PNR
#Yes, so let me go back to that seasonality.
I agree that we put that up.
I think we have two elements that I'd draw attention to.
One is our corporate costs are going to be significantly higher in Q1 than the rest of the year.
That's related to vesting schedules of options and restricted stock ---+ directors, officers, chairman ---+ as well as just general corporate spending.
And that's about $0.04, <UNK>, to that level.
And that is different this year than it has been in prior years.
The other element is that we feel that the shippable backlog, and the ability to do better than the shippable backlog in Q1 in Valves & Controls, is at its weakest opportunity in Q1.
And those are the only two things that we're reflecting differently than the normal seasonality schedule that we shared with you.
Yes, I think it all reflects.
And if you think about the front log of what I say the projects that we're looking at, or the opportunities before we're even quoting, you should think about that being down at least 25% versus normalized levels.
We then have to then quote, and we're going to get our fair share of products where we are automatically specced in, or we're the likely player.
And that's what represents the quote log, and then the orders are an output of that.
And as you can imagine, that is a moving funnel of opportunities, where every single quarter you are converting each of those.
So, I think the news that we are sharing today is that we still think we're going to get our fair share of what our opportunities are, but the opportunities are lower.
And we think that continues through 2017.
I would say so.
Right now, cash flow and our focus on our balance sheet is number one.
And the Board and management are unified in that.
Yes, I think we gave out seasonality before.
And we took a look at what Q1 is.
And as we mentioned, there's a reason ---+ two reasons that Q1 is slightly lower.
But we would then expect that our normal seasonality, which is reflected in last year's delivering of that EPS, to be appropriate.
Ramping throughout the year, as we suggested, our year-over-year comparisons get a little easier in Q3 and Q4.
So we have the trends out of Q4 continuing through Q1 and into 2Q.
And then we begin to get a little easier comparisons in Q3 and Q4.
Yes.
I get that.
I'm sorry.
We had some projects that are running out, and those are in the Technical Solutions side.
And so absent the Technical Solutions projects, my point is that Q2 is our seasonal quarter, and then Q3 is down due to the fact that we tend to have the August.
But on a year-over-year basis, everything other than the projects in Q3 and Q4 are about the same.
And <UNK>, I'm just not going to give you Q2 EPS guidance on this call today.
That's where I'm going with this.
No, I appreciate that.
Thank you.
Okay.
Thank you all for your interest and questions.
And I will turn it back over to you for the replay, operator.
