Operator: Welcome to ITT's 2012 Fourth Quarter and full year results and 2013 Outlook Conference Call. Starting the call today from ITT is Melissa Trombetta, Director of Investor Relations. She is joined by Denise Ramos, Chief Executive Officer and President; and Tom Scalera, Chief Financial Officer.
Today's call is being recorded and will be available for replay beginning at 12.00 pm Eastern Standard Time. At this time all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation.
It is now my pleasure to turn the floor over to Melissa Trombetta. You may begin.
Melissa Trombetta - Director of IR: Thank you, Christi. Good morning, and welcome to ITT's fourth quarter 2012 investor review. Presenting this morning are ITT's Chief Executive Officer and President, Denise Ramos; and ITT's Chief Financial Officer, Tom Scalera. I'd like to highlight that this morning's presentation, press release, and reconciliations of GAAP and non-GAAP financial measures can be found on our website at itt.com/ir.
Please note that any remarks we make about future expectations, plans, prospects and other circumstances set out in our Safe Harbor constitute forward-looking statements for the purposes of the Safe Harbor provision. Actual results may differ materially from those indicated by these forward-looking statements, as a result of various important factors, including those discussed in ITT's Form 10-K, as well as other public SEC filings.
Let's now turn to Slide number 3 where, Denise will discuss our results.
Denise L. Ramos - CEO and President: Good morning. Thank you for joining us as we announced our financial results for the fourth quarter and full year of 2012 and provide our 2013 guidance. I'm very pleased with the performance delivered by our nearly ITT employees all around this world in this, our first full year as a standalone company.
In 2012, we collectively delivered premier organic revenue growth of 8% for a third consecutive year. We also delivered our adjusted EPS commitment and we delivered a very strong adjusted free cash flow conversion of 172%. In addition to these impressive results, we also continued to execute our post-spin transformation activities while we advanced our strategic growth drivers and intensified our focus on our valued customers. In 2012 we delivered against our key market expansion initiative by growing 13% in North America, 12% in emerging markets and 7% in the profitable aftermarket for pumps and aerospace components.
We also continued our laser focus on the customer, which was evidenced by our investments in R&D at approximately 3% of revenue, and by our improved on-time delivery metrics at three of the four segments. Our progress was noted in numerous recent customer awards that recognize our technology and expanded service capabilities.
Another 2012 highlights for me was the commencement of the ITT Lean transformation initiative. This commitment facilitated achieving some of the $110 million in growth productivity savings generated in 2012 and we're only in the initial stages of our entity-wide Lean transformation. The Company's continued focus on Lean, combined with the proactive restructuring initiated in 2012, will drive further productivity benefit in 2013 representing the real driving force behind our guidance.