through the cycle now. I mean, what of this is cyclical versus secular?

Yeah. We are always challenging ourselves to think about how can we maximize profitable growth and the 4% to 5% growth target that we've talked about historically, we think is still – is not aspirational and that does not include any acquisitions. So, that will be only on organic growth. And, hopefully, by now, we've proven to everyone that we can execute and that we have over achieved this target since we concluded the acquisition of the Enterprise business back in 2014. And at this stage, I think we have a very strong competitive position. It's a very diversified business and we have many levers that we can pull to achieve sustainable growth, both in top line and bottom line. We see our core as still having great growth opportunities or near adjacencies and also some of the newer solutions that we have around our Enterprise Asset Intelligence vision. And we are making solid organic investments to drive profitable growth for the business both for 2019 and beyond. So, we feel good about where we are.

So, Anders, the only thing I'd like to ask about is if you look at the slide 13 of your presentation, enabling enterprise visibility and the strategic objectives here in the four verticals, in every picture there's a human being or a human hand. But as you know, some of the fastest growth we're seeing where the highest multiples being awarded are in machine vision, robotics, where there's no human being involved necessarily. Can you talk to us about those adjacencies? Is that something that you may pursue or whether you are ultimately tied to the human hand essentially here as part of your strategy?

Yeah. I'll start giving you a little bit of a sense of our EAI strategy and then how that plays into automation. But, first, we continue to be very excited about our EAI vision and where we think that can take us and the growth opportunities we can see there. It resonates very well today with our customers and our employees and it's very much integral to everything we do in the company. Our sense, analyze, and act framework is a great way for us to think about this that helps drive real-time guidance at the edge of the enterprise for our customers. We help our customers digitize their businesses through a variety of way or such (48:47) – Link-OS on the printing side, Location Solutions, our various Smartx type of solutions. And it also helps us – helps position Zebra as a thought leader. We had a great win last week actually with an important customer, competitive takeaway, where I think the thought-leader status that we had was a big part of why we won that business. They thought of us as somebody who could help them beyond just the RFQ that was out, but more deliver innovative solutions to them over the next several years. So, overall, with EAI, we're very pleased with progress and it gives us a number of attractive horizons for growth. If you then move into more the automation or intelligent automation as we call it, we think of that as a big net opportunity for Zebra. It's kind of a natural extension to our EAI strategy. We leverage the same kind of critical capabilities for automation as we do for EAI. And when we look at the – we see opportunities to help automate basically each of the steps, the sense, analyze, and…

Yeah. It does. So, I mean in the future, it need not have a human being in the picture is the way I inferred that. And so, there's nothing out of scope. All right. Got it. Thank you.

Yeah. Yeah.

This concludes our question-and-answer session. I'd now like to turn the conference back over to Mr. Gustafsson for any closing remarks.

Thank you. As we wrap up, I want to thank the Zebra team and our partners for another quarter of strong growth and strong results. And we look forward to welcoming the Xplore team once we close the transaction. So, have a great day, everyone.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.