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#Yes.
We think ---+ the amount that we estimated that would have been in 2016 that's getting pushed into the later period is about $7 million ---+ the operating ---+ it's $70 million of revenue and equivalent amount of margin at the operating income, sorry, I misspoke.
So, that's being pushed from what would have been in 2016 and into 2017.
Yes, we were thinking that would be high single-digits margins.
I'm sorry, please speak ---+
Yes.
I'll just ---+ the contract churn, if you will, for the quarter was $23 million of revenue and negligible at the operating income level.
Just remember, with the full year, it was revenues of about $76 million and the impact was of $10 million at the operating income.
We expect that $10 million figure to translate similarly into 2016, about the same revenue number too.
I mentioned, our net debt position at the end of this past year was $831 million.
Our ratio was 2.8 times.
So I expect to make a meaningful debt reduction with the improved cash flow position we have, as well as change in the dividend strategy.
So I'm looking for a $20 million to $50 million reduction in net debt by the end of the year.
Now, we didn't talk about ---+ there's obviously other levers we can pull and we will consider them as we need to, not the least of which is a discussion each quarter that we consider relative to our ability to pay our Brand payment in kind or cash.
Yes, most of the inventory build that I was referring to is all related to in fact these contracts with SBB.
As you'll recall in 2014, we received some sizable advances.
We began the inventory buildup over the course of this past year.
That of course will continue.
So that's really the lion's share of inventory buildup I was referring to.
Yes, <UNK>, I don't actually see us exiting our position.
We remain very optimistic for the prospects of that business.
As much so as we did when we inked the deal over two years ago.
As <UNK> noted, one thing we will consider and we consider every quarter is whether we make a payment toward venture partner in cash or allow ourselves to be diluted somewhat.
So that's a decision that we will make quarter to quarter.
A wholesale exit of our position is really not contemplated.
Thank you.
So we have been talking about our backlog throughout the year.
We started the year with a very strong backlog, as we've discuss each quarter, we've continued to deliver on that backlog, which certainly and we were sort of experience that indications that the business was declining.
With our lag ---+ with the lead time associated with our business, it's usually six to 12 months in advance.
So, we have seen this coming throughout the year.
I think we are experiencing it full time now.
I forget your second question, I apologize.
What was your second ---+
Yes, we are expecting the situation as exist today to more or less continue as it is today.
We don't expect any meaningful improvement.
Frankly, we don't expect any ---+ we're not anticipating any significant deterioration.
Just to add to that, even if we did see an improvement in oil prices given the lead times that we have on the Air-X-Changer product as well as the inventory that's in the channel today, it's unlikely that we see much left in our business this year.
We are seeing growth there.
As you know a quite a small business.
We have introduced a number of new products there.
We have taken inventory out, it's really a very good story.
Of course since largely goes into nonresidential construction, hospitals and education and help so forth.
That business we expect to grow this year.
Yes.
You know historically seasonality of our business is such that the first half and in particular first quarter is our weakest quarter of the year.
So where we see the traditional improvements, it's just seasonality driven through Rail and Industrial and all the businesses frankly as the orders increased.
But we also will start to realize the full-year benefit of the cost reduction initiatives that we've taken in Metals from Project Orion in Orion's Phase 2 and Phase 3, as well as the corporate cost reductions that we have planned for as well.
So it basically reflects the full-year picking up those benefits in the second half.
Honestly, there's not a lot to share.
We spend a lot of time getting ready for the process.
We have had some discussions.
We don't have a strong view yet on a spin versus a sale.
I think the most important message certainly as we are very committed to this process and remain convinced that it's a key lever to unlock value for our shareholders.
Yes, we have been talking about the potential for contract tenders and awards predominantly in Europe and India including the UK by the way in that category.
So when I was referring to tenders that we hope to hear conclusions on in the near-term, I am looking mostly towards Europe.
Yes, at least one of the ones I'm referring to is of the magnitude that absolutely similar in size to one of the SBB contracts, yes.
